Market Overview As Facebook Reverses Cryptocurrency Ad Ban

Kiana Danial  |


Even though Facebook  (FB) has announced it will relax its ban on crypto ads, the market still struggled to gain a bullish momentum on Tuesday. We actually have had a number of positive coverage in the industry recently, however, the long-term market sentiment remains downward.

This could be attributed to the fact that the hype over cryptocurrencies has long been hammered. In my opinion, that’s a good thing in a long run. Because now the market participants can sit back and analyze the price action and evaluate the tokens with more accuracy.

The fact that Facebook is reversing its ban on crypto ads show that they are now less concerned about high profile scams targeting newbies. While ads about initial coin offerings or binary options are still be prohibited, advertisers can now promote cryptocurrency and related content if they are pre-approved by Facebook.

General Market Price Action

Following the news, the market reaction was generally negative. The biggest loser in top 100 cryptocurrency list was Populous with a 10% decline by the end of the trading day. However, Monaco coin, ranked 95th on the list, was able to surge over 8%, followed by DDD and Cortex, the AI crypto we covered yesterday.

While most major currencies have been relatively correlated in price action, altcoins such as Ethereum appear to be on a clear downtrend.

ETHUSD Below Ichimoku Cloud

ETHUSD Below Ichimoku Cloud

As you can see on the daily chart, ETH/USD has been trading below the daily Ichimoku cloud. The future cloud has turned bearish. The pair appears to be aiming for a key support level from back in April, at $376. Join our investing group to get the latest trading signals, stop-loss, take-profit and other limit order ideas on cryptocurrencies, forex and stocks. Our comprehensive signals will help you create a unique strategy for you, according to your risk tolerance.

As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.

Don’t forget to complete your risk management due-diligence before developing your investment strategy.


Invest responsibly,

Kiana

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Watchlist

Symbol Last Price Change % Change
AAPL

     
AMZN

     
HD

     
JPM

     
IBM

     
BA

     
WMT

     
DIS

     
XOM

     

Crypto World in Review: Taking in the Good with the Bad

A lot happened in the cryptocurrency industry this week.

Emerging Growth

Radient Technologies Inc.

Radient Technologies Inc is engaged in research, development and commercialization of environmentally responsible technology for the extraction, isolation and purification of soluble products from a wide range of materials using…