Articles
Elrond price enjoys strong support, but EGLD shows no follow through
157958 July 31, 2021 23:56 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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Terra price poised to retrace to this buy zone before LUNA breaks out
157957 July 31, 2021 23:56 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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Ethereum Price Prediction: $2500 remains a tough nut to crack for ETH amid impending death cross
157955 July 31, 2021 21:40 FXStreet Market News
- ETH price remains on an 11-day uptrend but capped below $2500.
- Ethereum awaits the August 4 upgrade amid a recovery in hash rate.
- The coin at risk of a bearish reversal due to impending death cross on the 1D chart.
Amid sluggish trading seen across the crypto market this Saturday, Ethereum price remains trapped in a narrow range around $2450, potentially contemplating the next move.
In doing so, ETH price consolidates its ten-day winning streak, hovering close to monthly highs just shy of the $2500 mark.
The buying interest around the world’s second most traded digital asset remains unabated ahead of its upgrade, known as Ethereum Improvement Proposal (EIP) 1559, which is set to go live on August 4.
The upgrade is expected to alter the transaction costs while reducing the supply of the ether token, which could power the ETH price sharply higher. Further, the recovery in the hash rates also keeps the bullish tone intact around Ethereum.
As of writing, ETH/USD is trading at $2463, modestly flat on the day. Ethereum is gaining 14% on a weekly basis.
ETH/USD’s upside appears faltering as technical indicator warrants caution
Ethereum’s daily chart shows that the price is lacking a follow-through upside momentum, as the bears are awaiting confirmation of a death cross formation.
The 200-Daily Moving Average (DMA) is set to cut through the 50-DMA from below, with a confirmation on a daily closing basis to indicate the potential for a major sell-off.
The death cross validation could call for a bearish reversal, opening floors towards the 50 and 200-DMAs confluence near $2140.
The initial support could emerge at the July 7 highs of $2411, below which Friday’s lows of $2318 could be tested.
The $2250 psychological level could come to the rescue of ETH bulls should the downside pressure intensify.
ETH/USD: Daily chart
However, with the 14-day Relative Strength Index (RSI) still trending above the midline, the ETH buyers could defy the death cross warning and resume the uptrend to retest $2500.
The next relevant bullish target is placed at the 100-DMA at $2538. ETH bulls would seek fresh entries above the latter, exposing the $2600 round number.
ETH/USD: Additional levels to watch
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XLM Price Prediction: Stellar bulls gearing up for a big move above $0.2870
157953 July 31, 2021 18:17 FXStreet Market News
- XLM/USD is gathering strength for further upside beyond $0.30.
- Stellar price set to confirm an ascending triangle breakout on the 4H chart.
- XLM bulls find immediate support at 21-SMA at $0.2725.
Stellar Lumens (XLM/USD) is alternating between gains and losses around $0.2800 so far this Saturday, looking out for a strong bullish catalyst to extend the recent uptrend.
XLM price is consolidating after four consecutive daily gains, having failed to secure its hold above the $0.30 level. The altcoin remains on track to book the second straight weekly advance, adding nearly 7% over the past seven days.
XLM/USD’s path of least resistance remains to the upside
Stellar Lumen’s four-hour chart shows that the price has been traversing within an ascending triangle formation since July 22.
XLM price remains primed for a bullish breakout from the triangle, as it continues to challenge the horizontal trendline resistance at $0.2870.
If the bulls manage to find a strong foothold above the latter on a four-hourly candlestick closing basis, then a rally towards the pattern target measured at $0.3230 could be well on the cards in the near term.
However, on its way northwards, the $0.30 psychological level could challenge the bullish commitments.
The Relative Strength Index (RSI), currently pointing up at 58.51, backs XLM’s constructive outlook.
XLM/USD: Four-hour chart
Alternatively, the upward-sloping 21-Simple Moving Average (SMA) at $0.2725 could limit any pullbacks from higher levels.
Sellers will then keep their sight on the next downside target around $0.2670, where the mildly bullish 50-SMA and rising trendline (triangle) support coincide.
A sustained break below that confluence support would yield a downside breakout from the triangle, exposing the critical 200-SMA cushion at $0.2526.
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Cardano price awaits acceptance above this key hurdle to initiate rally towards $1.45
157951 July 31, 2021 14:45 FXStreet Market News
- Cardano awaits a range breakout from two key averages on the 12H chart.
- An impending bull cross and bullish RSI keep the ADA buyers hopeful.
- ADA price eyes a rally to 200-SMA at $1.4545 on a firm break above 100-SMA.
Having witnessed massive volatility on Friday, Cardano price is trading on a cautious footing this Saturday, taking cues from a subdued sentiment seen across the crypto board.
ADA/USD rallied as high as $1.3952 while finding support at $1.1843 a day before. Despite the wild swings, Cardano price remained within Monday’s trading range.
The upswing in ADA price could be attributed to the launch of a decentralized application connector by Cardano ($ADA) wallet Yoroi that will make it easier for users to interact with smart contracts and these applications once they go live on the Cardano network.
At the time of writing, Cardano price is ranging around $1.30, down 0.80% on the day. The fifth most favorite crypto coin is gaining about 7% over the week.
ADA/USD remains poised for additional upside
As observed on Cardano’s 12-hour chart, the price is wavering in a familiar range, with the losses capped by the descending 50-Simple Moving Average (SMA) at $1.2563.
Meanwhile, ADA bulls continue to find stiff resistance at the downward-sloping 100-SMA at 1.3182.
Therefore, a range breakout appears imminent, with increased odds for an upside break amid an impending bull cross on the said time frame. The 21-SMA is on the verge of cutting the 50-SMA to the upside, which would then confirm a bullish crossover.
The Relative Strength Index (RSI) has turned south but remains well above 50.00, adding credence to a potential move higher.
Therefore, a 12-hourly candlestick closing above 100-SMA could fuel a fresh advance towards the July 26 high of $1.4030.
Further up, the bulls will aim for recapturing the horizontal 200-SMA at $1.4545.
ADA/USD: 12-hour chart
On the flip side, ADA bears needs acceptance below the 50-SMA, below which the bullish 21-SMA support at $1.2470 could be challenged.
The last line of defense for the bullish traders is envisioned at the July 27 lows of $1.2129.
Overall, the path of least resistance for Cardano price appears to the upside.
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SafeMoon price eyes a pullback amid oversold conditions before next downswing kicks in
157949 July 31, 2021 13:26 FXStreet Market News
- SAFEMOON price poised for a rebound but not out of the woods yet.
- Bear flag breakdown on the daily chart targets $0.0000012.
- RSI peeps into the oversold territory, warranting caution for the bears.
SafeMoon price is in a downside consolidation mode near multi-month lows of $0.000001934, briefly pausing three straight days of heavy declines.
Bears take a breather this Saturday, contemplating the next move, with technical and fundamental factors sending caution signals. The meme-based coin is down over 10% on the day.
SafeMoon optimists are seemingly waiting for that one ray of hope to lift SAFEMOON price from the ongoing downbeat momentum.
That said, the SafeMoon developers have revealed August 7 as the beta launch of its Android-specific mobile wallet, which could emerge as the much-needed bullish catalyst to end the losing streak.
SAFEMOON/USD: At a critical juncture
SafeMoon price brought an end to its ten-day-long range trade at lower levels, following a daily closing below the rising trendline support at $0.00000236 that validated a bear flag formation.
The downside breakout accelerated the downside, triggering steep losses while opening floors towards the pattern target measured at $0.0000012.
The consolidation that followed SAFEMOON’s downtrend from the June 29 high of $0.00000352 had carved out a bear flag pattern on the daily chart.
Ahead of that, the $0.0000015 round number could lend some support to the bulls.
SAFEMOON/USD: Daily chart
However, with the 14-day Relative Strength Index (RSI) peeping into the oversold region, currently at 29.81, a rebound from the key horizontal (dashed) trendline support near $0.000001930 cannot be ruled out. That level is the confluence of the daily and April 18 lows.
Subsequently, if the buyers manage to seize control, then they could lookout for a recovery rally towards the pattern support-turned-resistance, now at $0.000000241.
Full Article
China NBS Manufacturing PMI below expectations (50.8) in July: Actual (50.4)
157948 July 31, 2021 09:02 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Shiba Inu Price Forecast: SHIB has only one side, and it is to the downside
157946 July 31, 2021 08:02 FXStreet Market News
- Shiba Inu price cannot shake the magnet effect of the May 19 low of $0.00000607 and the descending parallel channel midline.
- SHIB is up just over 6% over the last ten days, showing no commitment or emotion that has been widespread in the cryptocurrency complex.
- eToro announces the listing of Shiba Inu to their multi-asset investment platform, and the digital token climbs only 2%.
Shiba Inu price has not capitalized on the momentum in the cryptocurrency complex, the presence of credible support or the eToro announcement yesterday. It is a frustrating scenario for SHIB investors. It indicates a strong reluctance to traffic in the newer, higher-risk cryptocurrencies, despite evidence of a renewed risk-on spirit in the cryptocurrency complex over the ten days. As a result, the risk remains tilted to the downside indefinitely.
Shiba Inu price still has not found a catalyst, raising doubts for the meme token
On July 21, Shiba Inu price was presented with an opportunity as it released from a minor descending parallel channel, captured the May 19 low of $0.00000607 and the larger descending parallel channel’s midline. Moreover, it was accompanied by a strong bid in the cryptocurrency complex offering a tailwind for SHIB.
However, Shiba Inu price shook off the brief impulsiveness and has been drifting along the support designed by the May 19 low and the larger channel’s midline, leaving several doji candlestick patterns. The important support level has not inspired a bid, even on the eToro news, and the indecision represented by the doji candlestick patterns portends that the sideways price action is a pause in the SHIB decline that began earlier in July.
The obvious inflection point on the upside for Shiba Inu price is the 50-day simple moving average (SMA) at $0.00000730, which has been hovering above SHIB since it appeared in late June. A daily close above the moving average would clear the meme token for a sprint to the upper line of the larger descending parallel channel around $0.00000828, generating a 13.5% gain from the moving average.
A daily close above the larger channel’s upper line introduces a new scenario for Shiba Inu price where it is not restricted by a tactically important moving average or the boundaries of a pattern. Instead, it can push to the trigger the double bottom pattern created by the lows of June 22 and July 20 at $0.000000962 and explore the potential to advance to the May 24 high of $0.00001204 or the May 20 high of $0.00001214, representing a 66% profit from the 50-day SMA.
SHIB/USD daily chart
Alternatively, a daily close below the May 19 low of $0.00000607 and the larger descending parallel channel’s midline at $0.00000587 would immediately raise the probability that Shiba Inu price will test the channel’s lower line, now at $0.00000355, carrying a loss of 40%. The June 12 low of $0.00000550 may offer mild support, but it is not a level to buy against.
As long as Shiba Inu price changes hands below the 50-day SMA at $0.00000730, there is no rush to operate in SHIB as risk is definitely tilted to the downside.
After a sustained period of no price movement, SHIB needs to clarify its directional intentions with a definitive close above or below a vital price level outlined above. Until then, focus on the cryptocurrencies that demonstrate relative strength and are in a timely position for purchase.
Here, FXStreet’s analysts evaluate where SHIB could be heading next as it remains consolidating.
European Monetary Union CFTC EUR NC Net Positions down to €38.1K from previous €45.8K
157945 July 31, 2021 06:26 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Japan CFTC JPY NC Net Positions declined to ¥-59.9K from previous ¥-55.7K
157944 July 31, 2021 06:26 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States CFTC S&P 500 NC Net Positions: $39.4K vs $34.2K
157943 July 31, 2021 06:21 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United Kingdom CFTC GBP NC Net Positions fell from previous £-3.5K to £-5.7K
157942 July 31, 2021 06:21 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.