Facebook Coin Expected to Come First Half of 2019

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While different sources are claiming different expectations, Facebook Coin should be rolled out on Messenger, Instagram, and/or WhatsApp, if not all three, hitting a giant user base of over 2.7 billion users.

The release of Facebook Coin is sooner than some would have guessed, considering a December 2018 Bloomberg report which reads:
The company is developing a stablecoin — a type of digital currency pegged to the U.S. dollar — to minimize volatility, said the people, who asked not to be identified discussing internal plans. Facebook is far from releasing the coin, because it’s still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, the people said.”

Evidently, the release is not so far away and it’s possible that they felt pressure after banking giant JP Morgan released its stablecoin just this month, as reported by coinz.com.

It is rumored that Facebook’s blockchain department is particularly secret, blocked off from the rest of the organization, but it’s no secret that they are taking blockchain seriously. At the time of this writing, there are 18 open blockchain related positions at Facebook.

JP Morgan and Facebook may the first of major companies to hop on the stablecoin bandwagon. Telegram and Signal may join in on the action as well.

Nathaniel Popper and Mike Isaac at the NYT reported on the matter, with this excerpt:
“The Facebook project is far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers, said four people briefed on the negotiations.

Telegram, which has an estimated 300 million users worldwide, is also working on a digital coin. Signal, an encrypted messaging service that is popular among technologists and privacy advocates, has its own coin in the works. And so do the biggest messaging applications in Korea and Japan, Kakao and Line.

The messaging companies have a reach that dwarfs the backers of earlier cryptocurrencies. Facebook and Telegram can make the digital wallets used for cryptocurrencies available, in an instant, to hundreds of millions of users.”

Overall, this is positive news for the blockchain industry, but at a practical level, blockchain enthusiasts are not very excited about another stablecoin. Tokenizing fiat money is nothing special, and it seems that these companies are using blockchain as a buzzword more than anything else. There’s no reason Facebook can’t use Tether, USDC, Dai, or the other various stablecoins available in their platform. Overall, this seems like a marketing gimmick which may serve the overall blockchain industry well, potentially onboarding millions of new users to the decentralized ecosystem some day.

Will Facebook and these major companies get in on the real, decentralized, trustless system that blockchain offers with Bitcoin and Ethereum? We hope so, but for now, they are acting as expected.

Binance Coin Analysis – Resistance Levels in Play – 06/03/19

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Binance Price Resistance

It’s been a bullish start to the week for Binance. Recovering from a 0.11% fall on Monday, Binance rallied by 19.75% on Tuesday to end the day at $13.9626.

The gains were off the back of a 14.93% rally last week, which came in spite of a 3% slide on Sunday.

Last week’s intraweek high $12.1663, struck on 3rd March saw Binance breakout from the 38.2% FIB of $9.5269 to come within range of the 62% FIB of 12.835. Binance formed a near-term bullish trend from early December’s swing lo $4.17 off the back of last week’s rally.

The bullish sentiment spilled into the early part of this week, with Binance up by 19.6% Monday through Tuesday.

A relatively range bound Monday saw Binance slip to sub-$12.00 levels before Tuesday’s rally.

Finding support from the broader market on Tuesday, Binance rallied to an early in the week high and new swing hi $14.5358 before easing back.

The breakout saw Binance break through the week’s first major resistance level at $12.8163 and second major resistance level at $13.9519.

Monday’s early in the week low $11.0853 saw Binance stand well clear of the week’s first major support level at $9.8950.

At the time of writing, Binance was down by 3.86% to $13.4234.

A bearish start to the day saw Binance slide from a morning high $14.0041 to a low $13.3740.

The pullback saw Binance fall back through the week’s second major resistance level at $13.9519 in the early hours.

BNB/USD 06/03/19 Weekly Chart

For the remainder of the week

A hold above $13.37 levels through the middle part of the week would support upward momentum going into the weekend. A break back through the second major resistance level at $13.9519 would bring $14 levels back into play.

Support from the broader market would see Binance take a run at the current week’s high $14.5358.  A break through the current week high would bring $15 levels into play.

We would expect Binance to come up short of $16 levels and the third major resistance level at $16.8732, however.

Failure to hold above $13.37 could see Binance give up more of the week’s gains. A fall through to sub-$13 levels would likely see Binance slide back through the first major resistance level at $12.8163 before any recovery.

Barring a broad-based crypto sell-off, we would expect Binance to avoid sub-$12 levels. For the bears, a fall through to $11.10 levels would signal a mass sell-off that could see Binance test the week’s first major support level at $9.8950.

Looking at the Technical Indicators

Major Support Level: $9.8950

Major Resistance Level: $12.8163

23.6% FIB Retracement Level: $10.28

38.2% FIB Retracement Level: $9.11

62% FIB Retracement Level: $7.23

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

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BNB

Binance rose by 9.84% in the week ending 2nd March. Following on from an 18.6% rally from the previous week, Binance ended the week at $12.0477.

A bearish start to the week saw Binance slide from a Sunday high $11.5625 to a Wednesday intraweek low $9.245. The pullback saw Binance come within range of the first major support level at $9.3725.

Following 3 consecutive days in the red, Binance rallied for 4 consecutive days to strike an intraday week high $12.1326 on Saturday. The rally saw Binance break through the 38.2% FIB of $9.5269 to form a near-term bullish trend. In spite of the upward momentum, Binance was pinned back by the week’s first major resistance level at $12.1197.

Bucking the broader market trend through the week, the upward momentum saw Binance move through to the number 8 spot by market cap.

For the week ahead,

A hold above $11.15 levels in the early part of the week would support further upside later in the week. A move back through last week’s high $12.1326 would bring the first major resistance level at $13.0385 into play.

Barring a broad-based crypto rally, we would expect Binance to fall short of $15.00 levels. The second major resistance level at $14.0294 would like cap the upside in the event of a breakout.

Failure to hold above $11.15 could see Binance test the first major support level at $10.1509. We would expect some profit taking to weigh in the early part of the week, however. Sub-$10.00 levels would likely be avoided in the event of a sell-off. Binance would likely receive plenty of support at the first major support level to avoid heavier losses in the week.

At the time of writing, Binance was down by 2.1% to $11.7952.

BNB/USD 03/03/19 Weekly Chart

Ethereum

Ethereum tumbled by 16.01% in the week ending 2nd March. Partially reversing a 29.63% rally from the previous week, Ethereum ended the week at $132.32.

Tracking the broader market, Ethereum slid from an intraweek high $165.62 to an intraweek low $125.70. Most of the damage was done on Sunday when Ethereum tumbled to $131 levels.

Ethereum fell through the first major support level at $132.66 on Wednesday. A steadier 2nd half of the week saw Ethereum recover to $140 levels. Ethereum was unable to hold on, however, sliding back through the first major support level to $132 level on Saturday.

For the week ahead,

Ethereum would need to move through to $141 levels to signal a rebound from the previous week. An early move through to $141 levels would support a run at $150 levels. Ethereum would need support from the broader market, however, to bring the first major resistance level at $156.73 into play.

We would expect Ethereum to come up short of last week’s high $165.62 in the event of a rebound.

Failure to move through to $141 levels could see Ethereum come under pressure mid-week. A fall through to $130 would bring $125 levels into play before any recovery. Barring a broad-based crypto sell-off, we would expect Ethereum to steer clear of the first major support level at $116.81.

At the time of writing, Ethereum was up by 0.72% to $133.27.

ETH/USD 03/03/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen slid by 11.25% in the week ending 2nd March. Partially reversing the previous week’s 20.15% gain, Stellar’s Lumen ended the week at $0.08535.

A bearish start to the week saw Stellar’s Lumen slide from an intraweek high $0.09940 to an intraday week low $0.08196. The reversal saw Stellar’s Lumen slide through the first major support level at $0.08320 before finding support.

Attempts at a return to $0.09 levels failed, with Stellar’s Lumen ending the week below the first major support level.

Stellar’s Lumen came up short of the first major resistance level at $10.1032 at the start of the week.

For the week ahead,

A move through to $0.0890 levels would support upward momentum through the week. Moving through to $0.09 levels would bring the first major resistance level at $0.0958 into play. We would expect Stellar’s Lumen to continue to fall short of $0.10 levels, however. Stellar’s Lumen will likely be pinned back by last week’s high $0.0994 and the first major resistance level.

Failure to move through to $0.0890 levels could see Stellar’s Lumen struggle through the week. A fall through last week’s low $0.08196 would bring $0.070 levels into play. We would expect Stellar’s Lumen to test the first major support level at $0.0784 in the event of a sell-off. Sub-$0.070 levels would likely be avoided, however. The second major support level at $0.0715 would prevent more material losses in the event of a crypto meltdown.

At the time of writing, Stellar’s Lumen was up by 0.25% to $0.08557.

XLM/USD 03/03/19 Weekly Chart