Tag: NEO

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Cryptocurrencies

Introducing Flamingo (FLM): A Beginner’s Guide

As DeFi becomes more and more of an indispensable idea, blockchain platforms are rushing to capitalize on the wave. DeFi provides endless opportunities for users: lucrative gains on staking, instant borrowing, fraud-proof transactions, and more. 

As DeFi becomes more and more of an indispensable idea, blockchain platforms are rushing to capitalize on the wave. DeFi provides endless opportunities for users: lucrative gains on staking, instant borrowing, fraud-proof transactions, and more. 

As DeFi becomes more and more of an indispensable idea, blockchain platforms are rushing to capitalize on the wave. DeFi provides endless opportunities for users: lucrative gains on staking, instant borrowing, fraud-proof transactions, and more. 

Blockchain platforms are now incorporating DeFi to not just accord users more value but also to remain relevant. Neo, the blockchain platform founded in China, is one of the latest to integrate DeFi in its offerings. 

Neo’s DeFi platform is known as Flamingo, and it stepped into the space just September this year. This article will bring into focus everything you need to know about the platform. 

Understanding Flamingo

Flamingo (flamingo.finance) is a decentralized finance protocol built atop the Neo blockchain. The platform integrates various modules to offer a comprehensive DeFi architecture, where users can take part as traders, stakers, borrowers, and liquidity providers. Flamingo is a pillar of the Neo DeFi’s ecosystem, and it comes with innovative solutions for the space such as the following:

#1. Friction and lack of cross-chain interoperability: Flamingo will be powered by the Poly Network to support cross-chain asset transfer, ensuring single market limitations are a thing of the past

#.2 Limited efficiency due to fragmented capital sources and overcollaterization: Flamingo will integrate the automated market maker (AMM) protocol and collateral asset pool, which will ensure capital is utilized to the maximum

#3. Short community participation periods: Flamingo will incentivize users with FLM tokens to reward them for their participation in the community

Project Features

The Flamingo platform will be guided by these three key elements: 

#1. Interoperability

Flamingo will heavily feature interoperability, a factor that lacks in most DeFi platforms. Through the Neo-owned interoperability protocol Poly Network, Flamingo will be collected with various blockchain networks such as Ethereum, Ontology, and Cosmos-SDK. Flamingo users can capitalize on this interoperability to access more assets within a broader DeFi ecosystem. 

#2. Capital Efficiency

Flamingo is designed to integrate its Swap feature’s liquidity pool with Vault’s collateral pool. In the existing AMM decentralized exchanges, capital efficiency is usually held back by Liquidity Provider (LP) tokens, which causes some AMMs to be provisioned way below the baseline. 

Flamingo will maximize capital efficiency by letting liquidity providers stake LP tokens in Vault while simultaneously minting Flamingo USD (FUSD).

#3. Fair Launch

Flamingo will distribute FLM tokens as transparently as possible, with no pre-mine launch or some reserved for the team. The community will decide the long-term distribution formula via voting.

Flamingo: Components

Flamingo is defined by several core features, which are: 

#1. Wrapper

This is a multi-chain asset gateway for blockchains such as Bitcoin, Ethereum, Neo, Ontology, and Cosmos-SDK. You can wrap tokens like BTC, ETH, NEO, USDT, and ONT , upon which they’ll become NEP-5 tokens (nETH, nNEO, nUSDT, nONT, and so on.) You can also unwrap tokens back to their original form. 

#2. Swap

Swap is Flamingo’s automated market maker and makes wrapped assets, FLM, and NEP-5 tokens. The swap works much like Uniswap by adopting the Constant Product Market Maker (CPMM) model. On Swap, users can exchange tokens or provide liquidity to a quality pool of their choice by simply depositing tokens. 

#3.Vault

This an asset manager by the Flamingo team. On Vault, users can stake in NEP-5 assets and get FLM token rewards. 

#5. FUSD

This is a synthetic stablecoin mintable by users. FUSD is pegged to the price of the US dollar. Users will be offered FLM that’s in proportion to the amount of FUSD minted. 

#6. Perp

This is an AMM-based contract exchange. Just like on Swap, traders can exchange perpetual contracts using the CPMM model, this time with a ten times average. Stakers need to deposit FUSD, upon which they’ll receive FLM as rewards. 

#7. DAO

DAO is a protocol for governance on the Flamingo platform. The Flamingo team intends for decision-making to be taken over by the community. Cabinet members can contribute to the platform using Flamingo Improvement Proposals and Flamingo Configuration Change Proposals. On the DAO, FLM token holders can vote on critical decisions such as increasing/decreasing tokens, software upgrades, parameter configurations, etc. Voters who contribute to governance are awarded FLM tokens. 

What’s Flamincome?

Flamincome is Flamingo’s dedicated platform for the new trend in DeFi, known as liquidity mining. Flamincome provides pretty much the same services as in Yearn.Finance (YFI). The tool features both an optimizer and normalizer. An optimizer increases yield by converting original assets (USD, USDC, DAI, ETH, wBTC, wETH, etc) to interest-focused assets (fUSDT, fUSDC, fDAI, fwETH, fwBTC, etc). 

A normalizer changes back interest-bearing assets into original assets. Interest-bearing assets such as fUSDT, fUSDC, fDAI, fwETH, fwBTC, etc are changed into synthetic assets (nUSDT, nUSDC, nDAI, nwETH, nwBTC, etc). This conversion takes place on a 1:1 peg ratio to the underlying asset. The synthetic assets can be used in other DeFi platforms for more yield farming. 

Is Flamingo Audited?

Yes, the Flamingo platform is audited. Several independent auditing outfits have audited various stacks of the platform: 

  1. Normalizer contracts on Flamincome: PeckShield and Red4Sec
  2. Flamingo contracts: PeckShield
  3. Poly Network: Certik 
  4. Poly Network Neo contracts: PeckShield
What are the Risks of Interacting with the Flamingo Platform? 

While Flamingo is thoroughly audited, mistakes/bugs are bound to occur. While there’s no inherent risk in Vault’s staking process, using the Swap module can set you up for impermanent loss (IL). 

However, as Neo founder Da Hongfei noted, this risk is often overestimated: “Only by providing liquidity to Swap may you bear IL. After all, IL is not as terrible as many people think. To provide liquidity to a trading pair A/B, after a period of time if the price of A has fallen by 50% relative to B. How much do you estimate the impermanent loss to be? The answer is 5.72%. This means you would only lose 5.72% by providing liquidity compared to holding A/B in your wallet. That’s not as bad as most people’s intuition.”

How is the Flamingo Platform Secured? 

The Flamingo network is NEP-5-compliant. NEP-5 is Neo’s token compatibility standard, which means Flamingo is secured by the underlying Neo blockchain. Neo itself is secured by SHA-256 (the hash algorithm that secures Bitcoin) and RIPEMD-160 hash function. 

Community Growth Strategies of Flamingo

The Flamingo team intends to implement several strategies to expand the growth of the community. These strategies include the following: 

  • Conducting physical marketing events and meetups
  • Engaging with users via social media platforms
  • Conducting online Ask Me Anything (AMA) to engage with current and potential users 

Future Strategies include: 

  • Conducting daily weekly progress updates
  • Kicking off the Developer Grant program 
  • Initiating voting functionalities for the Flamingo decentralized autonomous organization (DAO)

Future of Flamingo

Flamingo wants to be the stepping stone for the acceleration of DeFi in the Neo ecosystem. The Neo team doesn’t plan to stop at Flamingo but intends to launch other products like lending, insurance, and asset management products. 

For now, the team is exploring ways to introduce more asset types, decide which oracle implementation to integrate, and examine how the governance mechanism will function in the future. The Flamingo team encourages input from the community. Users can submit proposals on how to optimize the platform and build a more robust protocol.

The FLM Token

The FLM token is the native token of Flamingo. Holders of the platform can participate in decision-making for things like new tokens issuance, platform parameters, etc.

Other uses include: 

  • Staking multi-chain assets 
  • Staking LP tokens, minting FUSD
  • Depositing FUSD to trade in perpetual contracts

The Flamingo token was distributed in the following fashion: 

  • Binance Launchpool tokens: 4.17%
  • Mint Rush tokens: 29.17%
  • LP Token Staking: 53.33%
  • FUSD Minting: 10%
  • Perp Margin Rewards: 3.33%

Flamingo: Key Metrics

The FLM token price was $0.254369 while ranking at #3587 on October 16, 2020. The token’s 24-hour volume was $7,296,347, with a total supply of 150 million. FLM had an all-time high of $0.307385 (Oct 9, 2020) while it’s all-time low was $0.249290 (Oct 11, 2020). 

Buying and Storing FLM

The FLM token is listed as a market pair of USDT, BTC, BNB, USDT, BUSD, NEO, and PERP in exchanges such as Binance, OKEx, MXC, HotBit, Binance, BitZ, LBank, Hubi, Switcheo Network, VCC Exchange, and FTX. 

FLM tokens can be stored in NeoLine (Chrome Extension), O3 desktop wallet (supports Ledger), MetaMask Chrome Extension, Cyano Chrome Extension, and ONTO mobile wallet. 

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Cryptocurrencies

NEO GUI wallet Review: How Safe Is This Full-Stack Desktop Client?

NEO GUI is the Neo blockchain’s official desktop client and was developed by the Neo network developers. It is a full-stack client, implying that you will need to download the Neo blockchain into your computer. It works by synchronizing the desktop client functions with those of the Neo MainNet in real-time. Unlike desktop apps and light node desktop clients connected to the blockchain node via remote nodes, NEO GUI connects to the Neo network’s graphical user interface directly.

Best NEO GUI Wallet

NEO GUI is the Neo blockchain’s official desktop client and was developed by the Neo network developers. It is a full-stack client, implying that you will need to download the Neo blockchain into your computer. It works by synchronizing the desktop client functions with those of the Neo MainNet in real-time. Unlike desktop apps and light node desktop clients connected to the blockchain node via remote nodes, NEO GUI connects to the Neo network’s graphical user interface directly.

NEO GUI is the Neo blockchain’s official desktop client and was developed by the Neo network developers. It is a full-stack client, implying that you will need to download the Neo blockchain into your computer. It works by synchronizing the desktop client functions with those of the Neo MainNet in real-time. Unlike desktop apps and light node desktop clients connected to the blockchain node via remote nodes, NEO GUI connects to the Neo network’s graphical user interface directly.

On their GitHub download page, Neo GUI is said to support all the Neo network’s basic functions that include providing professional interaction between wallet and blockchain and maintaining high security for the wallet. But are these claims true? Is the wallet as intuitive and secure as advertised? We answer these questions and tell you everything else you need to know about the Neo GUI wallet in this review:

We start by looking at the basic features:

Neo GUI key features

Full-stack node: NEO GUI is a full-stack desktop wallet that requires you to download the Neo blockchain into your computer.

Synchronize with Neo blockchain: One of the critical factors that distinguish Neo GUI from other GUI desktop wallets is its synchronization with the Neo Network. While most other wallets use remote nodes to connect to the Neo blockchain, NEO GUI directly links to the NEO Mainnet’s user interface. It synchronizes with the network to ensure that transactions initiated on the wallet are recorded on the Neo blockchain in real-time.

OS-compatible: NEO GUI desktop client is also pretty versatile and compatible with Windows and macOS operating systems.

NEO GUI Security features

Password encryption: During the NEO GUI installation process and when creating the user account, you will be asked to secure the wallet by creating a password. Note that this not only serves as protection for the desktop wallet but also acts as an encryption tool.

Open source: Neo GUI wallet is built on an open-sourced blockchain technology and is open to scrutiny and critique by the crypto community. Therefore, anyone can access the Neo GUI source code from either the wallet’s official website or their GitHub page to view and audit its effectiveness and commitment to security.

Community-led development: NEO GUI is a community-led crypto project with no central governing body. Instead, updates and upgrades to the wallet emanate from the Neon Blockchain community’s suggestions and are led by blockchain technology experts elected by the community.

Anonymous trading: NEO GUI is committed to promoting user anonymity. To this end, the wallet allows for anonymous use of the platform since it doesn’t ask for your personal information when creating a user account, and neither will the blockchain collect and store information that is personally identifiable to you.

Non-custodial: Though the NEO GUI wallet can synchronize with the NEO MainNet and technically offloads most of its critical services to the Neo blockchain, it doesn’t store private keys on your behalf. Rather, it encrypts them and saves them on your computer.

Offline backup: Like most other full-stack desktop wallets, NEO GUI doesn’t provide you with a recovery seed. It nonetheless provides you with two ways of backing up your data and private keys. For starters, you can download the decrypted version of the synchronized blockchain and save it offline or simply copy your wallet credentials on a piece of paper and save them offline.

How to set and activate the NEO GUI wallet

Step 1: Start by downloading the desktop client to your computer. You can download the updated version of this client from the NEO.org website or their GitHub page.

Step 2: The wallet is downloaded as a zip version. Once complete, unzip this file, and start installing it.

Step 3: The wallet will display the user dashboard once complete. Proceed to create a new wallet by clicking on the “wallet” tab and selecting “New wallet address.”

Step 4: The wallet will now require you to choose the database or folder in which you would like to save the file

Step 5: You also need to create a user name and a unique password.

Step 6: Your NEO GUI wallet is now active and ready for use

How to add/receive crypto into your NEO GUI wallet

Step 1: Log in to your NEO-GUI wallet and access the user dashboard

Step 2: Your public wallet address is visible here. Copy it and send it to the party, sending you Neo coins

Step 3: Wait for your coins to reflect in your wallet.

How to send crypto from your NEO GUI wallet

Step 1: Login into your NEO GUI wallet and access the user dashboard

Step 2: Click on the “Transfer” tab, and the drop-down menu, select the “Transfer” option.

Step 3: If you do not have any saved addresses, click on the “+” button to add a recipient

Step 4: On the pop-up window, enter the recipient’s wallet address on the “Pay To” section and the number of coins you wish to send on the “Amount” section

Step 5: Confirm that these details are accurate and hit “OK.”

NEO GUI wallet ease of use

The processes of installing the NEO GUI wallet and creating a user account are quite straightforward. Its user dashboard is also easily navigable and quite beginner-friendly. Nevertheless, we must mention that synchronizing the desktop wallet with the Neo Network takes time and can be overwhelming for a novice crypto trader/investor. Plus, the wallet is only available in English and Chinese languages.

NEO GUI wallet supported currencies

NEO GUI wallet is Neo-Specific and will only support the blockchain’s native token or any other cryptocurrency built on the Neo Network.

Currently, the wallet only supports NEO coins, Gas, the NEP-5, and NEP-6 tokens.

NEO GUI wallet cost and fees

NEO GUI wallet is free to install and doesn’t charge you for storing private keys. However, you will be charged a network fee every time you send Neo coins from your wallet. The fee is highly variable and depends largely on the type and the amount of coin/token you wish to process.

What are the pros and cons of using the NEO GUI wallet:

Pros:

  • The wallet has transparent based on the fact that it is not only community-led but also open-sourced
  • It has an easily navigable and beginner-friendly user-interface
  • The desktop client can be considered safer than most other desktop wallet apps and web browsers.
  • NEO GUI makes it possible for you to backup your coins offline

Cons:

  • The desktop client is only available to Windows and macOS operating system users.
  • The wallet requires significant storage space and also eats into your computer’s memory.
  • Unlike in the case of wallet apps where processing speed is dependent on the speed of the servers, NEO GUI transaction confirmation speeds depend on your computer’s processing power.

Comparing NEO GUI wallet with other Neo blockchain wallets

NEO GUI wallet vs. Neon desktop wallet

NEO GUI and the Neon wallet are similar because they are both Neo-specific and are also desktop crypto vaults. They are both non-custodial and have put in place similar security features. However, while NEO GUI is a full-stack desktop client, Neon is a light node desktop wallet. Further, while NEO GUI links to the Neo network’s user interface directly, Neon uses remote nodes to access Neo blockchain servers.

Verdict: Is NEO GUI wallet safe?

Well, we recognize that the full stack desktop client has put in place several highly effective security measures aimed at guaranteeing the safety and anonymity of your private keys. These include allowing for the creation of offline backups, allowing anonymous transactions, storing private keys in the wallet owner’s computer, and securing and encrypting the wallet with a password. These, plus the wallet’s commitment to transparency, are all commendable. However, we must mention that it ignores critical security protocols like two-factor authorization to safeguard your wallet against remote hacks. 

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Cryptocurrencies

03 Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

The 03 network website describes the 03 crypto wallet app as a “gateway to the smart economy” where you can “manage, exchange, stake, and buy” different cryptocurrencies. But how convenient is the 03 Wallet? How safe is the 03 mobile wallet app? This wallet review seeks to explore and detail all the 03 Wallet features to help determine the wallet’s safety and security level.

Key features:

Cross-platform wallet: 03 is a cross-platform wallet implying that it is available as both a mobile wallet for Android and iOS smartphones and a desktop app compatible with Windows, macOS, and Linux. You can download the updated versions of either on the 03 network website or GitHub.

Voting and staking: By maintaining a significant number of Gas and NEO coins in your 03 Wallet, you can vote for the network delegates. Similarly, you can stake your coins held in the 03 Wallet and get to earn interest in the form of GAS tokens.

Multiple payments methods: 03 Wallet is also one of the few NEO and ONT network-linked wallets that allow for crypto purchases using credit cards. It is also one of the few wallets that allow you to buy Neo-affiliated tokens using such other cryptocurrencies as Bitcoin, Ethereum, and Litecoin.

Integrates a crypto marketplace: Though 03 Wallet does not have an inbuilt exchange, it integrates the Switcheo marketplace that allows for the exchange of cryptocoins and tokens at reasonable fees. The marketplace is highly intuitive and easy to use but requires you to transfer funds between the exchange and your wallet.

NEO newsfeed: The crypto wallet also integrates an updated NEO-blockchain news site. Here, you get the latest news and developments taking place within the Neo blockchain and ONT networks.

Portfolio monitoring: 03 further lets you partition your wallet and create hot and cold storage. This, plus the fact that you are able to monitor both wallet performances, plays a key role in helping you make sound financial decisions. It is also a security measure ensuring that even if a hacker were to gain access to your device, they cant breach your cold storage.

Security features:

Uses device password: Like most other app-based crypto vaults, 03 Wallet is secured with a password. But, unlike most other wallets, you don’t have to create a separate password for the wallet as it uses your device’s password.

Open source: 03 Wallet is created using open-source technology, which gives anybody a chance to view and audit its code. You can download this code on either the 03 network website or GitHub.

Hierarchically deterministic: The 03 Wallet app is also hierarchically deterministic and will auto-generate a new wallet address for every new transaction. This goes a long way in masking your real public address and throwing off would-be third-party crypto trackers.

Non-custodial: The 03 crypto wallet doesn’t store your private keys in the ONT or Neo network servers. Rather, it saves them within your device.

Guaranteed user anonymity: 03 Wallet guarantees the anonymity of their wallet users in the sense that it doesn’t ask for any of your personal information when creating a user account and neither does it collect and store any information that’s personally identifiable to you. Your crypto transactions are, therefore, wholly anonymous.

Military-grade encryption: All the data collected by the wallet, including your wallet address, private keys, and passwords, is also subjected to military-grade encryption. So are all wallet communications with third party systems like payment processors and exchanges.

How to set and activate the 03 Wallet

Step 1: Search for 03 Wallet on Google play store of Apple app store and download

Step 2: Install the wallet and, once complete, launch the app and select “Create a New Wallet.”

Step 3: Create a password for your wallet. This not only helps secure your app vault but also plays a key role in randomizing your private key.

Step 4: Click on the settings tab and proceed to backup your crypto wallet.

Step 5: Your 03 Wallet is now active and ready for use.

How to add/receive crypto into your 03 Wallet

Step 1: Log in to your 03 crypto wallet, and on the user dashboard, click on the “Receive” tab.

Step 2: The wallet will display both the public address and the QR code that you can copy and send to the individual sending you coins.

Step 3: Alternatively, use the “Buy” option and buy crypto from the integrated exchanges.

Step 4: Wait for your crypto to reflect on your wallet.

How to send crypto from your 03 Wallet

Step 1: Log in to your 03 crypto wallet app and on the user dashboard, click “send.”

Step 2: If you have multiple crypto coins held in here in different wallets, select the crypto you want to send

Step 3: On the transfer window, key in the recipient’s wallet address and the number of coins you wish to send 

Step 4: Confirm the accuracy of these details and hit send

03 Wallet ease of use

03 Wallet is very user friendly and easily navigable with all the important tabs carefully placed on the user dashboard. The wallet is designed to appeal to novice and experienced traders alike. The onboarding process is quick and straightforward, and so are the processes of sending and receiving crypto. 03 is also a light wallet that doesn’t eat into your phone’s storage or battery power while guaranteeing the fastest transaction processing speeds.

03 Wallet supported currencies

03 is a multi-currency asset, implying that it supports a wide variety of cryptocurrencies. Supported cryptos include Neo, Neo Gas, ONT, all NEP-5 tokens, and all ONT-G tokens.

03 Wallet cost and fees

Installing the 03 Wallet and storing your cryptocurrencies therein is free. You will, however, be charged a network fee for outbound transactions by the NEO and ONT networks.

Other charges that you might incur when using 03 Wallet include the exchange fees accrued when you buy or sell crypto. This fee is fixed at 15% of the total value, but you enjoy a 50% discount if you use the exchange’s native token – SWTH.

What are the pros and cons of using the 03 Wallet

Pros:                                                                                                           

  • The wallet app is highly intuitive and beginner-friendly
  • 03 Wallet is quite versatile as its available on mobile and desktop
  • 03 integrates a crypto exchange and supports crypto purchases using a credit card
  • Wallet users also have access to a readily available customer support team via Telegram and twitter
  • The transaction processing fees are minimal and discounted – in the case of the Switcheo exchange

Cons:

  • When the wallet uses your device’s password, you risk losing private keys should you deactivate the password before backing up the vault
  • It is a hot wallet
  • It ignores key security features like the two-factor authentication

Comparing 03 Wallet with other Neo-blockchain crypto wallets

03 Wallet vs. Neo Web Wallet

03 Wallet and Neo web wallet are some of the most innovative and easy to use Neo-blockchain wallets. They are also Neo-specific, relatively safe, and promote anonymous crypto trading. They also encrypt your user data and store it in your device. However, while Neo is web-based, 03 Wallet is a desktop and mobile app.

While Neo Web wallet may be considered faster in transaction processing, 03 Wallet carries the day when it comes to the number of supported currencies, integration with crypto exchanges, and support of multiple payment processing service providers.

Verdict: Is 03 Wallet safe?

Well, the desktop and mobile wallet app has embraced key security and anonymity measures that guarantee the security and anonymity of your trades. It, for instance, is hierarchically deterministic in generating wallet addresses, it is open-sourced, and allows for anonymous trading. Moreover, it introduces the concept of partitioning your wallet to create hot and cold storage. However, we must mention that 03 is still a hot wallet and, therefore, exposed to the inherent threats dogging online wallets.

Categories
Cryptocurrencies

NEO Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

But have these measures been effective in making Neo Wallet the most secure and easy to use a crypto vault? What other measures have the wallet embraced to boost its security and effectiveness? We answer these and more in this Neo Wallet review.

NEO Wallet key features

Web-wallet: Neo wallet is a web wallet and one of the few online-based Neo-specific crypto vaults. However, the wallet’s versatility is quite limited, as you can only access a NEO Wallet using Google Chrome or Microsoft’s Edge browser.

Community-led project: Neo Wallet is a highly transparent and community-led crypto project. It is developed by blockchain experts from within the Neo blockchain community, but it has been audited and received the necessary approval from the Neo Network administrators.

Transaction tracking: One of Neo Wallet’s key features is its crypto-tracking tool that allows you to monitor your crypto inflows and outflows. The tool helps you keep tabs on your crypto spending and budget.

Contact list: Another handy and unique feature from the Neo wallet is the contact list button on the user dashboard. Here you can save the wallet addresses for the parties (both individuals and exchanges) you regularly engage instead of manually keying in their public addresses every time you wish to send them Neo coins or GAS, simply select their address from your contact list.

Earn through stacking: Neo Wallet also makes it possible for you to earn through staking your NEO Coins. Staking here refers to committing a portion (or the entirety) of your NEO coins to the network in return for a share of the interest by the blockchain in GAS tokens.

Security features

Password encryption: The password is the primary security feature used by the Neo Web wallet in keeping your digital assets secure. And it also serves as an encryption tool for the password.

Wallet backup: Neo wallet simplifies the process of backing up your private keys and the entire wallet by providing you with a backup icon on the user dashboard. And there are two primary ways of backing up your wallet: First, you can save a copy on your computer or phone. Secondly, you can write down the wallet details, especially the private keys and public addresses, and save them offline on paper.

Open source: The Neo web wallet is also built on an open-sourced technology that can be vetted and audited by virtually anyone. This code can be accessed on either the web wallet’s official website, Neo.org and GitHub.

Non-custodial: Though it is web-based and works by relaying your Neo activity to the Neo blockchain processors, Neo is a non-custodial wallet. This implies that it will only store your private keys on your device and not on the wallet or blockchain servers.

Anonymous trading: Neo web wallet promotes anonymous trading by limiting the amount of client personal data they collect or store. You will note that the wallet doesn’t collect any personal information, and any other data collected by the wallet is encrypted and saved in your device.

How to set and activate the NEO wallet

Step 1: Open the Neowallet.cn website to access the wallet registration page

Step 2: Click on the “Start” icon and select “Create a wallet.”

Step 3: Backup the wallet by clicking on “Backup your current wallet,” after which the auto-generates the wallet backup and saves it as a file in your computer

Step 4: Click on the “I have backed up my current wallet” icon to access your public address, QR code and to view your wallet’s private key

Step 5: Your account is now active and ready for use

How to add/receive crypto into your NEO wallet

Step 1: Log in to your Neo wallet and on the user dashboard, click “Receive.”

Step 2: Copy the public wallet address and forward it to the party sending you coins or have them scan the wallet WR code

Step 3: Wait for the funds to reflect on your wallet

How to send crypto from your NEO wallet

Step 1: Log in to your Neo web wallet account and click the “Home” icon the user dashboard to open the Transfer page

Step 2: Select the type of cryptocurrency you wish to send

Step 3: On the receiver tab, you can choose to enter the recipient’s wallet address or simply use the contacts button if you have their address saved in your wallet

Step 4: Enter the number of coins you wish to send on the ‘value’ tab

Step 5: Check that these details are accurate and click ‘Confirm Transfer.’

NEO wallet ease of use

Neo web wallet has one of the easiest to use user interface that is specially designed for both experienced and novice trader NEO traders. The contact list and wallet backup tabs are especially important as they eliminate errors when sending cryptos and simplify the wallet backup processes.

The fact that it is online-based also ensures that the wallet is ultra-light, meaning that it does not consume much of your computer space while maintaining faster transaction processing speeds.

Note, however, that the wallet is only available in two languages: English and Chinese.

NEO wallet supported currencies and countries

Neo web wallet is Neo-specific and will only host NEO coins – native to the blockchain – and Gas tokens.

NEO wallet cost and fees

Creating a user account and storing your Neo or Neo GAS on the Neo web wallet is free.

You will, however, be charged a small transaction fee every time you send Neo coins to another wallet. The transaction charge goes to the Neo Network and not Neo web wallet and is hugely dependent on the type and amount of crypto you want to send.

What are the pros and cons of using the NEO wallet?

Pros:

  • Web Wallet is online based and therefore available on the move, plus it doesn’t eat into your computer space
  • The online wallet allows you to easily backup your account vis the backup wallet icon the dashboard
  • Neo wallet is highly intuitive and easy to use for both novice and experienced traders
  • The transaction processing fees are relatively low
  • The Neo staking feature makes it possible for you to earn for holding a specific amount of Neo coins in your wallet
  • The wallet encourages anonymous trading as it doesn’t collect personally-identifiable client data

Cons:

  • The wallet ignores key security measures like two-factor authentication and HD wallet address generation
  • It is online-based and therefore immune to the inherent threats facing hot wallets
  • It can only support two cryptocurrencies

Comparing NEO wallet with other Neo blockchain wallets

NEO wallet vs. NEON Wallet

Neo wallet and Neon wallet’s primary difference is that Neo is a web-wallet while Neon is a lightweight desktop client. Otherwise, they are both neo-specific wallets built and managed by members of the Neo-blockchain community. They are also light and connect to the Neo mainnet via remote nodes.

Further, they are lightweight and specially designed to offer faster transaction processing speeds than their GUI counterparts. The Neo web wallet, however, carries the day when it comes to the number of integrated features, especially when you consider the contact list, Claim, and Backup wallet tabs on the user dashboard.

Verdict: Is the NEO wallet safe?

Neo web wallet has put in place several measures to guarantee the privacy and anonymity of the crypto wallet. It, for instance, does not collect any client data when you are creating a user account. It also encrypts all the data held in your wallet and stores it in your device. However, it doesn’t support the all-important two-factor authentication, and its online nature exposes it to numerous hot-wallet related threats.

Categories
Crypto Guides

Brief Introduction To The Revolutionary ‘Neo’ Blockchain

Introduction

Introduction

Introduction

Neo is an open-source, decentralized blockchain platform founded in 2014 by Da HongFei and Erik Zhang. These are the same duo who started Shanghai-based blockchain R&D company’ OnChain.’ Neo is often known as Ethereum of China due to its similarities, but the project has its own set of goals, which we will be looking further in this article.

Neo is formerly known as Antshares, and the rebranding happened in 2017. Since the rebranding, the company’s motive is to achieve a smart economy using blockchain technology and an essential feature of blockchain smart contracts to issue and manage digitized assets.

Neo wants to achieve a smart economy by giving digital identity to digitize assets and further use automation in the management of digital assets using smart contracts and henceforth achieving a smart economy using a distributed network.

Digital Assets + Digital Identity + Smart Contracts = Smart Economy.

Let us look into the three components that make up the smart economy in detail below:

Digital Assets

Digital Assets are anything that exists in a binary format and with a right to use. The right to use property is essential for a digital asset to exist. Any asset that can be stored digitally can be said as a digital asset. Some examples of digital assets include logos, images, illustrations, presentations, spreadsheets, etc. Assets can be easily digitized on the neo platform is a transparent, trustworthy, and auditable manner. The Neo platform allows the linking of a physical asset with a digital avatar using digital identity, which is valid by law. Thus, the platform protects the assets.

Two forms of digital assets

Global Assets: These are assets that are recognized by all smart contracts and clients.

Contract Assets: These are assets that are only recognized by specific smart contracts and cannot be used in other contracts

Digital Identity

Identity can be defined as a set of attributes that relate to an entity. Neo enables the creation of identity information of individuals, organizations, and entities in an electronic form, thus making it digital. It does this by verifying identity using fingerprints, facial recognition, voice recognition, and SMS. For the smooth functioning of digital assets, digital identity is essential. Neo uses X.509 digital identity standard, which is a widely accepted digital issuance model.

Smart Contracts

Smart contracts are any piece of self-execution code when a predefined specific set of instructions are met. Smart contracts are immutable and should be able to run on multiple nodes without compromising its integrity. Neo requires three essential features for smart contracts; they are deterministic, terminable, and isolated. Smart contracts can be codes in any mainstream coding language like C#, Java, Go.

Key Characteristics of Neo

🔗 Neo uses dBFT, Delegated Byzantine Fault tolerance model for consensus mechanism. In dBFT consensus, nodes are chosen by Neo holders to generate blocks and validate the transactions. In turn, they have to hold certain Neo tokens as a threshold and maintain some performance requirements.

🔗 Neo’s transaction speeds are considered to be one of the highest among the available with 1000 TPS. High transactions per second lead to centralization by only a few users mining and validating the transactions.

🔗 The platform supports all the mainstream coding languages for smart contracts, which helps prevent developers from learning new languages to work on the platform.

Neo has two local tokens, Neo and Gas. Neo is used to create blocks and manage the network while Gas is the fuel that powers transactions in the Neo system.

Many Governments across the world are trying to incorporate blockchain functionalities into the day to day activities of the running of the government to achieve a smart economy. Neo, with its faster transaction speeds and with its core fundamentals, enable the goal to accomplish in a much quicker fashion.

Categories
Cryptocurrencies

What is Ontology?

After blockchain’s introduction to the world, the tech space was quick to notice how technology could be used for a lot more than cryptocurrency. Blockchain is a technology that is distributed, transparent (hence automating trust), uses cryptography to achieve high-level security, and supports immutable records. With these groundbreaking features, it would be crazy for the technology not to be tapped to streamline and optimize functions in industries.

After blockchain’s introduction to the world, the tech space was quick to notice how technology could be used for a lot more than cryptocurrency. Blockchain is a technology that is distributed, transparent (hence automating trust), uses cryptography to achieve high-level security, and supports immutable records. With these groundbreaking features, it would be crazy for the technology not to be tapped to streamline and optimize functions in industries.

After blockchain’s introduction to the world, the tech space was quick to notice how technology could be used for a lot more than cryptocurrency. Blockchain is a technology that is distributed, transparent (hence automating trust), uses cryptography to achieve high-level security, and supports immutable records. With these groundbreaking features, it would be crazy for the technology not to be tapped to streamline and optimize functions in industries.

The problem is, there have been a few barriers preventing this realization. One is the complex nature of blockchain. The other is, blockchain is not cheap. If an organization were to integrate blockchain into their infrastructure, they would either a.) build a blockchain solution from the ground up or b.) utilize the services of an established blockchain service.

Option A is incredibly costly since you’d have to dedicate enormous time and financial resources. Option B, however, would be more convenient and resource-saving.

Ontology is an organization that aims to provide enterprises with affordable and customized blockchain solutions. It also seeks to change the old way of giving and receiving trust – through blockchain.

What is Ontology?

Ontology is a Chinese blockchain-based company launched in 2017. The project’s founders envisioned an open platform that provides blockchain solutions to businesses across multiple industries in a collaborative and trustless environment. It will hopefully be a start in breaking down barriers between blockchain and businesses.

The Ontology platform is forward-thinking in the sense that it allows businesses without prior interaction with blockchain to utilize the technology. The blockchain concept can be complicated, and there is currently no easy way for businesses to incorporate the tech. Additionally, legacy trust networks have several inefficiencies, such as poor data security, untapped data assets, monopolization of data, and poor identity management. All these create avenues for blockchain to provide trustless, consensus-based, and fraud-proof solutions.

Via Ontology’s tools, organizations from anywhere can create collaborative trust mechanisms and customize them according to their specific needs. And all this without going through an expensive and time-consuming learning curve.

In Ontology’s words: “Ontology is a blockchain/distributed ledger network which combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules. Together this builds the infrastructure for a peer-to-peer trust network, which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.” (source coincentral.com)

What’s the Deal with Ontology and Neo?

The Ontology project is so closely associated with Neo that it’s so easy to conflate the two. And understandably so, since it was created by June Li, under a company known as OnChain, which is headed by Da Hongfei, who is also the creator of Neo.

During Ontology’s launch, Hongfei said this about the two projects: “Ontology and Neo will build a broad ecosystem using blockchain and other new technologies to serve the real economy.” But Hongfei wants you to know that NEO and OnChain are two very separate entities and neither owns the other.

In a YouTube video, Hongfei clarified as follows: “First, I need to clarify that NEO and OnChain are separate entities, so OnChain doesn’t own NEO, or NEO, OnChain. They are separately funded – NEO is funded by the community, and OnChain is funded by a very famous financial group in China, Fosun… So they are separate. Second, OnChain benefits from the NEO ecosystem. The product, called DNA (Distributed Networks Architecture), is very similar to NEO, but it is written in the Go language. OnChain is helping other blockchains and financial institutions to build the blockchains with DNA. It’s basically very similar to NEO, and in the future, with NEOx (the cross-chain protocol), everything can be linked together.”

Ontology’s Trust Framework

The Ontology blockchain offers four service layers:

  1. An application for end-users
  2. A trusted data transmission solution for optimizing data distribution
  3. A layer for streamlining the industrial chain and building a healthy ecosystem that thrives on collaboration rather than competition
  4. A legally compliant arbitration system

The trust framework relies on these core elements:

  • A trust system featuring decentralized supervision, a distributed collaboration, and a centralized “strong trust anchor.”
  • The Ontology decentralized identification (ONT ID)  that connects people, assets, things, data, affairs, and services.
  • A blockchain-based framework that caters to different businesses security needs while balancing features and performance

Ontology’s Tokens

Ontology utilizes a dual token model. One token – ONT is used for staking in consensus while ONG gives users the right to use the network. ONG is issued periodically.

20 million ONT was distributed to NEO holders in March 2018, after initial distribution of 1000 ONT tokens to people who had signed up to their newsletter. Here’s a more detailed breakdown of the token’s distribution:

  • 12 went to Ontology’s early supporters
  • 28% went to project partners
  • 10% went to the NEO council
  • 25% was reserved for future development of the Ontology ecosystem
  • 10% went to the project’s technical community
  • 15% was awarded to the Ontology core team

Tokenomics of Ontology

As of May 30, 2020, ONT was trading at $0. 521271 at position #29 in the overall crypto market, with a total market capitalization of $361, 890, 441, and a 24-hour volume of $74, 832, 588. It has a circulating supply of 694, 246, 573, while its total supply is 1, 000, 000, 000. ONT’s all-time high was $10.00 (May 03, 2018), while it’s all-time low was $0. 224974, (March 13, 2020).

Where to Buy and Store ONT 

You can get ONT from any of several reputable exchanges, including Coinswitch, CEX.io, Cointree, Changelly, KuCoin, Binance, gate.io, Huobi, and Binance.

Once you purchase your tokens, it’s highly recommended that you do not store them in the exchange – as exchanges are highly prone to hacks. Instead, store them in a secure wallet. Options such as Ledger, Trezor, Atomic Wallet, Coinomi, and Guarda Wallet are some of the best choices.

Final Words

Ontology is changing the way we gain trust by automating the process through blockchain. Working together with NEO, the company is hoping to bridge the chasm between blockchain and the business sector.

The team behind Ontology is reputable in the blockchain space with a history of success, and it’s set to steer the project to great heights. Businesses can leverage the Ontology product and achieve streamlined, more effective, and trustless processes.

Categories
Cryptocurrencies

Is Neo an Ethereum Killer? 

If you’re active in the crypto space, then you’ve definitely heard of Neo, a.k.a Ethereum Killer, a.k.a Ethereum of China. Ethereum seems the common denominator in both tags – probably because the two platforms have so much in common so much that China sees it as the challenger and the Asian equivalent of Ethereum. 

If you’re active in the crypto space, then you’ve definitely heard of Neo, a.k.a Ethereum Killer, a.k.a Ethereum of China. Ethereum seems the common denominator in both tags – probably because the two platforms have so much in common so much that China sees it as the challenger and the Asian equivalent of Ethereum. 

If you’re active in the crypto space, then you’ve definitely heard of Neo, a.k.a Ethereum Killer, a.k.a Ethereum of China. Ethereum seems the common denominator in both tags – probably because the two platforms have so much in common so much that China sees it as the challenger and the Asian equivalent of Ethereum. 

However, the platform has taken a different path from Ethereum in some ways, and it’s those ways that merit it some closer examination. 

The name Neo is Greek, and it means new, young, fresh, recent.

Is Neo really fresh? And is it worth the unofficial crown of Ethereum Killer? There is a lot of hype surrounding Neo, but when you lift the lid, you find there are actually some interesting things to discover.

What is Neo?

History of the Neo Blockchain

Neo is the brainchild of Da Hongfei and Erik Zhang. The two have extensive experience in blockchain, having previously formed Onchain, a successful blockchain research, and development company. The Neo project was funded by two ICOs, the first one which happened in a 10-days span in October 2015 and raised $555,000, while the second ICO raised $4. 5 million. 

Components of the NEO System

Neo has a few interesting technical features that make up the Neo ecosystem. These are:  

A Delegated Byzantine Fault Tolerance (DBFT) algorithm – Neo uses a DBFT consensus mechanism that enables the network to resist malicious attempts 

Neo Contract – A mechanism through which developers can create smart contracts in a safe, scalable and high-performance environment using a variety of programming languages 

NeoFS – A decentralized storage that utilizes distributed hash table technology  

NeoQ – a cryptographic mechanism that creates problems that are unsolvable by quantum computers, ensuring the Neo blockchain is quantum-proof. Quantum computing poses a real threat to the blockchain. Many experts agree that it could unravel the blockchain as we know it. NeoQ aims to prevent quantum computing from destroying the Neo ecosystem.   

The Neo Smart Contract System

Neo’s smart contract system comprises three parts: NeoVM (Neo Virtual Machine), IntereopService, and DevPack. Let’s take a closer look at each: 

  • NeoVM

NeoVM is a lightweight virtual machine that’s similar to a virtual CPU and executes smart contracts on the Neo platform. 

  • InteropService 

This is a function that helps smart contracts on the platform have more utility. It enables smart contracts to interact with data from outside the Neo blockchain without putting the system at security risks. This data couple be either transaction, asset, or contract information, and so on. InteropService also hosts smart contracts as storage.

  • DevPack 

This a language compiler that enables developers to create contracts in various languages. 

Neo: Tokenomics

As of March 6, 2020, Neo was trading at $12.28 and ranking at#19 with a market cap of $858, 998, 683. It had a 24-hour volume of $800, 365, 774, a circulating supply of 70, 538, 831, a total supply of 100m, and a maximum supply of the same value. Its all-time high was Jan 15, 2018 (Jan 2015), while its all-time low was $0. 072287 (Oct 21, 2016)

Neo’s Smart Economy

Neo wants to facilitate what it refers to as the “smart economy.” The smart economy comprises these components: 

  • Digital assets
  • Digital identity 
  • Smart contracts 

Digital Assets

A digital asset is anything that’s formatted in a binary form and comes with the right to use it. A digital asset must include the right to use, so it is considered as one. 

Blockchain has enabled a safer environment where individuals own digital assets. With technology, digital assets can be stored in a decentralized, secure, trusted, and third-party-free environment. 

There exists two forms of digital assets that an individual can utilize: 

  1. Global assets 
  2. Contract assets 

Global assets are recognizable by other smart contracts and clients in the system, while a contract asset is recognized only by the smart contract owner. 

Neo Blockchain and Digital Identity

IGI Global defines digital identity as “the data that uniquely describes a person or thing and contains information about the subject’s relationships.”

Digital identities are essential for the digitization of assets to work. 

The Neo platform utilizes the X.509 digital identity standard as well as the Web of Trust point-to-point certificate issuance models. 

Neo verifies identity-based on these features: 

  • Facial features
  • Fingerprints 
  • Voice activation 
  • SMS and others 

Smart Contracts 

Smart contacts that are contracts that take place on a blockchain – making them digital, trustless, and borderless. These contracts are coded so that they will self-execute when specific conditions are met. 

A smart contract must be immutable (unalterable) and be able to run on multiple computers without compromising the integrity of the network. As such, a smart contract needs to have the following qualities: 

  1. Deterministic
  2. Terminable
  3. Isolated  

What does each of these mean? Let’s get a closer look: 

Deterministic: This means that a program will always produce the same output to a given input. E.g., if 4+2=6, then 4+2 will be six every single time. Deterministic systems are designed to eliminate randomness out of a system.  

Terminable: This means that a contract should be able to come to completion after a set period so that it doesn’t go into an endless loop that will waste time and drain resources.    

Isolated: This means that individual contracts will be kept isolated in case of any bugs and malware that they may contain, knowingly or unknowingly. This is so to save the system from being affected by such bugs. 

Is Neo Similar to Ethereum?

Both Neo and Ethereum inevitably have several things in common, but they also differ in some key ways. 

Similarities 

  • Both blockchains provide a platform for developers all over the world to create smart contracts and decentralized applications
  • Both have native coins that power transactions: Ethereum has Ether, and Neo has GAS. 
  • Both have Turing complete, meaning any problem can be solved as long as the machine has enough memory space 

But what makes Neo interesting is not its similarities with Ethereum, but the differences. Neo is one of those projects that get branded “Ethereum Killer” since they do way better than Ethereum in regard to certain functionalities. 

For example, developers can use any codebase out of so many in the Neo platform, including C#, VB.Net, F#, Java, Kotlin, and more. Ethereum, on the other hand, only supports Solidity, its proprietary programming code that requires developers to master it before they can create applications on the platform. This is sort of a barrier to entry that could lock out many developers from the Ethereum ecosystem. 

The Two Tokens: Neo and Gas

The Neo ecosystem has two native tokens: Neo and GAS. These tokens serve different but complementary roles. 

Neo tokens are used to transfer value in the network. Having Neo tokens gives you a stake in the Neo blockchain. Users need to hold Neo tokens to be rewarded with GAS.

GAS tokens are used to enable seamless transactions in the Neo network. You pay GAS for using the Neo blockchain, e.g., subscription fees.  

Is Neo the Ethereum of China? 

Neo is often called the Ethereum of China due to its similarities with Ethereum. It is known in the crypto space that the Chinese government – which is well-known for its chilly attitude towards cryptocurrency – has warmed up to Neo and seeks to position it as the smart contract and DApps industry leader. Of course, this attitude could be a double-edged sword: it could legitimize the platform, but it could also alienate it from the rest of the world.  

How to Buy and Store Neo

You can buy or trade other cryptocurrencies such as Bitcoin and Ethereum in popular exchanges such as eToro, Coinswitch, Huobi, Changelly, Kucoin, Binance, Bitfinex, and so on. 

Some platforms allow you to purchase Neo with fiat money, while others only allow crypto.

Once you’ve bought Neo, it is recommended that you don’t let it sit on the exchange since exchanges are prone to hacking and other attacks. And since crypto transactions are irreversible, once your crypto is gone, it’s gone. 

We recommend storing your funds in tried-and-true wallets such as Guarda, Atomic wallet, NEON Gui – the official Neo wallet for desktop, and so on. Hardware wallets are always the safest option, though, and we recommend Ledger Nano X and Ledger Nano S. 

Neo: Final Thoughts

Neo is certainly ahead of other blockchain and cryptocurrency projects even if just by virtue of its unique Delegated Byzantine Fault Tolerance Mechanism or its getting ahead of the potentially harmful quantum computing. It excels yet again by allowing individuals to digitize assets and developers to build decentralized apps on its network using super-versatile tools. Perhaps Neo is ‘fresh’ after all. The question is, will it keep fresh? Its cheerleaders are banking on that. 

 

 

Categories
Crypto Market Analysis

Daily crypto update 18.07.2018 – Uptrend It Is

General overview

Cryptocurrency Market Analysis:

Market Cap: $296,498,188,426

24h Vol: $20,483,525,295

BTC Dominance: 43.1%

From yesterday’s plateau at around 270 billion dollars, the evaluation of the cryptocurrency market cap has increased by $30B at one point as the evaluation hit 299,927,000,000$.

CCryptocurrency Market Analysis

The market is currently in green with an average percentage of change among top 100 coins ranging from 7-16%. The biggest gainer is Ardor which increased by 46%. Next in line is Stellar Lumen with an increase of 30%.

News

Coinbase Retracts Announcement of Regulatory Approval to List Coins Considered Securities

Crypto exchange and wallet Coinbase has retracted its previous statement that it received approval from the U.S. Securities and Exchange Commission (SEC) to trade in securities, Bloomberg reports July 18.

Mastercard Files Patent for Payment System Linking Blockchain Currency, Fiat Accounts

Mastercard has filed a new patent for consumer protection and payment transactions based on blockchain technology, according to a US Patent and Trademark Office (USPTO) patent filing published July 17.

Stellar Becomes ‘First’ Sharia-Certified Blockchain for Payments And Asset Tokenization

Stellar, an open-source platform for distributed payments, is reportedly the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization field, according to a Stellar blog post published July 17.

IBM Backs New US Dollar-Pegged Stablecoin That Runs on Stellar Network

A new project for a U.S. dollar-pegged stablecoin that runs on the Stellar blockchain network has received backing from IBM, Reuters reports July 17.

Cryptocurrency Market Analysis

BTC/USD

From yesterday’s open at 6700$ the price of Bitcoin rose exponentially to just slightly below 7500$ level.



The price rise has been stopped out at the daily chart triangle baseline support which now serves as resistance. Currently, the price is consolidating after the increase and as it went above the uptrend baseline (black dotted line) I am expecting a retracement to retest it for support.

Market sentiment

Bitcoin is in the buy zone.

Pivot points

S3 5520.8
S2 6338.7 
S1 6829.2 
P 7156.6 
R1 7647.1 
R2 7974.5 
R3 8792.4

ETH/USD

From yesterday’s open 477$ the price of Ethereum increased by 3,5% and is currently sitting just slightly below 500$. The price spiked above to 509$ but has retraced since it entered sellers territory.



As you can see on the hourly chart, the price broke from the minor resistance at 482$ and it went in an upward trajectory to the 0.236 Fibonacci level where it found next resistance.

Market sentiment 

Ethereum is in the buy zone.

Pivot points 

S3 398.91 
S2 445.44 
S1 472.28 
P 491.97 
R1 518.81 
R2 538.50 
R3 585.03

NEO/USD

From yesterday’s open at 36,69$ the price of Neo has increased by 6,8% as its currently sitting at 39,13$.



Looking at the hourly chart we can see that the price has been stopped out at the support area which now serves as resistance. Currently, the price has retraced to the minor support level at around 38$ consolidating after a steep rise.

Market sentiment 

Neo is in the buy zone as indicated by the hourly chart technicals.

Pivot points

S3 29.29 
S2 33.86 
S1 36.59 
P 38.43 
R1 41.16 
R2 43.00 
R3 47.57

Conclusion

In my yesterday’s report I have said that I am expecting “either a breakout on the upside if the sellers don’t get nervous and let the buyers push the price, or, a retracement of this uptrend to the first support levels” and we have seen a breakout. Because the prices increased exponentially today I would expect consolidation period.

Categories
Crypto Market Analysis

Daily Crypto Update 09.07.2018. – Uncertainty May Cause Panic Selling

General Overview

Market Cap: $274,298,138,355

24h Vol: $11,514,339,284

BTC Dominance: 42.5%

Yesterday the evaluation of the cryptocurrency market capitalization increased from 266,452,000,000$ to 280,836,000,000$ at its highest point. Since then the evaluation has decreased and is currently sitting around $274B.

Crypto Price Analysis

The market is showing mixed colours but the dominant one is red. Average percentage change among top 100 coins is ranging from 1-4%. The biggest loser is Bitcoin Diamond who decreased by 20% in the last 24 hours, while the biggest gainer is DigiByte with an increase of 14%.

News

There aren’t any significant headlines that came out in the last 24 hours that could impact the market sentiment.

Headlines are mostly analytical in nature because of yesterday’s rise. The only headline that could impact the price of a particular coin is the one regarding Ontology (ONT).

According to the press release the Mainnet launch has been successful and the Ontology blockchain is now live. This could impact the price of this coin as it will gain confidence in the followthrough from the original idea.

Crypto Price Analysis

BTC/USD

On Saturday the price of Bitcoin spiked up from 6524$ to 6765$ which was also the opening price on yesterday’s open. Since that high, the price of Bitcoin has retraced a bit, by 0.9% which is not a significant change.



As you can see from the hourly chart the price went above the minor resistance, and has retraced to its levels again for a retest of support, and has interacted with the levels 2 times so far. If the price fails to hold at these levels I would be expecting a downtrend to start to the lower low, but if it holds I am expecting the uptrend to continue.

Market sentiment 

Hourly chart technicals signal a buy.

Pivot points 

S3 6453.4 
S2 6589.2 
S1 6648.1 
P 6725.0 
R1 6783.9 
R2 6860.8 
R3 6996.6

ETH/USD

From yesterday’s opening at 486$, the price of Ethereum has first gone up to 491$ which was yesterday high but has retraced since below the levels of the opening at 480.50$.



 

Looking at the hourly chart we can see that the price is below the minor resistance line, that was bearly crossed which means that the price has entered the seller’s territory. The price is looking like its consolidating inside the minor support area, and similarly to the price of Bitcoin, is showing signs of indecision. If the price breaks out from this minor range, I would expect the downtrend to start to new lows, but if it goes up the price could recover significantly.

Market sentiment

Ethereum is in the sell zone, as indicated by hourly chart technicals.

Pivot points

S3 459.43 
S2 473.79 
S1 479.95 
P 488.15 
R1 494.31 
R2 502.51 
R3 516.87

NEO/USD

From yesterday’s high of 40.50$, the price of Neo has decreased by 5.44% as its now sitting at 38.42$.



 

As you can see from the daily chart, the price of Neo has been rejected by the support area which now serves as resistance, which propelled the price in a downward trajectory. Currently, the price is below the minor resistance line and is struggling to get above it, judging by the cluster that the price action formed.

Market sentiment

Neo is currently in the sell zone.

Pivot points

S3 34.88 
S2 37.22 
S1 38.11 
P 39.55 
R1 40.44 
R2 41.89 
R3 44.23

ONT/USD

The news of the Mainnet launch hasn’t impacted the price of Ontology, but as the press release was posted only an hour ago, the reaction is yet to be seen. The price of Ontology is in a downtrend from 25.06.2018 which is why this news may serve as a catalyst for a recovery.



 

Looking at the hourly chart, we can see that the price interacted with the descending channels support line on today’s opening, which resulted in an increase but it was short-lived, as the price is again on the same levels.

Market sentiment 

Hourly chart technicals signal a strong sell.

Pivot points

S3 0.0006199 
S2 0.0006495 
S1 0.0006610 
P 0.0006791 
R1 0.0006906 
R2 0.0007087 
R3 0.0007383

Conclusion

As the prices increased over the weekend, today is the retracement day. The price is, in my mind, on the crucial breaking point as everyone is expecting the uptrend to continue, but there aren’t any new buyers coming in, in the midst of the uncertainty. I think that from here the price will fall which would cause another panic sell.

Categories
Crypto Market Analysis

Weekly Crypto Update 07.02.2018 – The Recovery Has Started

General Overview

Crypto Coin Market Cap: $270,492,089,135

24h Vol: $16,547,075,818

BTC Dominance: 42.3%

Last Monday on 25th of June, cryptocurrency market capitalisation was

General Overview

Crypto Coin Market Cap: $270,492,089,135

24h Vol: $16,547,075,818

BTC Dominance: 42.3%

Last Monday on 25th of June, cryptocurrency market capitalisation was

General Overview

Crypto Coin Market Cap: $270,492,089,135

24h Vol: $16,547,075,818

BTC Dominance: 42.3%

Last Monday on 25th of June, cryptocurrency market capitalisation was 258,924,000,000$ at it’s highest point. Since then, the market cap fell all the way to 232,613,000,000$ on Friday 29. On Saturday the evaluation rose from those levels back to the levels of Monday’s open, and now we are seeing a breakout as the evaluation exceeds Monday’s around $258B. Because the global chart is lagging behind a bit, I have drawn with a brush were the chart should be at the moment.

Crypto Coin Market Cap Chart

The market is in the green at the moment. Biggest gainers so far among top 100 coins are: Neo 16%, 0x 18.56%, Verge 18.3%, Wanchain 15%. The average percentage increase is around 6% but there are a lot of coins that have gained 10% or more in the lasts 24 hours, which is a sign of recovery.

News

There are a number of significant news items that came out in the last 7 days. Out of those that could impact the market I point out the following:

Facebook will no longer ban crypto ads, but ICOs are still on the blacklist and only verified accounts can post them, according to their announcement. This headline is good, as Facebook ads will help expose the market, however, if they are in control of the type of projects they are going to allow or particular cryptocurrencies, Facebook will have control of the content displayed to the users, and they could, in fact, help manipulate that market, or create a general impression that is aligned with their agenda around a particular coin or project. For example, I don’t believe that they are going to allow promoting Steemit which is a blockchain based social media rival that pays out their users with their native coin. But we are yet to see what happens, as the pressure is applied on to major players but the technological advancements of the blockchain.

Other significant headlines that could impact the market as they bring more exposure and open up the space for new participants are that Binance launches a crypto-fiat exchange in Uganda– Binance Uganda, as reported by cointelegraph. This will bring more cryptocurrency exposure to the retail investors.

On the other hand Blockchain.com – the best-known crypto wallet and blockchain explorer data service has introduced their institutional platform, Blockchain Principle Strategies (BPS). BPS will offer over-the-counter services managed by experts from Goldman Sachs, JP Morgan, and UBS as part of the platform.

Analysis

BTC/USD

From last Monday, the price of Bitcoin has increased by 5.13% coming from 6282$ to the low at 5800$ at its lowest point back to 6443$ and now above the level of last Monday’s open at 6618$.



Looking at the hourly chart, we can see that the price has found support on the unconfirmed triangle support, and broken the downtrends resistance line as it’s heading in an upward trajectory. The first target I am looking at is an unconfirmed baseline support 2 (purple dotted line) at 7054$. I am expecting the first significant resistance from there to 7320$ area, and if the price gets passed through that resistance I am expecting the price to go to around 8000$.

Market sentiment

Daily chart technicals signal a sell.

Oscillators are on neutral and moving averages signal a sell.

Pivot points 

S3 4649.7 
S2 5440.2 
S1 5915.8 
P 6230.7
R1 6706.3 
R2 7021.2
R3 7811.7

ETH/USD

From last Monday’s opening at 451$, the price of Ethereum has increased by 5.34% as its currently sitting around 475$.



On the daily chart, we can see that the correction has ended and it was a WXY correction just like I pointed out it would most likely be in the charting section last week. I have pointed out that this correction might make another low and be complete as a WXYXZ sideways correction but that from those levels around 400$ the price is going up soon. Currently, the price has broken the downtrends resistance line and is heading upward steeply after consolidating in a descending channel.

Market sentiment 

Ethereum is in the sell zone, as indicated by daily chart technicals.

Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

S3 303.76 
S2 374.27 
S1 414.06 
P 444.78 
R1 484.57 
R2 515.29 
R3 585.80

LTC/USD

In the last 7 days, the price of Litecoin has risen by 5.42% from the opening on last Monday at 81.5$ to 85.8$ where it is currently sitting.



The price of Litecoin has found support at around the 72$ level, which is the level from where the price went on to create the all-time high.  Today the price has broken the downtrends resistance line and is in an upward trajectory. Like in the case of Bitcoin, I am expecting this upward movement to be the final wave Z from the WXYXZ correction from which the price is heading lower afterwards. Some of the significant level to look out for in the following week is from 111$ to 124$ which was considers as a support area, and probably now serves as strong resistance, so I will be closely monitoring what happens at those levels because I am expecting the price to go higher than 124$.

Market sentiment

Litecoin is in the sell zone as indicated by daily chart technicals.

Oscillators are on neutral and moving averages signal a strong sell.

Pivot points

S3 55.377 
S2 67.393 
S1 74.299 
P 79.409 
R1 86.315
R2 91.425 
R3 103.441

NEO/USD

The price of Neo has increased by 15.38% coming from 31.6$ last Monday to 36.42$ where it is currently.



Looking at the Neo daily chart we can spot the similarities between the current candle formation and the last time the price of Neo has recovered from its lowest. As I have measured with the Fibonacci retracement tool, last time the price recovered to the 0.5 Fibonacci level, and I have projected the same recovery this time which fits perfectly with the potential interaction with the uptrend baseline support that was broken. In price terms, I am expecting the price of Neo to rise to around 56.89$.

Market sentiment

Neo is in the sell zone as the daily chart technicals indicate.

Pivot points

S3 16.25 
S2 23.49 
S1 27.20 
P 30.73 
R1 34.44 
R2 37.97 
R3 45.21

DASH/USD

From last Monday’s open at 238.9$, the price of Dash has increased by 5.46% as its currently sitting at 250.8$.



Looking at the daily chart we can see that like in the case of other cryptos that are covered in this report, the price has broken the downtrends resistance line and is heading upward. I have labelled this correction as WXYXZ and as you can see it has ended. I have projected that the price is mostly going to recover to the 384$ as that is the half of the range from the last retracement, much like it did two prior times.

Market sentiment

Dash is in the sell zone, as indicated by daily chart technicals.

Pivot points

S3 155.17
S2 195.52
S1 217.44
P 235.88
R1 257.79
R2 276.23
R3 316.58

ADA/USD

From last Monday’s open at 0.135$, the price of Cardano has increased by 11.42% as its sitting around 0.151$.



As you can see from the daily chart, the 5 wave move down has ended, and the price is now starting to recover in an upward movement after it broke the downtrends resistance. I am expecting the price to go up to 0.23$ where the first major resistance line is and corresponds with the half of the range.

Market sentiment

Cardano is in the sell zone.

Pivot points

S3 0.076333 
S2 0.103199 
S1 0.120628 
P 0.130065 
R1 0.147494 
R2 0.156931 
R3 0.183797

Conclusion

Crypto Coin Market Cap: After the prices have tested the old lows and dipped beyond them a bit we are seeing a trend reversal taking place. As the chart of the cryptocurrencies analysed in this report point out, this is going to be a short-term recovery, before another drop.

This was my projection from 02.06.2018 in which I have drawn the recent low the recovery I am expecting before another potentially final drop to around 178B level.
Crypto Coin Market Cap

This recovery might serve as a great shorting opportunity, but as there is so much manipulation going on, things can get pretty uncertain, so be careful.

Categories
Crypto Market Analysis

Daily Crypto Update 28.06.2018 – More Downside Expected

General Overview

Market Cap: $246,339,425,253

24h Vol: $10,306,976,047

BTC Dominance: 42.5%

Yesterday the evaluation of the cryptocurrency market capitalization started off with 250,553,000,000$ and from there it fell to 242,196,000,000$ today. Since that low, it has recovered to just slightly below 250B again before it fell back again.

The market is currently showing mixed colours but the more dominant is green. The average percentage change is ranging from 0.5-2%. Biggest gainer among top 100 coin by market capitalisation is Mithril which increased by 19%.

News

There aren’t any significant news items that could impact the market either positively or negatively at this point. However, there are some follow-ups from yesterday and other news that could impact the prices of particular coins.

First in the line is that ZenCash and Tron are added as payment options on Pornhub.

According to a blog post by ZenCash, the new integration will allow users to set up recurring payments and simply pay-per-use while leveraging the anonymity of the privacy coin.

This new use case for these cryptos could impact the price positively, much like it did for Verge when a similar announcement was made.

In the case of EOS, the news is negative. Dan Larimer the CTO of EOS project has proposed rehauling the project’s existing constitution to limit so-called arbitrators’ powers, in an EOSGov Telegram chat yesterday, after the recent mishaps the network has experienced. Three distinct groups work to ‘keep one another in check,’ as defined by the project’s current constitution which are known block producers and is similar to miners in the Bitcoin network.

This could impact the price of EOS negatively as FUD (Fear, Uncertainty and Doubt) takes over.

In the other news that fit into law/regulation category, the most significant one is coming from Hong Kong.

Hong Kong’s Securities and Futures Commission (SFC) released their annual report yesterday, in which they state that they will “keep a close watch” on crypto and Initial Coin Offerings (ICO), as reported by cointelegraph.

The SFC notes that since new technologies “come with risks,” they will be looking closely at crypto and ICOs and “intervening when appropriate.” The report states that the SFC took regulatory action against crypto exchanges and ICO issuers in Hong Kong this year, and released two public warnings to investors about the risk of investing in crypto.

One of the headlines that is neglected but provides an insight into the current fundamentals of the Bitcoin network is the study of Diar in which the analysed Lightning networks usage and transactions, and they have concluded that “the reliability of successfully routing a payment on the Lightning Network is still quite low”.

But while the capacity and the number of nodes as well as channels are increasing steadily, the reliability of successfully routing a payment on the Lightning Network is still quite low, especially for larger amounts. The success rate for a payment for no more than a few dollars between random LN nodes is 70%

The last headline is the one that follows up on Facebook’s ad unban. As you may remember, a few days ago Facebook has decided to lift the ban from cryptocurrency related advertisements.  This follow up is a more detailed view of the implications and the actual changes that are going to be made to their “misleading or deceptive promotional practices” policy.

On June 26, the same policies were again updated and Facebook announced that it would allow cryptocurrencies to be advertised again, but ICOs would remain banned. The company stated that it had been looking at the best way of refining its blanket ban on cryptocurrency adverts.

The revised “prohibited products and services policy” now reads:

“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

The phrase that caught attention was ‘pre-approved advertisers’, which means that not everyone who wants to advertise will be able to do so.

This censorship will allow Facebook more power to promote those coin and projects that are aligned with their agenda or even moderate content as to create a certain impression of a particular project.

Analysis

XRP/USD

Since yesterday’s open, the price of Ripple hasn’t changed much, as the percentage change is only +0.6%. The price went higher than on the open but it fell down to the prior levels quickly.



 

As you can see from the hourly chart, there’s a bearing pennant from which I am expecting a breakout on the downside. Currently, the price is on the levels of the pennants support in an upward trajectory which is why first I would look out for a bounce from the resistance line before confirming the breakout’s direction.

Market sentiment 

Ripple is in the sell zone, as indicated by hourly chart technicals.

Pivot points

S3 0.40898 
S2 0.43698 
S1 0.45409
P 0.46498 
R1 0.48209 
R2 0.49298 
R3 0.52098

NEO/USD

From yesterday’s open the price of Neo has increased only by 1.34% and is now sitting at around 30$ like yesterday.



The price action has formed a triangle and the breakout is near. From which side the breakout is about to happen we are yet to see but judging by the steepness of the support angle it looks like buyers are more aggressive at this point. But as this is a symmetrical triangle, a breakout from both sides has the same probability. If the price goes up I would be looking at a 33.8$ level as a target, and if it goes down I would look out for 26.28$ level.

Market sentiment 

Neo is in the sell zone, as indicated by the hourly chart technicals.

Pivot points

S3 27.82 
S2 28.97 
S1 29.67 
P 30.13 
R1 30.83 
R2 31.29 
R3 32.44

DASH/USD

From yesterday’s open at 229.4$, the price of Dash has decreased by 3.25% and is now sitting at 221.5$.



On the hourly chart, nothing has changed much. My target of 211.8$ remains the same.

Market sentiment

Dash is in the sell zone.

Oscillators are signalling a sell and moving averages signal a strong sell.

Pivot points

S3 208.22
S2 217.78
S1 223.09
P 227.34
R1 232.65
R2 236.90
R3 246.46

Conclusion

As the market cap evaluation hasn’t gone beyond the 250B level, and the chart of three cryptos that were covered in this report are forming bearish patterns, more downside is expected.

Categories
Crypto Market Analysis

Daily Crypto Update 21.06.2018 – More Sideways Movement

General Overview

Market Cap: $288,490,071,943

24h Vol: $12,063,316,263

BTC Dominance: 39.9%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has experienced a lot of sideways movement as you can see from the chart below.

The market is mixed in colour but the dominant one is green, with a small average percentage change.

News

In the midst of the bear market, negative news tends to echo on. That is the case with the Bithump hack that happened two days ago, and it is still reported and followed up on as this is the world’s sixth biggest exchange based on volume. As the market is showing sideways movement and indecision, many headlines are trying to reassert the usefulness of the blockchain tech trying to regain the confidence in the market.

In an interview with CNBC yesterday, Charlie Lee, Litecoin (LTC) founder stated that the recent hack of leading crypto exchange Bithumb “doesn’t really change the fundamentals of Bitcoin”. Attempts to change the focus from price to technology doesn’t really do much for the current sentiment as participants are still focused on the losses that the market has experienced.

Another relevant headline is that Tether, cryptocurrency supposedly back in a 1:1 ratio by US dollars has hired a law firm to conduct a random check on their bank balance, and is reported by Bloomberg that Freeh Sporkin & Sullivan LLP has confirmed that the amount of US dollars matches and exceeds the current Tether circulating supply. This was not an official audit, and we are still yet to see if everything checks alright with Tether, but this may calm some concerns made in the past regarding the Tether controversy.

Goldman Sachs is exploring cryptocurrency trading derivatives, Goldman Sachs Chief Operating Officer (COO) said in an interview with Bloomberg June 20. This is normal as the demand of their clients is pushing them to provide those services.

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they are exploring those things too.”

Similar to that, Toronto Stock Exchange (TSX) will list a new blockchain exchange traded fund (ETF) starting Thursday, Bloomberg reported June 20. The Horizons Blockchain Technology and Hardware Index ETF fund will join other ETFs from Harvest Portfolio Group Inc. and Evolve Funds Group Inc.

The U.S. Securities and Exchange Commission (SEC) has received an additional emergency court order to freeze the assets of Dominic Lacroix, owner of PlexCorps, in an ongoing enforcement action, Crowdfund Insider reported June 20. The SEC had previously sued Lacroix for securities fraud and received an emergency asset freeze order in December 2017. The order was unsealed June 18.

Source: cointelegraph

Analysis

BTC/USD

The price of Bitcoin is on the same level as on yesterday’s opening which is around 6735$. Yesterday the price fell to 6620$ quickly and recovered even quicker as you can see from the chart below.



Bitcoin’s price is yet again the middle of the range on the resistance level struggling to stay there. As price action looks unstable I am soon expecting the price to retest either the range resistance or range support which would be more likely.

Market sentiment 

Hourly chart technicals signal a buy.

Oscillators are on neutral an moving averages signal a buy.

Pivot points

S3 6185.1 
S2 6450.1 
S1 6605.3 
P 6715.1 
R1 6870.3 
R2 6980.1
R3 7245.1

ETH/USD

From yesterday’s open at 517$ the price of Ethereum has increased by 3.35% coming to 536.12$ where it is currently sitting.



Price action has formed an ascending wedge of some kind and the recent low retested its support line. The price is currently sitting on the resistance levels of the current range, and if the price gets repealed from it I would expect a breakout from the wedge on the downside.

Market sentiment 

Ethereum’s hourly chart technicals signal a buy.

Oscillators are on buy and moving averages signal a buy.

Pivot points

S3 480.62 
S2 506.15 
S1 521.21 
P 531.68 
R1 546.74
R2 557.21 
R3 582.74

NEO/USD

From yesterday’s opening at 38.75$, the price of Neo has decreased slightly. The price is now sitting at 38.17$ which is just 1.46% lower than yesterday. The price went above the open but has dropped quickly as you can see from the chart below.



On the hourly chart, we can see that the price is interacting with the minor support and is retesting it. If the support holds I would expect the price to get back to the levels of the support area which now serves as strong resistance. If the current minor support gets broken I would look out for a downfall to the 33.8$ level.

Market sentiment

Neo is in the sell zone.

Oscillators are on buy, and moving averages signal a strong sell.

Pivot points

S3 33.95
S2 36.37 
S1 37.67 
P 38.79 
R1 40.09 
R2 41.21 
R3 43.63

ZRX/USD

The price of 0x is sitting at the levels of yesterday’s open which is at 0.8747$. It experienced a lot of choppy, sideways action so it went above and below the opening before retracing back to the same levels, as you can see from the chart below.



The price is now on the minor support, similar to Neo and if we see the level respected, the price is going to go to the level on 14th high which is at 0.966$ where it would find first resistance. If the levels break I would expect a breakout from this current consolidating triangle and a lower low.

Market sentiment 

0x is in the sell zone.

Oscillators are on neutral and moving averages signal a strong sell.

Pivot points

S3 0.7316 
S2 0.8001 
S1 0.8380 
P 0.8686 
R1 0.9065 
R2 0.9371
R3 1.0056

Conclusion

From the coins analyzed in this report we can see that the price action looks unstable as all are sitting and waiting on some support/resistance levels. With all the sideways movement that the market experienced in the last couple of days, maybe today we will see some sign as to where the market is going. I think that the prices are going to plummet down to their next support as fear uncertainty and doubt are ruling the market sentiment currently, but this stagnation may also trigger some buying as buyers may interpret it as the bottom.

Categories
Crypto Market Analysis

Daily Crypto Update 20.06.2018 – Another Crash Coming

General Overview

Market Cap: $284,566,156,804

24h Vol: $14,268,669,088

BTC Dominance: 40.0%

In the last 24 hours, cryptocurrency market capitalisation has decreased from 294,184,000,000$ which was the yesterday’s high to around 284 billion dollars where it is currently sitting in stagnation.

TThe market is mostly in red, but we can see a mix in colour, with a nonsignificant average percentage change.

News

Top stores that came out in the last 24 hours are mostly negative in sentiment which may impact the market negatively. One of the most significant headlines is the Bithumb exchange hack.

Hackers have stolen cryptocurrencies worth $30 million from South Korea’s leading virtual currency exchange Bithumb, Cointelegraph Japan reported June 19. As a result all deposits and payments have been temporarily suspended.

Another significant headline that can impact the market negatively is a statement made by CBOE Global Markets President Chris Concannon who said that the initial coin offering (ICO) market could soon face a two-fold regulatory “reckoning,” Business Insider reports June 19.

“The reckoning will come in two waves. First, the SEC will go after ICO market participants. Then, class-action lawsuits against the teams behind ICO projects will surge.”

A lot of negativity is circling around EOS at the moment as EOS blocks producer froze users funds. Seven accounts have been compromised by the registration process through phishing scams, and in an attempt to protect user funds, EOS block producer has declined to process those transactions.

EOS Block Producers discussed the decision to freeze the accounts over a two hour conference call, ultimately deciding that since the EOSIO constitution has not yet been ratified, they could ignore the EOS Core Arbitration Forum’s (ECAF) decision not to freeze the funds.

This created a twitter bashing from some of the most respectful and credible figures in the crypto world, like the pioneer Nick Szabo and Charlie Shrem.

With so many problems EOS has faced in the midst of their launch – vulnerability fix, launch freeze, and now this centralised face that they have shown, investors may lose confidence in the project which may impact the price negatively.

Analysis

BTC/USD

From yesterday’s open at 6733$, the price of Bitcoin has decreased by 1.67% and is now sitting at 6622$.


Looking at the hourly chart, we can see that the price went to the range resistance line where it was quickly repealed by it. After that happened, the price went below the range support, back inside the range and is currently retesting that same support line. It looks like its going to be broken again and the next level I would expect the price to interact with is the 0 Fibonacci retracement level which would be in the terms of price around 6500$.

Market sentiment

Bitcoin is in the sell zone.

Oscillators are on neutral and moving averages signal a sell.

Pivot points

S3 6359.8 
S2 6553.0 
S1 6644.3 
P 6746.2 
R1 6837.5 
R2 6939.4 
R3 7132.6

NEO/USD

The price of Neo has fallen by 8.28% from yesterday’s high at 41.46$ to where it is currently sitting at 38$.


On the hourly chart, we can see that the price went into the support zone, which now serves as resistance and quickly fell back from those levels to the levels of the minor support, where it is retesting it. I don’t believe that these levels will serve as resistance as they haven’t been that strong and respected in the past.

Market sentiment 

Neo is in the sell zone.

Oscillators are on neutral while moving averages are signalling a strong sell.

Pivot points

S3 34.60
S2 37.32 
S1 38.64 
P 40.05 
R1 41.36 
R2 42.77 
R3 45.49

LTC/USD

The price of Litecoin has decreased by 5.4% from yesterday’s spike at 101.68$ to 96.133$ where it is currently sitting.


Litecoin’s hourly chart is showing similarities with that of Neo, as we see a spike up after which the price fell down below the minor support area, went above it and is now sitting right on it testing it for support.

Market sentiment 

Litecoin hourly chart technicals match the Neo’s much like the chart patterns.

Litecoin is in the sell zone with oscillators on neutral and moving averages signalling a strong sell.

Pivot points

S3 89.600 
S2 94.348 
S1 96.551 
P 99.096 
R1 101.299 
R2 103.844 
R3 108.592

Conclusion

After going through the news and looking at the chart I conclude that we are in for more red today. The artificial spike we have seen on Monday didn’t trigger buying, and there’s not a single sign of a potential trend reversal. The prices look unstable and the selling may be very steep as a consequence of the spike up we have seen. As soon as the market participants realise there’s no trend reversal coming, sellers will start selling and there will be no buyers which will result in a significant price drop in a short time period.

Categories
Crypto Market Analysis

Daily Crypto Update 14.06.2018 – Is The Bottom In?

General Overview

Market Cap: $280,634,597,761

24h Vol: $16,964,367,687

BTC Dominance: 39.8%

In the last 24 hours, the cryptocurrency market cap went from around $281B to 264,215,000,000$ which was yesterday’s low and from there on, the evaluation has been on a rise. 

Currently, the market is mostly in green but with an average percentage change ranging from 2 to 5% amongst the top 100 coins. Biggest gainers are Icon +13%, Siacoin 23.9%, Nano 17%, All Sport +25%. Out of those who are in red biggest losers are Emercoin -7%, Maker -5.5% and Dogecoin -5.16%.

News

There isn’t any significant news that can impact the market sentiment. News stories that came out are mostly negative or neutral, but there are positive once. Most significant headlines that came out in the last 24 hours are the following:

Finance professor at the University of Texas, John Griffin, an academic with a history of spotting fraud in financial markets conducted a research in which he concluded that Bitcoin’s price was artificially inflated last year, through Tether and Bitfinex, as reported by NY Times.

Mr. Griffin looked at the flow of digital tokens going in and out of Bitfinex and identified several distinct patterns that suggest that someone or some people at the exchange successfully worked to push up prices when they sagged at other exchanges. To do that, the person or people used a secondary virtual currency, known as Tether, which was created and sold by the owners of Bitfinex, to buy up those other cryptocurrencies.

Thomson Reuters adds sentiment data tracking of 100 Top Cryptocurrencies

Canadian mass media and information company Thomson Reuters will now be tracking the top 100 currencies in its sentiment data tool. The necessary data will be provided via a partnership with MarketPsych Data LLC, according to a WebWire press release published Wednesday, June 13.

Google Trends: Bitcoin in Its Dark Hours Still More Popular Than Beyonce

Google searches for Bitcoin have reportedly declined 75 percent through 2018, yet the leading cryptocurrency is still outstripping the famous music star Beyonce on Google Trends, CNBC reported Tuesday, June 12th.

Ripple CEO Claims Bitcoin Is Under Control of Small Group of Miners From China

Ripple’s CEO Brad Garlinghouse said that “Bitcoin is really controlled by China,” speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, financial news outlet TheStreet.com reported June 12.

Ripple: Banks Unlikely to Apply Blockchain for Cross-Border Payments in Near Future

Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13.

Western Union Will Not Add Crypto Transfer Support in Near Future, Says CEO

Western Union Co. CEO Hikmet Ersek said the global money transfer service will not add a cryptocurrency transfer solution to its services anytime soon, MarketWatch reported June 13.

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has spiked down from 6541$ to 6112$ and quickly bounced off of that level leaving a wick. The price is currently sitting at 6483$ which is just slightly below yesterday’s opening.



 

Looking at the hourly chart we can see that the spike down was below the 0 Fibonacci level, and the price is currently struggling to go above it, as indicated from the wicks on the upper side of the candles. I have labelled with a rectangle the prior low pattern and it looks similar to the current one. My target for this low was at 6000$ which was the lowest low of this correction so far, and I think we were going to retest it. This still may be happening so the question imposes – is the bottom in? Judging by the spike and a quick bounce we could say that, but we will have to wait for a confirmation.

Market sentiment

Hourly chart technicals are not useful, as they are all on neutral.

Pivot points

S3 5330.6 
S2 5834.4 
S1 6064.8
P 6338.2 
R1 6568.6 
R2 6842.0 
R3 7345.9

LTC/USD

The price of Litecoin has decreased from just slightly below 100$ to 89.2$ at the lowest point yesterday and has recovered since to 96.16$ where it is currently sitting, which is an overall decrease of 3.49%.



 

Similar to Bitcoin we can see the spike down as a wick on the hourly chart, which means that the spike happened in less than an hour. From that, we can conclude that buying was triggered and buyers were eager to buy at those levels quickly, as they figured it was a great price to get in. I am expecting it to maybe retest those levels again, much like it did previously.

Market sentiment 

Litecoin hourly technicals signal a buy.

Oscillators are on buy, and moving averages are on a buy.

Pivot points

S3 71.966 
S2 83.149 
S1 88.335 
P 94.332
R1 99.518 
R2 105.515 
R3 116.698

NEO/USD

From yesterday’s opening at 41.4$, the price of Neo has dropped to 35.85$ and has recovered since to just slightly below 40$ where it is sitting currently.



 

As you can see from this hourly chart, this was my short-term projection and the target had a slightly offset but I was close. The price of Neo is currently interacting with the support area so we will see if it serves as resistance or not. If it does serve as resistance I would expect the price to go slightly below my target but the candle to close on it.

Market sentiment 

Hourly chart technical signal a buy.

Oscillators are on buy, and moving averages are on neutral.

Pivot points

S3 26.84
S2 32.61
S1 35.27
P 38.38
R1 41.04
R2 44.15
R3 49.92

Conclusion

The prices of three major cryptos that were covered in this report missed the lowest lows in this correction just slightly. In the case of Bitcoin, that’s at 6000$ which was my short-term target. The question that everyone is asking is “is the bottom in” cannot be answered conclusively still. Judging by the quick spike and a quicker recovery we can definitely say that buying was triggered, but are those buyers going to propel the price upward and cause a trend reversal we will see. I was really hoping to see a retest of the lowest lows, and I still think there’s a possibility that we see another low and another spike and a quick recovery. What I can say at this moment regarding this matter is that the bottom is in this area, and we are likely going to see some sideways action today before a confirmation.

Categories
Crypto Market Analysis

Daily Crypto Update 08.06.2018 – First Signs Of Weakness

General Overview

Market Cap: $342,083,903,530

24h Vol: $14,649,610,900

BTC Dominance: 38.1%

From yesterday’s high at 349,654,000,000$ the evaluation of the cryptocurrency market capitalisation has been declining steadilly and is now $7 billion lower.


The market is currently in red with the average decline of 3% amongst the top 100 coins. Biggest losers are Loom network -11%, Veritaseum -9%, Theta Token -9.2%. Those who are in green are Zcoin +4%, Bibox Token +9.55%, MOAC +4% and Huobi Token +8%.

News

In the last 24 hours, news that came out is mostly regarding governmental in relation to cryptocurrency and blockchain technology. These are some of the significant headlines:

The U.S. Securities and Exchange Commission (SEC) said it was “underwhelmed” by regulatory adherence among cryptocurrency exchanges in fresh comments June 6.

Speaking to CNBC, Brett Redfearn, the SEC’s Director of Division of Trading and Markets, suggested exchanges that offer trading in tokens issued in Initial Coin Offering (ICO) – which may constitute securities under U.S. law – were reluctant to comply.

“We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now,” he commented at the Sandler O’Neill Global Exchange and Brokerage Conference in New York, adding:

“There are a number of exchanges that are trading ICOs that I would think that we should see more registrations.”

As ICO tokens will be classified as securities, crypto exchanges would have to register to SEC and comply under a regulatory framework. As SEC is still having trouble with their classifications because of the different nature of different tokens, crypto exchanges are playing dumb, as regulatory compliance may cause complications within their business.

Money 20/20 conference is over, and there are overviews from the conference highlighting the main points.

A particular highlight of the Money 20/20 Europe showpiece was a discussion panel titled “Cryptocurrency, the central (bank) question”. It featured four prominent individuals from the Bank of England, Bank of Canada, Bank of Lithuania, and the Swiss National Bank.

The Bank of England has been particularly thorny in its stance towards cryptocurrencies in general over the past few years. Despite this, the Bank of England began to change its tune more recently, announcing a cryptocurrency task force that would provide an in depth study into the sector.

Dr Marius Jurgilas a member of the board of the Bank of Lithuania, stated:

“The product we (banks) are selling is trust. If our product is good, there would be no need to talk about cryptocurrencies. It’s a matter of trust, if we trust the institution mandated and entrusted to keep oversight of our payment systems, ensure that money is not affected by excessive inflation then there is no need for payment instruments or other means of storing value.

“But if society starts questioning, rightly or wrongly, or it thinks what we are selling could be done better, in a more convenient and cheap way, other things will appear. We as regulators have to react to that − we are not sitting entrenched in our positions, the work everyone is doing here shows that we are really paying attention.”

PhD Economist James Chapman, the Bank of Canada’s Senior Research Director in the Funds Management and Banking Department, stated his concerns regarding cryptocurrencies as potential threat to the fiat system:

“I don’t see that happening as long as central banks continue to do a good job of maintaining monetary policy. But could a cryptocurrency really spell the end of fiat currency? I think so. In a situation of hyperinflation where a central bank has abdicated responsibility for stability then you could see a case for cryptocurrency.”

Swiss National Bank‘s, Thomas Moser is an alternate member of the board and the Deputy Head of Department. His department deals with Economic Affairs, International Affairs, Statistics, Legal Services, and Communications. Switzerland is known to have a positive relation to cryptocurrency, that’s why his take on crypto is coming off in a supportive tone:

“Switzerland has been relatively enthusiast to crypto. We have a national railway system that transformed ticket machines to bitcoin atm. At every train station in Switzerland, you can put cash into a ticket machine and load a BTC wallet. Cryptocurrencies have been very well tolerated in Switzerland so far.”

When asked to state his views on the posibiliy of crypto replacing fiat he stated:

“In general no but I think it depends on the fiat currency of the central bank. Of course, if a currency is not performing well, you have hyperinflation and a country where people lose trust of rule of law of its central bank. It depends on the central bank, as long as they do a good job there is no reason for fiat currency to disappear.”

Source: cointelegraph.com

Meanwhile, Russian President Vladimir Putin, during his annual live question and answer session, gave an ambiguous but knowledgeable answer to the question:

“Will Russia have its own cryptocurrency? […] Will it be controlled by the government? […] Do you think that in the near future cryptocurrency will completely replace our regular, standard money?”

To the first question, he replied that Russia cannot have its own cryptocurrency, as cryptocurrency “by definition” cannot be owned by a centralized state since it “goes beyond borders.” He then continued by saying that Japan is partially excepting crypto as a means of payments but he doesn’t see that happening in Russia. However, he hasn’t disregarded potential use case for blockchain technology saying that:

Russia must keep an eye on this “phenomenon developing in the world” in order to determine how Russia can “participate in the process”. He added that Russia must also look into “how we can use it [cryptocurrency] in order to avoid any restrictions in the field of international financial activity,” perhaps a veiled reference to the potential use of cryptocurrency to avoid Western sanctions currently imposed on the country.

Source: cointelegraph.com

While Russia is still uncanny on cryptos,  The Bank of Thailand (BoT) is considering issuing its own cryptocurrency, the bank’s governor revealed in a speech June 5, as reported by cointelegraph.

In his keynote on Thai economic development at Nomura Investment Forum Asia (NIFA) in Singapore, BoT governor Veerathai Santiprabhob spoke of a new project in which the central bank and other Thai banks join forces to develop a “new way of conducting interbank settlement” using a central bank-issued digital currency (CBDC).

As cryptocurrencies prove to be superior in the speed and cost, they are competing with the fiat/banking system, and so far they have been discarded and ignored. But we are now seeing a global attention to cryptos from big players like central banks and government official agencies, as technology gets better and adoption rate spreads across the globe.

This correlates with the saying: First they ignore you, then they laugh at you, then they fight you, then you win. Mahatma Gandhi

We were past the ‘then they laugh at you’ stage last year when Jamie Dimon called Bitcoin a fraud and people who believe and invest in it stupid. Now as you can see we are at the beginning of the ‘then they fight you’ stage, as central banks are gathering around to discuss how serious of a threat this is for them.

Analysis

BTC/USD

From yesterday’s high at 7735$ the price of Bitcoin has been on a steady decline and has decreased by 1.22%, which is price wise, 7641$.



The price of Bitcoin has been stopped out at the 0.236 Fibonacci level which serves as resistance and has fallen below the baseline support line again. We can see that the price is in an extended cluster as buyers and sellers are indecisive. As the price failed to create a higher high from the 3rd of June we are starting to see first signs of weakness, so I would expect the price to drop quickly from these levels, as buyers would back away, or turn into sellers.

Market sentiment

Bitcoin is in the sell zone.

Oscillators are on sell, and moving averages signal a sell.

Pivot points

S3 7426.8 
S2 7558.4 
S1 7623.6 
P 7690.0 
R1 7755.2 
R2 7821.6 
R3 7953.2

DASH/USD

From yesterday’s high, which was coincidently the same as the open, the price of Dash has decreased by 2.41% coming from 320.29$ to 311.4$ where it is currently sitting.



The price of Dash has escaped the descending channel couple of days ago but is still in a symmetrical triangle while consolidating. It now looks near a breakout and we will see if this consolidation was just a pause of the downtrend or we are going to see a trend reversal.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are showing a buy, but moving averages are signalling a strong sell.

Pivot points

S3 299.82
S2 308.073
S1 312.125
P 316.32
R1 320.37
R2 324.57
R3 332.82

XMR/USD

From yesterday’s high at 169.7$ the price of Monero fell by 4.6% to 161.6$ where it is currently.



Yesterday’s high was on the symmetrical triangle resistance, and from there the price went on a downward trajectory, breaking out from the triangle on the downside. I am expecting the price to go down to the wedge support to retest prior lows.

Market sentiment 

Hourly chart technicals signal a strong sell.

Oscillators signal a sell, and moving averages a strong one.

Pivot points

S3 148.487 
S2 157.167 
S1 160.483
P 165.847 
R1 169.163 
R2 174.527 
R3 183.207

NEO/USD

The price of Neo has declined since yesterday’s open at 54.65$ by 4.3% and is now sitting at 52.31$.



As you can see from the daily chart, the price was repealed by the resistance at the 0.382 Fibonacci level and is now sitting on the range support. I am expecting the price to go down slightly further to the baseline support (bold black line), where there is also the 0.236 Fibo level for a retest.

Market sentiment

Neo is in the sell zone, as indicated by hourly chart technicals.

Oscillators are on neutral, and moving averages signal a strong sell.

Pivot points

S3 49.49
S2 51.63 
S1 52.59 
P 53.76 
R1 54.73 
R2 55.90 
R3 58.03

Conclusion

As the prices are showing the first signs of weakness, after almost a whole week went by in a stagnating way, and having in mind that weekend is coming, we are likely to see the first stages of a sell-off of what will last at least until Monday and will retest prior lows.

 

Categories
Crypto Market Analysis

NEO Could Hit The Floor

NEO (NEO)

Market Cap: $3.39B

Circulating Supply: 65M NEO

Max Supply: 100M NEO

Volume (24h) $79.80

Technical Analysis

NEO/USD is trading in the red and seems determined to extend the current drop. It has failed to stay higher and now moves towards important support levels. The major cryptocurrency drops as the crypto market is in the red again.

It could drop further in the upcoming days if Bitcoin, Ethereum, etc. will resume the bearish momentum. Several false breakdowns and some rejections have signalled that the crypto pair could drop further in the short term.


 

The price has escaped from the ascending pitchfork’s body and now could drop towards the 50.00 psychological level. The drop was confirmed by the false breakout above the lower median line (lml) of the ascending pitchfork and after the valid breakdown below the sliding line (sl) of the ascending pitchfork.

Right now we need a confirmation that the crypto will drop further. It has slipped below the SL of the major descending pitchfork and below the 150% Fibonacci line of the ascending pitchfork. Only a valid breakdown below the mentioned lines and below the upside 50% Fibonacci line of the minor descending pitchfork will signal and will really confirm a drop towards the UML of the major descending pitchfork and towards the sliding line (sl1) of the minor descending pitchfork.

I’ve drawn a descending pitchfork to show you that the rate is trapped within a down channel. A further drop could be invalidated only by a valid breakout above the upside sliding line (sl) of the minor descending pitchfork.

Conclusion

NEO/USD will drop further if it will close below the 51.81 yesterday’s and today’s low and could reach the sliding line (sl1) and the median line (ml). The Stop Loss could be placed somewhere above the sl2.

Categories
Crypto Market Analysis

Daily Crypto Update 05.06.2018 – More Sideways Price Action

General Overview

Market Cap: $335,633,090,494

24h Vol: $15,957,362,042

BTC Dominance: 37.9%

In the last 24 hours, the cryptocurrency market cap has been decreasing

General Overview

Market Cap: $335,633,090,494

24h Vol: $15,957,362,042

BTC Dominance: 37.9%

In the last 24 hours, the cryptocurrency market cap has been decreasing

General Overview

Market Cap: $335,633,090,494

24h Vol: $15,957,362,042

BTC Dominance: 37.9%

In the last 24 hours, the cryptocurrency market cap has been decreasing from yesterdays high at 354,9 billion dollars to 335,633 billion dollars where it is currently.

The market is mostly mixed in colour, but the dominant one is definitely red with approximately a 3% decrease. Biggest losers amongst the top 100 coins are Bitcoin Private -14% and DigixDao -11%. Only Huobi Token experienced a significant increase of 14%.

News

Although there are news items in the last 24 hours that are bearing a positive tone, there aren’t any significant ones that can change the market’s bearish sentiment, as those that are positive are mostly regarding blockchain tech adoption and technology utilisation. Such stories are the following:

DHL Announces Partnership Trade Finance Platform TradeIX

DHL is partnering with blockchain trade finance platform TradeIX, according to a presentation today, June 5, at the Money20/20 conference in Amsterdam.

Crypto Tipping Added to Streamlabs App, Responsible for 15% of Twitch Streams

Broadcasters on Streamlabs, a Twitch streaming app, can now accept cryptocurrency as tips, the Steamlabs blog posted on June 1.

Our Blockchain ‘Can Run The Whole Company’, Says Mastercard Vice Chair at Money20/20

Mastercard has “built a Blockchain that can run the whole” of its network, its vice chair Ann Cairns claimed during the ongoing Money20/20 conference June 4.

As you can see, the Money20/20 conference was mentioned twice. That conference is taking place from 4-6 of June in Europe, and its a conference “Where the entire payments, fintech, and financial services industry connects”, so the positive news that is coming from there is significant.

Coinbase – leading crypto-fiat gateway exchange is expanding to the Japanese market, which may lead to an increase of cryptocurrency users, as they will get more exposure to the space.

Coinbase intends to apply for a license with the country’s financial regulator, the Financial Services Agency (FSA), “within the year,” a process that has been mandatory for all crypto exchanges operating within the country since the amendment of Japan’s Payment Services Act in April 2017.

Source: cointelegraph.com

On the flipside, there are two major news items that are negative:

Google searches for ‘bitcoin’ nosedive 75% this year as interest in struggling cryptocurrency wanes, as reported by CNBC

Searches for the term “bitcoin” have dropped more than 75 percent since the beginning of this year and roughly halved over three months, according to research from Google Trends.

Nicholas Colas, co-founder of DataTrek Research, pegged waning searches as a bad sign for prices.

“We use Google Trends to track search queries for ‘bitcoin’ as a proxy for potential new buyers,” Colas said in an email to clients Monday. “Bitcoin needs a new narrative in order to re establish global attention.”

The other piece of negative news is that Bitcoin dies for the 300 time, as Forbes said in an article entitled “Bitcoin’s Need For Electricity Is Its ‘Achilles Heel” stated:

Bitcoin’s advocates claim that it is immune from government control. ”It can’t be shut down,” they say. This might have been true in the early days, when Bitcoin could be mined on an ordinary laptop. But in these days of giant mining farms, Bitcoin desperately needs abundant cheap electricity supplies. Without access to abundant electricity, Bitcoin mining can’t continue, and without mining, Bitcoin is dead. And ultimately, electricity supply is controlled by governments.

This 300th place is according to the 99bitcoins Bitcoin obituary list.

The most significant informative headline is that Block.one’s EOS has officially been launched, after a year-long ICO stage in which they raised over 4 billion dollars. This is the moment of truth for this cryptocurrency, as it is the largest competitor of Ethereum. Now developers can build Dapps on the blockchain and we will see what the future holds for the EOS ecosystem, and reassure ourselves if the promises stated in the whitepaper are going to be met.

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has decreased from 7715$ to 7419,2$ where it is now on a downward trajectory, which is a decrease of 3.87%.



 

Looking at the daily chart we can see that the price was repealed by the 0.236 Fibonacci retracement level and that yesterday’s candle ended on the support at the 7470$ level. Today’s candle started off at those levels and quickly fell below the support.



 

Zooming into an hourly chart we can see the interaction with the mentioned levels, and after two significant headlines being crossed – baseline support (black bold line) and prior range support (red line), the price is heading toward the triangle support (blue bold line) which is around 7000$ levels.

Market sentiment

Bitcoin is in the sell zone, as indicated by hourly chart technicals.

Oscillators are signalling neutral, and moving averages are on a strong sell.

Pivot points

S3 6942.0 
S2 7254.9 
S1 7371.6 
P 7567.8 
R1 7684.5 
R2 7880.7
R3 8193.6

NEO/USD

The price of Neo has decreased by 8.87% from yesterday’s open, dropping from 57,33$ to 52,3$ where it is now.



 

Looking at the daily chart we can see that the price found support at the 0.236 Fibonacci retracement level which is where the baseline support area is.


 

Zooming into an hourly chart we can see that nice bounce off of the Fibo level, but we can also see there’s no interaction with the baseline support. The price is still in a downward trajectory, which is why I am expecting to see the interaction with the baseline support, which would be a lower low at around 51.3$ level.

Market sentiment

Neo is in the sell zone.

Oscillators are on neutral, and moving averages are signaling a strong sell.

Pivot points

S3 43.81 
S2 49.07 
S1 51.24 
P 54.34 
R1 56.50 
R2 59.61 
R3 64.88

XRP/USD

From yesterday’s open until now, the price of Ripple has decreased by 5.13% – from 0.6931$ to 0.65751$.



 

Looking at the daily chart, we can see that the price found support at the 0.236 Fibonacci level, and the current candle is a doji with a bigger wick from below, which indicated buying pressure.



 

Zooming into an hourly chart we can see that the price action has created a cluster and the break out is soon going to happen. As the price is in an uptrend overall, I am expecting the price to break out from the upside, and potentially reach the prior range resistance at just slightly below 0.7$.

Market sentiment

Ripple is in the buy zone, as indicated by hourly chart technicals.

Oscillators are on a buy, and moving averages signal a strong buy.

Pivot points

S3 0.52206 
S2 0.59328 
S1 0.62397 
P 0.66450 
R1 0.69519 
R2 0.73572 
R3 0.80694

Conclusion

As I have said in my weekly update, I am expecting a lot of sideways movement in the following week, and that’s exactly what is happening in the markets currently. Bitcoin is falling and while some cryptos are in the same cycle as Bitcoin and are following it accordingly, some like Ripple, are in they’re different stages of corrective waves and are going to show some bullish moves, but the overall sentiment is still bearish.

Categories
Crypto Market Analysis

NEO/ETH Long After The Breakout

NEO (NEO)

Market Cap. $5.22B

Circulating Supply: 65M NEO

Max Supply 100M NEO

Volume (24h) $205.42M

NEO/USD = $80.114

The NEO/ETH is trading at 0.12324 level after the impressive drop. Price increased as much as 0.13649 in the yesterday’s trading session, but failed to stay there and now seems very heavy. The rate is trading in the red after the second false breakout above a very strong dynamic resistance.

Price moves in range in the short term, so we’ll have a clear direction only after a valid breakout from this chart pattern.

NEO Technical Analysis:

NEO/ETH increased aggressively on Sunday after the false breakdown below the 50% Fibonacci retracement level. Price has found strong resistance at the upper median line (UML) of the descending pitchfork. It has made a false breakout above the outside sliding line (SL) of the descending pitchfork and now could come towards the former low (0.10991).

Personally, I believe that we may have a larger increase only after a valid breakout above the sliding line (SL). You could buy this crypto pair after the rate will close above the SL and after a retest. You can see that I’ve drawn an ascending pitchfork to catch a potential upside movement.

Price has made a false breakout above the median line (ml) of the minor ascending pitchfork, and now it could come back down towards the lower median line (lml). NEO/ETH is somehow expected to increase after the failure to approach and retest the median line (ML) of the descending pitchfork.

You should know that only a valid breakdown from the minor ascending pitchfork’s body and below the 0.10986 will invalidate a potential broader increase.

Conclusion

You could buy it after a valid breakout above the SL, and you could place a  first take profit at the first warning line (WL1) of the descending pitchfork. The second take profit could be placed at 0.16409 swing high.

©Forex.Academy

Categories
Crypto Market Analysis

Litcoin Losing The Bullish Momentum

  • Litcoin is struggling to increase further
  • NEO seems exhausted on the Daily chart
  • DASH/USD another false breakout

                                                                                                                                                          Source: investing.com

The major cryptocurrencies are fighting hard to stay higher, but it seems like prices will come down trying to recapture more directional energy. Bitcoin slipped below the $8000 level in the yesterday’s trading session, while the Ether continues to stay above the 500 psychological level.

Litcoin

Litcoin is the fifth most important crypto with a $7 537 807 784 market cap, and with a $514 562 000 daily volume. Unfortunately, Litcoin showed some exhaustion signs last night when has dropped aggressively and has erased more than half of the yesterday’s gains.

Price increased today and maybe will try to approach and reach the $140.49 yesterday’s high. It remains to see what will happen in the upcoming days because the rate is trapped below some very important resistance levels.

Litcoin - Forex Academy

Litcoin increased by 3.65% today and seems determined to challenge the 136.610 static resistance again. You can notice that the rate failed to retest the second warning line (wl2) of the former ascending pitchfork signaling exhaustion.

I’ve said in the previous article that the rate remains under pressure in the short term. Price moves in a range between the 136.61 and the 106.52 level. It could resume this range if the other major cryptocurrencies dropped again.

Technically, Litcoin could decrease a little towards the median line (ML) of the descending pitchfork in the upcoming period. I want to remind you that only a valid breakout above the upside 50% Fibonacci line (descending dotted line) will confirm a further increase towards the upper median line (UML).

We may have a great buying opportunity if the rate will decrease and if will fail to reach and retest the wl3, the 106.52 level and the median line (ML).

NEO/USD

NEO/USD surged by 23.80% in the last 7-days, but has failed to stabilize above the $70.00 and now could register another drop.

NEO/USD surged by 23.80% in the last 7-days

Technically, it has made two false breakouts above the lower median line (LML) of the ascending pitchfork signaling an overbought. The false breakout above the confluence area formed between the lower median line (LML) with the 23.6% retracement level could send the price at least till the 150% Fibonacci line (ascending dotted line). NEO/USD will become strongly bullish only when it will have enough energy to make a valid breakout above the LML. The crypto will drop sharply if will drop and will stabilize below the 150% line.

DASH/USD

DASH/USD - Forex Academy

Dash moves in range in the short term and has developed a symmetrical triangle. Price has made several false breakouts above the 50% Fibonacci line and now could slip lower. The Dash is trading at $363.60 after the failure to reach the $400 level in the last days.

A breakdown from the minor chart patter will lead the rate towards the lower median line (LML) and towards the outside sliding line (SL). I want you to know that only a valid breakout above the 50% Fibonacci line (ascending dotted line) will really confirm a broader rebound on Dash.

Conclusion

The major cryptocurrencies have found temporary resistance and now could lose altitude again. Technically, the crypto market is expected to increase in the upcoming period, but the upside movement will be a slower one.

© Forex.Academy

 

Categories
Forex Market Analysis

Consolidation In The Crypto Market

Cryptocurrencies have been stagnant and without many big moves to either side. The reason for that is the uncertainty abbot what happens on the tax day. We see less movement

Cryptocurrencies have been stagnant and without many big moves to either side. The reason for that is the uncertainty abbot what happens on the tax day. We see less movement

Cryptocurrencies have been stagnant and without many big moves to either side. The reason for that is the uncertainty abbot what happens on the tax day. We see less movement in crypto because, whoever wanted to pull their money out before tax date, did already, and we now see only people that hold.

BTC/USD consolidating

After the recent spike due to positive fundamental news (approval of the Muslim community), Bitcoin has its momentum slowed down. It made an attempt over an 8230 Fibonacci retracement line of resistance, but failed and is now consolidating and going slightly downwards, with decreasing volume. The price range is currently between the 50 EMA and 100 EMA on the 1h time frame.

crypto consolidation

NEO/USD bouncing off the resistance line

As we have concluded in the last analysis, neo was in a tough spot, and the most likely thing that would happen to it was the bounce off the red resistance line (shown in the graph). That is exactly what happened to it. This is a big deciding point for NEO, as indicators are “fighting” for the range and the direction of the next movement. RSI just left overbought, volume is declining, and there is a major resistance on the upside, but there are also both EMAs as support, they crossed each other, signaling a bull trend. I am more inclined towards the bear side for a bit until all the indicators get in line.

NEO/USD bouncing off the resistance line

XRP/USD forming a triangle pattern

XRP has recently spiked, after the big announcement that regarded cooperation with Apple. When that happened, XRP spiked up and broke the $0.63 resistance line, which has now become support. It bounced off of it a couple of times, forming a perfect triangle pattern, with the expected breakout from the pattern around the 19th or 20th of April. It will most likely be an upwards move, but it can’t be said with certainty. EMAs and the support line form a “defense” against triangle patter break downwards, but ultimately, people will decide.

XRP/USD forming a triangle pattern

Final word

Markets are mostly consolidating since these are uncertain times fundamentally. Everyone is waiting for a catalyst, for a reason to re-enter the market. The next few days will determine the overall short-term trend of the market, so watch out for the swing trades for now. One thing is good, and that is the increasing volume in the general crypto market.

© Forex.Academy