If you’re superstitious, then you might worry about the number 13, it’s considered as a number that brings with it a wealth of bad luck, from a western perspective at least, I’m not certain of the intricacies behind other connotations of the number 13.
Actually, on that point, is cryptocurrency a good or a bad thing for superstitious people? I’ve never really given it much thought, but I expect many aspects of the cryptocurrency industry may give some superstitious people a bit of a headache.
Back to the point. This weekend rumours erupted about a release date for Litecoin’s ‘smart contracts’, the 13th of April specifically which is just three days from now.
Remember that recently, we saw a marriage between Abra Exchange and Litecoin, in a move set up to help bolster the value of the currency. CEO of Abra, Bill Barhydt said:
“If Abra can attract a significant amount of users it will further drive demand for Litecoin which in turn could reduce the circulating amount of LTC, pushing the trading price up.”
Now unfortunately, many critics are calling the partnership a bit of a failure, generally on the basis that the partnership fizzled out of the news and didn’t really cause any significant changes in the value or perception of Litecoin. Recently, Cami Albert published an article on Crypto Globalist that refers to the Abra partnership as ‘Haunting’ Litecoin’s own Charlie Lee. According to Albert, Lee passed the following comments about the anti-climactic outcome of the Abra partnership:
“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs.”
At present, even since the partnership, and the media buzz around April the 13th, Litecoin stands at little below $114.00, in touching distance of a $120.00 target but still leaps and bounds away. Perhaps April the 13th will actually provide some much-needed luck to the Litecoin team and give the currency the kick it needs to reach $120.00?
The launch of smart contracts within Litecoin is innovative for Litecoin but we should remember that blockchain based smart contracts are not a new concept, so really, how incredible will this announcement be for Litecoin? Some sides are saying that the 13th of April is a huge day for Litecoin and that things will really start to take off, it’s value will his $120.00 and many new people will gain an interest in the currency through Abra. Others however are less optimistic and believe that the Abra ‘flunk’ serves as a demonstration for how Litecoin will behave after the update in a few days, in-short they believe nothing new will change.
Let’s face it, to truly understand the consequences of the smart contract rollout we just need to wait. The 13th of April is only a few days away, perhaps we will see some fluctuation in market value as a result of it, perhaps nothing will change. Let’s wait and see.
Cardano [ADA/USD] Technical Analysis: Interim bullish push imminent; bears yet to show mercy on long haul
Cardano [ADA] seems to be getting a bullish push in the short-term, even as the bearish trend in the medium to long-term seems to not fade away. There seems to be no respite from the bear attack in the long-term as the downward trend in price is still going strong.
ADA, the ninth largest cryptocurrency in the world, is currently trading at $0.0759, after going down at -1.19% over the last day. It has a market cap of $1.97 billion, with a 24-hour trade volume of $18.02 million.
On the one-hour graph, a strong downtrend can be seen from $0.0827 to $0.0806, and then further to $0.0788 between October 15 to October 21, 2018. Another downward movement can be seen from $0.0786 to $0.0774 on October 22, 2018.
An upward drift in prices can be seen from October 16 to October 22, 2018, from $0.0749 to $0.0787. A short-term upward trend was seen on October 22, 2018, from $0.0770 to $0.0773.
The Awesome Oscillator chart shows green bars emerging after a string of red bars. This is a clear indicator of a bullish market.
The Parabolic SAR chart shows the dots aligned under the candlesticks, indicating a bullish market.
The RSI chart shows the token recovering from an oversold position slowly, with the buying and selling pressure evening each other out.
According to the one-day graph, the strong downtrend in the long-term seems to be robust between June 4 to October 22, 2018, from $0.226 to $0.181, further to $0.078.
An upward trend is seen from September 18 to October 7, 2018, from $0.063 to $0.081, and between October 15 to October 22, 2018, from $0.071 to $0.077.
The Fisher Transform chart shows the Fisher line moving uphill, crossing the trigger line. This indicates a bullish trend.
The MACD chart shows the moving average line on a downward drift, crossing the trigger line. This indicates a bearish market.
The Chaikin Money Flow chart shows the current value at -0.118. This indicates that money is flowing out of the market. This is a clear indicator of a bearish market.
However, an upwards drift seems to be emerging, pointing at a temporary bullish trend.
In the short-term, if the prices are to move up as indicated by Parabolic SAR and Awesome Oscillator, the immediate resistance will be $0.078. If it is broken, the next resistance will be at $0.0806.
If the prices move down as predicted by RSI, the supports will be at $0.0767 and $0.0759.
In the long-term, if the prices are to go down as predicted by MACD and Chaikin Money Flow, the supports will be at $0.070 and $0.063.
Litecoin [LTC/USD] Technical Analysis: The bear continues to plunder the market
Litecoin [LTC], the 7th largest cryptocurrency that was created by Charlie Lee to provide compatibility and support to Bitcoin has not been doing well in the market, of late. The coin was booming earlier this year but has now slumped lower than ever to move sideways.
At the time of writing, LTC dumped by 1.77% in the cryptocurrency market. It is trading at $52.34 with a market cap of over $3 billion and a 24-hour trading volume of $267.4 million.
In the timeframe of 1-hour LTC candlesticks, the support is set at $53.02. The downtrend line from $60.7 to $53.9 is likely to form a descending triangle with the support. Hence, the market for Litecoin appears to be downwards.
The MA line in the MACD indicator touched the signal for a bullish crossover but strung back down to run underneath it. This is suggestive of a slump in the LTC price trend.
Next, the RSI is also betting on a bear market for the cryptocurrency, currently taking a downhill walk to flash warning for a drop in price.
The Klinger Oscillator made a bullish crossover a while back but is currently crashing, suggesting a bad price trend for Litecoin.
In the 1-day scenario, the candlesticks appear to be experiencing a downward trend in the Litecoin market. Since May, the coin has broken multiple supports, including one at $53.3 and another at $51.7. Currently, the support is set at $53.2 and might act as the baseline for the descending triangle likely to be formed by the resistance line ranging from $179.1 to $54.3.
The Parabolic SAR is bullish on the LTC market wherein the dots are currently dancing below the candlesticks, uplifting the price trend of the coin.
The Chaikin Money Flow was in a balanced space for a while but is currently below the 0-line, crashing further down.
The Awesome Oscillator is also in the red-zone, flashing a danger sign for the cryptocurrency.
The technical analysis can be concluded by assuming a bearish trend for the Litecoin market since most of the indicators are evident in siding with a negative prediction. However, the Parabolic SAR in the 1-day timeframe looks positive of the situation, against all odds.
Bitcoin [BTC] can disrupt centralized banking and financial institutions, says Andreas M Antonopoulos
During a Q&A session, Andreas M Antonopoulos, the Author of Mastering Bitcoin and a well-known Bitcoin influencer, spoke about whether Bitcoin [BTC]’s price plays a significant role in its adoption. He also spoke about whether Bitcoin can disrupt the governments, financial system and reduce corruption if the cryptocurrency’s value does not greatly increase in value relative to goods and services including fiat currencies.
Antonopoulos stated that cryptocurrencies can disrupt centralized banking and financial institutions. This is because of the “mere fact” that cryptocurrencies exist as an exit system, a “safety vault” and as a “safe haven”, he said. Moreover, he said that the increase in Bitcoin’s price is not going to be the prominent player in bringing about the change. Whereas, Bitcoin being used by people in order to escape from oppressive governments who are stealing their citizen’s money will be a catalyst to bring about the change.
The author said:
“…it’s not values that makes it useful it’s utility that makes it valuable. So it’s the other way around so Bitcoin will increase in value if it’s useful and it doesn’t need to increase in value in order to be useful that’s confusing cause and effect”
Antonopoulos further spoke about Bitcoin’s real-world use-case for the unbanked. The author was questioned about why there were only 4 billion people using banks around the globe; whether it was due to improper identity proof, people’s lack of trust in the current financial system or if it was cost-effective for banks to not have branched in rural areas.
The Bitcoin influencer stated it was because of all the 3 above-mentioned reasons – lack of identity proof, access to banking facilities and distrust in the financial system. He further added that the total number of people around the world who do not have the ability to open a bank account was quite “shocking”. He went on to say that even if these people had access to the financial systems they would end up facing several restrictions, including the withdrawal and deposit limit.
“So even though the numbers are somewhere between two and a half billion and four billion people who have zero access to banking so cash based entirely, there’s also another two billion people who have access to banking but that access is severely restricted so they have access to perhaps one currency with very few choices they can’t change currencies…”
He further added:
“so it’s not really their money so all of this great sum of people who are either unbanked completely or under banked is one of the things that I think we may be able to solve with Bitcoin and other cryptocurrencies in the long run”