Daily Tech Analysis – July 5th, 2021

It’s been a bearish start to the day. A fall through the day’s pivot levels would bring support levels into play.

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Ethereum rose by 4.30% on Sunday. Following a 3.29% gain on Saturday, Ethereum ended the week up by 17.05% to $2,323.15.

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A bearish start to the day saw Ethereum fall to an early morning intraday low $2,190.56 before making a move.

Steering clear of the first major support level at $2,147, Ethereum rallied to a late intraday high $2,389.22.

Ethereum broke through the first major resistance level at $2,273 and the second major resistance level at $2,320.

A late pullback saw Ethereum briefly fall back through the second major resistance level before ending the day at $2,320 levels.

At the time of writing, Ethereum was down by 0.45% to $2,312.63. A bearish start to the day saw Ethereum fall from an early morning high $2,323.28 to a low $2,303.44.

Ethereum left the major support and resistance levels untested early on.

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For the day ahead
Ethereum would need to avoid the $2,301 pivot to bring the first major resistance level at $2,411 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $2,389.22.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test the second major resistance level at $2,500.

A fall through the $2,301 pivot would bring the first major support level at $2,213 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,100 levels. The second major support level at $2,102 should limit the downside.

Looking at the Technical Indicators
First Major Support Level: $2,213

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Pivot Level: $2,301

First Major Resistance Level: $2,411

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

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Litecoin
Litecoin rose by 3.37% on Sunday. Following a 2.40% gain from Saturday, Litecoin ended the week up by 9.25% to $144.94.

A mixed start to the day saw Litecoin fall to an early morning intraday low $136.89 before making a move.

Steering clear of the first major support level at $136, Litecoin rose to a late intraday high $148.00.

Litecoin broke through the first major resistance level at $143 and the second major resistance level at $146.

Falling short of $150 levels, however, Litecoin eased back to end the day at sub-$145 levels. The late pullback saw Litecoin fall back through the second major resistance level at $146.

At the time of writing, Litecoin was down by 0.37% to $144.40. A bearish start to the day saw Litecoin fall from an early morning high $145.00 to a low $143.78.

Litecoin left the major support and resistance levels untested early on.

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For the day ahead
Litecoin would need to avoid the $143 pivot to bring the first major resistance level at $150 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $150 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $160. The second major resistance level sits at $154.

A fall through the $143 pivot would bring the first major support level at $139 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$135 levels. The second major support level sits at $132.

Looking at the Technical Indicators
First Major Support Level: $139

Pivot Level: $143

First Major Resistance Level: $150

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP
Ripple’s XRP rose by 3.58% on Sunday. Following a 2.53% gain on Saturday, Ripple’s XRP ended the week up by 7.40% to $0.69587.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.66591 before making a move.

Steering clear of the first major support level at $0.6490, Ripple’s XRP rallied to a late intraday high $0.70946.

Ripple’s XRP broke through the first major resistance level at $0.6910 and the second major resistance level at $0.7091.

A bearish to end the day saw Ripple’s XRP fall back through the second major resistance level to end the day at sub-$0.70 levels.

At the time of writing, Ripple’s XRP was down by 0.76% to 0.69057. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.69548 to a low $0.68964.

Ripple’s XRP left the major support and resistance levels untested early on.

A Brief of Bitcoin and Litecoin

It’s no secret that cryptocurrency has long been a contentious topic – and current discussions about how it should be controlled have further heightened concerns about the validity of cryptocurrency.

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However, given the popularity and alleged promise of cryptocurrencies such as Bitcoin and Litecoin, it’s essential to understand what you’re talking about before dismissing it. It’s certainly worth checking at Litecoin, which is the quicker transaction version of Bitcoin that has a more significant limit on the number of coins produced than Bitcoin itself.

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Litecoin
Litecoin, like other cryptocurrencies, is a worldwide digital payment mechanism that transfers and trades “coins” via the use of blockchain technology, similar to other cryptocurrencies. However, because Bitcoin’s code was made public by its inventor, Litecoin may be considered an extension or variant of Bitcoin in many respects. In addition, because the code was made public, it is also subject to change.

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Litecoin, on the other hand, makes use of a separate blockchain, which enables it to process transactions and transfers at a quicker rate. Litecoin is a decentralized cryptocurrency that is created and transferred via the use of open-source software. Even while the future of Litecoin, like the future of other cryptocurrencies, is very much in doubt, these digital “currencies” are beginning to be accepted as payment in a broader range of situations.

Bitcoin
Bitcoin is considered by many to be the first cryptocurrency, and it has retained its position as the most widely used. Bitcoin was proposed as an alternative cryptocurrency using Blockchain technology to enhance money transfer protection across the entire network.

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Bitcoin was the first cryptocurrency since it allowed Bitcoin miners to mine coins and upload them to the public blockchain network, which served as the industry’s starting point. Bitcoin may now be purchased via exchanges, much like a stock, in the same way, that it used to be. While Bitcoin is fundamentally money, it also functions somewhat like a stock in specific ways.

Buying Bitcoin And Litecoin
If you want to purchase or sell Litecoin or Bitcoin, there are several exchanges and wallets to choose from.

Popular cryptocurrency exchanges for Litecoin include Binance, which enables you to purchase and sell the cryptocurrency. In addition, Bitcoin may be bought and sold via various wallets and sales, the most prominent of Coinbase and Binance. However, while purchasing or selling Bitcoin or Litecoin, it is essential to be vigilant to avoid falling victim to cryptocurrency scams.

Distinctions
The digital currencies Litecoin and Bitcoin have a similar fundamental structure and depend on cryptographic networks, but what are the distinctions between the two?

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One of the most significant distinctions between Litecoin and Bitcoin is the cryptographic proof-of-work algorithms used by the two currencies. The algorithm used by Litecoin is intended to generate about four times as many coins as the algorithm used by Bitcoin.

Both Litecoin and Bitcoin, on the other hand, make use of algorithms that make use of computer power to execute transactions. However, the pace at which these transactions take place differs significantly between the algorithms used by Litecoin and Bitcoin, respectively.

Bitcoin’s algorithm makes use of hardware devices that may be tailored specifically for Bitcoin mining. As a result, the Bitcoin algorithm places a high demand on processing power. Although the Bitcoin algorithm was criticized, one of the major complaints was that regular people find it more difficult to mine Bitcoin owing to its difficulty.

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However, the Litecoin algorithm is usually considered a more efficient method for cryptocurrency mining, owing to how it is intended to avoid excessive customization of hardware solutions throughout the mining process. Even yet, Bitcoin’s meteoric growth can be seen in its market valuation, which has increased by orders of magnitude in recent years.

Although Bitcoin’s market capitalization has varied throughout the years, other currencies such as Litecoin have steadily gained ground on the crypto-giant.

Litecoin and Bitcoin Cash make the cut

Every cryptocurrency asset in the top 10 had an average trading volume above $1 billion/daily except Polkadot at press time. The importance of trading volume is evident during recovery since it indicates the level of activity associated with an asset. Polkadot’s lower volumes on average could be one of the reasons DOT hasn’t picked up significant recoveries compared to other top assets.

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Bitcoin Cash, Ethereum Classic, and Litecoin all registered higher than $1 billion/daily trading volumes, with BCH, ETC recording more than $3.5 billion. This article will try to analyze if these highly active assets are undervalued or whether their rankings are justified.

Ethereum Classic: rising with time?
A stop-start bullish rally in 2021, Ethereum Classic rallied strongly during the end of April, reaching ~$180 from $29 within a few weeks. However, ETC’s rally was backed by more than just collective bullish momentum.

Over the past few months, the ETC community has been working towards a major blockchain upgrade, which the network will undergo in July. On June 10th, Stevan Lohja, lead developer of Mantis IOHK announced the Magneto upgrade, which will be inclusive of ETH’s Berlin upgrade features.

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Higher trading volumes at the moment might be also due to the fact that Digital Currency Group announced its plans to buy shares of Grayscale Ethereum Classic Trust.

So Ethereum Classics’ high trading volume is possibly justified as it accompanied by high development activity as well, which should eventually push the coin in the top 10 rankings.

Bitcoin Cash and Litecoin: riding the old legacy tag?

Source: Santiment

Bitcoin Cash and Litecoin had $3.6 billion and $1.87 billion trading volumes, respectively over the past 24-hours. However, comparing both the assets’ active addresses presented a completely opposite picture.

Litecoin managed to maintain strong active addresses over the past few months in spite of the price drop but BCH registered low active addresses last witnessed during the beginning of January 2021.

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Source: Santiment

Comparing the market velocity of Bitcoin Cash, and Litecoin as well, Bitcoin Cash had extremely turbulent velocity which indicated that there was a lack of consistency in the direction of both buyers and sellers. Litecoin’s velocity was much more linear, indicative of the better distribution of the token between transactions.

Hence, it can be inferred that Ethereum Classic and Litecoin are probably justifying higher trading volumes at press time which may allow the asset to scale higher, whereas BCH’s volumes could be a false alarm, as its market remained in an uncertain loop.

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Ethereum recorded an 8.6% rise in prices over the last day, however, with the EIP 1559 upgrade nearing, the price action for ETH could see interesting changes in the upcoming weeks. In June, the broader sell-off experienced by the crypto market pushed UNI’s price down, while Litecoin showed signs of moving away from its consolidation phase.

Ethereum recorded an 8.6% rise in prices over the last day, however, with the EIP 1559 upgrade nearing, the price action for ETH could see interesting changes in the upcoming weeks. In June, the broader sell-off experienced by the crypto market pushed UNI’s price down, while Litecoin showed signs of moving away from its consolidation phase.

Ethereum

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Ethereum, Uniswap and Litecoin Price Analysis: July 4
ETH/USD, TradingView

As seen on the daily charts, the crypto asset’s volatility has been choppy lately. At press time, the coin has been in the green, trading at $2333 reflecting a gain of 8.6% over the period of 24 hours. Ethereum’s market dominance was 18.44%.

After a low of $1740 at the end of the last month, the coin rallied almost 28.3%, since the beginning of July, the coin has not tested the $2000 level.

Crypto asset manager Valkyrie raises $10M in Series A round

Digital asset manager and Bitcoin (BTC) ETF proponent Valkyrie Investments recently concluded a $10 million Series A funding round, once again highlighting growing investor interest in crypto-focused firms.

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In addition to Charlie Lee, who is a well-known entrepreneur in the cryptocurrency industry, the funding round also saw participation from XBTO, BTC Media, UTXO Management, Consolidated Trading and 10X Capital. Interestingly, former Major League Baseball pitcher CJ Wilson was also among the investors, as was Tron founder Justin Sun.

Valkyrie CEO and World Bank veteran Leah Wald said her firm is focused on broadening investor access to cryptocurrencies in a “managed, research-driven manner that ultimately provides best-in-class products to all kinds of investors.”

Referencing Wald and Steven McClurg, Valkyrie’s chief investment officer, Litecoin founder Charlie Lee said:

“Leah and Steven have a great vision for how they want to bring investment opportunities to market, and I couldn’t be happier to support them on this journey.”
The asset manager currently offers three crypto-focused funds providing exposure to Bitcoin, Polkadot and Algorand. In January 2021, Valkyrie filed an application with the United States Securities and Exchange Commission, or SEC, to list a Bitcoin exchange-traded fund. However, unsurprisingly, the SEC has delayed its ruling on the proposed fund.

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Related: World’s first Bitcoin ETF adds $3M per day throughout BTC price dip

As Valkyrie’s latest investment round demonstrates, venture funds continue to back crypto startups with ever-growing conviction. This comes even as Bitcoin and the broader cryptocurrency market met the technical definitions of a bear market in the second quarter. While analysts remain divided about the overarching market theme of Bitcoin, the more than 50% drop from peak to trough met the technical threshold of a bear trend.

Every cryptocurrency asset in the top 10 had an average trading volume above $1 billion/daily except Polkadot at press time. The importance of trading volume is evident during recovery since it indicates the level of activity associated with an asset. Polkadot’s lower volumes on average could be one of the reasons DOT hasn’t picked up significant recoveries compared to other top assets.

Bitcoin Cash, Ethereum Classic, and Litecoin all registered higher than $1 billion/daily trading volumes, with BCH, ETC recording more than $3.5 billion. This article will try to analyze if these highly active assets are undervalued or whether their rankings are justified.

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Ethereum Classic: rising with time?
A stop-start bullish rally in 2021, Ethereum Classic rallied strongly during the end of April, reaching ~$180 from $29 within a few weeks. However, ETC’s rally was backed by more than just collective bullish momentum.

Over the past few months, the ETC community has been working towards a major blockchain upgrade, which the network will undergo in July. On June 10th, Stevan Lohja, lead developer of Mantis IOHK announced the Magneto upgrade, which will be inclusive of ETH’s Berlin upgrade features.

ระบบจัดการภายใน

Higher trading volumes at the moment might be also due to the fact that Digital Currency Group announced its plans to buy shares of Grayscale Ethereum Classic Trust.

So Ethereum Classics’ high trading volume is possibly justified as it accompanied by high development activity as well, which should eventually push the coin in the top 10 rankings.

Bitcoin Cash and Litecoin had $3.6 billion and $1.87 billion trading volumes, respectively over the past 24-hours. However, comparing both the assets’ active addresses presented a completely opposite picture.

Litecoin managed to maintain strong active addresses over the past few months in spite of the price drop but BCH registered low active addresses last witnessed during the beginning of January 2021.

RPA

Comparing the market velocity of Bitcoin Cash, and Litecoin as well, Bitcoin Cash had extremely turbulent velocity which indicated that there was a lack of consistency in the direction of both buyers and sellers. Litecoin’s velocity was much more linear, indicative of the better distribution of the token between transactions.

Hence, it can be inferred that Ethereum Classic and Litecoin are probably justifying higher trading volumes at press time which may allow the asset to scale higher, whereas BCH’s volumes could be a false alarm, as its market remained in an uncertain loop.

LTC/USD Ready to Reclaim $150

Despite the rapid decline early this month, the Litecoin price prediction shows that the short-term bullish structure for the coin is still intact.

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LTC/USD Market
Key Levels:

Resistance levels: $175, $195, $215

Support levels: $110, $90, $70

Litecoin Price Prediction
LTCUSD – Daily Chart
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LTC/USD is still moving sideways around the 9-day moving average within the channel. However, the Litecoin price is currently hovering at $139.98 after the bears took over from the bulls early this month. Today, an early trading session towards the $150 level failed to generate sustainable gains, with the Litecoin price slipping back below the daily high at the $141.41 level.

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Litecoin Price Prediction: Litecoin (LTC) Not Ready for Uptrend
According to the daily chart, the longer the pair fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling below the 9-day moving average. A break below the $135 support level may provoke the Litecoin price to decline towards the $110, $90, and $70 support levels.

However, the current market movement reveals that the Litecoin price may continue the bullish movement if the 9-day MA crosses above the 21-day MA. Meanwhile, the daily chart reveals that LTC/USD needs to break the technical region of the $150 level which is above the upper boundary of the channel which may cause the coin to reach the potential resistance levels of $175, $195, and $215. Nevertheless, the technical indicator Relative Strength Index (14) is moving above 40-level, which shows that the market may follow an uptrend.

Against Bitcoin, the Litecoin price is currently facing the downside. The market price is seen within the 9-day and 21-day moving averages. However, the bullish structure may not come to play now but the price has been following a descending support line since a couple of days ago.

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LTCBTC – Daily Chart
Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below 40-level, which may add more bearish signals into the market. Therefore, until the price either break out above the resistance level or break down below the 9-day MA, the direction of the trend is yet to be known. Moreover, if the coin breaks above the upper boundary of the channel, it coin reaches the potential resistance level of 4500 SAT and above while the supports remain at 3700 SAT and below.

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Weekly Walmart shoppers (21% yes/78% no) and weekly Amazon shoppers (29% yes/69% no) were more likely to invest in altcoins compared to those that never shop at the mega-retailers (8% yes/87% no and 3% yes/93% no, respectively). Not surprisingly, urban men (32% yes/65% no) were more than two times more likely, respectively, to purchase cryptocurrencies than their male and female counterparts-suburban men (12% yes/86% no), suburban women (3% yes/95% no), rural women (4% yes/92% no), and rural men (10% yes/89% no).

Cryptocurrencies are more than a fad! Even after the beating they have taken in the last month (we have been down this road before in the last few years) and the threat of SEC and IRS intervention, cryptocurrencies, such as, Bitcoin, Ethereum and even Dogecoin are bigger in value than some of the most recognized companies listed on the S&P 500. The blockchain technology and DeFi network that will be adopted by companies and individuals to create more secure, efficient, and faster transactions and contracts will change the world, no doubt. The big question is if the first examples (Bitcoin, Ripple, Ethereum, etc.) of this new technology will end up like Beenie Babies or become the new gold-a true store of value and counter to price inflation?

Zogby Analytics Poll Methodology
US Likely Voters
1/18/21 – 1/19/21

Zogby Analytics conducted an online survey of 873 likely voters in the US.

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Using internal and trusted interactive partner resources, thousands of adults were randomly invited to participate in this interactive survey. Each invitation is password coded and secure so that one respondent can only access the survey one time.

Using information based on census data, voter registration figures, CIA fact books and exit polls, we use complex weighting techniques to best represent the demographics of the population being surveyed. Weighted variables may include age, race, gender, region, party, education, and religion. The party breakdown for this survey is as follows: 37% Democrat, 35% Republican and 28% Independent/unaffiliated.

Based on a confidence interval of 95%, the margin of error for 873 is +/- 3.3 percentage points. This means that all other things being equal, the identical survey repeated will have results within the margin of error 95 times out of 100.

Subsets of the data have a larger margin of error than the whole data set. As a rule we do not rely on the validity of very small subsets of the data especially sets smaller than 50-75 respondents. At that subset we can make estimations based on the data, but in these cases the data is more qualitative than quantitative.

One fifth of U.S. likely voters

The cryptocurrency market has taken a serious hit in value, and trillions of dollars of wealth have been wiped away. But this has already happened many times since the advent of Bitcoin and other cryptocurrencies.

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At the beginning of 2021, as the historic bull-run of Bitcoin and other cryptocurrencies were off to the races, exactly one fifth of surveyed voters said they had invested money in three of the more well-known cryptocurrencies: Bitcoin (BCH), Ethereum (ETH) and Litecoin (LTC).

Over three quarters of surveyed voters had not invested money in cryptocurrency, which is a substantial chunk of the population, and two percent were not sure. Among those who did invest in cryptocurrencies, American voters living in the East (22% yes/75% no), West (24% yes/72% no) and South regions (21% yes/76% no) took the lead, leaving those in the Central/Great Lakes region (12% yes/87% no) behind.

Some of the starkest differences among sub-groups were between men (28% yes/70% no) and women (12% yes/85% no). Generation Z (31% yes/65% no) and Millennials (34% yes/62% no) were most likely to be investing in Bitcoin, Ethereum, and Litecoin, while Generation X (18% yes/80% no) and Baby Boomers (5% yes/95% no) were least likely to do so.

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The same was also the case with surveyed voters aged 18-24 (31% yes/65% no) and 25-34 (29% yes/66% no) who were more likely to invest in cryptocurrencies compared to respondents aged 55-69 (8% yes/92% no) and 70+ (0% yes/100% no). Hispanics (34% yes/64% no) were more likely to have invested in alternate currencies compared to White (16% yes/83% no) and African American voters (25% yes/74% no).

Weekly consumers of Walmart (28% yes/72% no) and Amazon products (36% yes/63% no) were more likely to purchase Bitcoin, Ethereum, and Litecoin, while those who do not frequent these retailers were less likely to purchase cryptocurrencies.

Also, voters who lived in urban settings were more likely to invest in cryptocurrencies than those who lived in suburban or rural settings. Urban adults in large cities (36% yes/61% no) were much more prone to invest in digital currencies compared to their suburban (13% yes/86% no) and rural counterparts (9% yes/90% no).

Finally, politics: Democrats (22% yes/76% no) were slightly more likely to purchase digital currencies, such as, Bitcoin, Ethereum, and Litecoin than Republicans (17% yes/81% no) and Independents (18% yes/76% no).

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votersaltcoins052721a

Surprisingly, nearly as many people (15%) have invested in altcoins, such as, Ripple, Chainlink, and Dash as they did in the “big three” of cryptocurrencies: Bitcoin, Ethereum, and Litecoin. Also, just as many survey respondents have not invested in altcoins as in cryptocurrencies. Just as the overall numbers were similar, the patterns among the sub-groups who purchased altcoins were very similar to those of the bigger cryptocurrencies.

Thus, altcoins were most popular with survey respondents younger than fifty (28% yes/67% no), with barely any interest among those aged 50+ (2% yes/96% no).

Altcoins were also much more popular with men (23% yes/74% no) than women (8% yes/87% no). Again, Democrats (19% yes/78% no) were slightly more interested in altcoins than Republicans (13% yes/84% no) and Independents (13% yes/81% no), while minorities-African Americans (22% yes/73% no) and Hispanics (29% yes/70% no) were much more interested investing in smaller and less known cryptocurrencies than were Whites (13% yes/85% no).

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Weekly Walmart shoppers (21% yes/78% no) and weekly Amazon shoppers (29% yes/69% no) were more likely to invest in altcoins compared to those that never shop at the mega-retailers (8% yes/87% no and 3% yes/93% no, respectively). Not surprisingly, urban men (32% yes/65% no) were more than two times more likely, respectively, to purchase cryptocurrencies than their male and female counterparts-suburban men (12% yes/86% no), suburban women (3% yes/95% no), rural women (4% yes/92% no), and rural men (10% yes/89% no).

Cryptocurrencies are more than a fad! Even after the beating they have taken in the last month (we have been down this road before in the last few years) and the threat of SEC and IRS intervention, cryptocurrencies, such as, Bitcoin, Ethereum and even Dogecoin are bigger in value than some of the most recognized companies listed on the S&P 500. The blockchain technology and DeFi network that will be adopted by companies and individuals to create more secure, efficient, and faster transactions and contracts will change the world, no doubt. The big question is if the first examples (Bitcoin, Ripple, Ethereum, etc.) of this new technology will end up like Beenie Babies or become the new gold-a true store of value and counter to price inflation?

Zogby Analytics Poll Methodology
US Likely Voters
1/18/21 – 1/19/21

Zogby Analytics conducted an online survey of 873 likely voters in the US.

RPA

Using internal and trusted interactive partner resources, thousands of adults were randomly invited to participate in this interactive survey. Each invitation is password coded and secure so that one respondent can only access the survey one time.

Using information based on census data, voter registration figures, CIA fact books and exit polls, we use complex weighting techniques to best represent the demographics of the population being surveyed. Weighted variables may include age, race, gender, region, party, education, and religion. The party breakdown for this survey is as follows: 37% Democrat, 35% Republican and 28% Independent/unaffiliated.

Based on a confidence interval of 95%, the margin of error for 873 is +/- 3.3 percentage points. This means that all other things being equal, the identical survey repeated will have results within the margin of error 95 times out of 100.

Subsets of the data have a larger margin of error than the whole data set. As a rule we do not rely on the validity of very small subsets of the data especially sets smaller than 50-75 respondents. At that subset we can make estimations based on the data, but in these cases the data is more qualitative than quantitative.

Additional factors can create error, such as question wording and question order.

About Zogby Analytics:
Zogby Analytics is respected nationally and internationally for its opinion research capabilities. Since 1984, Zogby has empowered clients with powerful information and knowledge critical for making informed strategic decisions.

The firm conducts multi-phased opinion research engagements for banking and financial services institutions, insurance companies, hospitals and medical centers, retailers and developers, religious institutions, cultural organizations, colleges and universities, IT companies and Federal agencies. Zogby’s dedication and commitment to excellence and accuracy are reflected in its state-of-the-art opinion research capabilities and objective analysis and consultation.

What Litecoin’s Downfall Teaches About The Lifespan Of Other Altcoins

The cryptocurrency ecosystem is always an environment for hot topics. So when popular crypto trader and investor “CryptoDonAlt” took to Twitter to open the floor for a conversation centering Litecoin’s performance over the years, the community responded in excitement as many dropped their two cents; some of which are objectively thought-provoking.

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Has Litecoin reached peak?
Litecoin, as observed by the investor, has been underperforming amongst its peers over the years. A chart showing the four years performance timeline of the altcoin reveals that against Bitcoin and Ethereum, the altcoin has dipped greatly.

LTCUSD Chart By TradingView
In terms of price performance, Litecoin (LTC) lost 70% of its value in May after hitting an all-time high of $413.91 to $133 at press time. What was once valued at $27 billion in market valuation, has now dropped to $9 billion at press time.

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Seeing as the altcoin was created in 2011 —long before a lot of other assets that are currently dominating the market were created—the investor’s question; “Why do you think Litecoin fell out of favor? Expanding on that thought, why can’t whatever happened to Litecoin happen to your favorite altcoin?” is one that many have been asking.

Why did Litecoin fall off?
A similar sentiment is being shared by a handful of community members as regards the reason behind Litecoin’s underperformance; Charlie Lee’s Litecoin sale in 2017.

Back in 2017, Charlie Lee dropped a bomb on the community, when he revealed that he had sold his Litecoin holdings at an average price of $205.

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The market as expected didn’t respond quite well to the revelation, as it seemed like a situation of a founder giving up on his own project, which could have swayed a lot of selling decisions during that period. Lee added that he would donate the rest in the future, and continue to work on the Litecoin project regardless, But community members are still not convinced that the project has sustained any major growth since 2017.

“It isn’t used for anything – close to zero economic activity, no network effects, pointless. Its core purpose is served better by bitcoin and its spot as #2 was replaced by ethereum.” wrote one popular trader.

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How long can Altcoins last before they fall off?
On the bigger spectrum, the conversations have created room for a bigger debate, on the expected lifespan of altcoins in the market, as these assets have a long history of falling off the track after some years. The market cup usually diminishes greatly, as trading volume drops, hinting that the asset has little to no use case in the current market.

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For DonAlt, altcoins are just temporary and will continue to be replaced by other newcomers.

In his words;

“I think altcoins are always going to come and go as soon as better competitors come around but wondering what you guys think.”

However, with the likes of Ethereum, and the DeFi coins taking over the market, the narrative could change in the long term.

Daily Tech Analysis – June 26th, 2021

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,019.39 before hitting reverse.

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Falling short of the first major resistance level at $2,055, Ethereum slid to a mid-afternoon intraday low $1,792.00.

The sell-off saw Ethereum fall through the first major support level at $1,904 and the second major support level at $1,819.

Steering clear of the 62% FIB of $1,725, Ethereum briefly broke back through the second major support level before ending the day at sub-$1,810 levels.

At the time of writing, Ethereum was down by 0.21% to $1,805.22. A mixed start to the day saw Ethereum rise to an early morning high $1,818.24 before falling to a low $1,799.51.

Ethereum left the major support and resistance levels untested early on.

For the day ahead
Ethereum would need to move through the $1,874 pivot to bring the first major resistance level at $1,955 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,900 levels.

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Barring an extended crypto rally, the first major resistance level and Friday’s high $2,019.39 would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $2,200. The second major resistance level sits at $2,101.

Failure to move through the $1,874 pivot would bring the first major support level at $1,728 and the 62% FIB of $1,725 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,646.

Looking at the Technical Indicators
First Major Support Level: $1,728

Pivot Level: $1,874

First Major Resistance Level: $1,955

23.6% FIB Retracement Level: $3,369

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38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

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Litecoin
Litecoin slid by 7.09% on Friday. Reversing a 4.11% gain from Thursday, Litecoin ended the day at $125.0.

Tracking the broader market, Litecoin rose to an early morning intraday high $138.45 before hitting reverse.

Falling short of the first major resistance level at $140, Litecoin slid to a late intraday low $124.34.

The extended sell-off saw Litecoin fall through the first major support level at $126.4 before finding support.

Litecoin briefly broke back through the first major support level before ending the day at $125 levels.

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At the time of writing, Litecoin was down by 0.44% to $124.45. A mixed start to the day saw Litecoin rise to an early morning high $125.46 before falling to a low $124.00.

Litecoin left the major support and resistance levels untested early on.

For the day ahead
Litecoin would need to move through the $129 pivot to bring the first major resistance level at $134 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $138.45 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $143.

Failure to move through the $129 pivot would bring the first major support level at $120 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$110 levels. The second major support level at $115 should limit the downside.

Looking at the Technical Indicators
First Major Support Level: $120

Pivot Level: $129

First Major Resistance Level: $134

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP
Ripple’s XRP slid by 9.39% on Friday. Reversing a 4.65% gain from Thursday, Ripple’s XRP ended the day at $0.61128.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.68823 before hitting reverse.

Falling short of the first major resistance level at $0.7026, Ripple’s XRP slid to a late intraday low $0.60234.

Ripple’s XRP fell through the first major support level at $0.6271 to end the day at $0.61 levels.

At the time of writing, Ripple’s XRP was down by 0.73% to $0.60683. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.61262 before falling to a low $0.60544.

Ripple’s XRP left the major support and resistance levels untested early on.

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For the day ahead
Ripple’s XRP will need to move through the $0.6340 pivot to bring the first major resistance level at $0.6656 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.65 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.68823 would likely cap any upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $0.75. The second major resistance level sits at $0.7198.

Failure to move through the $0.6340 pivot would bring the first major support level at $0.5797 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.55 levels. The second major support level sits at $0.5481.

Looking at the Technical Indicators
First Major Support Level: $0.5797

Pivot Level: $0.6340

First Major resistance Level: $0.6656

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

LTC/USD Regain Losses Above $123 Support

The Litecoin price may likely settle above the 9-day and 21-day moving averages as the Relative Strength Index (14) moves toward 40-level.

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LTC/USD Market
Key Levels:

Resistance levels: $175, $195, $215

Support levels: $80, $60, $40

Litecoin Price Prediction
LTCUSD – Daily Chart
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LTC/USD trades above the 9-day and 21-day moving averages within the channel. However, the Litecoin price is now trying to create an uptrend since yesterday, and should the buyers keep the movement above the 9-day and 21-day moving averages, the coin might resume the upward movement. Today, an early trading session touches the $137.40 level before rebounding to where it is trading currently at $136.38.

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Litecoin Price Prediction: Will Litecoin Price Target $150 Level?
The Litecoin price needs to cross above the 9-day and 21-day MAs; therefore, if the resistance level of $150 gives way, the bull-run may come to focus. At the time of writing, the bullish movement seems more dominant as buyers continue to post strong commitments into the market.

For the past few hours, we could see a sharp rise in the market price and if the coin stays above the $140 resistance level, this could further strengthen the market to hit the potential resistance levels of $175, $195, and $215.

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On the downside, a lower possible swing may likely retest the previous support below the lower boundary of the channel. However, if the bears manage to fuel the market, traders may expect a further drop to $80, $60, and $40 support levels. On the other hand, the technical indicator Relative Strength Index (14) is now moving to cross above 40-level, indicating that the market may maintain the bullish movement if it comes to play.

Comparing with Bitcoin, the Litecoin price keeps operating below the 9-day and 21-day moving averages. However, if the bullish movement continues, the resistance level of 4500 SAT is expected to be visited; although there might not be any reason to expect the long-term bullish reversal as the red-line of the 9-day MA is still below the green-line of the 21-day MA.

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LTCBTC – Daily Chart
In other words, if the Litecoin price crosses below the lower boundary of the channel, it could refresh lows under 3600 SAT and a possible bearish continuation may likely meet the major support at 3400 SAT before falling to 3300 SAT and below while the buyers may push the coin to the potential resistance at 4600 SAT and above if the bulls successfully push the coin above the 9-day and 21-day MAs. Meanwhile, to support the bullish movement, the technical indicator Relative Strength Index (14) is recovering from the oversold region to give more bullish signals.

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Falling short of the first major resistance level at $2,055, Ethereum slid to a mid-afternoon intraday low $1,792.00.

The sell-off saw Ethereum fall through the first major support level at $1,904 and the second major support level at $1,819.

Steering clear of the 62% FIB of $1,725, Ethereum briefly broke back through the second major support level before ending the day at sub-$1,810 levels.

At the time of writing, Ethereum was down by 0.21% to $1,805.22. A mixed start to the day saw Ethereum rise to an early morning high $1,818.24 before falling to a low $1,799.51.

Ethereum left the major support and resistance levels untested early on.

Price analysis 6/25

Sellers are jumping on top of every breakout from Bitcoin and altcoins, indicating that the bears are in no hurry to let go of their advantage.

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Price analysis 6/25: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, BCH, LTCPRICE ANALYSIS

Bitcoin (BTC) price remains jittery and throughout this week, every relief rally is being sold into. This is a classic bear market reaction and may not end in a hurry. However, the current price action should not worry investors because the longer the time spent in a bottoming formation, the stronger the base for the next leg of the up-move.

In a recent note to investors, JPMorgan said that Bitcoin’s fair value may remain between $23,000 and $35,000 over the medium term. The bank pointed out that outflows from crypto Bitcoin funds since the fall on May 19, show a lack of demand from institutional investors. Another reason that may be capping Bitcoin’s price is the massive unlocking of Bitcoin from the Grayscale Bitcoin Trust fund at the end of the six-month lock-up period.

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Daily cryptocurrency market performance. Source: Coin360
None of the events of the past few days have changed the long-term view of Bitcoin. Jason Urban, the co-head of trading at Galaxy Digital said that Bitcoin may “see something north of $70,000 by the end of the year.”

Although not a game-changer, the Purpose Bitcoin exchange-traded fund has seen an average inflow of 86.15 Bitcoin between May 15 and June 24, according to Glassnode data. This has boosted the ETF’s assets under management to 21,114 BTC. This shows that smart investors are gradually chipping away instead of trying to time the bottom.

Let’s study the charts of the top-10 cryptocurrencies to determine the critical support levels that could be touched if the downtrend continues.

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BTC/USDT
Bitcoin’s rebound off the $31,000 to $28,000 support zone has turned down from the 20-day exponential moving average ($35,788) today. The downsloping moving averages and the relative strength index (RSI) in the negative territory indicate an advantage to the bears.

BTC/USDT daily chart. Source: TradingView
The sellers will now make one more attempt to sink the price below the support zone. If they succeed, the BTC/USDT pair could start the next leg of the down move and plummet to $20,000.

However, the bulls will not give up easily. They are likely to defend the support zone aggressively. If the price rebounds off this zone once again, the bulls will try to push the price above the 20-day EMA.

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If they manage to do that, the BTC/USDT pair could continue its consolidation between $28,000 and $42,451.67 for the next few days. A breakout and close above this range will be the first sign that the downtrend may have ended.

ETH/USDT
Ether’s (ETH) rebound off the $1,728.74 support fizzled out at $2,045 on June 23. This suggests a lack of buyers at higher levels. Both moving averages have turned down and the RSI is near the oversold zone, indicating that the path of least resistance is to the downside.

ETH/USDT daily chart. Source: TradingView
If the price turns down and breaks below the $1,728.74 support, the ETH/USDT pair could start the next leg of the downtrend. The pair could then drop to $1,536.92 and then $1,293.18. The deeper the fall, the longer it will take for the bulls to start the next leg of the uptrend.

Contrary to this assumption, if the price again rebounds off $1,728.74, it will suggest that the bulls are defending this level aggressively. A breakout and close above the 20-day EMA ($2,248) will be the first indication that a bottoming formation may have started.

BNB/USDT
Binance Coin’s (BNB) bounce off the $211.70 support is facing stiff resistance at the 20-day EMA ($332). This suggests that the sentiment remains negative and traders are selling on rallies.

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BNB/USDT daily chart. Source: TradingView
The bears will now make one more attempt to sink the price below the $211.70 support. If they manage to do that, the BNB/USDT pair could start the next leg of the downtrend. The next support on the downside is $200 and then $126.75.

Alternatively, if the price rebounds off the $211.70 support, it will suggest strong accumulation by the bulls at this level. If the buyers propel the price above the 20-day EMA, the pair could rise to $433. A breakout and close above this resistance will be the first sign that the downtrend may be over.

ADA/USDT
Cardano (ADA) rebounded off the $1 support on June 22 but the bulls seem to have hit a wall at the 20-day EMA ($1.42). This suggests that the bears have not thrown in the towel yet and are trying to maintain the upper hand.

ADA/USDT daily chart. Source: TradingView
The sellers will now try to pull the price down to $1. This is an important support to watch out for because it has not been broken on a closing basis since Feb. 23. Therefore, a break below $1 may result in a long liquidation.

The ADA/USDT pair could then drop to $0.68 and if the selling intensifies, the decline could even extend to $0.40.

However, the bulls will have other plans. They will again try to defend the $1 support. If they succeed, the pair may break out of the 20-day EMA and rise to the 50-day simple moving average ($1.61).

DOGE/USDT
Dogecoin (DOGE) rebounded off the $0.15 support on June 22 and reached the 20-day EMA ($0.28) today. After the sharp relief rally of the past three days, the bears are likely to defend the zone between the 20-day EMA and the neckline aggressively.

DOGE/USDT daily chart. Source: TradingView
If the price turns down from the overhead resistance zone, the bears will try to pull the price back to $0.15. A break and close below this level will suggest that traders sold their positions during the current rally. The DOGE/USDT pair could then drop to $0.10.

On the other hand, if the bulls defend the next drop to the $0.21 support, it will signal strength. A breakout and close above the neckline will be the first sign that the pair’s correction could be over and a bottoming formation may begin.