It’s Tuesday and Cryptocurrency markets are finally waking up! Ethereum, XRP, Litecoin and Cardano are leading the bull rally right now with close to 5% gain in the past 24 hours! Let’s take a look at some of our favorite cryptocurrencies and see what today has in store for us.
LITECOIN PRICE ANALYSIS (LTC/USD)
In today’s hourly chart, the LTC/USD pair has recorded bullish performance; the formation of ascending channels reflected the uptrend. This shows that the bulls have picked up their strength and are dominating the momentum. Besides, bullish moves were also encountered at several instances, starting with the resistance level being escalated upwards from $71.0000 to $73.0133. The pair’s price also fluctuated upside from the opening price of $70.7249 to the current rate of $72.8800 that signals an increase in buying pressure. That foreshadows an increase in investor’s sentiment in the near term.
In terms of technical indicators, the short-term SMA is now gravitating above the long-term SMA that suggests an upside move. The RSI is currently trading near the positive zone that indicates a bullish outlook. Higher price levels should be anticipated.
LITECOIN PRICE PREDICTION (LTC/USD)
If the pair’s price moves above the upper channel that is at $73.661, a further upside correction near $80.000 and $81.000 may be seen. However, a break below the lower channel might be a turnaround for the upside rally that could be followed by a decline near $69.0000.
LEOCOIN PRICE ANALYSIS (LEO/USD)
The LEO/USD pair on an hourly chart saw a long-term period of consolidation between critical support level $1.0807 and resistance level $1.0866. There seemed to be no much activity going on from 08:00 to 05:00. That was also accompanied by the repeated appearance of a Doji candle that confirmed indecision in the market.
At around 06:00 a bullish engulfing candle was seen, that breached $1.0866 and moved the price up to a high of $1.0991. That may lead to further upside correction in the near term. Looking at the technical indicators, moving averages are giving a bullish outlook, with the short-term SMA above the long-term SMA. The RSI is currently above the overbought zone that signals further upbeat performance; thus an increase in buyouts.
LEOCOIN PRICE PREDICTION (LEO/USD)
Since almost all the indicators are foreshadowing a bullish outlook, investors should go long and take profit near $1.1500 and 1.1600.
CHAINLINK PRICE ANALYSIS (LINK/USD)
LINK/USD on the other side, has recorded a bearish outlook over the last 24hrs. The pair’s price failed to break past the healthy resistance level $1.6052. However, it faced an intense selling pressure that fluctuated the price down to a low of $1.5445. Afterward, at around 13:00 to 20:00 a short-term period of consolidation was seen above the significant support level near $1.5513 that was followed by a slight gain that moved the support level to $1.5616.
Additionally, the LINK/USD pair is down by 1.9% over the intraday, having escalated from $1.6052 to now trading at $1.5755. Besides, this also showed a decrease in investor’s sentiments. Conversely, there is hope for a better future since at the press time; most indicators are giving a favorable scenario. The RSI is seen climbing towards the positive area, and the moving averages have turned from indicating a bearish sign to bullish sign.
CHAINLINK PRICE PREDICTION (LINK/USD)
If the bulls polish up there strategy and succeed in moving the price above the resistance level $1.6150 then further upside correction near $1.7000 and 1.7500 should be expected.
Cryptocurrencies price prediction: Bitcoin, EOS & Litecoin – American Wrap – 15 October
Bitcoin price analysis: BTC/USD smashed through key near-term support
The Bitcoin price in the latter part of the session on Tuesday is nursing losses of just some 2% Price action had been moving within a narrowing range block formation until a breach south came into play.
BTC/USD was trading within tight conditions, downside at $8,250, with upside capped at $8,400. Given the fresh near-term wave of selling pressure through the support, it does leave the door open to a further bear attack.
EOS/USD technical analysis: The technical pattern has just broken to the downside
The pair has broken a bear flag formation that formed on the four-hour chart and is now heading to the base of the formation at 2.588.
The psychological 3.000 level has also been broken now and the price is currently holding at 2.939 after finding some support at 2.868 a level used five times in the past as support and resistance.
The relative strength index (RSI) has also broken lower and taken out two trendlines in recent times. The indicator has not reached the oversold level which could suggest there is some more downside momentum on the way.
Litecoin technical analysis: LTC/USD critical bearish flag breach
Litecoin price is trading in the red in the session by some 4.15%.
LTC/USD bears are breaking out to the downside from a bearish flag structure.
Given the above-detailed breach, the psychological $50 mark is likely in the sights of the bears.
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Cryptocurrencies slightly up, will buyers come in?
Cryptocurrencies start the week on a positive note after a weekend dominated by sideways movements. Bitcoin (+0.33%) struggles to keep on the positive side after another sharp selloff 9 hours ago. Ripple(+6.54%), helped by the bad news of its rival Libra, took the way up, followed by Tron (+5%) and ATOM (+8%). Ethereum (+1.7%) and Litecoin(+1.65%) are moving more cautious. On the Token sector, ODE (+21%), CENNZ (+18%), DGD(+15%), and ZRX (+9.7%) are the movers of the day.
The market capitalization is $225.9 billion (+0.94%) at the moment of this writing, and the 24H volume was $22.24 billion, and the dominance of the Bitcoin is 66.48%.
The SEC has halted the 1.7 Billion GRAM token offering. According to Cointelegraph, the regulator has filed an emergency action and limiting order against two offshore companies alleging the tokens were unlawfully sold. As a result of this action, US investors will be unable to acquire GRAMs.
Zuckerberg will testify before the US Congress regarding the Facebook Libra project. The scheduled date for his testimony in front of the House of Representatives Financial Committee is Oct 23.
A Class Action against Tether and Bitfinex accuses them of market manipulation. The firm behind this says the stablecoin firm and the crypto exchange defrauded investors by manipulating markets. “[the firm] issued extraordinary amounts of unbanked USDT to manipulate cryptocurrency prices.”
During this weekend, Bitcoin moved mostly sideways. Then, on Sunday evening, it started a weak recovery that ended in a sharp selloff that pushed the BTC to its recent support of $ 8,250. We see the price has made a lower high in the 4H timeframe.
MACD is moving down, and the price is on the lower side of the Bollinger. That and the recent selloff on higher than usual volume makes us think sellers still dominate the cryptocurrency.
Supports: $8,250, $8,200, $8,000
Resistances: $8,450, $8,530, $8,700
Ripple seems to like Facebook Libra difficulties. After finding support near the area marked by the dark-blue rectangle, XRP followed the path of its 50-period MA to test and successfully pierce the $0.28 resistance.
We see Ripple’s price currently overbought, but we can also observe an increment of the momentum that may help drive the price to a test of the $0.30 level.
Ethereum is currently moving in a range between $176 and $186 after the sharp drop made by the rejection of the $196 level. To assess any direction, we should see how this range is resolved. The case for the downside is supported by the sharp selloff made last Friday. The case for the upside can be explained by the fact that the price is still above the ascending trendline (amber) and that the area of its previous highs currently holds ETH. The key levels to observe are the obvious $176 and $186.
Atom moves in a bullish trend, with its price above the 60 and 100-period MAs. Today, after breaking the triangular formation to the upside is moving slightly above the 2.98 level, starting another leg up marked by the Bollinger bands’ volatility increment. MACD also confirms this outlook. The next resistance level to break will be the psychological $3 level. $ 2.8 marks the invalidation point od this scenario.
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Zcash’s Halo Breakthrough Is a Big Deal – Not Just For Cryptocurrencies
Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.
The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.
An underappreciated, sideline payoff from cryptocurrency R&D is that it also generates advances within the sector’s component technologies.
The most important are occurring within the field from which the term “cryptocurrency” derives. Cryptography – essentially, the study of mathematical secrets – is as old as the exploration of ciphers in ancient times. But in the past 10 years, thanks largely to the invention of bitcoin and censorship-resistant money, it’s seen an explosion of activity.
That’s especially in the sub-field of zero-knowledge proofs, which enable the verification of facts that are derived from a secret the verifier cannot access. These advances matter because zero-knowledge proofs offer the tantalizing prospect of people transacting in confidence without accessing potentially compromising information about each other. Its potential goes beyond the narrow realm of cryptocurrencies to face the ultimate challenge of the Internet age: achieving security with privacy.
This is why a breakthrough by the Electric Coin Company, the startup behind zcash, is rich with potential. ECC had already been an engine of progress for cryptography by advancing the use of zk-SNARKS, another cryptocurrency-inspired addition to the zero-knowledge proof toolkit, with which zcash produces a provably auditable blockchain without revealing users’ addresses (a disclosure note: Digital Currency Group, CoinDesk’s parent company, is an ECC investor).
But the company’s recent announcement of Halo, a “trustless recursive” version of zero-knowledge proofs that provides a massively scalable solution to the field’s unwieldy reliance on “trusted setups,” is arguably bigger. If the discovery by ECC researcher Sean Bowe holds up to scientific scrutiny, it could one day unleash a host of powerful, real-world applications for the digital age that go far beyond cryptocurrency.
Might it even achieve the impossible: lowering the heat that zcash CEO Zooko Wilcox and his cofounders relentlessly receive for the 20% founder fee built into the cryptocurrency’s protocol, a deal that has delivered them millions of dollars’ worth of tokens since the launch in 2016? The founders justify the fee on the grounds that it both pays for maintenance and rewards research and development to strengthen the protocol. For now at least, this looks like a discovery that ECC can flag as money well spent – not just for zcash, but for the entire crypto ecosystem.
A proof of proofs
Halo allows a user to both prove that no one involved in the initial establishment of a large-scale zero-knowledge proof system has created a secret backdoor with which to later amend the code and that that secure state has existed over the course of ongoing updates and changes to the system. Until now the risk of fraud at setup meant that zero knowledge proofs often required elaborate, costly procedures at the outset to instill confidence in users. (A prime example was the zcash genesis “ceremony” – recorded live on YouTube and documented in an entertaining episode for NPR’s Radiolab – when various founders and outside particiapants based in multiple locations went to extraordinary lengths to jointly and securely create the initial key pair and then demonstrate that none of them would ever have access to the private key.)
As such, zero-knowledge proofs were too cumbersome for anything other than privately proving small one-off facts. Repeating the inefficient, time-consuming trusted setup over and over again was costly. To be sure, one-off trustless solutions known as “bulletproofs” have been around since 2017, but they lack the recursive quality needed to verify the ever-accumulating information within a large, growing changing database.
Halo gets around this problem by establishing an accumulated “proof of proofs,” such that the latest mathematical output contains within it a proof that all prior claims to the relevant secret knowledge have themselves been sufficiently proven through a similar process. In a dramatic compression in computational requirements, all that’s now needed to verify the veracity of the entire database’s current state is a single mathematical proof. (The way Wilcox explained it to me, the process sounded similar to the efficiency gains of Merkle tree structures, which aggregate previously hashed information into a single root hash output.)
Cheap full nodes
The scaling benefits of this lightweight proofing system were illustrated with a mid-September demonstration by the EEC team using the bitcoin blockchain. They generated a proof of the current block’s proof-of-work integrity that also contained proofs of the integrity of every preceding block, all the way down the chain to Satoshi Nakamoto’s genesis block of January 3, 2009.
In light of the fraught debates in the bitcoin community over full nodes, decentralization and block sizes, this sounds like game-changer material. While there will still need to be nodes that read the full blockchain to identify transactions, the overall task of verifying the integrity of a blockchain could become a much less costly problem for the network as a whole. Ordinary users could achieve the ease-of-use and efficiency they need but do so with their own full verification nodes. It would thus negate the need for so-called SPV wallets, which rely on others to verify on the user’s behalf and so create a trust problem. For the network, the result could be greater decentralization at a lower cost.
The ECC is planning to integrate Halo into the zcash blockchain as a Layer 1 scaling solution. If it works, the zcash network might much more cheaply handle significantly larger amounts of on-chain data. This is a markedly different approach to the scaling problem from the Layer 2 model favored by bitcoin supporters of the Lightning Network, where scale is achieved by taking transactions off chain. If it works for zcash, one wonders whether bitcoin cash developers will be tempted to integrate it into their protocol to lower the cost of maintaining the larger blocks they adopted in the contentious 2017 fork from Bitcoin Core.
But it’s the potential for non-cryptocurrency solutions that makes Halo an especially exciting prospect. Wilcox even claims Halo “may turn out to be a building block for the next generation of the Internet and other such social infrastructure.”
In a conversation, he pointed to the vulnerabilities of large, ever-changing centralized databases such as that of the famously hacked credit scorer Equifax, as well as those of different states’ DMV outlets and of siloed medical record custodians. All must share information with other parties but struggle with the risks of doing so. “Now instead of them spitting out copies of a full report of the data, they keep the only copy but spit out zero knowledge proofs,” Wilcox said.
The ideal, however, would be to dispense with the centralized record-keeper entirely. Wilcox thinks Halo-like zero-knowledge proofs will pave the way. Taking the prior example one step further, he said, “What if instead of me saying ‘here is a proof that Equifax says I haven’t had any defaults over the last 10 years,’ I can say ‘here is a proof from all the 100 people that have lent to me over the past 10 years and each of them attests to me not having defaulted?”
Getting to such a utopia won’t happen quickly. Regulation, corporate incumbency and behavioral inertia will continue to pose resistance. And, to be clear, Bowe’s mathematical proof still needs to be subject to rigorous peer review.
But even if holes are found in the current iteration, they will be patched. Better versions will emerge.
The process of follow-on research that this discovery will unleash in all areas of the digital economy is undeniable. And if the world isn’t ready for such a radical reorganization of how we manage sensitive information, it will eventually be moved to adopt such changes by the relentless buildup of vulnerable databases and the ongoing attacks against them by increasingly sophisticated hackers. That’s a trend that led Juniper Research to recently assert that cybercrime will cost the global economy a stunning $5 trillion a year by 2024.
The world badly needs fixes for these giant challenges. Cryptocurrency developers are doing as much as anybody to find them.