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Right now, the global economy is in total shock. The Washington Post reports, “Nearly every asset class stocks, bonds, gold, oil came under siege, with the Dow plunging more than 1,300 points.”  On March 12, this sent the crypto markets tumbling into panic mode. During the panic, bitcoin was oversold.  In just 24 hours, $93 billion was wiped from the crypto markets, resulting in a 48% plunge in bitcoins’ price which came quickly.Bitcoin bull, Tim Draper says, “It will be bitcoin, not banks and governments that save the day.”  With the bitcoin halving event scheduled to take place in May, Draper believes that the price of bitcoin could reach an all-time high of $250,000 by 2022.  With the bitcoin halving event around the corner, here’s what you could expect to happen. Extreme price volatility Despite the recent downturn in bitcoin prices and the crypto market as a whole, Richard Ells, the CEO of Electroneum believes that the global economy hasn’t seen anything like what is h

Ripple is down more than 5% and it broke the $0.1550 support region against the US Dollar. However, XRP price is still trading nicely above the key $0.1450 and $0.1420 support levels. Ripple price started a fresh decline from the $0.1620 resistance area against the US dollar. The bears were able to push the price below the $0.1550 and $0.1500 support levels. There is a key bearish trend line forming with resistance near $0.1540 on the hourly chart of the XRP/USD pair (data source from Kraken). The price is likely to remain well bid above the $0.1450 and $0.1420 support levels in the near term. Ripple Price is Holding Key Supports After retesting the $0.1450 support area, ripple failed to continue above the $0.1620 resistance.  XRP price made a couple of attempts to surpass the $0.1620 barrier, but it failed. As a result, there was a fresh decline below the $0.1550 support level. The price even broke the $0.1500 support level and settled well below the 100 hourly simp

Litecoin price lower high pattern and higher low pattern leads to consolidation at $35. A triangle breakout is nigh and if supported by increased trading volume it could catapult LTC/USD above $50. Litecoin price has been narrowing towards $35 since the crash that took place last week.  Support was established at $25. The recovery that ensued stepped above $30 but failed to break the resistance at $40. The lower high and higher low pattern formed in the last seven days has resulted in the formation of a symmetrical triangle pattern. Meanwhile, consolidation in the zone at $35 suggests that a breakout is in the picture and coupled with the triangle pattern, is likely to launch LTC/USD into a trajectory targeting $50 and $60 levels. Litecoin price analysis Litecoin’s immediate upside is limited by the 50 Simple Moving Average (SMA) on the 4-hour chart. A break above $40 will definitely boost the price upwards but the buyers should be prepared to deal with the resistance at

Ethereum and the entire crypto market has continued trading sideways today despite the decline seen in the U.S.  stock market, with Bitcoin showing some signs of breaking its correlation with the traditional markets.Analysts are now noting that the strong support Ethereum has established within the lower-$100 region may just be enough to send it higher in the days and weeks ahead, with one prominent trader explaining that it could soon rally up towards $140. Despite this, there is a bearish technical formation that ETH is currently caught within that bulls need to invalidate, as an inability to do so could open the gates for further losses. Ethereum Stable Around $115 as Bitcoin Shows Signs of Breaking Correlation with Global Markets At the time of writing, Ethereum is trading down marginally at its current price of $114, which is around where it has been trading at throughout the past several days. This stability has come about as a result of that seen by Bitcoin, which has

Amid some notable recovery of Bitcoin (BTC) after a number of subsequent market crashes last week, billionaire investor Tim Draper delivered another optimistic forecast about Bitcoin. In a March 16 interview with 415 Stories podcast, Draper outlined decentralization powered by Bitcoin and other new technologies as a major tool that has the “ability to transform the biggest industries in the world.” “It will be Bitcoin, not banks and governments that save the day” According to Draper, Bitcoin will be one of the most crucial tools in the times of the recovery of the ongoing global financial crisis, opposing the major cryptocurrency to centralized structures like banks and governments.  Referring to the interview, Draper tweeted:“Entertainment for while you are holed up.  When the world comes back, it will be Bitcoin, not banks and governments that save the day.” In the interview, Draper expressed confidence that new technologies like Bitcoin and artificial intelligence (AI

Litecoin has started afresh bullish session on Tuesday with gains of more than 3% on the day. Technical levels are gradually aligning in the favor of the bulls as Litecoin buyers eye levels above $40. Litecoin price has sustained losses in the confines of a descending triangle.  Following the crash to $25, LTC/USD has recovered above $30 but gains have been limited under $40. At the time of writing LTC/USD is trading at $35 amid a growing bullish momentum. The Elliot Wave Oscillator has commenced a new bullish session in the daily range following an extended bearish session (lasted over a week).  The immediate target is to pull LTC/USD above $40 and allow the bulls to focus on the levels towards $50 and $60. Litecoin price is also battling the resistance at the descending trendline. The hurdle has been tested several times during the downtrend experienced last week.  If the bulls manage to clear the resistance above this line, the move could trigger a massive jump n

Although all cryptocurrencies have had it tough over the past few weeks, XRP has been hit especially hard.  The altcoin, the third-largest crypto asset by market capitalization, fell as low as $0.105 on Thursday from its 2020 high of $0.345 established just weeks earlier, marking a drop of 70%.However, the cryptocurrency rapidly bounced back above $0.13 and is now trading at $0.15 as a recovery in the digital asset markets seems to be underway.  A top trader has suggested that this recovery could set the stage for a wider rebound in the value of XRP. XRP Could Rally 100% As Key Support Holds, Analyst Suggests Despite the recent weakness seen in the XRP markets, Calmly, a full-time digital asset trader, has expressed optimism about the asset, writing on Saturday that it may be time to “start accumulating Ripple. ”He remarked that XRP has held a long-term support zone around $0.13  which the cryptocurrency decisively bounced off of in 2017  suggesting that a bull case remai

So many people were trying to use the Ethereum blockchain during Thursday’s market meltdown that many applications simply stopped working as intended. The decentralized finance (DeFi) sector was hit particularly hard.The decentralized services that feed price information into these headless lending platforms  known as “oracles” in the industry simply couldn’t keep up. Oracles could not send accurate price data and traders could not execute trades without paying horrendous fees to record transactions onto the blockchain. In a throwback to 2017, the Ethereum network became too crowded to execute transactions for many projects. In 2017, it was NFT gaming app CryptoKitties that overloaded Ethereum by issuing too many transactions during a bull market.  At one point, 30,000 transactions were stuck in the queue waiting to be processed by the network. Thursday’s mass transaction action was caused by the precarious plummet of ether’s price, which shed 30 percent in 24 hours in a network f

Global panic over coronavirus has affected crypto markets The price of Litecoin LTC inevitably resumed its downward movement The coin initially maintained the $50 level for two consecutive days Litecoin news today  The world is currently in a state of panic over the rise in coronavirus infections.  The situation has impacted global equity markets in the last few days.  Volatility has been the order of the day in crypto.  This means fear has gripped traders and they will likely sell their stock.  We should expect to see a surge altcoin and Bitcoin buying. It will be interesting to determine the price level for LTC. Central Banks to Cut Rates Globally Central banks around the world will likely to cut down rates aggressively in a bid to tackle the economic downturn caused by the panic the coronavirus caused.  The US Federal Reserve has already initiated an emergency rate cut of up to 50 basis points.  The Fed is even expected to carry out more rate cuts.  The Bank of En

Bitcoin (BTC) investors are heavily accumulating the cryptocurrency despite its ongoing downtrend, which could be a positive sign for the benchmark crypto’s macro outlook. This growth is elucidated while looking at the number of investors who hold over 1 BTC  commonly referred to as “wholecoiners” which has been skyrocketing over the past several weeks. This bullish factor, coupled with heightened market participation rates amongst futures and options traders, seems to suggest that the market is growing and maturing despite the intense ongoing selloff that is plaguing BTC and most other major altcoins. Investors are Accumulating Bitcoin Despite Intense Downtrend The past several weeks have been rough for Bitcoin and the aggregated cryptocurrency market, with BTC and most other major altcoins plummeting from their 2020 highs in late-February in a trend that has been perpetuated by the weakness in the global markets. Although the selloff has shifted investor’s sentiment to be

WILL TERRAPAY BRING XRP TO MILLIONS OF NEW GLOBAL USERS? TerraPay is a local, regional and global payments fintech startup that was incubated by Comviva, a mobile solutions provider based in India.  TerraPay is a new payments infrastructure provider which links financial institutions, banks, mobile money operators, money transfer operators, into the same payments network to reduce costs. TerraPay has secured more than 25 licenses to operate in over 60 countries, and currently exists in Africa, Europe, and Asia, with plans to expand globally with the $9.6 million they raised. TerraPay will also be able to offer banking-like services to industries typically excluded from traditional payment processors and credit card systems.  They’ll also make it possible for mobile money accounts to be used by businesses to pay employee salaries and allow for remittance payments to settle in real time. TerraPay has actively pursued partnerships with global payments networks and remittance s

Ethereum is extended its decline below the $200 support area against the US Dollar.  ETH price traded as low as $188 and it is currently correcting higher towards $205 and $208. Ethereum is currently recovering losses from the $188 monthly low against the US Dollar. The price is likely to face a lot of hurdles on the upside near $208 and $212. There was a break above a major declining channel with resistance near $199 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is now trading well below the $8,000 level, with a bearish angle Ethereum Price Facing Hurdles Yesterday, we saw a massive 15% decline in Ethereum below the $220 and $215 support levels against the US Dollar.  ETH price even spiked below the $200 handle and settled well below the 100 hourly simple moving average. A new monthly low is formed near the $188 level and the price is currently correcting higher.  There was a break above the $195 level, plus the 23.6% Fib retracement level

After closely hugging $8,000 for three or four hours, Bitcoin finally lost the support of $8,000 just minutes ago, plunging as low as $7,900 as of the time of this article’s writing and per data from TradingView. Per data from Skew.com, this latest leg lower, which is the fifth of its kind in the past day, has seen $20 million worth of BitMEX longs liquidated, meaning that over $200 million worth of such positions have been liquidated within the past 24 hours. Ouch. This move comes as global markets have fallen off a cliff, so to say, with the futures of the S&P 500 and Dow Jones already down 5%, stopping at this level of loss because of limits.  Oil is down 30%, falling as a price war begins between the world’s largest oil producers, including Saudi Arabia and Russia. Gold, unsurprisingly, has rallied amidst this weakness in global equities and commodities, surmounting $1,700 for the first time in years.  Though, Bitcoin has been falling, showing that there may be so

Litecoin may be the silver to Bitcoin’s digital gold, but oftentimes, it’s the seventh-ranked crypto asset by market cap that leads the cryptocurrency market. According to one analyst, Litecoin “may have bottomed” out and “new highs” are inbound for the altcoin.  The analyst also says that this means that Bitcoin and the rest of the altcoin market will follow. Litecoin Completes ABC Correction, Bottom May Be in During the start of the 2019 rally, Litecoin led the rest of the crypto market in bottoming and kicking off what would eventually be a massive 500% rally for the altcoin. The surge in interest in Litecoin was due to the asset’s halving. However, a selloff pre-halving ended that rally and Litecoin retraced to a new higher low in late 2019. Earlier this year, it was also Litecoin to first bottom and begin showing signs of a recovery.  The cryptocurrency led the market into yet another rally, that has only recently broken its trend. Once again, Litecoin is exhibiting

Over the past few weeks, XRP has performed extremely poorly amid the tumultuous macro environment.  BTC is trading around 14% down from its $10,500 high (data from TradingView), but the third-largest cryptocurrency, XRP, has lost 30% in the same time period. Despite this, a prominent cryptocurrency trader  one that called Bitcoin’s bottom at $6,400, the subsequent reversal to near $11,000, then the retracement to $8,500  says that the asset is likely to form a “very significant pattern” that will see it trade at $0.40 in the relatively near future. XRP Could See “Very Significant” Bottoming Pattern Dave the Wave, one of the most accurate traders in the industry over the past few months, recently shared the below chart, showing that the leading cryptocurrency is likely forming a bottoming inverse head and shoulders pattern, whose neckline sits at $0.33. Right now, the asset is in the midst of the right shoulder, which has been supported by the 0.5 Fibonacci Retracement of the

Ethereum is showing positive signs above $225 against the US Dollar.  ETH price is likely forming a bullish breakout pattern and it could soon rally above $235-$238.Ethereum is forming a nice bullish formation above the $220 support area against the US Dollar. The price is likely to surge above $230 and $235 to start a fresh rally in the near term.There is a contracting triangle forming with resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is also likely to start a strong rally after the recent rate cut from the fed. Ethereum Price Could Rally Soon After testing the $235 resistance, Ethereum started a downside correction against the US Dollar. ETH price corrected below the $232 and $230 support levels. Besides, there was a break below the 50% Fib retracement level of the recent rise from the $212 low to $235 high.  It even spiked below the $225 support and tested the $220 support level, which acted as a strong buy zone. It seems li

After failing to break past $10,500, Bitcoin has posted weak performance after weak performance, failing to hold key support levels.  Just last week, the price of the leading cryptocurrency fell off a cliff, so to say, breaking below key supports at $9,500, $9,000, and $8,700 as bulls provided no resistance to the selling pressure. This weakness has left many wondering  where will BTC’s ongoing bear trend bottom? When will prices return higher?According to an analysis of a key technical factor by a prominent cryptocurrency trader, Bitcoin’s bear trend is likely to soon come to an end.  Here’s more on why. Bitcoin Could Bottom Very Shortly: Here’s Why Although Bitcoin seemingly moves irrationality, bouncing between prices here and prices there, the cryptocurrency acts like other markets in that prices of historical relevance are tested again and again. Josh Rager, a well-known crypto-asset trader, recently touched on this, arguing that this propensity to retest historical lev

Ripple retested the key $0.2240 support area against the US Dollar.  XRP price could start a strong recovery wave once it clears the $0.2350 and $0.2380 resistance levels. Ripple price is showing a few positive signs above the $0.2240 level against the US dollar. The price is likely forming a double bottom pattern near the $0.2240 level. There is a key bearish trend line forming with resistance near $0.2330 on the hourly chart of the XRP/USD pair (data source from Kraken). The price could either start a strong rally towards $0.2500 or decline sharply below $0.2200. Ripple Price Could Start a Recovery This past week, we saw a steady decline in ripple below the $0.2500 support area.  XRP price even traded below the key $0.2350 support level and the 100 hourly simple moving average. The bears aimed the $0.2200 support area, but they failed.  The price found a strong support near the $0.2230 and $0.2240 levels.  The recent low was $0.2238 and the price is currently moving