Altcoins Weekly Analysis – ADA, BNB, and EOS – 31/03/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Cardano’s ADA

Cardano’s ADA rallied by 13.58% in the week ending 30th March. Following on from a 23% jump from the previous week, Cardano’s ADA ended the week at $0.073098.

A range-bound start to the week saw Cardano’s ADA ease to an intraweek low $0.05431 on Monday before making a move. Steering clear of the first major support level at $0.0541, Cardano’s ADA rallied to a Friday intraweek high $0.074524.

The week-long rally saw Cardano’s ADA break through the first major resistance level at $0.0703 before easing back. The week’s second major resistance level at $0.0763 capped the upside for the week.

A pullback to sub-$0.070 levels on Saturday was short-lived, with Cardano’s ADA recovering to $0.070 levels late in the day.

For the week ahead,

A hold onto $0.070 levels through the early part of the week would support further gains in the week ahead. A move back through last weeks high $0.074524 would bring the first major resistance level at $0.0793 into play. Support from the broader market would be needed, however, for Cardano’s ADA to hold onto $0.070 levels.

Barring a broad-based crypto rally, we would expect Cardano’s ADA to come up short of the second major resistance level at $0.0854.

Failure to hold onto $0.070 levels could see Cardano’s ADA give up some of the recent gains. A pullback through $0.068 levels would bring the first major support level at $0.0622 into play. Barring a broad-based sell-off, we would expect Cardano’s ADA to steer clear of sub-$0.06 support levels.

At the time of writing, Cardano’s ADA was up 0.38% to $0.073378.

ADA/USD 31/03/19 Weekly Chart

Binance

Binance rose by 12.11% in the week ending 30th March. Reversing a 5.71% slide from the previous week, Binance ended the week at $17.22.

A start of a week rally to an intraweek high and new swing hi $17.81 delivered the week’s gains. Rising from an intraday week low $14.77, Binance broke through the first major resistance level at $16.41. Coming up against the second major resistance level at $17.47, Binance eased back to $15 levels on Tuesday before recovering to $17 levels.

The bullish week saw Binance steer well clear of the major support levels.

For the week ahead,

A hold onto $17 levels through the early part of the week would support another solid week ahead. A break back through to $17.50 levels would bring $18 levels into play before any pullback. Support from the broader market would be needed, however, for Binance to take a run at the first major resistance level at $18.43. Barring a broad-based rally, we would expect last week’s $17.806 high to cap the upside in the week.

Failure to hold onto $17 levels could see Binance give up some of last week’s gains. A fall through $16.60 would bring $15 levels into play before any recovery. Barring a broad-based crypto sell-off, however, we would expect Binance to hold above the first major support level at $15.39.

At the time of writing, Binance was down 0.11% to $17.197.

BNB/USD 31/03/19 Weekly Chart

EOS

EOS rallied by 13.51% in the week ending 30th March. Reversing a 4.09% fall from the previous week, EOS ended the week at $4.2189.

Following a range bound start to the week that saw EOS dip to an intraweek low $3.6198, EOS rallied to an intraweek high $4.4718.

Steering clear of the major support levels on Monday, EOS broke through the week’s major resistance levels.

An early afternoon pullback on Saturday saw EOS fall back to $4.05 levels before breaking back through the second major resistance level at $4.0164. In spite of the solid gains, EOS was unable to break back through the third major resistance level at $4.3045.

For the week ahead,

A hold onto $4.10 levels through the early part of the week would support a move back through last week’s high $4.4718. A broad-based crypto rally would bring the first major resistance level at $4.5872 into play. Barring a crypto rally, we would expect EOS to come up short of $5.00 levels, however. The second major resistance level at $4.9555 will likely to pin EOS back.

Failure to hold onto $4.10 levels could see EOS ease back to sub-$4.00 levels before any recovery. Negative sentiment across the broader market would bring the first major support level at $3.7352 into play. Barring a crypto meltdown, however, we would expect EOS to steer clear of the second major support level at $3.2515.

At the time of writing, EOS was down 0.97% to $4.1779.

EOS/USD 31/03/19 Weekly Chart

Binance Coin Analysis – Resistance Levels in Play – 27/03/19

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Binance Coin Price Resistance

It’s been a bearish start to the week for Binance Coin. Following last week’s 8.75% rally and new swing hi $17.806, it was 2-consecutive days in the red.

For the current week, Monday – Tuesday, Binance was down 5.65%. Pulling back from Sunday’s new swing hi, Binance fell from a start of a week high $17.59 to a Tuesday low $15.63.

Falling well short of the week’s first major resistance level at $18.70, Binance came within range of the first major support level at $15.07 before finding support. Recovering through the afternoon on Tuesday, Binance moved back through to $16 levels.

The near-term bullish trend, formed at early December’s swing lo $4.17, remained firmly intact. Binance continued to hold well above the 23.6% FIB Retracement Level of $14.6, following Sunday’s swing hi $17.806.

It’s been quite a start to the year for Binance, which has rallied by 158% year-to-date. Of particular significance is the fact that, out of the top-10 cryptos, Binance is the only coin that has managed to form a bullish trend.

At the time of writing, Binance was up 0.92% to $16.504. A choppy start to the day saw Binance slide to a morning low $16.03 before making a move.

Steering clear of the week’s first major support level at $15.07, Binance rallied to a morning high $16.75 before easing back. Binance also came up short of the week’s first major resistance level at $18.7 in the early hours.

BNB/USD 27/03/19 Weekly Chart

For the remainder of the week

A move back through last weeks high $17.806 would support a breakthrough to $18 levels in the week. Support from the broader market would be needed, however, for Binance to take a run at the first major resistance level at $18.70.

In the event of a broad-based crypto rally, Binance could break through to $19 levels before any pullback.

Failure to move back through to last weeks high $17.806 could see Binance slide further back in the week. Following 7-consecutive weeks in the green, a lack of momentum could see profit taking pin back any further gains.

A fall through $16.5 levels could bring $15 levels into play before any recovery. In the event of a broad-based crypto sell-off, we would expect Binance to test the first major support level at $15.07 before any recovery.

We would expect Binance to steer clear of sub-$15 support levels, however, in the event of a sell-off.

Looking at the Technical Indicators

 

Major Support Level: $15.07

Major Resistance Level: $18.70

23.6% FIB Retracement Level: $14.6

38.2% FIB Retracement Level: $12.6

62% FIB Retracement Level: $9.4

CoinMarketCap Launching Cryptocurrency Indices

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A recent blog post by the leading data provider, CoinMarketCap, explains their launch of cryptocurrency benchmark indices on NASDAQ GIDS, Bloomberg Terminals, Thomson Reuters’ Eikon (Refinitiv), and Börse Stuttgart. Each of these is amongst the largest platforms, which means cryptocurrency data will be accessible to hundreds of thousands, if not millions of investors. As of October 2016, there were 325,000 Bloomberg Terminal subscribers globally.

There are two indices, one including Bitcoin and one without. The primary index, which includes Bitcoin, is called the CMC Crypto 200 Index (CMC200), and it covers over 90% of the cryptocurrency market globally. The second index, not including Bitcoin is called the CMC Crypto 200 ex BTC index (CMC200EX), is used to track market performance without Bitcoin’s influence, which accounts for roughly 50% of the total cryptocurrency market cap.

CEO of CoinMarketCap, Brandon Chez commented on the news saying:

“We are excited to launch and share these indices with the market. These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format. In partnership with Solactive, our chosen index administrator, we hope these professionally-calculated indices will serve to expand the reach of cryptocurrencies into the larger financial markets.”

They have partnered with Solactive AG, an independent German index provider, to calculate and administer the indexes, including rebalancing them quarterly. Solactive AG administers over 3,000 custom indices, so they are well trusted to calculate accurately and uphold to any industry standards.

Fabian Colin, the head of sales over at Solactive AG mentioned that:

“We are very proud to be chosen as CMC’s index provider of choice in this exciting journey. The ability to access CoinMarketCap data gives us the opportunity to develop custom indices for new clients. Conversations have already started. We are looking forward to developing more crypto indices in the future, which will optimistically result in investable indices and might lead to further products.”

Regarding CoinMarketCaps prestige, the blog post also acknowledges the fact that they made “market capitalization” a popular term back in 2013 when they launched. They are also known to show other statistics, reliably, such as circulating supply.

Putting thought into how they calculate this metric, the post reads that “the circulating supply metric used by CoinMarketCap accounts for locked, reserved or non-saleable coins or tokens that cannot affect the price of a cryptocurrency, and hence are not factored into a cryptocurrency’s market capitalization.”

These indices are currently live across the platforms mentioned, and we hope this is only the beginning for what is to come. As more mainstream systems integrate with cryptocurrency data, then mainstream investors will want to educate themselves on this new asset class.

Altcoins Weekly Analysis –BNB, ETH and TRX – 24/03/19

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BNB

Binance slid by 5.71% in the week ending 23rd March. Partially reversing a 10.55% rally from the previous week, Binance ended the week at $15.36.

Off the back of a new swing hi $16.64 on 16th March, Binance fell for 5 consecutive days to a Thursday intraweek low $14.18.

A start of a week intraweek high $16.35 fell well short of the first major resistance level at $17.27 on Monday. The reversal saw Binance fall through the first major support level at $14.69 on Thursday.

Binance managed to see green on Friday. A move back through to $15 levels and limited the losses for the week. 6-days out of 7 in the red could have weighed far more heavily.

For the week ahead,

A move back through to $15.30 levels in the early part of the week would support a bounce back from last week’s losses.

A breakout would bring $16 levels and last week’s high $16.35 into play. Support from the broader market would be needed, however, for Binance to break through the first major resistance level at $16.41.

Barring a broad-based crypto rally, we would expect Binance to continue to come up short of the 16th march swing hi $16.44.

Failure to move back through to $15.30 levels could see Binance see more losses in the week ahead. A pullback would likely see Binance slide through to $14 levels before any recovery. Barring a mass crypto sell-off, however, we would expect Binance to steer clear of the first major support level at $14.24.

In the event of a sell-off, Binance could touch sub-$14 levels before any recovery.

At the time of writing, Binance was down by 0.6% to $15.27.

BNB/USD 24/03/19 Weekly Chart

Ethereum

Ethereum fell by 2.83% in the week ending 23rd March. Reversing a 2.98% rise from the previous week, Ethereum ended the week at $136.52.

A mixed start to the week saw Ethereum rise to an intraweek high $141.3 before hitting reverse. The week’s high on Monday came in spite of 2 consecutive days in the red. A range-bound middle of the week provided little support, with Ethereum sliding to an intraweek low $132.21 on Thursday.

Moves through the week left the major support and resistance levels untested.

For the week ahead,

A hold onto $136 levels through the early part of the week would support a move back through to $140 levels.

Following last week’s sell-off, a material shift in sentiment across the broader market would be needed, however.

A broad-based crypto rebound would give Ethereum a run at the first major resistance level at $141.14 before any pullback. Barring a crypto rally, we would expect last week’s high $141.3 to pin Ethereum back from a breakout to $145 levels in the week.

Failure to hold onto $136 levels could see Ethereum slide back through to $132 levels touched last week. Barring a broad-based crypto sell-off, however, we would expect the first major support level at $132.05 to prevent heavier losses in the week.

In the event of a crypto sell-off, the second major support level at $127.59 could come into play before any recovery.

At the time of writing, Ethereum was down by 0.34% to $136.05.

ETH/USD 24/03/19 Weekly Chart

Tron’s TRX

Tron’s TRX gained 4.24% in the week ending 23rd March. Following on from a 2.04% rise from the previous week, Tron ended the week at $0.02463.

Bearish through much of the week, Tron tumbled from $0.023 levels to a Thursday intraweek low $0.02215.

Falling short of the first major resistance level at $0.0244 early on, Tron fell through the first major support level at $0.0225.

Tron reversed the week’s losses on Saturday, rallying to an intraday week high $0.0248. The rebound saw Tron break through and hold above the first major resistance level at $0.0244 at the end of the week.

For the week ahead,

A hold onto $0.024 levels through the early part of the week would signal further upside for the week ahead. A breakthrough last week’s high $0.0248 would bring $0.025 levels into play before any pullback.

Support from the broader market would be needed, however, for Tron to take a run at the first major resistance level at $0.0256.

Failure to hold onto $0.024 levels could see Tron give up some of its recent gains. A pullback through to $0.0235 levels would bring the first major support level at $0.0229 into play before any recovery.

Barring a broad-based crypto sell-off, however, we would expect Tron to avoid sub-$0.022 support levels in the week.

At the time of writing, Tron was down by 0.63% to $0.02448.

TRX/USD 24/03/19 Weekly Chart

Tether Not Completely Backed by USD Alone

1280px-Tether_Logo

Recently, reports have been citing that the largest stablecoin Tether (USDT) is not backed by US dollars.

This statement is not completely true because they are backed by USD, but not entirely. They are backed by the US dollar in addition to other assets which may be loans or “cash equivalents.”

One section of their homepage reads:
“Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.”

While it’s good they stand by their true slogan that “every tether is also 1-to-1 pegged to the dollar,” this more in-depth explanation goes against what they have been implying for years. For the past several years now they have been claiming that each tether is backed by a dollar, which may be true in terms of the valuation of their portfolio, which is also news to investors but is certainly an indirect way to word things. The reality is that there is not a dollar for each tether in the bank. If everyone wanted to redeem their Tethers for US dollars right now, Tether would need to sell all of their assets for cash. Doing this has inherent risk, which worries investors.

In response to Tether rumors, several stablecoins have been coming into existence. One unique example is Dai, by Maker, which is actually a decentralized, collateral-based stablecoin. This means that users can send Ethereum to a smart contract as collateral to get Dai. The smart contract acts as a self-stabilizing mechanism to adjust fees and incentives for users to create Dai. Simply put, if the price of Dai exceeds $1 due to Ethereum’s price rising, then the incentives will be such that users want to create more Dai. As a result, more Dai enters the circulating supply, driving the price down towards $1. If the price is below $1, then the demand goes up because users can get more Dai for less money – taking advantage of an arbitrage opportunity. Dai is a publicly transparent, decentralized stablecoin based on the Ethereum blockchain.

On the other hand, another centralized stablecoin alternative is Stably. Stably was recently added to Binance and has growing volume.

So, 2019 seems to be a year for stablecoins, which means Tether should clean up their image a bit.

Ethereum Analysis – Support Levels in Play – 20/03/19

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum Price Support

It’s been a mixed start to the week for Ethereum. Following last week’s 2.52% gain, Ethereum is up by just 0.05% for the current week, Monday through Tuesday. A bullish start to the week saw Ethereum strike an early Monday morning current week high $141.3 before hitting reverse.

Falling short of the week’s first major resistance level at $147.80, Ethereum slid to a Monday current week low $135.67 before finding support. In spite of the Monday reversal, Ethereum steered well clear of the first major support level at $127.76.

The choppy moves through Monday left Ethereum down by 0.77% before gaining 0.83% on Tuesday to reverse the losses.

Tuesday’s gains came in spite of Ethereum failing to move back through to $140 levels. While Ethereum sits in positive territory for the current year, up by 5.73% year-to-date, Ethereum sits well short of the current year’s high $165.62 struck in late February. Resistance at $140 has pinned Ethereum back from a breakout this month.

The extended bearish trend, formed at last May’s swing hi $828.97, remains firmly intact. Ethereum continues to fall well short of the 23.6% FIB Retracement Level of $257, following December’s swing lo $80.6.

The good news is that Ethereum has managed to make up significant ground since December’s swing lo. The bad news is that the lack of activity in the ICO market will continue to limit the upside near-term.

At the time of writing, Ethereum was down by 0.94% to $136.85. A particularly bearish start to the day saw Ethereum slide from a morning high $138.41 to a low $136.43.

Ethereum steered clear of the week’s first major support level at $127.76, whilst also falling well short of the first major resistance level at $147.80.

ETH/USD 20/03/19 Weekly Chart

For the remainder of the week

A move back through to $137.5 levels in the middle part of the week would signal upward momentum going into the weekend. Ethereum would need support from the broader market, however, to break back through to last week’s high $147.23.

Barring a broader-based crypto rally, we would expect Ethereum to come up short of the week’s first major resistance level at $147.80.

In the event of a broad-based crypto rally, Ethereum will likely breakthrough to $148 levels before any pullback.

Failure to move back through $137.50 levels could see Ethereum hit reverse going into the weekend. A slide through the current week low $135.67 would bring $132 levels into play before any recovery. Barring a crypto sell-off, however, we would expect Ethereum to avoid sub-$130 levels.

In the event of a sell-off, we would expect Ethereum to test the first major support level at $127.76 before any recovery. Ethereum would unlikely test sub-$127 levels in the event of a sell-off.

Looking at the Technical Indicators

 

Major Support Level: $127.76

Major Resistance Level: $147.80

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Altcoins Weekly Analysis –BNB, ETH and XLM – 17/03/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance

Binance gained 10.55% in the week ending 16th March. Following on from a 22.3% surge from the previous week, Binance ended the week at $16.2884.

A choppy first half of the week saw Binance rise from an intraweek low $14.06 to $15.80 levels before easing back to $14 levels. The week’s major support and resistance levels were left untested ahead of a Saturday rally.

Relatively range bound going into Saturday, a broad-based Saturday crypto market rally saw Binance strike an intraday week high and new swing hi $16.6443.

Coming within range of the week’s first major resistance level at $16.76, Binance eased back while holding onto $16 levels.

For the week ahead,

A hold onto $16 levels through the early part of the week would support further upside for Binance in the week ahead.

A move back through last week’s high $16.6443 would bring $17 levels and the first major resistance level at $17.2674 into play. Barring a broad-based crypto rally, we would expect the week’s first major resistance level to pin Binance back in the week. A crypto rally, however, would likely bring $18 levels into play. We would expect the second major resistance level at $18.8, however, to be left untested in the event of a breakout.

Failure to hold onto $16 levels could see Binance slide through $15.60 levels to bring the first major support level at $14.69 into play. Sentiment across the broader market would need to materially deteriorate, however, for a pullback to sub-$15.60 levels. Barring a broad-based crypto sell-off, we would expect Binance to hold above $15.80 levels through the week.

At the time of writing, Binance was down by 1.27% to $16.08.

BNB/USD 17/03/19 Weekly Chart

Ethereum

Ethereum gained 2.98% in the week ending 16th March. Following on from a 3.1% rise from the previous week, Ethereum ended the week at $140.48.

A bearish start to the week saw Ethereum fall from $136 levels to an intraday week low $127.19 on Tuesday.

Steering clear of the week’s first major support level at $126.11, Ethereum recovered to $136 levels ahead of Saturday’s rally. Finding support from the broader market, Ethereum rallied to a Saturday intraweek high $147.23. Ethereum broke through the first major resistance level at $143.36 before easing back to $140 levels.

For the week ahead,

A hold onto $138 levels through the early part of the week would support a move back through to $140 levels. Support from the broader market would likely see Ethereum move back through last week’s high $147.23. A breakout from $140 would likely bring the first major resistance level at $149.41 into play before any pullback. We would expect Ethereum to face plenty of resistance at $149 levels to leave $150 off the table for the week.

Failure to hold onto $138 levels could see Ethereum reverse the previous week’s gains. A fall through $133 levels would bring the first major support level at $129.37 into play. We would expect Ethereum to avoid sub-$128 levels in the event of a reversal, however.

At the time of writing, Ethereum was down 1.45% to $138.45.

ETH/USD 17/03/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen rallied by 20.79% in the week ending 16th March. Following on from a 7.31% gain from the previous week, Stellar’s Lumen ended the week at $0.11076.

A particularly bullish start to the week saw Stellar’s Lumen rally from an intraweek low $0.0917 to an intraweek high $0.11489. 4 consecutive days in the green saw Stellar’s Lumen break through the week’s major resistance levels.

2 consecutive days in the red saw Stellar’s Lumen pullback through the third major resistance level at $0.1142 to $0.1050 levels. Support from the broader market kicked in on Saturday, supporting a move back through to $0.11 levels.

For the week ahead,

A hold above $0.1060 levels through the early part of the week would support a move through last week’s high $0.11489. Support from the broader market would be needed, however, for a run at the first major resistance level at $0.1199. We can expect Stellar’s Lumen to face plenty of resistance on the way through $0.1150 levels. Last week’s gains will likely weigh in the week.

Failure to hold above $0.1060 could see Stellar’s Lumen fall back through to sub-$0.10 levels later in the week. A pullback would see Stellar’s Lumen call on support at the first major support level at $0.0967 before any recovery. Barring a broad-based crypto sell-off, however, we would expect Stellar’s Lumen to hold onto $0.10 levels in the week ahead.

At the time of writing, Stellar’s Lumen was down by 0.79% to $0.10988.

XLM/USD 17/03/19 Weekly Chart

Binance Coin Analysis – Resistance Levels in Play – 13/03/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Price Resistance

It’s been another relatively bullish start to the week for Binance. Following last week’s 25.7% rally, Binance has seen 2 consecutive days in the green. For the current week, Monday through Tuesday, Binance was up by 6.4%.

A trend-bucking 0.20% gain on Monday was followed up by a 6.26% rally on Tuesday.

Monday’s gains came in spite of the broader market seeing red. A bullish start to the week saw Binance hit an early intraday high $15.19 on Monday, before sliding back to $14 levels. By contrast, Tuesday’s bounce came off the back of a relatively range-bound morning to hold onto $15 levels by the day’s end.

The moves through the early part of the week saw Binance come up short of last week’s swing hi $15.91. In spite of the upward momentum, Binance also came up short of the week’s first major resistance level at $16.73. A start of the week low $14.27 saw Binance steer well clear of the first major support level at $11.82.

5 consecutive weeks in the green and a bullish start to the week reaffirmed the near-term bullish trend. Binance continued to hold above the 23.6% FIB of $13.14.

At the time of writing, Binance was down by 0.84% to $15.49. A bearish start to the day saw Binance fall from a morning high $15.64 to a low $15.45.

Relatively range bound and joining the broader market in the red, the week’s major support and resistance levels remained untested.

BNB/USD 13/03/19 Weekly Chart

For the remainder of the week

A hold onto $15 levels through the middle part of the week would support further gains going into the weekend. Binance would need to break through last week’s swing hi $15.91 to bring the week’s first major resistance level at $16.72 into play.

Support from the broader market would be needed, however, for Binance to breakout from current levels. Following Monday’s trend-bucking gain, negative sentiment across the broader market could pin Binance back.

Failure to hold onto $15 levels could see Binance slide through the current week’s low $14.27 to $13 levels before any recovery. Barring a crypto meltdown, we would expect sub-$13 levels to be avoided through the remainder of the week. In the event of a mass crypto sell-off, a fall through $13.8 levels would bring sub-$13 levels into play. We would expect the first major support level at $11.82 to be left untested, however.

Looking at the Technical Indicators

 

Major Support Level: $11.82

Major Resistance Level: $16.73

23.6% FIB Retracement Level: $13.14

38.2% FIB Retracement Level: $11.43

62% FIB Retracement Level: $8.66

The Future of Cryptocurrency Looks Bright as Square and Twitter CEO Bets Big on Bitcoin

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Volume is increasing, fees are manageable with a median cost of ~$0.23, and the lightning network has more nodes than ever. There are 3,702 nodes on the lightning network at the time of this writing, all according to BitcoinVisuals.com. Additionally, mining difficulty has been slowing rising since January 2019. This means that the cost of mining is expected to increase, which in turn, should increase the bottom price for Bitcoin. Miners will not want to sell Bitcoin for less than what it costs them to mine.

Over the past month, Bitcoin has risen ~$500 and people think it may break through the $4,000 mark.

Along with all of this, Jack Dorsey, the CEO of both Twitter and Square is betting big on it, alluding to buying $10,000 worth of Bitcoin per week in the current market. While Dorsey is a billionaire, this is still not small change, and quite a statement to be had.

It’s worth discussing that Jack Dorsey is the CEO of Square, a payment processing company, which also owns Cash App, an app where you can buy and sell Bitcoin, in addition to loading cash and spending it as you will.

While Dorsey has always been a tech enthusiast, there may be some business reasons for his enthusiasm towards Bitcoin. Payment processing companies have a notoriously low-profit margin with VISA and Mastercard services taking big cuts out of the transactions they process. If blockchain technology and second layer solutions such as the lightning network take hold, then VISA and other middlemen can be cut out of the transaction.

If Dorsey promotes Bitcoin properly, onboard more users through his Cash App, and then has people spending Bitcoin through Square terminals, then he has a lot to gain.

Additionally, if people begin tipping on Twitter more, then Twitter can become a pioneer in the micro-tipping space as a social network. Micro-tipping is not very popular yet across the internet, but people believe it will be very common in the future across the web as cryptocurrencies become the financial backbone of the internet. A micro-tipping example can be simply sending someone $0.0001 cent worth of cryptocurrency for answering a question, or simply creating nice content. If Twitter further integrates easy “tip” buttons that can be tied to a user’s wallet, then both Twitter and Square can act as a leader bridging the traditional world with the cryptocurrency world.

Altcoins Weekly Analysis –BNB, EOS and XLM – 10/03/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

BNB

Binance rallied by 22.3% in the week ending 9th March. Following on from a 9.84% gain from the previous week, Binance ended the week at $14.7348.

A relatively bearish start to the week saw Binance fall to a Monday intraday week low $11.00 before making a move.

3 consecutive days in the green saw Binance rally to an intraweek high and new swing hi $15.9101 before easing back. Binance broke through the week’s first major resistance level at $13.0385 and second major resistance level at $14.0294.

A bearish Friday saw Binance slide back to $13 levels before finding support to end the week at $14 levels. Holding onto $15 levels proved to be a challenge through the week. A return to $15 levels on Saturday was short-lived, though Binance managed to close out the day above the second major resistance level.

For the week ahead,

A hold onto $14 levels through the early part of the week would support another positive week ahead for Binance.

A move back through to $15.00 levels would bring the week’s first major resistance level at $16.7619 into play. Barring a broad-based crypto rally, we would expect Binance to fall short of $17 levels.

The first major resistance level at $16.7619 and a 5th consecutive week in the green would likely cap the upside.

Failure to hold onto $14 levels could see Binance slide through to $12.00 levels before any recovery. In the event of reversal, we would expect the first major support level at $11.856 to prevent heavier losses in the week.

A broad-based crypto sell-off would unlikely have a more material impact on the downside. The anticipated demand for Binance Coin during fundraising projects on the Binance Launchpad platform is the differentiator for now.

At the time of writing, Binance was down by 0.61% to $14.6452.

BNB/USD 10/03/19 Weekly Chart

EOS

EOS gained 7.52% in the week ending 9th March. Partially reversing an 18.06% slide from the previous week, EOS ended the week at $3.8298.

A choppy start to the week saw EOS slide to a Monday intraweek low $3.1534 before finding support.

Steering clear of the first major support level at $3.0993, EOS rallied to a Thursday intraweek high $4.0015 before easing back.

While breaking back through to $4.00 levels, EOS fell well short of the week’s first major resistance level at $4.2808.

For the week ahead,

A hold onto $3.70 levels through the early part of the week would support another bullish week ahead. A move through last week’s high $4.0015 would bring the first major resistance level at $4.1697 into play. In the event of a broad-based crypto rally, a return to $4.50 levels could be on the cards. We would expect the second major resistance level at $4.5097 to pin EOS back from more material gains, however.

Failure to hold onto $3.70 levels could see EOS test the week’s first major support level at $3.3216 before any recovery. Barring a crypto meltdown, we would expect sub-$3.00 levels and the second major support level at $2.8135 to be left untested.

At the time of writing, EOS was down 1.73% to $3.7637.

EOS/USD 10/03/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen rose by 7.31% in the week ending 9th March. Partially reversing the previous week’s 11.25% slide, Stellar’s Lumen ended the week at $0.09215.

A bullish start to the weeks saw Stellar’s Lumen rise to a Sunday high $0.09144 before hitting reverse. Tracking the broader market on Monday, Stellar’s Lumen slid to an intraweek low $0.08150 before finding support.

The moves through the early part of the week left the major support and resistance levels untested.

A bullish second half of the week saw Stellar’s Lumen rally to an intraweek high $0.09399 before easing back. In spite of the strong finish, Stellar’s Lumen was unable to test selling pressure at the first major resistance level at $0.0958.

For the week ahead,

A hold onto $0.0970 levels through the early part of the week would support a run at the second major resistance level at $0.1017. Moves through the early part of Sunday morning saw Stellar’s Lumen rally to an early in the week high $0.0981. The early rally saw Stellar’s Lumen break through the week’s first major resistance level at $0.0969.

Support from the broader market would be needed however for Stellar’s Lumen to hold onto $0.010 levels in the event of a breakout.

Failure to hold onto $0.0970 levels could see Stellar’s Lumen slide back to sub-$0.090 levels. A pullback would bring the week’s first major support level at $0.0844 into play before any recovery. Barring a broad-based crypto meltdown, we would expect Stellar’s Lumen to hold above last week’s low $0.0815.

At the time of writing, Stellar’s Lumen was up by 5.94% to $0.09762.

XLM/USD 10/03/19 Weekly Chart