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XLM/USD on the way to test a key resistance zone

Bitcoin must break above $ 7,000 again for a chance to recover

Tuesday was a mixed day for the major cryptocurrencies on the market. Monero’s XMR rose 2.95% to lead the way on the day. Ripple XRP (+1.23%), Tezos (+1.45%), EOS (+1.65%), Ethereum (+1.96%) and Binance Coin (+2.07%) also finished the day green.

On the other hand, Chainlink lost the most and dropped 2.48% in the last 24 hours. O the negative territory it was followed by Bitcoin Cash SV (-0.58%), TRX (-0.34%) on Tron, Bitcoin Cash ABC (-0.16%), and XLM on Stellar (-0.04%).

At the time of writing, total market capitalization was $ 197.55 billion, while 24-hour trading volumes were $ 119.04 billion. Bitcoin dominance has remained stable at about 64.1% level so far.

Technically, BTC/USD bears remain in control as the price dropped from $ 6,970 to $ 6,768 yesterday. We don’t have strong support levels below, so you shouldn’t be surprised if the price decline even further. The pair is currently approaching its 50-day SMA.

On the upside, there are two strong resistance levels at $ 6,945 and $ 7,200. The first is a one-day 38.2% Fibonacci retracement level and the upper curve of the one-hour Bollinger Bands. Finally, the $ 7,200 level provided strong support in November and December 2019 before being broken in March.

 

Stellar Foundation launches a new donation campaign for the COVID-19 crisis

Lumen (XLM), currently the 13th largest digital asset with a total market capitalization of $ 984 million, was trading at $ 0.0483 early on Wednesday. The coin also reported an average volume of $ 513 million over the last 24 hours.

XLM/USD has great potential for growth as it trades above the main bullish trend line of the daily chart. And in this case, the $ 0.0500 level remains in focus.

Since early April, the cryptocurrency has gained positive momentum after the Stellar Foundation launched the Lumenthropy project. The project is based on Stellar Development Foundation (SDF) and is for combating COVID-19, using XLM tokens as a donation to several charities. The organizations that can benefit from it are – Unicef ​​France, the Tor Project, Heifer International, Watsi, Freedom of the Press, and Women Who Code. The foundation thus calls on the community to contribute to the project and send their coins, which SDF would support.

 

XLM/USD analysis

The first resistance is seen at $ 0.049, where is the 50% Fibonacci retracement level of the recent drop from $ 0.0524 to $ 0.0455. Successful breakthrough and daily close above this level can send the bulls up for a test at the $ 0.0520 main resistance zone. Then the focus will move to $ 0.0532 (high from 10th March before the crash).

But if the price fails to break above $ 0.049, it is possible to see a test of the upside trend line on the daily chart. It is located at 0.04730, where the 23.6% Fibo level is also found. A clear break below this support area may increase the downside momentum to $ 0.0450. The next major support is close to $ 0.0430, followed by $ 0.0400.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Tezos stops its rally after 100% growth

Today again we have a bearish start for the major cryptocurrencies. Yesterday, Bitcoin and all major altcoins suffered losses on a daily basis with the only exception of Chainlink (LINK).

At the time of writing, total market capitalization is $ 196.95 billion. Bitcoin dominance remains at levels below 67% after major losses. The steady sell-off managed to pull investors away, with trading volume reaching $ 60 billion before settling down.

 

Who are the winners and losers of the day?

The Chinese Center for Information and Industry Development has released its latest revision of its crypto index. This index evaluates the technology, applications and creativity of blockchain projects. The first position is occupied by EOS, followed by Ethereum, and the third is TRON. Bitcoin ranks ninth in this ranking.

Among the top 100 cryptocurrencies, the best of the day was ZEN (+16.13%), LINK (+8.62%) and STEEM (+4.64%). In the red were RVN (-21.41%) and (-19.16%). But MATIC was the biggest loser yesterday, falling 50%.

The Tezos case is a little more interesting. In just 24 hours from the best performing coin, the asset became one of the biggest losers. The coin dropped by more than 8% on a daily base against the background of the strong bearish pressure caused mainly by technical factors.

 

Technical analysis of Tezos

Tezos became one of the most active altcoins in 2019, with the XTZ token giving returns more than three times in dollar terms after the ICO, as well as 4X returns against ETH appreciation. Also, over 42% of XTZ volumes are going against Tether (USDT).

Technically, at the beginning of the month, Tezos’s price continued to make higher lows on the 4-hour chart, which usually marked an upward trend and broke the formed triangle in early December. Accordingly, we saw XTZ/USD test the next resistance area at $ 1.60.

But at the same time, the RSI indicator began to show bearish divergence, which generally marks a potential reversal of the trend. On a daily chart, the RSI also turned from the overbought area and is pointing down now. This means that the coin may continue its downside correction in the near future.

The first support to keep track of is $ 1.30. It was created by the middle line of the daily Bollinger Bands and the H4 50 SMA. A clear break below this area could extend the sells to $ 1.26. There is located a 200-day moving average on the 4-hour chart.

On the other hand, if the price manages to keep above the support of 1.30, then we will probably see another Tezos’s test of the resistance zones around $ 1.65 and $ 1.85 (the August and May highs).

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Will we see a breakthrough on Bitcoin under $ 7,000?

This morning, the crypto market was a red sea for major digital assets. Bitcoin and all major Altcoins are moving outside the latest ranges amid rising bearish sentiment. EOS led down by 3.49%. Ripple’s XRP and Stellar’s Lumen did not lag far behind with losses of 3.04% and 3.01% respectively. Binance Coin (-1.43%), Bitcoin Cash ABC (-2.79%), Ethereum (-2.05%) and Litecoin (-1.63%) also struggled.

Bitcoin  $7000

The total market capitalization of cryptocurrencies dropped to $ 194 billion, while the average daily trading volume remained unchanged at $ 55 billion. Bitcoin’s market share rose to 66.7%.

For now, the bears are in control of Bitcoin, but a rebound is not excluded

Over the last two days, the price of BTC/USD has been consolidating in a very narrow range between $ 7,200 and $ 7,523. Earlier this morning, however, the price of the main digital asset fell below the lower border of the range and declined by 2.12% over the last 24 hours.

Bollinger Bands shows an extension of the one-hour chart, which usually means there is a break on the way.

And as the breakthrough was a downside, the bearish trend, which formed at the end of June from a high of $ 13,764, remained completely intact in the short-term, supported by the decline for the current week.

For the bulls, Bitcoin should make a sustainable move above $ 11,000 to form a short-term uptrend.

 

Bitcoin should stay above $ 7,100 to prevent possible dips below 7,000

The nearest support is located at the bottom line of the one-hour Bollinger Bands at $ 7,129. There is located also a 61.8% Fibonacci retracement of the last rally from $ 6,618 to $ 7,933.4.

Once this area is broken, the bearish pressure is likely to continue with a further focus on the psychological $ 7,000 level. And in the case of longer extended sales, Bitcoin could target a 78.6% Fibo level at 6,890. A clear breakthrough there will drive the price for testing of psychological $ 6,500 level.

On the upside, a strong resistance zone we have between $ 7,253 and $ 7,415. That region hosts several indicators, including BB’s middle line on H1 chart, SMA 50 (7,323) and SMA 100 (7,414) also on the hourly chart.

Bitcoin $7000

However, Bitcoin will need support from the broader crypto market in order to further rebound above this area. An additional correction to $ 8,000 should meet resistance at $ 7,523, $ 7,623 (23.6% Fib level) and $ 7,933 (November’s end high).

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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