Popula cry what is going on snipers 90 Bella baby here? I hope all of y'all are enjoying your day today
Let's talk about the news that matters to me the most today number one will briefly touch on light paid
Announcing their creation literally which is affecting light points price
Minutely, but I'm gonna talk about why I think light coin may see some further upside as well as verge announcing a potential partnership on
April 16th however they had to raise 75 million Verge tokens to do this
Why right we're gonna be diving right into that let's look at the technical side of things first looking at verge technical analysis here
We're gonna be taking a look at these known support levels here currently forming right around
326 satoshis and it's looking like we're seeing some strong resistance right around
615 satoshis with a bullish wick on top of that candle
Which is interesting because that could potentially determine that we're gonna see further upside here when more sellers come into this market
Being the fact that the overall market is red right now, but looking at this cup. That's for me
You can actually look at this in two different ways
One way would be a cup and handle where you've got this breakout here in the cup forming alongside of that handle forming now
order rounding bottom where you can look at the actual cup base as this area right here coming from a
descending trend
Forming a rounding bottom now forming its handle to eventually breakout both of those are breakout patterns so in a technical sense it is
Forming a breakout pattern as we speak however is this partnership really going to change things for a verge
Let's take a look at the coin market cap first and foremost here. You can see we're at four cents right now
6% gain over the past 24 hours doesn't really matter much what I really want to pay attention to is the market cap being
under 1 billion right now
607 million dollars it kind of asks you a question
Why did they meet or raise more tokens to announce this potential?
Partnership right and in my opinion. There are several reasons. Why that would be the case however
I'm not gonna spread any negative FUD yet
Because I think we need to give verge of a chance to prove themselves on what they're actually trying to accomplish
Over the next coming weeks and most importantly knowing the potential Verge's price that had a huge pump
Here in December, but in all reality
It's formed a couple different cups on the way down, but seeing further downside each time
It's done that
I think the only difference here is that it's seeing some sort of upside being the fact that there's this potential partnership
And I think they need to be careful by what they promised their users because if you're promising that you're gonna have this amazing
Partnership, and the partnership doesn't end up being amazing
That could really lead to a lot of liabilities in the future
and it could also lead to a dump in their coin if
People are not as satisfied with the partnership that they are creating so much anticipation for as a matter of fact
You can see on their actual website where they talk about their partnership
There's two actual practical things that I see here that are actual
reasons to raise more funds number one
Leger nano Hardware wallet integration and support which in my opinion would be more of a partnership with Leger and then the Wraiths protocol
IOS enabled wallet application is also something that would definitely take some funds
But then these three kind of seen a little bit more mediocre right in just a general term advanced marketing tactics
Partnerships with large companies real world adoption nothing really tangible behind that are practical
So why do they really need to collect funds right they actually tout
This as the new crowdfunding initiative that they're holding and at one point the article actually mentioned
We are thrilled to announce efforts to establish largest cryptocurrency collaboration in the market so the claims are big
But is the delivery gonna be just as being I think that's the biggest question for verge if you are gonna be holding it during
This hype there's a half a saying in the market right by the hype selva news
I would say that it's fair to go ahead and place a position of my new position
Just in case it does see some sort of significant pump
But to put a large portion of your allocations and your assets and capital into Verge right now
I think that would be a little bit more on the risky side being that we know that market right now is in a very
Bearish state and we are taking advantage moreso of these quick swings not necessarily these upcoming
Swings that happen to three weeks ahead of time whereas
We'll take an advantage of these shorter term swings that happen within a couple days or in a couple hours
especially in a bear trend
You don't want to have all of your assets tied up because you just don't have the chance
Act fast enough and that reaction time can be critical when we see any sort of market sell-off and what's also interesting
Is the fact that they actually tweeted this photo here in partnership with token Pei talking about how token pay is gonna match
Every single Virg token that's contributed up to fifty thousand, and I think that's kind of a weird thing
That's going on right now between token pay and verge
but I also think it's
Optimistic to a certain degree being the fact that at least they are in
Partnership with somebody trying to accomplish something so if they're gonna make bold claims like that
Hopefully token pain knows what those claims are so if they are
partnering with
Virg that they can go ahead and also understand the backing behind those large claims being made by Virg so in my opinion
It's never good to make those type of large claims without necessarily backing it up right away. However. We'll see what happens
Hopefully. This is a partnership that will take Virg to the next level. I like Virg as a token
You know the Rafe the protocol enabling I to P protection alongside
with blocking the ledger from being shown like Manero
I think it's an awesome point that has a lot of potential as long as it's used properly and the private coin sector in general
In this market is a very big market
And I think there's a lot of me a lot of potential for more of those points like Z cash
Manero
pivots Virg and other of those type of currencies now
Let's move on to light coin and take a look at what's happening here with light coin they announced the light pay around
February 18th where we saw about a 30% bump in light points price
however now
They've now
Denounced that light pay as a whole project in general
Because of lack of due diligence if you look at this article that was actually posted as an announcement on the light coin foundations page
You can see they talked about seizing all operations for not doing enough due diligence, and I've talked about this before
Understand that for the cryptocurrency market to see true mass adoption
we're gonna have to see other companies take advantage of this technology, so
Light pay was one step towards that it was similar to bitpay where it allows businesses to accept light coin
Extremely easy to use like cone with that card and things of that nature
However now that that project has been denounced. It kind of puts light coin in this position of whether or not
This is going to be something that's tangibly worth anything in the future and in my opinion
It is because remember we talked about the sec now
announcing that all exchanges have to
Delist any coins considered securities if it's not registered with the SEC or they can't do business with the United States
Like coin and Bitcoin are the two coins that weren't really created as
Securities these coins were created more so as a peer-to-peer to exchange and it doesn't necessarily pass the Howey test
Which is what the SEC needs to approve in order to determine an asset as a security?
so it still has that intrinsic value of not being deemed a security being like Bitcoin and almost like the silver to Bitcoin and
For me being the market for the time that I've been in it
It's always been like bitcoins little brother, and I don't see that stopping anytime soon, so let's look at the technical analysis
We're gonna add several different indicators here if you right-click your trading view chart insert indicator
We're gonna be using the three moving averages
We're going to look at the RSI as well as the Bollinger Bands and the volume these are very important indicators
I'm gonna teaching you guys how to use this the RSI is actually right here. This is the relative strength index
You've got the candlesticks the Bollinger Bands are these clouds in the back
It's kind of in that teal color, and then three moving averages are these three lines in the back here
They determine the 50-day the 100 a and the 200 a moving average as long as you're on a 1-day chart
And the volume is actually depicted here in these volume candles or volume bars and looking at this price
You can see how we're seeing this consolidation back to these previous lows on these known support levels
So we have one support level here right around one hundred and nine US dollars
We've got a support level forming right now, which seems to be right around
139 US dollars, I'm not gonna draw that out because there's no true support just yet
And if we draw up the resistance it was right around
252 US dollars with the bullwhip coming up right there
But then seen for the consolidation looking at this price in my opinion
It's not necessarily gonna be the worst move to start dollar cost averaging your way into this market even for Bitcoin
I've talked about this in the past
You don't want to trade the full allocation of your assets, but if you're looking to get good prices
It's not gonna hurt to make positions based upon knowing the fact that prices are low right now
There are gonna be potential swings along the way you can see every time that there's consolidations
There's always those swings that come out of that and you can see right now. We're in another point of consolidation
We're gonna potentially see a swing and we're gonna use a Fibonacci retracement that actually helps predict support and resistance levels
We're gonna have to draw that from the top of the candle wicks to the lowest known level of the graph that you're looking at
That's the best way to get that Fibonacci retracement accurately
Showing what potential resistance and support levels are gonna be shown and looking at this for hour
You can see how we're finding that resistance right along the Fibonacci retracement
But we're starting to head down towards this next level if I were to put in a buy order or entry point into litecoin
right now it would be around the 120 dollar price range all the way up until around the
135 dollar price range being the fact that these are known levels of a bounce and understand that white coin will potentially see a
Sharp bounce to where there's that opportunity to make those quick profits
And I also see this bearish market starting to subside over the next couple of months and with that happening
I think getting your positions in these coins that you've always wanted to get a position in is
Important to do right now and even with the light paid announcement you can see that it did hurt the price
But also understand that when the light pay was announced we only saw about a 30% rise in price
Which is a lot but not necessarily a lot in the crypto world where you see 60 80 90 %?
Increases in price so at the end of the day light paint never really
affected it
substantially, and I actually saw an article earlier as well, if somebody kind of talking about it as just
One fish in the sea that was pulled out
And it's not necessarily a big deal that they've denounced light pay and in my opinion litecoin
Fundamentally still has its intrinsic value in the fact that it's not going to be deemed as security in a technical sense
It's being oversold right now, and then if you look at the RSI as well know that the RSI anytime this dips below 30 it
Considers that asset class oversold and you can see here. We're heading down towards these lower RSI levels anytime you see these sharp
Drips in price or an RSI or in anything there's always these really sharp up ticks as well where you can make those prophets
So take advantage of those and that's what I highly implore all of y'all to do you can see how we bounced off of the
31.4 RSI here earlier we never went under 30 so for us to go to 30 would be an obvious move to
Enter into this position so overall I think it is a good time to start dollar-cost averaging your position into litecoin
But the end of the day understand that the market is in a very volatile point you can see looking at the coin market cap
Here when a seven point seven billion dollar market cap here for litecoin
And we're starting to see volume increase four hundred billion currently over the past 24 hours if you were to compare that volume
To most of these other coins with market caps comparable to light coins so for example you go here
And you look at Bitcoin cash at a fifteen billion dollar market cap it has less volume over the 24 hours then litecoin
Which means less use case at least in the past 24 hours, so I am still very bullish on my coin
I'm holding my light coin, and I am not giving financial advice
But I would implore any investor right now
To understand that I think light coin has a lot of potential
And if you are invested in it understand that the light pay wasn't necessarily the biggest deal in the world
It was just a small bump in the road and at the end of the day it still has its intrinsic value of its coin
And with that being said I hope you all enjoyed this video and until our next one snipers out
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