Alibaba Group Holding Limited (NYSE:BABA) wins preliminary trademark injunction against cryptocurrency Alibabacoin

Alibaba Group Holding Limited (NYSE:BABA) wins preliminary trademark injunction against cryptocurrency Alibabacoin

Alibaba Group Holding Limited (NYSE:BABA) wins preliminary trademark injunction against cryptocurrency Alibabacoin

Chinese e-commerce giant Alibaba Group Holding Limited has won a preliminary injunction against cryptocurrency firm Alibabacoin Foundation.

The legal victory centers on the use of the company’s name, or likeness, purportedly to promote the foundation’s similarly named virtual currency, according to Oct. 22 court documents in the U.S.’s Southern District of New York.

The case follows an attempt in April, which was denied on the grounds that “Alibaba has not met its burden to establish a reasonable probability that the Court has personal jurisdiction over Alibabacoin,” which is listed as being based in both Dubai and Belarus.

According to the company’s LinkedIn page, Alibabacoin Foundation’s blockchain technology “will use artificial-intelligence techniques effective for image recognition most reliably to identify a person most accurately as possible and use this technique effectively for the structure of payment of electronic wallets and financial transactions.”

The cryptocurrency, AlibabaCoin or ABBC has a market value of $1.9 million and is trading at 71 cents, according to data from CoinMarketCap. The coin had reached an all-time high of $1.63 on Oct. 18, 2018. Meanwhile, Alibaba boasts a market value of more than $330 billion.

Attorneys representing both Alibaba and AlibabaCoin Foundation didn’t immediately return requests for comment.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 164.70.

The projected upper bound is: 157.30.

The projected lower bound is: 134.76.

The projected closing price is: 146.03.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 18 white candles and 32 black candles for a net of 14 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 55.4861. This is not an overbought or oversold reading. The last signal was a buy 7 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 42.48. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 7 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -27. This is not a topping or bottoming area. The last signal was a buy 7 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 1 period(s) ago.

Rex Takasugi – TD Profile

ALIBABA GRP ADR closed down -2.150 at 146.650. Volume was 0% below average (neutral) and Bollinger Bands were 44% wider than normal.

Open High Low Close Volume___
143.000 147.500 142.630 146.650 4,397,060

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 144.98 161.82 182.21
Volatility: 64 46 41
Volume: 5,613,595 5,056,337 4,206,744

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

ALIBABA GRP ADR is currently 19.5% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BABA.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BABA.N and have had this outlook for the last 15 periods.

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