Crypto Rallies as Novogratz Calls the Bottom, EOS, XLM, XRP and NANO Analysis Sep. 14
The cryptocurrency market has bounced again this week, led by Bitcoin’s move higher to trade $6,500 level. The market capitalization for the overall space is now back above $200 billion. In a vote of confidence for the market, billionaire cryptocurrency investor Mike Novogratz suggested that an important low had been made.
In a tweet to his followers, Novogratz highlighted the Bloomberg Galaxy Cryptocurrency Index chart, which he noted had pulled back to test the highs of 2017 and the “point of acceleration” to the all-time highs. A rally from this stage should definitely create a longer bout of strength than we have seen in recent months. Novogratz was a previous partner at Goldman Sachs before he made his fortune in hedge funds with the Fortress Group. In recent years, he has shunned the traditional investment market to focus solely on the cryptocurrency space. In July of this year, his prediction was that Bitcoin would reach a market cap of $800 billion and he has been vocal about his expectations for a stampede of institutional money into cryptocurrencies.
EOS
The price of EOS now trades at $5.37 after an 8% rally in the last 24 hours. The move in EOS gives hope that the coin is holding the $5.00 support level and the next target on the daily chart is the 50-day moving average at $6.00. This could set up for a move to the bigger resistance level at $7.00.
EOS released the latest version of EOSIO last month with the V1.2.0 upgrade and this week, the fintech/blockchain startup Worbli also announced an EOS fork and a token drop of 40% of existing Worbli tokens to existing EOS users at 7th September. Worbli is a financial services network (FSN) that is seeking to host a variety of applications that will allow for financial and blockchain innovation.
XLM
The full story here.
