Competitive cryptocurrencies: Trading Speculation
Bitcoin recovered nicely last week and continues to gain momentum toward $4575 and $4900. As with the $4220 mark, some sell-off is to be expected and dips below $3800 is still a possibility. Support remains strong above $4100 and the outlook is positive; $5500 should be around the corner.
Reaching these new heights has attracted numerous new people to the crypto space and with it; new talents and ideas. The influx is tangible when looking at the countless ICOs that are flooding the market but progress with Bitcoin and other major cryptocurrencies is impressive and continues to thrive. What’s important to note is that the open source movement is growing at an exponential rate. Contributions on Github and Medium are also reaching new all time highs (ATH), while places such as Bitcointalk.org, IRC, Slack and Telegram are serving as a backbone for communication and group collaborations.
A few interesting projects have emerged this year and continue to make headway in the community. FunFair is a new cryptocurrency that operates on the Ethereum blockchain and seeks to become a platform on which online casinos are built. These casinos would have the benefit of open source development to easily create fair and transparent games with a cryptocurrency adapted for on-chain gambling.
Price speculation: FUN tokens recently rose above 0.00000835฿ and has considerable trade volume against ETH. Support is strong around 0.00000630฿ but the circulating supply makes it difficult to go higher than 0.00000990฿ without popular casinos adopting the platform. 0.00000610฿ or even 0.00000650฿ is a good entry price for an Ethereum based platform with a good development team.
Aeon has recently made some interesting price jumps and has been on spotlight at Bittrex for more than two days. These spotlights often draw the attention to some cryptocurrencies that often go unnoticed. Upon closer inspection, the Bitcointalk thread appears to be inactive with no new announcements from the developers. The website indicates that Aeon is a fork of Monero with a lightweight scratchpad, making it easier to mine on personal devices and compares itself to “The Litecoin of Monero.”
Price Speculation: The important indicator with Aeon was the updates on their Git. Although the crypto space is flooded with currencies, I anticipate Aeon to have support alongside Monero. Currently trading between 0.00074฿ and possibly 0.00055฿, there seems to be sane support around 0.00046฿. Buying into these prices is very risky but I could see Aeon continue to move toward 0.001฿ and perhaps reach 0.00117฿. If these peaks are reached, a correction down to 0.00066฿ should be expected and a new floor around 0.00088฿ is possible.
GameCredits is another cryptocurrency with the potential to float alongside Bitcoin and Litecoin as a gamer’s cryptocurrency. Transactions are cost effective for smaller payments and integration into gaming environments such as MobileGo and GStore make it ideal for it to be utilized as a payment method; both for purchasing games and as an in-game currency.
Price Speculation: GameCredits has been having difficulty recovering from MobileGo’s failure to get listed on popular exchanges. Support fell below 0.0004฿ but remains strong above 0.00052฿. Game will encounter resistance around 0.00068฿ and again at 0.00081฿. Breaching 0.00092฿ will be difficult because of the price of GameCredits at the time of the MobileGo hype. Positive news from MobileGo and more games with GameCredit integration could easily bring the floor up to 0.00108฿ and trade between 0.0012฿ and 0.0015฿ again. This is an optimistic speculation and buying these lows can be risky (As we are seeing with Peercoin).
Trading markets can be volatile and are subject to various factors and fluctuations. These are my own trading opinions and should not be construed as investment advice. Always do your own research and chart analysis.