Cardano (ADA) has finally touched the bottom of the pitchfork formation it has been trading in. The above chart for ADA/BTC on the daily time frame proves that sometimes it is best to let the market run its course rather than to enter a position and wish for a miracle to happen. When Cardano (ADA) entered the last segment of the pitchfork formation against Bitcoin (BTC), few analysts might have expected it to fall all the way to the bottom because that would have meant a break of market structure for Cardano (ADA) against the US Dollar (USD).
For the past nine months, the cryptocurrency market has seen steady declines, forcing most altcoin prices down 80 percent or more from their all-time highs. Even bitcoin, “digital gold,” has shed 68 percent from its mid-December peak. However, the wind, says billionaire Galaxy Digital founder Mike Novogratz, is about to shift. Writing on Twitter, Novogratz,
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Stellar (XLM) is not just another cryptocurrency. It is the future of peer to peer payment. A popular theory at this time in the crypto community is that until recently platforms enjoyed the most success, but in the months to come, cryptocurrency projects with a focus on peer to peer solutions are going to be more successful and widely adopted. Stellar (XLM) is one of those projects. Apart from solid fundamentals, Stellar (XLM) also has a lot of room for growth as far as the price and market cap is concerned.
The Ethereum price has had a rough 2018 so far. Unfortunately for speculators and enthusiasts, it seems the worst has yet to come in this regard. With the Ethereum price now falling below $ 170, it seems to be a matter of time until $ 150 and potentially lower is reached. This is not necessarily the best outcome for the cryptocurrency ecosystem.
Ethereum Price Struggle Intensifies
Today will be another tough day for Ethereum enthusiasts. The value of their preferred cryptocurrency is getting battered once again, courtesy of another 12% drop in the past 24 hours. Compared to Bitcoin’s downtrend, things are certainly heading in the wrong direction for the world’s second-largest cryptocurrency by market cap. There is no improvement in sight, and things may even get worse as more time progresses.
Bitcoin is reporting a monthly loss for August, but its quick recovery from lows below $ 6,000 likely indicates a long-term bottom has been made.
Bitcoin charts continue to call a bullish move at a time when the short positions are near record highs.
Ripple (XRP) is one of the few cryptocurrencies to have completed a correction of more than 90% since its all time high. The price has settled just above the $ 0.25 mark which seems to be a bottom as indicated by the Vix diagram on the above weekly chart for XRP/USD. Wave trend analysis for the chart above shows that the price has likely bottomed out and is now preparing for a bullish breakout in the weeks ahead.
Ethereum Classic (ETC) has just formed a bullish hammer candlestick on the daily ETC/USD chart above, which followed by a green candle is a strong sign of a downtrend capitulation as it indicates that the bears have finally given up. This marks the beginning of a new cycle for Ethereum Classic (ETC) as a reversal is expected from these levels. The solid support of $ 10 has served as a historical demand zone for Ethereum Classic (ETC), and is a very strong one.
As the price of Bitcoin struggles to stay above $ 6000, the eyes of the cryptocurrency world remain firmly fixed on the market leader.
‘There is Nothing Preventing $ 2500 from Being the Bottom’
Various analysts and experts have weighed in on Bitcoin’s current woes, providing their opinions on what the future holds for the first and foremost cryptocurrency.
One such expert is Luis Carranza, the founder of London Fintech Week, who told Express.co.uk that — despite reaching yearly lows — there are still plenty of reasons to remain bullish in the long term. He stated:
Bitcoin prices dropped to a 50-day low of $ 6,630 today, but a bottom may be in sight, chart analysis suggests.
Cryptocurrency markets are still following a bearish pattern, leaving many digital asset traders uncertain. BTC/USD values have plummeted to levels not seen since the first week of February as the price per coin had touched a low of $ 7,325 on March 18. Moreover, the whole digital asset economy is suffering from losses as the entire cryptocurrency market capitalization has dropped to a low of $ 285Bn.