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EOS and XRP Price Analysis and Forecast

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EOS-USD

eos

A bearish outlook is seen in the last 24hrs where the 21-day MA maintained its position above the 7-day MA thus indicating a bearish signal.

The cryptocurrency began the day with a period of consolidation from A to B which was reflected by the RSI at that period of time.

The RSI also reflected buying pressure since it was trading above level 50. EOS started trading at $8.11 (A) against the current price of $7.93. This was later followed by a breakdown at around 30th May 16:00 that dipped the price performance to close at $7.8853.

At 21:00 a marubozu candle was encountered due to a strong selling pressure from traders thus further dropping the price performance to a low of $6.8624 (C). The RSI is therefore seen below 30 indicating oversold market momentum. Strong selling pressure continued as reflected by the RSI and the Support level is, therefore, stood at $7.2030.

FORECAST

Strong selling pressure is likely to continue since the 21 day MA is still on top and the RSI is still trading below level 50. The support level is likely to go up to $7.3464.

But due to the recent announcement made by coinbase that EOS will be added to its custodial wallet, which will enable users to buy, sell and exchange EOS against supported fiat currency. An upward price rally is to be expected in the near future.

XRP-USD

XRP

Just like EOS, XRP is exhibiting a bearish outlook, it started trading at $0.46800 with a strong buying pressure that has been buttressed by the RSI from 30th May 10:00 to 15:00.

This was later followed by a strong selling pressure that led to a breakdown. The price further dipped to a low of 0.42198 while the 21-day MA is trading above the 7 day MA indicating a bearish signal.

At around 30th May 21:00 the RSI is seen below level 30 indicating an oversold market.

The significance levels were therefore placed at; resistance level $0.42198 and support level at $0.40758. XRP is currently trading at $0.42002 this shows a dip of $0.04798.

FORECAST

The RSI is heading north this shows that an upward price rally is likely to be seen in the next few hours. New holding target should be at $0.41701 and stop-loss to be placed slightly above or below in case of a breakdown or breakout.

*News Source*

 

Cryptocurrencies

Facebook Libra Risks to Financial Stability Demand ‘Highest’ Regulatory Standards, Says G7

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The G7 group of nations has warned that cryptocurrencies such as Facebook’s Libra are a threat to global financial stability.

A task force set up by the G7 to examine the issues said that rules of the “highest” standards are needed to minimize the use of digital currencies in money laundering and funding terrorism, Reuters reportsThursday.

Following a meeting of finance chiefs from the G7 in Chantilly, France, this week, the group also said it would address tax issues raised by the digital economy, as per a draft summary of the meeting obtained by Reuters.

As expected, Facbook’s Libra and its perceived risks to the monetary control of regulators was high on the agenda at the meeting, although some benefits were also observed.

Benoit Coeure, European Central Bank (ECB) board member and head of the G7 task force, told the G7:

“A global stablecoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion.”

Yet, he went on to say that such cryptocurrencies raise “serious risks” to policy priorities, such as anti-money laundering, financing of terrorism, consumer and data protection, competition and compliance with tax rules.

Bank of France governor and and member of the governing council of the ECB, Francois Villeroy de Galhau, also said that, while regulators seek to encourage innovation, “that cannot come to the detriment of the security of the consumer.” He also said more details were needed regarding gray aspects of Facebook Libra.

A piece in the Financial Times today further quotes Coeure as saying that cryptocurrencies like Libra “could also pose issues related to monetary policy transmission, financial stability and the smooth functioning of and public trust in the global payment system.”

French finance minister Bruno Le Maire echoed previous concerns over the threat to the dominance of national currencies by a token launched by a tech firm with billions of users, saying: “The sovereignty of nations might be weakened or jeopardised by these new currencies.”

The draft document from the G7 stated that “significant work” is required from developers of stablecoins like Libra before regulatory approval is likely to be granted.

The FT cites the document as saying:

“As large technology or financial firms could leverage vast existing customer bases to rapidly achieve a global footprint, it is imperative that authorities be vigilant in assessing risks and implications for the global financial system.”

Among its draft recommendations, the G7 says such stablecoins must meet the highest regulatory standards and come under regulatory oversight. A good legal basis in jurisdictions where they operate is also key in order to guarantee adequate protection for stakeholders and users.

The group further lists the need for “operational and cyber resilience” and secure, transparent management of assets to protect market integrity.

source:.coindesk.

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Cryptocurrencies

Binance [BNB], Tron [TRX], IOTA [MIOTA] Price Prediction and Analysis – July 18

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Binance (BNB/USD)

Binance [BNB], Tron [TRX], IOTA [MIOTA] Price Prediction and Analysis - July 18
BNBUSD Chart By TradingView

Recently, BQT the new decentralized exchange offering announced Binance’s BNB token as its first listed coin, which was very surprising as most exchanges always go for BTC. BQT aims at creating liquidity by providing well-organized mix coins selected for the capability to pull in buyers and sellers.

Perhaps the BQT announcement could have boosted the price of BNB as it has led to investors gaining confidence in BNB coin. On an hourly chart, BNB/USD pair seems to have undergone a strong bullish pressure over the last 24hrs. BNB started trading yesterday at $24.5913 and has since recovered to trade at $28.4754 currently. That showed an intraday increase by 13.6%, which is considered as a significant upsurge.

All indicators indicated a bullish sign; the 7 day MA gravitated above the 21 day MA throughout the last 24hrs. The RSI indicator also moved up from a low of 33.08 to almost above the overbought level 69.81 before it slightly dipped to a low of 61.74. Notably, the RSI indicator is at the moment trading flat, that indicates a lack of momentum in the market. Increase in the pair’s price shows positive investors sentiments.

Forecast

The 7 day MA is still trading above the 21 day MA that signals a further bullish rally. New target should be set at $30.00.

Tron (TRX/USD)

Binance [BNB], Tron [TRX], IOTA [MIOTA] Price Prediction and Analysis - July 18
TRXUSD Chart By TradingView

TRX/USD pair seemed to have also gained since it has exhibited a bullish outlook over the last 24hrs. The upward rally has also been buttressed by the 7 day MA that was seen trading above the 21 day MA.

The RSI indicator reflected the price recovery because it moved up from a low of 28.68 to a high of 61.58. That showed that the bulls had the upper hand and were in control. TRX is up by 14.8%, having moved from $0.0207 to $0.0243.

TRX saw a short-term upward rally before embarking to a steady flow that was signaled by the RSI that was seen hovering between level 70 and 50 that indicated an increase in bullish pressure.  The RSI indicator is at the moment heading north showing the unwillingness of investors to go short, hoping for the better price value.

Forecast

Both technical indicators are pointing toward an uptrend. The 7 day MA is still gravitating above the 21 day MA that indicates a bullish sign and the RSI heading north that indicates further upward rally. New targets should be set at $0.0250.

IOTA/USD

Binance [BNB], Tron [TRX], IOTA [MIOTA] Price Prediction and Analysis - July 18
IOTAUSD Chart By TradingView

IOTA is also among cryptocurrencies that have experienced a Bullish Run over the last 24hrs. On an hourly chart, the upward pressure has been supported by the 7 day MA that gravitated above the 21 day MA. The pair’s price has gained by 9.3% since it started trading at $0.2652 and is currently trading at $0.2923. 

IOTA/USD has a circulating supply of 2.7 billion coins over the last 24hrs. IOTA saw a short-term bullish pressure due to the presence of a bullish accumulation pattern that was seen simultaneously. This was followed by a medium-term period of consolidation that consolidated below $0.2858.

The market performance indicated by the RSI indicator is on an uptrend.  This shows increase buyouts, with the RSI rising from 32.23 to 66.41.

Forecast

At the moment the 21 day, MA has slightly crossed over the 7 day MA that indicated a bearish signal. Downward momentum is most likely to be seen in the next few hours. New target should be set at $0.273.

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Cryptocurrencies

FCA Looking for Specialists in Cryptocurrencies

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The United Kingdom’s regulatory body Financial Conduct Authority (FCA) is reportedly looking for candidates who have extensive knowledge related to cryptocurrencies. News portal CoinGeek reported that they would be working with the Intelligence Services Team at the agency.

The official website describes the role as one that will involve, “considerable amounts of liaison and stakeholder management with internal and external patterns on the topic of crypto assets, financial and economic crime linked themes and the role of various processes and areas in regulating this activity.”

The post said that the candidate will learn a great deal of opportunity to learn from and understand intelligence processes and work, and influence the way we support the breadth and depth of the FCA remit, including the new area of Crypto asset regulation.

This move is especially interesting, because earlier this month, the FCA was proposing rules to address harm to retail consumers from the sale of derivatives and exchange traded notes (ETNs) referencing certain types of cryptoassets.

At the time, speaking about this development, Christopher Woolard, Executive Director of Strategy & Competition at the FCA, had said, “As with our work on the wider CFD and binary options markets, we will act when we see poor products being sold to retail consumers. These are complex contracts built on top of complex assets.”

He had added, “Most consumers cannot reliably value derivatives based on unregulated cryptoassets. Prices are extremely volatile and as we have seen globally, financial crime in cryptoasset markets can lead to sudden and unexpected losses. It is therefore clear to us that these derivatives and exchange traded notes are unsuitable investments for retail consumers.”

In January this year, the FCA had released a paper on cryptoassets regulations specifically for cryptocurrency traders and the community at large.

Source :crypto-news.in

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