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Litecoin [LTC], need for new strategies? – Sentiment Analysis – April 18

Vinod KA

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Litecoin [LTC], need for new strategies? – Sentiment Analysis – April 17
Source: Pixabay

Most of the cryptocurrencies appear to be consolidating above their various crucial levels. Ethereum [ETH] is up and above the $500 mark and was seen to be trading at 2:17 PM UTC at $514.80 with a market capitalization of $50.911 billion. Verge [XVG] on the other hand has shown high volatility as the gains that the coin had were reversed after the partnership announcement with Pornhub. There were a lot of claims that the coin would benefit from the new partnership but it dropped almost instantly by 28% which leveled the gain of 28% made by the coin. It went down to a swing low of $0.071 which is the lowest in the last 7 days. The coin also dropped down in the ranking but it was quick to get back up. Currently, it is ranked at the 23rd spot. The dip cost the coin a market capitalization over $450 million pushing it down in the rankings.

The segment called sentiment analysis comprises of sentiments and expert opinions of people from around the world. These comments are on the current market trends and the possible outcomes of the coins in the future. For this purpose, a group of investors, miners, skeptics, analysts, influencers, were interviewed and based on their valuable comments, this segment is carefully structured. This analysis will be on Litecoin [LTC] which is at the 5th spot in the rankings.

Litecoin [LTC]

Litecoin looks green with a 0.14% gain in the last 24 hours. The coin, at 2.30 PM UTC was seen to be trading at $137 with a market capitalization of $7.693 billion. The $135 mark was the previous high by the coin and it was broken yesterday. There is a bullish momentum for the coin at the present moment. It is likely to hike till the $140-$145 levels which act as a resistance for the coin. There is a strong support for the coin at $120 and the gap between the 50 SMA and the 100 SMA is narrowing.

Daniel Henderson, a Litecoin investor from Portland says:

“LTC has rallied of the double bottom along with the squeeze of Bollinger Bands. My personal advise is to HODL till the price peaks. Possible sell point is at the $156-159 levels. The trend lines indicate a bearish trend but if it breaks out of the pattern, a bull run can be expected.”

John Moore, a miner from York says:

“The trend seem to be bearish at the present moment for Litecoin if it drops below the $135 mark. The stochastic RSI is currently in the overbought position which might help the coin to consolidate at this level for some time. The MACD had crossed which resulted in the recent bull run.”

Omkar Singh, an altcoin correspondent from Mumbai says:

“Litecoin is very much undervalued in the present times. The Litecoin supply in circulation now is 56 million out of the available 84 million. This means that almost 2/3rds of the total is in circulation which leaves a total of 28 million to be mined.”

To conclude, 54% of Litecoin respondents feel that the coin is doing well and is looking for a breakout. They feel that the price may drop in future but not at the present moment. Another 46% of the Litecoin respondents feel bearish as the indicators show a bearish flag formation.

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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.

Altcoins

‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”

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TRON [TRX] partners with vSport to launch world’s first Soccer Blockchain

Prerana Sarkar

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TRON partners with vSport to launch world's first Soccer Blockchain
Source: Pixabay

On May 25, Justin Sun announced that TRON and vSport have come up with a partnership where the two companies can support each other in the development of the soccer industry’s blockchain technology by sharing content and creating communities that shall increase its reach.

vSport aims to build a sports ecosystem with cross-partnerships with leading networks’ like TRON along with authorized distributors of the World Cup and make payments easier and more scalable. This project is dedicated to creating a public chain for the Global Sports Industry. It is expected to be the world’s first non-profitable blockchain platform, involving tokens.

Qiang Bai, an artificial intelligence entrepreneur who is the mastermind behind the creation of vSport has paired with the famous Dutch footballer Wesley Sneijder. This collaboration also involves the world’s largest sports social media powerhouse 433, and China’s Sport8 which is a successful sports educational platform.

After the launch in Singapore, vSport co-founder, Wesley was quoted as saying:

“I believe Blockchain can help to bring balance to the economics of sports. That is why we launched our sports-chain project. I’m excited to see an open and decentralised sports community that focuses on fans first.”

Both the parties have come to an agreement on sharing its collaborative techniques, resources, and energy to create a decentralized web platform to make the blockchain technology more mainstream. The TRON community believes in rewards for all the people contributing to its progress. A special community is going to conduct an assessment of the participant’s contribution based on which TRX tokens, TRON merchandises like t-shirts and gifts will be offered.

Justin Sun, the Founder of TRON, has put out his views stating:

“Soccer is the biggest sport in the world. It has the largest fan base, and the community has always had a keen sense and great enthusiasm for new things. Combining soccer and sports in general, with blockchain technology will effectively expand community support for blockchain. This will provide people with an enhanced experience of blockchain and even change their lifestyles.”

He mentioned Wesley Sneijder, the former Netherlands national team footballer who Justin claimed to have helped in heading soccer-related projects off the field. He then spoke of him as:

“Wesley Sneijder, who not only helped the Netherlands dominate the field, but also has spearheaded soccer-related projects off the field. As a fast learner that embraces blockchain technology, it’s likely that Wesley will completely change the structure of the soccer ecosystem through this initiative. TRON very much looks forward to this partnership.”

Today he posted on Twitter saying:

 

The TRON protocol provides one of the most scalable operating systems in the world with its blockchain technology. It enables users with large-scale data transmission with a promise of more than 10,000 transactions per second. They also have the feature of smart contracts for crowdfunding and issuing more digital assets.

One Twitter user supports the partnership by replying:

vSport now holds a large traffic with more than 30 million sports enthusiasts and 15 million supporters from China. The 2018 Russia World Cup is scheduled to open on the 14th of June, gaining more importance in what was announced today. TRON and vSport will work towards creating a blockchain based ‘soccer results forecasting platform’ for better quality entertainment for its fans.

According to Qiang Bai:

“With sports models of the past, it is hard for fans to get rewards in exchange for their enthusiasm and contributions, which causes serious imbalance in the value structure. Collaborating with TRON allows us to join forces with another strong company, leveraging our soccer and sports resources to solve difficult soccer and sports industry-related issues. We will work together to build and nurture a healthy soccer and sports ecosystem. I believe this will be a great way to give back to soccer fans around the world.”

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