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Monero finally escapes from the range

Bitcoin rebounded after Fed stimulus boosted investor sentiment

The digital assets in the cryptocurrency market are holding a bullish momentum and trend for a second consecutive day. Monero (XMR) is at the forefront of market recovery. At the time of writing, BTC/USD is moving around $ 6,700. The coin has gained 28.6% of its value in the last 7 days as the crypto market has enjoyed improved sentiment. The sentiment improved even more yesterday after the Fed announced its endless stimulus program to mitigate the economic effects of the Coronavirus.

For most of the other top 15 cryptocurrencies, Tuesday was another bullish day. The XMR of Monero, TAGZ5 and Tezos led the way with gains of 6.13%, 5.80% and 2.56% respectively. Binance Coin (+2.61%), Tezos (+2.56%) Litecoin (+2.51%) and Ethereum (+2.06%) also found strong support.

The market capitalization of cryptocurrencies has increased by $ 14 billion in the last 24 hours, reaching $ 184.5 billion. At the time of writing, Bitcoin dominance is close to 65.3%. Trading volume jumped from $ 130 billion on Monday to $ 168.2 billion on Tuesday before settling down. Early Wednesday morning, 24-hour trading volumes totaled $ 142.77 billion.

 

Bitcoin manages to settle above a critical support zone

Now, the Bitcoin bulls have a chance to test $ 7,000 and resume growth. However, the stronger resistance is located at $ 7,150. The weekly SMA 100 is nearby, which can stop recovery and cause a downside correction. A clear break above this area will likely drive the price of testing the next $ 8,000 and $ 8,200 targets, reinforced by the daily SMA 100.

On the other hand, a steady movement below $ 6,500 could cause short-term closing of long positions and push the price towards $ 6,000.

 

Monero (XMR) is at the forefront of market recovery

Monero is one of the best performing altcoins in the crypto market after the price collapse since February 15. This means that if we are to see a recovery, there is now some good potential.

Today the XMR/USD is trading at $ 46.83, slightly backing from $ 47.97 (Tuesday’s high). Despite the slight correction this morning, the bulls are in control of the situation and the trend remains steadily upward. The stability is expected to continue in the next trading sessions, and the bulls will certainly try to push the price above $ 50.

On the downside, yesterday’s bottom of 43.36 should give us the first support. A clear break below this level could extend Monero’s decline to the $ 40 psychological zone.

The MACD indicator shows the confirmation of the purchase sentiment. On the other hand, the RSI indicator rose sharply from 34.01 to 45.50 after the bullish price action on Tuesday.

 

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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XRP/USD bulls have a chance to test again $ 0.25

Attempting to rebound in a challenging environment

Since last week’s devastation, most crypto assets have started this week with a rebound. Bitcoin is up just 0.30% since its retreat on Tuesday. Ripple’s XRP has risen 1.22%, Litecoin has made a profit of 0.75% in the last 24 hours, and Chainlink gained 12.73% amid the top 20 crypto assets.

Total crypto market cap is $ 252.61 billion this morning. Bitcoin dominance fell from 64% to levels below 63.6% when Bitcoin struggled early in the week. At the time of writing, Bitcoin’s dominance was 63.7%. Trading volumes peaked on Tuesday morning, but are currently at $ 173.15 billion for the last 24 hours.

Bitcoin seems to be losing the battle for “digital gold” status for the time being. The main digital currency not only did fail to unite with traditional safe havens, but also followed the risky assets. And when someone tries to give Bitcoin a “crypto gold” rank, opponents will always remember the February stock market crash that dragged Bitcoin behind.

At the same time, however, we have no definitive correlation with the risky assets. The fact is that Bitcoin remains a different asset and its main nature is unpredictability. For such an asset, the best scenario is the confusion of all market participants.

 

Bulls on Ripple (XRP) fluctuate, but further gains above $ 0.24 seem likely

After a strong start to the week, XRP/USD fell from $ 0.2395 to $ 0.2296 on Tuesday. XRP/USD is currently trading around $ 0.2364, supported by SMA100 on a daily chart. For now, the XRP/USD continues to move below the moving averages SMA 20, SMA 50 and SMA 200 as the price consolidates under $ 0.24.

The pair is about to test again the 61.8% level of Fibonacci correction on the rally from $ 0.1753 to $ 0.3452. If Ripple manages to break through this important resistance, it could start another upward momentum in the near future.

 

Ripple’s (XRP) Technical Analysis

This resistance level is near the $ 0.2400 level, followed by the Tuesday high at $ 0.2413. A clear break above 61.8% Fibo and $ 0.2413 could open the door for a larger rally to the $ 0.2500 psychological level in near future. There is also a daily SMA 200.

On the downside, a sell-off below $ 0.2330 (the abovementioned 100-day SMA) will clear the bears’s path to $ 0.2300 and $ 0.2244 (1st March low). With a convincing fall below $ 0.22, a further decrease to $ 0.1804 is possible.

The MACD indicator indicates decreasing bearish momentum on the daily chart. And the hourly MACD is now gaining momentum in the bullish area. The RSI (Relative Strength Index) for XRP/USD has returned above the 50 level on 1-hour chart, which is also a positive sign.

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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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BTC/USD erased its February gains

The price of Bitcoin hit a monthly low

Bitcoin price has been in a downtrend since Monday. At the time of writing, the price of Bitcoin has already dropped by 8.60% for the week. BTC/USD is on the verge of returning all profits generated from Coronavirus from $ 8,303 to $ 10,489. During the decline, the price fell below the main bullish trend line of support at $ 9,580, the $ 9,000 level and the 200-day SMA ($ 8,800). The BTC/USD pair hit a monthly low of 8,555 earlier this morning and now traders are struggling to keep the price above $ 8,500 support and 200 SMA.

The current fall is mainly due to the rejection by the SEC of another Bitcoin ETF. The US Securities and Exchange Commission on Wednesday rejected the proposal for a Bitcoin Exchange Fund (ETF) submitted by Wilshire Phoenix. The regulator cites Wilshire Phoenix’s failure to prove that the Bitcoin market is immune or sufficiently resilient to market manipulation.

The altcoins have also sunk, with many coins in the top 20 having suffered double-digit losses in the last 7 days. Ether (ETH) pulled back 14.12% to trade around $ 225. This is a staggering turnaround given that the digital asset was trading at $ 286 less than 2 weeks ago. Litecoin (LTC) lost 13.61%, EOS fall with 10.45%, and Ethereum Classic (ETC) dropped 13.49%. Surprisingly, Chainlink (LINK) rose 4.71% yesterday and Tezos (XTZ) gained 3.73%.

The total market capitalization of cryptocurrencies now stands at $ 246.8 billion, with the Bitcoin dominance index rising to 64.4%.

Where can BTC/USD find some support?

Now when the market has taken out some key levels, let’s see where we can find support.

The BTC/USD pair appear to respect Fibonacci adjustments. So, keep an eye on the 61.8% Fib correction on the rally from $ 8,303 to $ 10,489 at $ 8,015.00. This is obviously close to the psychological level of 8,000. For that reason, this support is key. However, if the bulls fail to protect $ 8,000, there is a chance of a further decline to the $ 7,000 and $ 6,800 levels.

Before that 8,500 is also a good level of support as the price has been struggling a lot there in the past.

On the upside, the first resistance is close to $ 9,000. Successfully daily closing above the $ 9,000-9,020 region is likely to set the tone for another increase in the coming days.

The RSI indicator is in the oversold zone on daily chart and is still maintaining a downside slope. And that means that sales activity is still high, ignoring the condition of oversold region.

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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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Cardano enjoys strong growth amid improved sentiment

Cryptocurrencies have been able to prolong the bullish sentiments from last weekend to the new week. This move clearly aims to reverse the negative price action experienced last week.

Yesterday was bullish on most major coins, with Ethereum Classic (+14.91), Cardano’s ADA (+12.33%) and TRX (+12.22%) leading the way. Bitcoin Cash ABC (+7.06%), Monero’s XMR (+4.09%), Ethereum (+3.57%), Litecoin (+3.4%) and Ripple’s XRP (+ 3.41%) also made significant gains.

At the time of my writing, the total market cap is $ 255.13 billion. Bitcoin dominance remains at 66%, backed by stable gains earlier this week. And the trading volumes in the last 24 hours amount to $ 122.4 billion.

The Singapore Payment Services Act yesterday openly welcomed global crypto companies to operate in the country after being licensed. The law officially gives mandate the Monetary Authority of Singapore (MAS) to regulate cybersecurity and money laundering.

 

Bitcoin Price Update

This Tuesday, buyers raised the price of Bitcoin from $ 8,866 to $ 9,390 before the bears made a correction to $ 9,280 in the early hours of Wednesday. On the downside, the next supports are $ 9,300 and $ 9,183, which could reverse up the price.

If the bulls regain control, we have 2 strong levels of resistance at $ 9,425 (high from 11/6/2019) and the psychological zone at $ 9,500/600.

 

Cardano’s bulls can benefit from the development of the project

From a fundamental point of view, Cardano is undergoing a major transformation. The platform continues to expand in 2020. It was recently announced that it plans to undergo a hard fork in February. The hard fork will be the integration of the Ouroboros BFT consensus into the current Shelley tesnet. This consensus will be the first P-O-S consensus to match the security of the Proof-of-Work consensus for the Cardano ecosystem.

A successful fork can help Cardano get closer to its goal of a fully decentralized blockchain platform for smart contracts.

 

ADA/USD Technical Analysis

Over the last seven days, Cardano has seen a significant increase in value, rising 22.55%. The upward trend usually signals positive reversals of support/resistance, which the daily chart clearly shows. The price has broken upside the range since December in early January. Subsequently, the price receded slightly to, but rejected $ 0.0413 earlier this month, after which the rally continued.

The closest support is yesterday’s bottom of $ 0.0475. A clear break below it can extend the downside momentum to $ 0.0437 (daily SMA 200) and $ 0.0382 (daily SMA 50). This area is likely to make it difficult for the bears and can serve as a springboard to rebound and recover the price.

On the upside, key resistance is created by SMA 50’s weekly chart at $ 0.0564. Cardano is currently nearing that next level of resistance. We will need to see a steady breakthrough over this area to improve the long-term technical picture. Once that happens, the $ 0.06 level will be the focus of the bulls.

 

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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