February 2019 - Coinz EN

February 27, 2019

Ethereum Coin Analysis – Support Levels Remain in Play – 27/02/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum Price Support

It’s been a relatively choppy start to the week for Ethereum. A 16.4% slide on Sunday left Ethereum with a 0.43% loss for the week ending 24^th February. Partially recovering the Sunday tumble, Ethereum managed a 4.46% gain on Monday before hitting reverse.

An early in the week high $141.09 saw Ethereum fall well short of the week’s first major resistance level at $154.59 before pulling back. The pullback saw Ethereum slide to a current week low $130.6 before finding support. Ethereum held well above the week’s first major support level at $119.97 in the early part of the week.

Attempts at a return to $140 levels have led to reversals, suggesting that $140 is the near-term line in the sand for the bulls.

In spite of Sunday’s reversal and a mixed start to the week, Ethereum is up by 2.96% for the current week. For the bulls, Ethereum continues to sit well above mid-December’s swing lo $80.60.

Falling back through to sub-$140 levels this week will leave Ethereum under pressure. For the bears, $120 will be the next target. Since December’s swing low $80.6, Ethereum has jumped by 68%. There are plenty of reasons for speculative investors to lock in the gains should sentiment across the broader market deteriorate further.

In spite of the solid gains since a mid-December swing lo $80.60, the extended bearish trend remained intact. Ethereum continued to fall well short of the 23.6% FIB Retracement Level of $257 and more importantly, the 38.2% FIB of $367.

At the time of writing, Ethereum was down by 0.38% to $135.15. An early reversal saw Ethereum fall to a morning low $134.1 before finding support.

Steering clear of the current week’s low $130.6 was key through the early part of the morning.

For the remainder of the week

A move back through to $142.80 levels would signal an Ethereum rebound from Sunday’s sell-off. Breaking through to $143 levels would bring $150 levels and the week’s first major resistance level at $154.69 into play.

Ethereum would need support from the broader market, however, to break out from $140. A broad-based crypto rally would be needed to bring $150 levels back into play. We would expect Ethereum to come up well short of last week’s high $165.62 in the event of a crypto rebound.

Failure to move back through to $140 levels could see Ethereum give up the current week’s gains. A pullback through the current week low $130.6 would bring $125 levels into play before any recovery.

Barring a continued reversal through the middle of the week, we would expect Ethereum to steer clear of the week’s first major support level at $119.97. Holding onto $130 levels through to the weekend would be key to avoiding the week’s major support levels.

Looking at the Technical Indicators

Major Support Level: $119.97

Major Resistance Level: $154.59

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

February 24, 2019

NEO Co-Founder Gives Insights into the Future of the Decentralized World

At the beginning of the interview, he was asked which sector he feels will best prime cryptocurrencies for the future. His answer: gaming.

“It will happen to the industry that’s already highly digital. It probably will happen to a new industry or economic sector. As you can see with DApps, for now, gaming is the most popular one, gaming is 100 percent virtual, digital. So it is easier to work with something completely new that’s completely digital.”

He then went on to say that he does believe the world will be entirely digital. In China, for example, credit cards did not take off like digital payment options such as WeChat did because credit cards are less simple to use. He continued to mention that you can pay for virtually anything in China using digital means, even giving to homeless people.

“You can even donate to homeless people, they sometimes have a bar code! So, it’s the same for the smart economy, it probably will emerge in some society or area that’s not very good at current infrastructure but are really catching up very fast.”

The biggest issue as he said is getting the proper infrastructure. When asked about this, he acknowledged a long road ahead, but nothing the world hasn’t seen before.

“We think that blockchain will take a similar route as to how the internet developed. It will be layered into different layers. TCPIP is at the bottom and HTTP protocol is on top of TCPIP.

If you are building an internet application, you don’t have to bother about TCPIP these days, you don’t even need to worry about HTTP. You have different middle layers to build on top of that. So blockchain will take a similar road.”

He continued with an analogy for the layers we have currently with web development: “you don’t need to know how to write HTML, you just use WordPress. So, for now, all the decentralized apps are built on top of layer one directly on the blockchain. But we believe that in the future, there will be different layers, a lot of layer 2 solutions. Many (if not all) of these DApps will be built on top of layer two solutions. So we need better or native support for layer two solutions.”

Towards the end of the interview when discussing Ethereum usage, he briefly mentioned, “Ethereum currently has the strongest community of developers, they are like the go-to solution. If you want to study how to do a smart contract, you will probably do it on Ethereum.”

Interestingly enough, this came after a tweet by Justin Sun claiming that Tron has the most total and active dApps users. Many saw this as him throwing shade towards Ethereum since they are still seen as the underdog.

It’s possible that NEO, Ethereum, and Tron can work together in the future, but as of now, they are competing for market share of both users and developers. We wish them all luck as competition generally fosters better products.

February 24, 2019February 24, 2019

Altcoins Weekly Analysis –EOS, ETH and TRX – 24/02/19

EOS

EOS surged by 53.26% in the week ending 23^rd February. Following a 0.57% gain from the previous week, EOS ended the week at $4.3387.

It was a particularly bullish week for EOS, which saw just 1-day in the red. Rising from a start of a week intraweek low $2.8227, EOS rallied to a Saturday intraday week high $4.4237.

6-days in the green saw EOS breakthrough the week’s major resistance levels, whilst steering clear of the major support levels.

From the top 10 cryptos by market cap, EOS led the way through the week.

For the week ahead,

A hold onto $4.00 levels through the early part of the week would support further gains in the week ahead. A breakthrough last week’s high $4.4237 would bring the week’s first major resistance level at $4.90 into play before any pullback. Barring another broad-based cryptomarket rally, we would expect EOS to come up short of the second major resistance level at $5.46.

Failure to hold onto $4.00 levels could see EOS fall through to $3.80 levels. A pullback to $3.70 levels would likely see EOS call on support at the first major support level at $3.3 before any recovery. Barring a broad-based crypto sell-off, we would expect sub-$3.00 support levels to be left untested through the week.

At the time of writing, EOS was up by 0.45% to $4.3583.

Ethereum

Ethereum rallied by 29.63 in the week ending 23^rd February. Following on from a 3.05% gain from the previous week, Ethereum ended the week at $157.56.

A particularly bullish start to the week saw Ethereum breakthrough the major resistance levels to Monday high $147.8. Range bound through to Friday, Ethereum held onto the early in the week gain before surging to an intraweek high $159.91 on Saturday.

A start of a week intraweek low $121.38 saw Ethereum steer well clear of the week’s first major support level at $115.97.

For the week ahead,

Ethereum would need to hold above $155 levels through the early part of the week to support a breakout to $160 levels.

Following a solid week of gains, support from the broader market would be needed for Ethereum to take a run at the week’s first major resistance level at $171.20. We would expect Ethereum to come up short of $180 levels and the second major resistance level at $184.8 in the event of a breakout.

Failure to hold above $155 levels could see Ethereum pullback through to sub-$150 levels. In the event of a sell-off, holding above $146 levels would be key. A pullback through to sub-$146 levels would likely see Ethereum come under more selling pressure before any recovery. We would expect the week’s first major support level at $132.66 to be left untested, however.

At the time of writing, Ethereum was up by 0.76% to $158.76.

Tron’s TRX

Tron gained 8.49% in the week ending 23^rd February. Reversing most of the previous week’s 10.21% slide, Tron ended the week at $0.02593.

A bullish start to the week delivered Tron’s gains. Tron rallied from a start of a week intraday week low $0.02415 to an intraweek high $0.0265 on Monday before easing back.

The early moves saw Tron break through the week’s first major resistance level at $0.0259. Tron steered clear of the week’s major support levels.

2-consecutive days in the green at the end of the week saw Tron recover from a pullback to $0.024 levels mid-week. Tron closed out the week above the first major resistance level.

For the week ahead,

A hold above $0.0255 levels through the early part of the week would support another bullish week ahead. A breakthrough last week’s high $0.0265 would bring the week’s first major resistance level at $0.0270 into play. Support from the broader market would be needed to bring the second major resistance level at $0.0280 into play before any pullback. We would expect Tron to continue to come up short of $0.030 levels and the 23.6% FIB of $0.0322.

Failure to hold above $0.0255 could see Tron fall back through the first major support level at $0.0244 before any recovery. Barring a broad-based crypto sell-off, we would expect Tron to steer clear of sub-$0.023 levels, in the event of a pullback.

At the time of writing, Tron was up by 0.59% to $0.02608.

February 20, 2019February 24, 2019

Ethereum Coin Analysis – Resistance Levels in Play – 20/02/19

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum Price Resistance

It’s been a particularly bullish start to the week for Ethereum. Following a 6.79% gain in the week ending 18^th February, Ethereum surged by 9.29% on Monday before hitting choppier waters on Tuesday.

The gains came off the back of a 16.95% rally in the week ending 11^th February that has ultimately created some distance from mid-December’s swing lo $80.60.

A trend-bucking 1.31% fall on Tuesday did little to dent the momentum seen through February. Ethereum was one of a number of the top 10 cryptos, by market cap, to see red on the day. For the current month, Ethereum is now up 34.88% and by 77% from December’s swing lo.

The early in the week rally saw Ethereum strike a week high $149.47 on Tuesday before easing back to $142 levels. The rally saw Ethereum break through the week’s first major resistance level at $138.65 and second major resistance level at $144.97.

A start of a week low $131.05 saw Ethereum steer well clear of the week’s first major resistance level at $121.51 as the weekend rally continued.

Holding onto $140 levels through Tuesday was key. Ethereum will need to avoid pullback through to sub-$138 levels ahead of the weekend.

For the bulls, a run of 4 consecutive days in the green came to an end. The end of the run could spell trouble as the broader market saw green on the day.

In spite of the solid gains since a mid-December swing l0 $80.60, the extended bearish trend remained intact. Ethereum continued to fall well short of the 23.6% FIB Retracement Level of $257 and more importantly, the 38.2% FIB of $367.

At the time of writing, Ethereum was up by 0.27% to $143.07. Following Tuesday’s trend-bucking fall, support kicked in at the start of the day. Ethereum rose from a morning low $142.50 to a morning high $143.50 before easing back.

The week’s major support remained untested early. For the bulls, Ethereum continued to hold above the first major resistance level at $138.65.

For the remainder of the week

A hold onto $140 levels through the middle of the week would support another run at the first major resistance level at $144.97. A break back through to $145 levels would bring the current week’s high $149.47 into play before any pullback.

For Ethereum to move through to $150 levels, considerable support from the broader market would be needed going into the weekend. A late Tuesday reversal across the broader market could test the latest rally mid-week.

Failure to hold onto $140 levels mid-week could see Ethereum give up some of the current week’s gains. A pullback through Tuesday’s low $142.46 could see Ethereum fall through to sub-$140 levels before any recovery.

We would expect some profit taking to test investor resolve mid-week. However, Ethereum would likely steer well clear of sub-$130 levels and the week’s first major support level at $121.51, in the event of a sell-off.

Looking at the Technical Indicators

Major Support Level: $121.51

Major Resistance Level: $138.65

23.6% Fib Retracement Level: $257

38% Fib Retracement Level: $367

62% Fib Retracement Level: $543

February 17, 2019February 17, 2019

JP Morgan Launches JPM Coin – Is This Good for the Cryptocurrency Community?

Despite JP Morgan CEO, Jamie Dimon, speaking badly about Bitcoin in the past, he did note the value that he sees in the underlying blockchain technology, which is exactly what JPM Coin utilizes. Specifically, JPM Coin is based on a distributed ledger platform called Quorum, an Ethereum fork built by JP Morgan and partners.

JPM Coin seems to be the first move, of many, that the firm may take in using blockchain technology for their payments.

Umar Farooq, the head of JP Morgan’s blockchain projects told CNBC: “so anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he said. “The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”

JPM Coin still needs to be tested with international payments, but this is arguably one of the largest and most mainstream use-cases the blockchain industry has seen yet. Trials for JPM Coin will take place over the next few months.

If all goes well, it would be no surprise to see blockchain be used by banks to settle security transactions, retail transactions, and more. As Faqrooq mentioned, the opportunities are seemingly endless.

While this is arguably good news, the blockchain community has some reservations.

Is JPM Coin a Cryptocurrency?

Technically, yes, since it uses blockchain technology and uses encryption to secure data to the ledger. But, it’s worth noting that blockchain technology shines the brightest when used in a decentralized manner. JPM Coin, on the other hand, is centralized, used as an IOU to redeem fiat money, and does not use blockchain to replace any third party. Many are referring to JPM Coin as a stablecoin, simply a token backed by USD.

In other words, JPM Coin is hardly a cryptocurrency in the purest sense. Instead, it is a token used within a payment system, which could have been created many years before the blockchain revolution. Some feel that they are using blockchain technology due to the hype.

The purpose of blockchain technology (and Bitcoin, that came along with it) was to offer a peer-to-peer electronic cash system for people to transact individually without the need for a central bank, like JP Morgan. Many argue that Bitcoin was created in direct response to the financial crisis in 2008 given the January 2009 release of Bitcoin. Because of this, most early cryptocurrency adopters are laughing at JPM Coin, noting the direct irony of the situation – cryptocurrencies were made to avoid banks altogether.

Some cryptocurrency adopters are much more practical – acknowledging the need to integrate with existing payment networks. These enthusiasts will most likely take advantage of JPM Coin to boost the blockchain narrative, even for decentralized applications, proving to skeptics that there is real use to the technology.

Image source: https://www.flickr.com/photos/jurvetson/8362210873

February 17, 2019February 24, 2019

Altcoins Weekly Analysis – BNB, EOS and XLM – 17/02/19

Binance (“BNB”)

BNB rose by 2.47% in the week ending 16^th February. Following on from a 29.3% rally from the previous week, BNB ended the week at $9.251.

A particularly bullish start to the week saw BNB rally to a Monday intraweek high $10.083 before hitting reverse. The early rally saw BNB break through the week’s first major resistance level at $9.9369 and the 38.2% FIB Retracement Level of $9.5269.

The reversal saw BNB slide to a Thursday intraweek low $8.5216 before finding support from the broader market.

Steering clear of the week’s first major support level at $7.3909, BNB broke back through to $9.00 levels and the 38.2% FIB on Friday before easing back.

For the week ahead,

BNB would need to move through $9.2850 levels to support another run at $10.00 levels. A breakthrough to $10.00 levels would bring the week’s first major resistance level at $10.0488 into play before any pullback.

For the BNB bulls, the 38.2% FIB remains a key line in the sand.

Following some relatively bullish moves through February, BNB up by 45.6% for the current month, we would expect BNB to fall short of the second major resistance level at $10.8466 and $11 levels in the week.

Failure to move through to $9.2850 levels could see BNB hit reverse. A pullback to sub-$9.00 levels would bring last week’s low $8.5216 and this week’s first major support level at $8.4874 into play before any recovery.

We would expect BNB to avoid heavier losses and a pullback to sub-$8.00 levels in the week, in the event of a reversal.

At the time of writing, BNB was up by 0.13% to $9.2391.

EOS

EOS rose by 0.57% in the week ending 16^th February. Following on from a 13.31% rally from the previous week, EOS ended the week at $2.8301.

A relatively bullish start to the week saw EOS rally to a Tuesday intraday week high $3.066, breaking through the week’s first major resistance level at $3.0236 before hitting reverse.

Sliding from $3.00 levels, EOS fell back to $2.7 levels before finding support late in the week to move back into the green and end the week at $2.80 levels.

A start of a week intraday week low $2.6954 saw EOS steer well clear of the week’s first major support level at $2.459, with a hold above $2.67 levels through the week key to avoiding losses that were seen elsewhere in the cryptomarket.

For the week ahead,

A move through to $2.8650 levels would support another run at $3.00 levels to bring the week’s first major resistance level at $3.0323 into play before any pullback.

While we would expect EOS to continue to fall well short of $4.00 levels, a broad-based crypto rally could bring the second major resistance level at $3.2344 into play before any pullback. The rally would need to be a significant one, however, with Bitcoin needing to take a run at $4,000 levels to deliver an EOS breakout.

Failure to move through to $2.8650 levels could see EOS take a slide through last week’s low $2.6954 to bring the first major support level at $2.6617 into play.

Barring a broad-based crypto sell-off, we would expect EOS to find sufficient support to avoid sub-$2.60 levels and the second major support level at $2.4932.

At the time of writing, EOS was up by 0.86% to $2.8545.

Stellar’s Lumen

Stellar’s Lumen fell by 3.09% in the week ending 16^th February. Following on from a 3.29% slide from the previous week, Stellar’s Lumen ended the week at $0.07940.

Stellar’s Lumen had a bearish start to the week. Falling from $0.0826 levels, Stellar’s Lumen slid to a Thursday intraday week low $0.07596 before finding support. In spite of the reversal, Stellar’s Lumen steered clear of the week’s first major support level at $0.0747.

A broad-based cryptomarket rally on Friday provided much-needed support, with Stellar’s Lumen rallying to an intraweek high $0.0830 before sliding back to sub-$0.0800 levels.

The day’s rally saw Stellar’s Lumen come up well short of the week’s first major resistance level at $0.0863 before the pullback.

For the week ahead,

A move through $0.0795 levels would support a move back through to $0.080 levels and a run at the week’s first major resistance level at $0.0830.

Support from the broader market would be needed for Stellar’s Lumen to hold onto $0.080 levels through the week, with resistance at $0.080 continuing to pin Stellar’s Lumen back from a breakout.

Barring a broad-based crypto rally, we would expect Stellar’s Lumen to come up short of the week’s second major resistance level at $0.0865.

Failure to move through $0.0795 levels and hold could see Stellar’s Lumen call on support at the week’s first major support level at $0.0759 before any recovery.

Barring a broad-based crypto sell-off, we would expect Stellar’s Lumen to avoid heavier losses and the second major support level at $0.0724. Last week’s low $0.07596 will likely to limit the downside.

At the time of writing, Stellar’s Lumen was up by 0.80% to $0.07877.

February 13, 2019February 24, 2019

Binance Coin Analysis – Support Levels Eyed – 13/02/19

cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Binance Coin Price Support

It’s been a mixed start to the week for Binance. Binance managed a 3.3% rise on Monday before hitting reverse. Monday’s gain came off the back of a 35.5% rise from last week.

The Monday rally saw Binance strike an early week high $9.936 before hitting reverse on Tuesday. The reversal saw Binance slide from an early morning high $9.888 to an early in the week low $9.0564 before finding support. Binance ended Tuesday with a 2.3% loss.

Steering well clear of the week’s first major support level at $7.4909, the key through the early part of the week was holding onto $9.00 levels.

In spite of the solid gains since early December’s swing lo $4.1724, the extended bearish trend remains intact.

Moves through the early part of this week saw Binance attempt a breakout from the 38.2% FIB Retracement Level of 9.5269. Selling pressure led to a fall back through the 38.2% FIB. In spite of the pullback, Binance managed to hold well above the 23.6% FIB Retracement Level of $7.4804.

At the time of writing, Binance was down by 2.25% to $9.2154. Binance fell from the start of a day morning high $9.5577 to a morning low $9.1101 before finding support. The early moves saw Bucking the trend from across the broader market

While steering clear of the week’s major support level at $7.4909, the pullback saw Binance call on support at $9.00 levels and the day’s first major support level at $8.9331 in the early hours.

For the remainder of the week

Binance would need to hold onto $9.00 levels to support a mid-week recovery. Tuesday and this morning’s slides have pulled Binance into the red for the current week.

Having bucked the trend from the broader market in recent weeks, a move back through Tuesday’s end of day $9.428 to $9.50 levels would be needed to support a run at the 38.2% FIB Retracement Level of $9.5269.

However, we would expect Binance to face strong resistance at the 38.2% FIB. Binance will likely be pinned back from a run at $10.00 levels. The week’s first major resistance level at $10.3811 will likely be left untested ahead of the weekend.

Should Binance manage breakthrough to $9.50 levels ahead of the weekend, support from the broader market could see Binance take a run at $10.00 levels before any pullback.

Failure to hold onto $9.00 levels could see Binance’s downward move accelerate through the week. A fall through $8.60 levels could bring the week’s first major support level at $7.4909 into play. The 23.6% FIB Retracement Level of $7.4804 may also come into play before any recovery, in the event of a sell-off.

Facing the prospects of a 3^rd consecutive day in the red, a 10% slide for the week wouldn’t be completely unreasonable. Following last week’s rally, some of the cream is likely to come off the top.

Looking at the Technical Indicators

Major Support Level: $7.4909

Major Resistance Level: $10.3811

Fib 23.6% Retracement Level: $7.4804

Fib 38% Retracement Level: $9.5269

Fib 62% Retracement Level: $12.835

February 10, 2019February 10, 2019

Facebook’s Cryptocurrency Division Acquires Blockchain Startup

Diagonal chain, a blockchain concept, gray closeup

Still, it’s helpful to understand Chainspace’s mission. Chainspace is creating a scalable smart contract platform led by a team of researchers. They are focused on ways to open more throughput (transactions per second) on blockchain networks and studying use-cases outside of monetary transactions such as voting.

Evidently, they also plan to keep their work open-source – which is good.

The Chainspace website currently reads:
“We’re excited to announce that the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available.”

According to Cheddar, four of the five researchers listed as authors on their academic whitepaper will be joining the Facebook team. Two in particular – “Alberto Sonnino and George Danezis, already list their employment as blockchain researchers in Facebook’s ($FB) London office on LinkedIn.”

A Facebook spokesperson responded vague and unclear plans for the future:

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

What we do know is that last year there were reports of Facebook working on a possible stablecoin to be used in their popular chatting platform, WhatsApp. Nothing about this has been released to date, but it would be interesting to see how WhatsApp’s 1 billion daily user base affects the cryptocurrency market. While most people have mixed feelings on Facebook entering the industry, it’s generally agreed upon that this would be great exposure.

More About Community Sentiment

There is a mixed sentiment across the cryptocurrency industry with regards to social media giants entering the general blockchain space.

On one hand, blockchain technology can lend itself to offer a more transparent relationship between the corporation and end user. If properly integrated into their existing systems, there can be live dashboards showing how personal data is being used, ads are being targeted, and real accounts being created – if that can be verified.

On the other hand, corporations can begin profiting off of existing cryptocurrencies simply by integrating them. In the end, they can start to accumulate mass amounts of coins and dominate the industry. Additionally, if they were to release a stablecoin such as “Facebook Coin” to be used towards paying for on-site purchases, then it defeats the purpose of decentralization, which is where blockchain technology shines. There are centralized and permitted-blockchain use-cases, but they are narrower and not fitting for this.

Despite how the community feels, social media giants will continue to research blockchain technology and penetrate the market however they can. Even in a recent Joe Rogan interview, Twitter CEO Jack Dorsey noted his interest in blockchain technology and admitted to being a Bitcoin holder. His mentions went viral amongst the community and can be seen all around Twitter and Facebook groups.

February 10, 2019

Altcoins Weekly Analysis – EOS, IOT and XLM – 10/02/19

EOS

EOS rallied by 13.31% in the week ending 9^th February. Following on from a 1.61% gain from the previous week, EOS ended the week at $2.814.

A relatively bearish first half of the week saw EOS fall to a Wednesday intraweek low $2.3163 before steadying.

Struggling to hold onto $2.4 levels mid-week, a broad-based crypto rally on Friday delivered the lion’s share of the weekly gain, with EOS rallying by 16.94% on the day.

Friday’s rally saw EOS break through the week’s first major resistance level at $2.5912 and second major resistance level at $2.6991.

Following on from Friday’s rally, EOS rose to an intraweek high $2.8782 on Saturday, before easing back.

For the week ahead, a hold onto $2.75 levels would provide support for further gains through the week.

A breakthrough last week’s high $2.8782 would bring $3.00 levels and the week’s first major resistance level at $3.0236 into play before any pullback.

Barring a broad-based crypto rally, we would expect EOS to be pinned back from a breakout from $3.00 levels. The the second major resistance level at $3.2332 will unlikely be tested in the week.

Failure to hold onto $2.75 levels could see EOS fall back through to $2.5 levels. A pullback would bring the week’s first major support level at $2.459 into play.

While we would expect EOS to steer clear of the second major support level at $2.104, a pullback to $2.3 levels and last week’s low $2.3136 could come into play should the market hit reverse.

At the time of writing, EOS was down 0.92% at $2.7880.

IOTA

IOTA rose by 5.16% in the week ending 9^th February. Reversing most of the previous week’s 6.08% loss, IOTA ended the week at $0.2812.

A relatively bearish first half of the week saw IOTA fall through the first major support level at $0.2464 to a Wednesday intraday week low $0.2403.

IOTA managed to recover to $0.25 levels by the end of Thursday before rallying to a Friday intraweek high $0.2901. IOTA broke through the first major resistance level at $0.2879 before easing back.

Recovering from a Saturday low $0.2751, IOTA managed to wrap up the week at $0.28 levels.

For the week ahead, a hold onto $0.28 levels through the early part of the week would support a run at $0.30 levels and the week’s first major resistance level at $0.3008.

We would expect IOTA to come up short of the second major resistance level at $0.3203. In the event of a broad-based crypto rally, $0.3100 levels could come into play.

Failure to hold onto $0.28 levels could see IOTA fall through to $0.26 levels before any recovery. Barring a broad-based crypto sell-off, we would expect IOTA to steer clear of $0.25 levels and the week’s first major support level at $0.2510.

At the time of writing, IOTA was up 1.79% to $0.2863.

Stellar’s Lumen

Stellar’s Lumen fell by 3.29% in the week ending 9^th February. Following on from the previous week’s 15.38% slide, Stellar’s Lumen ended the week at $0.081184.

It was a particularly bearish start to the week. Stellar’s Lumen fell on 4 consecutive days to an intraweek low and new swing lo $0.07336 before finding support.

The reversal saw Stellar’s Lumen slide through the first major support level at $0.0765, whilst avoiding sub-$0.07 support levels.

Following a relatively range-bound Thursday, Stellar’s Lumen found support from the broader market to strike a Friday intraweek high $0.084999. In spite of the Friday recovery, Stellar’s Lumen came up short of the week’s first major resistance level at $0.0964. Stellar’s Lumen was back in the red on Saturday.

For the week ahead, a hold onto $0.08 levels would bring the week’s first major resistance level at $0.0863 into play. Support from the broader market would be needed for Stellar’s Lumen to take a run at $0.09 levels and the second major resistance level at $0.0915.

Failure to hold onto $0.08 levels could see Stellar’s Lumen fall through the week’s first major support level at $0.0747 before any recovery. Barring a broad-based crypto sell-off, we would expect sub-$0.07 support levels to be left untested.

At the time of writing, Stellar’s Lumen was down 0.33% at $0.080916.

February 6, 2019

Tron Coin Analysis – Support Levels Eyed – 06/02/19

Tron Coin Price Support

It’s been another mixed start to the week for Tron. Following last week’s 12.71% sell-off, Tron managed to bounce back with a 5.51% rally on Monday, returning to $0.028 levels before hitting reverse.

Monday’s rally saw Tron move from a start of a week low $0.0254 to an early in the week high $0.029699. The rebound saw Tron break through the week’s first major resistance level at $0.02850 before the reversal.

A 2.12% fall on Tuesday left Tron with just a 3.3% gain going into this morning, with Tron joining the broader market following a buck trending rally on Monday.

Last week’s losses and moves through the early part of this week have seen Tron’s year-to-date gains cut to 38.5%

In spite of the solid gains since late November’s swing lo $0.0111, the extended bearish trend remains intact. Tron continues to fall well short of the 23.6% FIB Retracement Level of $0.0322 and, of greater significance, late April’s swing hi $1.0041

At the time of writing, Tron was down by 1.35% to $0.026235. Tracking the broader market through the early hours, Tron fell to a week low $0.02550 before recovering to $0.026 levels. In spite of the early sell-off, Tron managed to hold above the week’s first major support level at $0.0236.

For the remainder of the week

A move through to $0.0265 levels would support another run at the week’s first major resistance level at $0.0285. Following last week’s high $0.0294, Tron will continue to face plenty of resistance on the way through to $0.030 levels to pin back a breakout from the week’s first major resistance level at $0.0285.

A material shift in sentiment across the broader market would be needed ahead of the weekend to give Tron a free run at $0.030 levels. We would expect Tron to continue to fall short of the 23.6% FIB Retracement Level of $0.0322, however, in the event of a 2^nd half of the week rally.

Failure to move through to $0.0265 levels could see Tron give up more of the beginning of the week gains. A fall back through the current week’s low $0.02550 would bring the week’s first major support level at $0.0236 into play.

Sentiment from the broader market will have an impact going into the weekend. A continued reversal through the week could see Tron call on support at the second major support level at $0.0216 before any recovery. We would expect sub-$0.020 support levels to be left untested in the event of a crypto meltdown.

Following Tuesday’s pullback and this morning’s bearish moves, moving back through to $0.0265 levels will be key to avoiding a more material sell-off. Tron is up by 140% from November’s swing lo, so there’s plenty of incentive for investors to lock in gains should the current broad-based crypto sell-off persist through the week.

Looking at the Technical Indicators

Major Support Level: $0.0236

Major Resistance Level: $0.0285

Fib 23.6% Retracement Level: $0.0322

Fib 38% Retracement Level: $0.0452

Fib 62% Retracement Level: $0.0663