Spotlight: Enjin (ENJ/USD)

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Enjin Technical Analysis: ENJ/USD explodes higher by 36% on the day

  • The current bullish trend spikes higher after holding key pennant support at $0.15 cents

  • Key near term support levels seen at $0.2050 and $0.1750 cents

  • ENJ coin up a over 600% in March since the Samsung partnership announcement

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In the past 24 hours, ENJ has turned over $140 million in volume with more than half of that coming from South Korean exchanges which is impressive with 767 million ENJ in circulation,taking the market cap towards $155 million overnight. This comes as  no surprise as the Samsung effect continues to dominate trading in this coin.

After the initial announcement by Samsung on March the 8th of a partnership with Enjin, ENJ/USD soared as high as $0.20 cents from $0.10 cents on the day, before continuing to rally to a high of $0.25 cents before profit taking set in. ENJ then corrected down as much as 35% and found a strong support area at $0.15 cents until yesterday's rally broke through a pennant resistance line that had formed over the past week pushing prices higher towards $0.23 cents up some 36% on the session.

The shallow retracement after such a strong rally revealed that traders were not dumping ENJ but to the contrary that investors were ready to purchase the asset on any weakness in price.

Samsungs involvement (and 41 million customers) in the ENJ coin market has put Enjin in a fundamentally bullish position and we encourage investors to read our recent Research Insight, published on February the 14th, covering Fundamental Analysis which will help you apply some simple fundamental analysis to define the market price of a cryptocurrency and whether or not to invest your capital.

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We have applied such analysis and have placed a Strong Buy recommendation on ENJ/USD at current market ($0.2050) with profit targets placed at $0.35 cents and $0.55 cents respectively with a stop loss on the position at $0.13 cents.

Daily Technical Analysis Summary: Strong Buy

Moving Averages: Strong Buy

Oscillators: Buy

Support 1:               $0.2050

Support 2:               $0.1750

Resistance 1:              $0.2350

Resistance 2:          $0.2500




The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Spotlight: Litecoin (LTC)

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LTC Technical Analysis: LTC/USD explodes higher by 25%

  • The current bullish trend spikes higher after holding key support at the 200 Day MA as identified in our Daily Market update on the 27th of Feb

  • Key near term support levels seen at $50.50/$51.00 resistance seen towards $57/$60

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  • Taking a look at the 1-hour LTC/USD chart, we see an incredible reversal from the support at $44.50/$45.00 confluence zone yesterday.

  • The attempted recovery last week failed to break above $50.00 leading to a retracement towards the mentioned support. The current bullish trend has spiked in two candlesticks pulling LTC/USD above $50.00 and towards our take profit level of $57.00 as identified in our trade recommendation from the Daily Market Report on the 20th of Feb, if Litecoin trades at this level it will return 22% on our trade.  

  • In the short term it is vital that Litecoin establishes support above $50 in order to prevent trimming the gains and focus on higher levels towards $65.00.

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Daily Technical Analysis Summary: Strong Buy

Moving Averages: Strong Buy

Oscillators: Buy

Support 1:               $54.00

Support 2:               $52.00

Resistance 1:              $57.00

Resistance 2:          $60.00


The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Spotlight: Litecoin (LTC/USD)

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LTC/USD:  Litecoin (LTC) has been one of the better performing coins over the past few weeks, with LTC recovering slowly from its early January slumps to post some encouraging gains, especially in February.   

What is litecoin:

While the identity of the Bitcoin creator Satoshi Nakamoto is shrouded in mystery, Litecoin’s creator Charlie Lee is very active on social media and his blog. Charlie Lee is an ex-Google employee who had the vision to create a lighter version of Bitcoin.  While Bitcoin was seen as “gold” and a store of value for long-term purposes, Litecoin was seen as the “silver” and a means of a transaction for cheaper and everyday purposes. So, on October 7 2011, litecoin was released via an open-source client on GitHub. The Litecoin Network went live on October 13 2011. It is essentially a fork of the Bitcoin Core client.

Difference from Bitcoin:

  • Total supply capped at 84 million coins, while BItcoin is 21 million.

  • The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes.   The developers claim that this allows Litecoin to have faster transaction confirmation.

  • Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.

Why the bullish moves now?

The recent surge in interest in Litecoin can be attributed to the following key developments:

  • New privacy features

  • Upcoming ‘halving’

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Privacy Developments:

There may be some valid reasons why such bullish movement is expected by many from Litecoin, the silver to Bitcoin’s gold. Charlie Lee of the Litecoin Foundation only recently announced that Litecoin will be pursuing confidential transaction features to upgrade the safety, security and anonymity feature LTC provides its users. In this pursuit, LTC is exploring the implementation of bulletproof MimbleWimble extension blocks, a characteristic of other privacy coins in the market.

This solution to Litecoin’s fungibility problems and its corresponding promise of added security and anonymity has thus, supported the bullish prospect of the LTC market.

Halving:

In approximately 179 days, Litecoin will undergo its next block-reward halving — cutting the coin reward for miners from 25 to 12.5 coins

Halving is a term common among cryptocurrency miners – the process sees the reduction of mining rewards of cryptocurrencies slashed by 50 percent.

Litecoin which runs on the same base code as Bitcoin halves its mining rewards every four years.  One major reason Litecoin and other cryptocurrencies halve their block rewards is to keep the activities of miners in check as the cryptocurrency grows over time.

With the mining reward set to be cut by half post the Halving, bullish prospects would push the price upwards while a higher reward can be received and although there is no evidence to suggest halving itself will have any effect of price - a statement corroborated by Charlie Lee himself, the expectation of positive price action can however, encourage the bulls to push the price of a coin like LTC upward.

Litecoin is currently ranked as the 4th largest cryptocurrency, with a current market capitalisation of USD$2.6b.

The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Spotlight: LTC (LTC/USD)

Litecoin Technical Analysis: LTC/USD double digit gains for bulls

  • Litecoin price storms ahead leading recovery in crypto market.

  • LTC/USD bulls broke out from a range-block which had been containing the price near-term at yearly lows, rallying as much as 30% from Monday.

  • Resistance is seen heading into the $31 mark.

Litecoin has been the market leader from Monday with gains in excess of 30% spurred on initially by news that it had exceeded Bitcoin Cash’s market capitalisation which encouraged buying in the cryptocurrency unit and started a rally right across the board. The entire market has seen a considerable recovery following the drop below $100 billion last week. At the time of writing the market capitalisation is standing at $119 billion.

Litecoin has traded intraday lows of $27.70 while on the upside, the asset has traded intraday highs of $30.50. In the recent declines, LTC/USD broke below the range support at $23 - $25.00 and formed a low at $22.57 before starting the current recover over the past few sessions.

The bounce from the above mentioned low overcame the support turned resistance at $25.00 paving the way for growth above the hourly simple moving averages (both the 100 MA and the 200 MA), see chart.

The cryptocurrency market spiked on Monday as assets added significant gains. The bulls have comeback for revenge after being battered for more than four weeks. Litecoin leads the recovery with gains towards 30%. The cryptocurrency unit is testing the resistance at $30.00 at the time of writing. Hourly technical indicators on the chart show that the price will continue to correct higher in the coming hours, with moving averages and oscillators flashing strong buy signals. The RSI is currently in the overbought regions while the MACD is heading upwards towards 1.00.

Litecoin Technical Analysis: LTC/USD bulls need to break $31 area

  • LTC/USD running into strong resistance towards $31

  • Next major topside target towards $33.50-$35.00

  • Bulls supported for now by ascending trend line towards $27.80

LTC/USD Hourly chart - Price up 30% from lows:

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Our forecast:

LTC/USD: As written here on Monday, Litecoin remains a buy on dips despite hitting our first profit target at $27.50 (10% return) with our second profit target now in sight at $33.50. From an hourly perspective LTC/USD has broken above the 100 & 200 hour MA’s around $23-$24 respectively with the 100 crossing through the 200 hour MA with both lines now providing support to price. Range block support is now seen towards $27.80, LTC/USD remains a buy on dips towards this zone. Only a move back below support at $23 will negate the bullish outlook.

Technical Analysis Summary: Buy

Moving Averages: Strong Buy

Oscillators: Buy

Support 1:                   $28.70

Support 2:                   $27.80

Resistance 1:             $31.58

Resistance 2:             $33.53

Spotlight: EOS (EOS/USD)

EOS Technical Analysis: EOS/USD extends downfall to reach beyond triangle breakdown target

  • EOS/USD bears still in the driving seat with price falling 75% over the  last 4 weeks

  • Consolidation is required to avert further continuation of this severe fall

  • Bulls need to push back above the $2.20 area or EOS could retrace entire bull move from $0.50 cents in 2017

EOS bears have been in full control and no doubt enjoying themselves as they have exceeded bearish targets on the downside (between $2.20-$2.30) of a triangle breakdown which occured from around the $5.20 level. From this breakdown to the recent lows of $1.56,  a gain of up to 75%  has been enjoyed by bears (shorts) in less than 4 weeks. So what's next? 

EOS/USD is down about 20% from the previous sessions rebound highs towards $2.00, trading currently at $1.80 at the time of writing, however still above the recent lows around $1.56. As visible on the daily chart below, EOS has reached far beyond its potential triangle breakdown price levels and is now sitting at a critical juncture from where, if it is unable to bounce back, it could end in prices going all the way down to $0.51 cents - the starting point of last year's rally in EOS, essentially retracing 100 percent of the entire rally.

Oversold momentum indicators like the RSI might provide some help to bulls for now although on the upside, bulls face resistance around $2.20 from where bears may come back in force. 

EOS Technical Analysis: EOS/USD bulls need to break $2.20 area

  • EOS/USD is trading around $1.80 at the time of writing, 20% above fresh yearly lows struck in the previous session around $1.56

  • Key support levels to watch $1.56 (Current yearly low struck in previous session)

  • Key  resistance levels $2.20  (Top of descending channel )

EOS/USD Daily chart - Price down 75% in 4 weeks:

EOS/USD Hourly chart - Descending channel resistance at $2.20:

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Spotlight: Bitcoin (BTC)

Bitcoin Technical Analysis: BTC/USD plunges below $4,000, drags entire crypto market lower before recovering on strong volume  

  • BTC/USD capitulates below $4,000 towards 200 week MA $3,126

  • Bitcoin closes below the 100 week MA ($5,837) for the first time ever

  • Key near term support levels seen at 200 week MA $3,126 and $3,000

  • BTC/USD recovery underway, up 10% from lows, Is this the bottom?

Bitcoin has begun to show some signs of stabilisation in the past few hours of trade recovering strongly towards $4,000 after being down as much as 15% in the last 24 hours trading as lows as $3,657. BTC/USD broke $4,000 in yesterday's session, after finishing the week last Friday around $4,650, quickly capitulating towards the 200 week MA at $3,126. 

After an epic rally at the end of last year which exceeded all forecasts, Bitcoin which accounts for 55% of the entire cryptocurrency market capitalisation, has become mired in a steep downtrend which has seen it lose over 80% in value from its peak around $20,000 reached in December last year, with the total crypto market cap falling from around $800 billion at the beginning of the year to a low of $115 billion overnight. 

At the time of writing the total crypto market cap has recovered  $13 billion dollars in the past 10 hours to $127 billion with Bitcoin leading the way with a 10% recovery from the lows.

Bitcoin Technical Analysis: BTC/USD is this the bottom?

  • BTC/USD is trading around $4,000 at the time of writing up 10% from lows around $3,650 on strong volume

  • Key support levels to watch $3,126 (200 Week MA) and $3,650 (Overnight low)

  • Key resistance levels $4,000 - $4,200 (Breakdown price confluence zone)

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Our forecast:

BTC/USD: Bitcoin price has entered uncharted territory on a weekly basis and a range not seen since October 2017.  BTC/USD has lost 40% of its value in two weeks and now closed under the 100 week MA for the first time ever.  From a weekly perspective this brings the 200 week MA into play at $3,143 and a critical area of support. On the upside $5,000 needs to be breached to encourage a further relief rally back towards the 100 week MA at 5,825.  We are waiting for confirmation that a blow off bottom is in place on the weekly chart, with both price and volume placing us on high alert for a reversal, if BTC/USD closes above $5,700 on a weekly basis we will be confident that a low is in place and a reversal underway.

 Support 1:  $3,502

Support 2:  $3,126

Support 3:  $2,789

Resistance 1: $4,214

Resistance 2: $ 4,649

Resistance 3: $4,927

Technical Analysis Summary: Sell

Moving Averages: Strong Sell