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How To Spot a Rising Cryptocurrency

A decade ago, the mass use of cryptocurrency sounded like a distant reality from a science fiction film. Only a handful of people believed in the financial revolution of cryptocurrencies. Many of the early Bitcoin investors sold their coins for dirt cheap in the early days as they never believed they would be accepted as a medium of transaction. Some early investors can’t even remember the passwords to the hard disks they used as cold wallets. Fast-forward to the present, and many businesses today accept Bitcoin and other cryptocurrencies as regular payment options. The online gambling industry especially is fully on board the crypto wagon. You can easily deposit and take out funds from your Casumo Online Casino account using several different cryptos. So how do you speculate on the next big cryptocurrency? The Data Always Backs a Promising Coin The early Bitcoin investors didn’t have much data to rely on. Having faith in the eventual popularity of Bitcoin was crucial to their success. Today, we have access to real-time data on the crypto markets. It’s relatively easier to scan for the next superstar among the numerous crypto underdogs in circulation. Learning the best methods for analyzing a crypto’s performance will help you greatly. A good analysis method will tell you more than where prices are going. You can learn what influences the prices of different coins and how the market perceives them. The most promising coin will grow in value organically and hold up its demand. A User-Friendly Coin Is a Good Bet Mainstream industries and companies accepting cryptocurrencies for payments are a good sign. Online crypto casinos pick coins based on usability and security. For an underdog to gain acceptance, it must be user-friendly. A crypto that is easy to use even by less tech-savvy people will rapidly grow in demand and rise in value. According to Blockchain experts investing in cryptos with a smartphone app is safer than buying web-based crypto. A Low Maximum Supply Cap No more coins can be produced when a cryptocurrency hits its supply limit. Miners will have to close operations, making it hard to come by. It’s important to identify the capping limit of a coin before investing. Buying early into a coin before it hits its limit could give you great returns. Cryptocurrencies like Bitcoin are produced gradually until they hit the cap limit, while other providers may opt to release all the coins at once. Newer blockchain providers choose to send cryptocurrencies to inaccessible wallets to boost their value. All these strategies ensure that the coins are not inflationary so they hold their value well. Ultimately the harder a crypto coin is to find, the higher its value and likely acceptance by major industries will be, including online bookmakers.

TA: Ethereum Rockets Towards $1,800 as Bulls Take Over Crypto Market

Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and might rise again towards $1,800. Ethereum started a major increase above the $1,650 and $1,700 levels. The price is now trading above $1,700 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above the $1,750 level. Ethereum Price Rallies Above $1,700 Ethereum formed a base above the $1,600 level and started a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels. The price jumped over 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting gains. There was a minor decline below the $1,750 level. Ether price dropped below the 23.6% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. However, it is still well above $1,700 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,740 level. The first major resistance is near the $1,750 zone. Source: ETHUSD on TradingView.com The main resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price further higher. In the stated case, the price may perhaps rise towards the $1,880 resistance zone. Dips Supported in ETH? If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,700 zone. A clear move below the $1,700 support might spark a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. Any more losses might even push the price to the $1,620 support or even the 100 hourly simple moving average in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 50 level. Major Support Level – $1,700 Major Resistance Level – $1,750