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12th March - Crypto Technicals & Market Watch

(By Shivkumar)


Owner of Burj Khalifa, World’s Tallest Building, Plans ICO

Emaar Group, one of the the United Arab Emirates’ largest real estate developers and the firm behind the nearly 3,000 foot tall Burj Khalifa, announced Monday that it was planning to develop the “Emaar community token” for its customers and partners by the end of 2019, with an ultimate goal of launching an initial coin offering (ICO).


The firm will partner with Lykke AG, a Switzerland-based crypto startup to build an ethereum-based token designed to comply with the ERC-20 standard. Once it is developed, Emaar plans to use the token as a referral and loyalty system, according to a press release.


Samsung Unveils Cryptocurrency Wallet, Dapps for Galaxy S10 Phone


The Samsung Blockchain Wallet is currently compatible only with ether (ETH) and ethereum-based ERC20 tokens. Bitcoin is not yet supported, despite the logo appearing on earlier pre-release presentation images.


The wallet also supports four decentralized apps (dapps) at launch: crypto gaming platform Enjin, beauty community Cosmee, crypto collectibles platform CryptoKitties and merchant payments service CoinDuck.


The wallet app can be downloaded only on Galaxy S10 phones from the Samsung Galaxy Store. The firm said it plans to expand the service to more devices and cryptocurrencies in the future.


The phone officially started shipping from pre-order sales on March 8.


‘Facebook Coin’ Could Generate Billions in Revenue: Barclays Analyst


According to Barclays analyst Ross Sandler, Facebook’s cryptocurrency efforts could yield anywhere from $3 billion to $19 billion in additional revenue by 2021. To put that estimate in context, the Menlo Park, California, company brought in $40.6 billion in total revenue in 2017, with $39.9 billion from advertising.


Sandler also sees two primary challenges for Facebook achieving its crypto goals: “demonstrating a value prop for users above what is available today in payments” and overcoming consumers’ “trust issues after 2018’s problems.”


1) BTC/USD


A bounce from this support will again try to break out of $4,000 and reach the critical overhead resistance of $4,255.The pair sustains above $4,255,that has a target objective of $5,273.91. Traders can add long positions on a breakout above $4,255. Until then, maintain the stops on the existing long positions below $3,236.09.Below this support, we anticipate a quick slide to the final support zone of $3,355–$3,236.09. The lackluster price action points to range bound action in the short-term. We will know the boundaries of the range within the next few days.


2) ETH/USD


If it fails to find support at $134.50, the digital currency can correct to the critical support at $116.30. Therefore, traders can keep the stop loss on the remaining long positions at $125.If the pair bounces off $134.50 it will again try to break out of $144.78. The pair is likely to pick up momentum after the price sustains above $144.78.


3) XRP/USD


Ripple (XRP) is range bound between $0.27795– $0.33108.If the bears sink the digital currency below $0.27795, it can drop to the yearly low of $0.24508. Therefore, traders can retain the stops on their long positions below $0.27795.


4) BCH/USD


Bitcoin Cash (BCH) continues to trade inside the tight range of $120–$140.Above $140, a rally to the next overhead zone of $157.95 to $163.89 is likely. If this zone is also crossed, the up move can extend to $175. Therefore, traders can maintain the stops on the long positions at $116. If the bears sink the pair below $120, it can decline to $105 and below that a fall to the yearly low of $73.50 is probable.

Disclosure: The author holds no cryptocurrency at the time of writing.

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