MONERO (XMR) Price Analysis (February 29)

Key Highlights

  • Monero has, to some extent, overwhelmed by the US dollar price worth.
  • The USD could still exert more pressure to see lesser values between $60 and $50 points.
  • There may be an upside rally to an $80 value and, that may be rejected around that same spot to regenerate into a backward move.

Monero (XMR) Price Analysis

• Major supply zones: $90, $100, $110
• Major demand zones: $50, $40, $30

Monero price worth has been overwhelmed the US dollar while it failed to continue to build on a bullish candlestick formed in the market on February 23. The crypto has been slowly and steadily falling from a high value close below $90 to trade a bit below $70 point.

The fiat currency could still forge further in its capacity to experience lesser value at $60 mark and in extension to $50 point. However, the downward trend may lack visible volatility while it embarks on such a move as presumed.

Monero (XMR) Technical Indicators Reading

The US dollar has put Monero value under a sizeable downward pressure until the time of writing. The 14-day SMA trading indicator closely curved southward above the 50-day SMA trend-line to signal the potential of witnessing more lows. A successful crossing of the bigger SMA from the top by the smaller SMA may bring about sharp falls in the XMR/USD trade operations afterward. The Stochastic Oscillators have dipped into the oversold region to seemingly start a consolidation move within it. That could a warning signal to exercise some amount of patience before placing an order.

Conclusion

The XMR/USD price now trades around a vital value of $70 mark. The bears are more of obviously gaining stance than the bulls. A clear-cut of the next bearish could while the bulls fail to push past a high line at $80 mark. If that sentiment comes to the past, the cryptocurrency pair will witness another round of selling pressures that may see through various demand zones.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Bitcoin Prepares for $7,500 as Next Stop while Exchanges’ BTC Balance Continue Surging

Earlier this week, bitcoin’s price took a hit, falling from above $10,000 to hit below $8,450.

Currently, BTC/USD is trading at $8,650, up 1.29% in the past 24 hours while managing the daily trading volume of $735 million.

Source: Coin360

Interestingly, despite ongoing losses, Bitcoin exchange balances have doubled since Jan.1, 2018. With OKEx, Binance, Bitfinex, Huobi, Bittrex, Bitstamp, Kraken and Deribit all recording growth in BTC balance, noted analyst Ceteris Paribus.

There are two events that altered its trajectory, such as the crash of November 2018; when bitcoin prices fell from about $6,000 to $3,200 in Dec. and hit the bottom.

The second event was the start of the bull run in 2019. During this period, the New York Attorney General launched an investigation into Bitfinex and Tether’s $850 million cover-up.

“Regardless of price action, more and more is getting sent to exchanges,” Paribus observed.

If Bitcoin Heads South, Prepare for Another >10% Drop

Bitcoin took an almost 16% drop but is still up 18% in 2020 so far. This fall came amidst the coronavirus scare that has the stock market seeing the biggest weekly drop since the recession in 2008.

Yesterday, however, bitcoin futures on the regulated platform – CME – expired, which fully closed the $8,500 gap. Investors expect a bounce, but if the markets take one more southbound step, losing it its current level: trader Crypto Michael estimates that Bitcoin will keep heading down until $7,500-$7,700.

Analyst DonAlt is also expecting some crazy action because the world’s leading digital asset won’t keep on ranging.

The “nasty” bearish candle Bitcoin has printed is now sitting on top of the 50 percent retrace of the 2019 bull market, along with the 50-week moving average.

Just like other commentators, analyst Magic sees “a continuation in selling pressure” if Bitcoin breaks below these levels. But, if Bitcoin finds support here, we could also see a nice rally.

While the analyst argues that there’s “absolutely zero” evidence to support the completion of an inverted head and shoulder pattern leading BTC to the upside. If it does, the digital asset can climb towards $20,000, its previous all-time high.

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Author: AnTy

TRON (TRX) Price Analysis (February 29)

• Tron remains in a bear market, looks tasty for bears.
• Bulls losing momentum, could Tron slides to $0.01 from here?.
• Tron is close to support/resistance zone

TRX/USD Medium-term Trend: Bearish

• Resistance levels : $0.022, $0.024, $0.026
• Support levels: $0.014, $0.012, $0.010

The cryptocurrency is in a bearish market in its medium-term outlook. The market is falling hard as Tron slopes below $0.02 leading to a market-wide sell-off.

The cryptocurrency is in a descending channel with the formation of a bearish candle at $0.017 in the lower line of the channel in the support area as the session opens today.

TRXUSD is initially down at $0.016 in the support area below the two EMAs as the journey down to the lower line of the channel has already begun.

The stochastic oscillator signal pointing up at around level 12 % in the oversold region indicates the momentum in price of Tron might encounter a change in the future in the medium-term.

TRX/USD Short-term Trend: Bearish


The trend is falling and the price has not yet reached its goal in a strong support level of $0.012.

Today’s 4-hour bearish opening candle at $0.017 in the lower channel of the support area sustains the downward momentum with TRXUSD down to $0.016 in the support area.

With price below the two EMAs and the stochastic oscillator signal pointing down at 62% in the oversold region, it suggests that the downward momentum within the range in the short-term.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Binance Coin (BNB) Price Analysis (February 29)

Key Highlights

  • BNB/USD market valuation has been on a retracement moving mode.
  • The BNB/USD pair is likely to retard any fake downside pressures around the $20 point.
  • The SMA trading tools have indicated a $20 price zone as a crucial trading line.

Binance Coin (BNB) Price Analysis

• Major supply zones: $30, $35, $40
• Major demand zones: $15, $10, $5

The BNB/USD market valuation has been on a retracement moving mode about a couple of weeks until the present. The US dollar has slightly continued to push the crypto’s value downward to trade around $20 mark.

In the recent past, the BNB/USD trade was trading a bit over $25 value. And, the crypto, in the long run, lost momentum to see the market through obtaining another higher mark. However, the downward pressures haven’t been on a high note. In other words, the pair is likely to retard any fake downside pressures.

Binance Coin (BNB) Technical Indicators Reading

Over time, the BNB/USD trade has been recording a line of tactic declines in its valuation. The 50-day SMA trend-line is underneath the 14-day SMA trading indicator. The smaller SMA is a bit bent southward; over the bigger SMA to show some extent the currency pair is in a bearish position. The Stochastic Oscillators have moved into the oversold region. They seem to commence a consolidation move within it soon. That signifies a warning to be patient.

Conclusion

There has been continuity in the BNB/USD market slow-moving manner. And, that has led to witnessing a form of sequential and range move arrangements. In the meantime, the SMA trading tools have positioned to indicate the $20 mark as a crucial trading line. A crossing of the 50-day SMA by the smaller SMA from the top could cause free sell-off to the price zone of seeing low value averaging a demand zone close to the $10 afterward.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Governments Get Aggressive & MMT is Coming Ahead of Bitcoin Halving

Investor confidence was tested today as Federal Reserve Chairman – Jerome Powell – suggests that the central bank may not have the firepower to combat the next recession.

To soothe investor fears, Powell issued a short statement on Friday, reaffirming that the central bank would use its tools and “act as appropriate to support the economy.”

The “fundamentals of the US economy remain strong” Powell argued, further noting that “the coronavirus poses [an] evolving risk to economic activity” and the Fed “is closely monitoring developments and their implications for the economic outlook.”

This statement came as markets in the US tumbled for the seventh day, as the continued spread of the coronavirus has investors fearful that the world is on the cusp of a pandemic and recession.

50bps Rate Cut Now Priced for March

As new cases of coronavirus outside China continue to grow, Powell’s comment has a 50bps cut now fully priced in for March.

“It was certainly an attempt to calm things down,” Torsten Slok, an economist at Deutsche Bank, explained. “This is the strongest hint you can make that a rate cut is coming.”

President Trump also played down the economic threat to the US from the virus and added his hopes that the Fed would cut rates soon.

“I hope the Fed gets involved and I hope it gets involved soon,” Trump told reporters. This isn’t anything new coming from the president that has regularly criticized the Fed for not cutting rates more aggressively.

Last week, Powell said the current low level of interest rates “means that it would be important for fiscal policy to support the economy if it weakens.”

James Bullard, the president of the Federal Reserve Bank of St. Louis, also said during his speech in Florida that “we could cut rates if we got a global pandemic that actually develops with health effects that seem to be approaching the same level as seasonal influenza, but that doesn’t look like the baseline as of today.”

European Central Bank President Christine Lagarde however, told European lawmakers that “Monetary policy cannot, and should not, be the only game in town.”

Stock Market’s Worst Day is Business as Usual for Bitcoin

Stock market indexes have slumped amid deadly virus worries, with money pouring into gold, which has surged to 7-year highs alongside US govt securities as people look for safe investments, driving prices up while pushing yields to record lows.

The stocks have suffered their biggest weekly fall since 2008. With Dow Jones Industrial Average shedding 10% of its value in February, the S&P 500 also lost 8.4%, and the Nasdaq down by 6.4%.

During this financial uncertainty, the Hong Kong government is handing out cash to its adult permanent residents.

Its aim appears to be an attempt to boost spending and ease the financial burden, with the government explaining that the “economy is facing enormous challenges this year.”

The government has announced that $10,000 Hong Kong dollars ($1,280) will be given to approximately seven million people over the age of 18.

The German government has temporarily suspended constitutional limits on public borrowing to provide debt relief to struggling municipalities.

Also, Italy has put a hold on payments due between Feb. 21 and March 31, from residents and businesses in towns subject to containment measures to stop the spread of coronavirus.

Govt. to Use its Tools as we Head Into Bitcoin Halving

“Governments are getting aggressive,” says economist and trader Alex Kruger. “The coronavirus may be triggering a new age of fiscal policy. And MMT is getting closer.”

Cutting interest rates and printing money are the central banks’ tools and “they’re going to abuse them at the exact moment we head into the Bitcoin halving,” says Morgan Creek Digital co-founder – Anthony Pompliano.

The solution to these aggressive policies could be as analyst PlanB points out – Bitcoin (BTC). The leading cryptocurrency is currently hovering around $8,600 but could see a boost with all the free money being pumped into the market by the central bank.

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Author: AnTy

Cardano (ADA) Price Analysis (February 29)

• Cardano price remains in a bearish zone and declined below the $0.04 support area.
• Buyers in hibernation as the fall continues.

ADA/USD Medium-term Trend: Bullish

• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.03, $0.02, $0.01

The coin looks bullish in its medium-term view. ADAUSD is very likely to continue dropping as we are seeing a bearish correction in place. The coin is facing an increase in selling pressure and it could continue to slide the more.

A bearish doji candle at $0.049 in the support area opens today’s market. This is a signal that the momentum in price of the coin may likely change soon.

ADAUSD is initially above the support line at $0.049 in the support area.

With price below the two EMAs and the stochastic oscillator signal pointing down at level 9% in the oversold region is an indication of a likely reversal in trend in the nearby days in the medium-term.

ADA/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. After breaking the $0049 of the lower channel the bears drop price further down at $0.047 in the support area shortly after yesterday’s opening before momentum loss ADAUSD rises to $0.05 in the resistance area before the end of the session.

The breakdown in price at the EMAs crossover with a bearish pin bar at $0.049 confirms the bears’ takeover as the market opens today. Price is down to $0.048 in the support area and later rises to $0.049 in the resistance area at the time of writing this article.

Price is just a bit above the EMA 9 an indication of an uptrend in the context of the market and the stochastic oscillator signal pointing up at level 48% suggests an upward momentum in price and a trend reversal may like occur in the price in the nearby days in the short-term.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Bitcoin Price (BTC) Recovery Remains Capped, Sell Near $9K?

Bitcoin price is currently correcting higher from the new weekly low of $8,422. BTC to USD is likely to face a strong selling interest near the $8,975 and $9,000 levels.

Key Takeaways: BTC/USD

  • Bitcoin price is slowly correcting higher and trading above the $8,640 level against the US Dollar.
  • BTC/USD is facing hurdles near $8,760 and a major bearish trend line on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is recovering, but it is likely to face sellers near $235.00 and $236.00.

Bitcoin Price Analysis

This week, there was a strong downside reaction in bitcoin price below the $9,220 and $9,000 support levels. Moreover, BTC to USD declined steadily below the $8,750 and $8,640 levels.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even declined below the $8,500 level and settled well below the 50 simple moving average (2-hours, purple). Finally, the price spiked below $8,450 and traded to a new weekly low at $8,422.

It is currently correcting higher and trading above the $8,640 level. There was a break above the 50% Fib retracement level of the recent decline from $8,975 to $8,422.

It seems like bitcoin is currently facing hurdles near $8,760 and a major bearish trend line on the 2-hours chart. The trend line is close to the 61.8% Fib retracement level of the recent decline from $8,975 to $8,422.

Above the trend line, the next major resistance is near the $8,835 and $8,975 levels. Besides, the 50 simple moving average (2-hours, purple) is positioned near the $8,975 and $9,000 levels.

Therefore, a clear break above the $8,975 and $9,000 levels is must for more upsides in the near term. The next major hurdle for the bulls is seen near the $9,220 level.

Conversely, bitcoin price could might fail to surpass the $8,835 and $8,975 resistance levels. In the mentioned case, the price could resume its decline and trade below the $8,500 support area. If the bears remain in action in the coming sessions, there is a risk of a larger decline below $8,422. The next key support is near the $8,240 level.

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Author: Aayush J

Ripple (XRP) Price Analysis (February 28)

Key Highlights

  • XRP/USD market has been somewhat losing in an upside correction lately achieved.
  • A couple of hurdles seem to be around XRP/USD mid-value at $0.25 territory.
  • A point at $0.26 mark will be instrumental in deciding a sustainable bullish ride of the XRP/USD afterward.

Ripple (XRP) Price Analysis

• Major distribution territories: $0.28, $0.30, $0.32
• Major accumulation territories: $0.20, $0.18, $0.16

XRP has been relatively down sliding in an upside correction lately achieved from a low value at $0.22 or thereabout as paired with the US dollar. The crypto had earlier struggled to average a mid-point of between $0.26 and $0.24 territories.

The US dollar now appears to exert slight pressures on the crypto’s price to trade in a range moving formation around the $0.24 mark. The pair stands a risk of pushing down towards the $0.22 and possibly $0.20 in extension.

Ripple Technical Indicators Reading

There is a notable space between the SMA trading indicators as price hovers alongside with the smaller SMA trend-line to the south. The 50-day SMA is over the 14-day SMA. And, with all these indications, it means the bears’ pressure is yet to be exhausted. The Stochastic Oscillators, lately, moved upward from the oversold region to close the hairs a bit above range 40. They now point to the east direction to probably suggest near consolidation movements of the XRP/USD market.

Conclusion

It seems that there are some critical hurdles around the XRP/USD mid-value at $0.25 spot, which prevented the currency pair from starting another round of upside correction up to a high point at $0.26 territory. That point has indicated by the bigger SMA trend-line signals that it is a key point in deciding any eventually sustainable uprise of the XRP/USD trade. On the contrary, rejection at the $0.26 value could cause a fresh price decline.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

R&B Artist Akon to Launch The Akoin Utility Token on Stellar’s Blockchain

Famous artists and platinum-selling records Akon has a made the decision to build Akoin, his own cryptocurrency, on the Stellar blockchain.

The president and co-founder of Akoin said Stellar was chosen for having similar values with him and the artist, explaining on February 28 that:

“Akoin selected Stellar’s distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa.”

Stellar is on a mission to help banking the unbanked, and a spokesperson for Akoin wanted to mention its involvement with African businesses and the micro-loans and Dapp project.

Swapping Currencies Will Be Possible

Stellar wallets-compatible and interoperable with all Stellar-supported fiat currencies and digital assets, Akoins will be available for swapping currencies in order to ensure an “efficient cross-asset transfers of value”, which means the value of prepaid minutes will be realized.

As a result of banking problems and inflation, Nigeria and other African countries use phone minutes just like digital currencies, so Akoin will swap minutes for crypto and fiat currencies. It has been mentioned the token’s price is going to be fluctuating.

The Unbanked Will Be the Main Focus

Akoin’s aim is to provide the unbanked financial services not only in 54 African countries, but also in other developing nations from all over the world. Its total supply will be 400 million. Supposed to launch in 2018, the project is almost sure to be revealed very soon. Here’s what Akon had to say about it:

“It’s a global platform that we’re building and Africa is our target market because as we see it now, Africa has the most challenges.”

Akon, Incredibly Popular in Africa

Akon enjoys immense popularity in Africa, where he intends to create the $2 billion-worth Akon Crypto City. In the next 10 years, this futuristic and sustainable community will be built on a 2,000 acres surface close to Senegal’s capital, Dakar. The land was given as a gift to Akon from the President of Senegal. The artist’s charitable projects include the Akon Lighting Africa and some others, but Akoin will be a profitable endeavor for him.

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Author: Oana Ularu

Vitalik Buterin Calls Popular Bitcoin Stock-to-Flow (S2F) Model “Rationalized bulls—t” Vitalik Buterin Calls Popular Bitcoin Stock-to-Flow (S2F) Model “Rationalized bulls—t”

  • “Event X (including stock-to-flow model) will make crypto go (up | down) are post-hoc rationalized bullshit,” – Ethereum co-founder Vitalik Buterin
  • “The proven cointegration is still there everybody can verify it, until you prove it wrong” – PlanB who uses S2F model to determine BTC value
  • Last week, Trezor also posed a question on the model saying “using Stock-to-Flow to predict prices is absolute nonsense”

Ethereum co-founder Vitalik Buterin dissed the stock-to-flow model that puts bitcoin’s value at above $100k before Dec. 2021 based on its scarcity. According to this model, the reward halving in May 2020 will make the digital asset more scarce than gold.

Buterin took to Twitter on Thursday to comment,

“Your daily reminder that 95%+ of articles of the form “event X will make crypto go (up | down)” are post-hoc rationalized bullshit.”

In response to this, analyst PlanB, who first used this model to determine bitcoin value said,

“You can call stock-to-flow model rationalized bulls**t or absolute nonsense but that’s not how math/stats works: the proven cointegration is still there, everybody can verify it, until you prove it wrong. But I get Vitalik: liking S2F = saying ETH has no value, ofc he is a critic”

Bitcoin price has been following the Stock-to-flow model over its past 10-year journey even the ongoing crash below $8,500 has been “spot on model value”.

Using Stock-to-Flow to predict prices is absolute nonsense

Buterin is not alone in criticizing the model, many analysts have done so. The most recent one has been by crypto hardware wallet manufacturer Trezor.

Although mathematically the model looked “convincing” and the idea behind it was impressive, “using Stock-to-Flow to predict prices is absolute nonsense,” states the blog.

It argues that the price is the result of supply and demand. But the stock-to-flow model only takes the supply side into account. “If the demand for Bitcoin falls, the price will drop even at the same Stock-to-Flow.”

The article illustrates Bitcoin fork Bitcoin Cash for which the model doesn’t work because there isn’t any demand for it.

“If we knew Bitcoin had to moon because of the magical Stock-to-Flow and shoot up ten times with every halving, why aren’t we there yet?” The blog further argued that the model puts bitcoin value higher than the GDP of all countries in the world in a few decades. And sometime in future, an infinite value, “then a negative price of Bitcoin.”

The analyst PlanB has previously called that phase to be hyperbitconization when the dollar would fail to be used to measure bitcoin value. Trezor said,

“Scarcity is a necessary but not sufficient condition of value. The Stock-to-Flow model correctly draws attention to scarcity but omits the second necessary variable from the equation. As a result, it is unusable to predict the price and remains just a wish of all Bitcoin fans.”

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Author: AnTy