Digital assets may not be revolutionary, but they are certainly changing the way we think about money and technology—and there’s a lot more to come. Emerging token-based systems have opened the door to a number of exciting new possibilities, such as cryptocurrencies and blockchain-based games, and their impact on the future may not be limited to financial transactions.
The cryptocurrency market has been booming over the past couple of years, and is now worth over 1 trillion dollars. Cryptocurrencies are based on decentralized, peer-to-peer networks, with no central authority. This allows users to prevent double spending of their funds, and to verify transactions by consensus.
Although the days of the cryptocurrency being used as a mainstream currency are over, the value of Bitcoin, Ethereum, and other coins are still rising. On Tuesday, January 16, 2018, the total market capitalization for all cryptocurrencies stood at about $280 billion. What is the future of cryptocurrencies? Does the technology have a future? Should we be using it as a mainstream currency? How much should we be investing?. Read more about cardano vs bitcoin and let us know what you think.When market sentiment turns bearish, any negative news, no matter how insignificant, drives the price down as traders sell in a panic. The move comes after Chinese social media giant Weibo suspended a number of cryptocurrency accounts, raising fears of a major crackdown. In other news, a note from Goldman Sachs states that in a meeting with 25 investment managers from long-term funds and hedge funds, bitcoin (BTC) was listed as the least preferred investment. Daily review of cryptocurrency market data. Source: Coin360 While this news may be negative in the short term, it probably won’t change anything about bitcoin’s long-term story. In the event of a price correction, some institutional investors are likely to consider investments in cryptocurrencies to hedge their portfolios against a possible rise in US inflation. From the perspective of most traders, bitcoin’s current decline is still a long-term buying opportunity. Let’s analyze the charts of the top 5 crypto-currencies that can exceed all expectations in the coming days.
Bitcoin conceded to its 20-day exponential moving average ($39,127) on June 3, but is now finding support near the triangle trendline. It shows that bulls buy on dips and bears sell on rises. Daily chart BTC/USDT. Source: TradingView The next trend movement is likely to begin after price exits the triangle. If the bulls push through and keep the price above the resistance line, the BTC/USDT pair could rally to the 50-day simple moving average ($47,198) and then to the model’s price target at $52,622.90. On the contrary, when the price turns downward and breaks below the triangle trend line, it indicates that supply exceeds demand. This could lead to a decline towards the $30,000-$28,000 support zone. If this zone breaks, the selling could intensify as some traders who have recently bought could abandon their positions. This can bring the price down to $20,000. 4 hour chart BTC/USDT. Source: TradingView The moving averages on the 4-hour chart have stabilized and the Relative Strength Index (RSI) is fluctuating between 40 and 60, indicating a balance between buyers and sellers. However, this state of uncertainty is unlikely to continue and price should break through the triangle in the coming days. If the price comes out of the triangle and closes above it, it means that the setup has been triggered as a reversal pattern. Conversely, a price breakout below the triangle would indicate that the current consolidation was a temporary stop in a strong downtrend. It is difficult to predict the direction of a breakout, so traders may want to wait until it occurs before considering new positions.
Ether (ETH) returned to the market on the 4th. June went back from the 50 SMA ($2,908) and re-entered the symmetrical triangle. On the positive side, however, the bulls haven’t given up much yet, suggesting strong buying near $2,550. ETH/USDT Daily Chart. Source: TradingView If buyers push price above the triangle resistance line, the ETH/USDT pair could challenge the 50-day SMA again. A breakout and close above this resistance level could pave the way for a move towards the 61.8% Fibonacci retracement level at $3,362.72. If, contrary to this assumption, price were to drop back from the 50-day SMA, this would indicate that the bears are aggressively defending resistance. A break below $2,550 could send the price towards the triangle support line. A break below the triangle would be the first sign that the bears are back in control. four-hour chart ETH/USDT. Source: TradingView The 4-hour chart shows the formation of an ascending triangle that will end with a breakout and a close above $2,906. In that case the pair could rally to $3,600 and then to the price target of $4,083.26. This upside view will lose momentum if price turns around and breaks below the triangle trend line. Bears will then try to push the price back to $2,200 and then to the critical support at $1,728.74.
Cardano (ADA) has been stuck in a wide range between $1.94 and $1 in recent days. The altcoin hit resistance in the June 4 area on the downside and fell towards the moving averages. ADA/USDT Day Chart. Source: TradingView Currently, the bulls are trying to defend the area between the 20-day EMA ($1.66) and the 50-day SMA ($1.55). When price bounces off the current levels, it means that sentiment turns positive and traders are buying lows towards the moving averages. A breakout and close above $1.94 would mean the bulls are back in charge. If the price rises above this level, ADA/USDT could retest the all-time high at $2.47. A breakout above this resistance would signal the start of the next phase of the uptrend. This positive view will be negated when the pair turns downwards and breaks below the 50 SMA. The bears will then try to push the price towards the 1.33-1.22 support zone. Four-hour ADA/USDT chart. Source: TradingView The 4-hour chart shows the formation of an ascending triangle that will end with a breakout and a close above $1.94. This bullish setup has a price target of $2.88. However, it is unlikely that this will be a direct push towards the target, as the bears could offer strong resistance to the current all-time high of $2.47. The 20-EMA has started to turn downward and the RSI is just below the midpoint, indicating a possible pullback to the triangle trend line. A break below this support would negate the bullish setup, which could result in a drop to $1.36 and then to $1.
The bears are trying to stop Solana’s (SOL) relief rally at the 61.8% Fibonacci retracement at $43.38. However, sellers failed to push the price below the 20-day EMA ($36.39), indicating positive sentiment. Cointelegraph Markets Pro’s VORTECS™ data started on the 1st. June bullish outlook for SOL must be determined before rally gains momentum…. Cointelegraph’s proprietary VORTECS™ assessment is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity. VORTECS™ score (green) compared to the SOL price. Source: Cointelegraph Markets Pro As you can see in the graph above, the VORTECS™ score for SOL was calculated on day one. Green in June when the price was near $32.10. Since then, the VORTECS™ score has remained steady in the green and the SOL price has risen to $43.33 today, up 35% in five days. This shows how the VORTECS™ score gave an early indication of a counter-trend rally, even when other instruments would have been bearish. SOL/USDT Daily Chart. Source: TradingView SOL/USDT collided with the 20-day EMA on June 4 and today bounced to the 50-day SMA ($39.42). This suggests that the bulls are not waiting for a deeper correction to buy. If buyers push the price above $43.38, it indicates the end of the downtrend. The pair could reach the 78.6% retracement level at $49.97 and then the all-time high at $58.38. The 20-day EMA has started to turn upward and the RSI is in positive territory, suggesting buyers have the upper hand. This positive outlook will lose momentum if the price reverses and drops below the trend line. The pair could then drop to $25.58 and then to $21. SOL/USDT 4-hour chart. Source: TradingView The moving averages on the 4-hour chart have turned upward and the RSI is already hovering in positive territory, indicating a return to upward movement. The rally could gain momentum if buyers push the price above $43.38. Conversely, if the price falls and breaks the 20-EMA, it indicates that supply exceeds demand. The pair could drop to the 50-SMA and then to the trend line. A break below the trend line would mean the bears are back in play.
THETA is trading within the bearish channel. The 4th and 5th. The June bulls tried to push and hold price above the channel resistance line, but failed. This suggests that the bears are aggressively defending this resistance. THETA/USDT Daily Chart. Source: TradingView However, the 20-day EMA ($8.19) has started to turn upward and the RSI is in positive territory, indicating a slight upward trend. When the THETA/USDT pair of the 20 EMA bounces off, buyers will make another attempt to push the price above the channel. If they succeed, it would mean that the downward trend could be over. The pair could then start an upward movement towards $13 and then an all-time high of $15.88. This bullish view will be outdated if the bears allow price to fall below the 20-day EMA and hold. Such a move could result in a drop to $6. Cardof 4 hours THETA/USDT. Source: TradingView On the 4-hour chart you can see that the pair has reversed twice from the channel resistance line. However, the bears were unable to keep the price below 20-EMA, indicating demand at lower levels. If the pair bounces back to the current level, the bulls will make another attempt to push the price above the channel. If successful, the next phase of the uptrend can begin. On the other hand, the pair could fall to the 50-SMA if price breaks below the 20-EMA. A break below this support would herald the start of a deeper correction. The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every transaction involves risk. So you need to do your own research before making a decision.There are many ways to get into cryptocurrency, but what is the best one? If you’re looking for the fastest way to get started, you can follow the steps outlined in this guide to buy Ethereum (ETH) through Coinbase . Follow the steps in the guide above, and you’ll have access to your ETH within minutes.. Read more about will cardano reach $10 and let us know what you think.
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