fbpx

News

NEO exploded with a gain of nearly 6%

The Bitcoin bears hit the pause button

The crypto market is trading in familiar ranges with bearish bias after a sharp sell-off earlier this week. Bitcoin and all major Altcoins lost from 1$ to 4% on a daily basis, with NEO a notable exception. The coin managed to beat the market gained over 5% in the last 24 hours.

Yet, after the bearish start of the week, major cryptocurrencies found early support on Wednesday. A Bitcoin breakthrough above $ 8,200 should provide additional support. And in the case of a broad-based crypto rebound, the first resistance level is Tuesday’s high at $ 8,242. The upward momentum is likely to be limited there.

Total cryptocurrency market capitalization remained at $ 223 billion, almost unchanged from this time on Tuesday. The average daily trading volume was $ 77 billion. Bitcoin’s market share was settled at 66.1%.

 

NEO/USD has recovered from the last bottom but is still under $ 12

NEO is one of the best performing cryptocurrencies today, increasing by 5.85% when major coins fall. The formation of a short-term downward wedge model has been fruitful for NEO. The break above the resistance line of the technical pattern opened the door for the bulls to receive returns over $ 13.00. Subsequently, however, NEO erased profits from yesterday’s high, but support at $ 11.00 ignited the current reversal.

The RSI indicator enters the overbought zone (region over 70) on an hourly chart. The continued movement of the RSI to the North will cement the position of the bulls in the market. But it can also mean that potential downside movement may be on the cards.

 

Don't forget to check out our new industry-leading services!

Intraday forecast for NEO/USD

On the upside, the NEO/USD recovery may initially face resistance at 12.00. A clear break above it could send the price for testing the upper line of the daily Bollinger Bands – $ 12.90, which is closely followed by the psychological level of $ 13.00. This barrier can attract new short-term sellers and bring the price back down. However, a strong move above it will likely push the bulls to their next target near the recent $ 13.40 high.

In the long-term, this week’s low of $ 11.03 serves as strong support, reinforced by the SMA 200 on the daily chart. With a clear breakthrough there, the sale could continue to the psychological level of $ 10, where the bottom line of the daily Bollinger Bands is located. The next support area is created by the merger of SMA 50 and SMA 100 at $ 9.30.

 

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.

Read More

Will the autumn be hot for the crypto currencies?

Will the Autumn Be Hot for the Crypto currencies: Looking for Bears, May be?

The traditionally holiday August month was not at all quiet in the crypto currency market. But the crypto market performed relatively well over the past month. The positive price action came after Bitcoin was able to prevent a potential drop below $ 9,000, finding support above $ 9,300. The entire market capitalization of crypto currencies responded positively, posting an impressive correction from values ​​below $ 250 billion to highs above $ 278 billion.

And with the beginning of September, we also saw another crazy week during which Bitcoin jumped 6.63%. Once again, we had comments from central bankers and exchanges. Bitcoin is currently taking the lion’s share of the market capitalization. Its market dominance is steadily increasing, reaching levels above 70%. The main digital coin is now struggling with very strong resistance and, at the same time, a psychological level at $ 10,000. Since the end of the bear market in August, Bitcoin has made a pretty big recovery in a relatively short period of time. So, it is not surprising that we are now seeing a process of consolidation.

At the same time, the altcoins attract a more ambiguous reaction. In this sector there are many more so-called “sad bears.” This weekend showed a very unexpected jump in Altcoins prices: at one point they were apparently rising as Bitcoin was falling. That is why today I would like to draw your attention to them and what we should keep in mind as autumn approaches.

 

What problems do Altcoins face?

Altcoins have always been more volatile. In a short period of time, newly created assets generate huge profits, with increases of 1,000 or even 10,000 times occurring within weeks or even days.

But in 2019, the altcoins seemed to have lost their luster – and in most cases they could even be considered as no-go assets. The first reason is that volumes continue to decline and with a few exceptions, the Altcoins market is in decline. Altcoin price has returned to levels from before the big rally in 2017, while Bitcoin market cap dominance is now over 70%. This once again establishes a more traditional relationship between BTC and Altcoins.

For most Altcoins, the combination of delisting and reduced interest resulted in almost insignificant trading volumes. Only a handful of coins receive inflows from Tether markets and these coins manage to retain some of the 2019 profits.

There is no way also to ignore the strict regulations. For years, the crypto currency market has been free to all. This allowed the creation of coins and tokens with extremely creative economic models. But regulators started to take notice and monitor assets that can be considered unregistered securities. Stock exchanges quickly noticed the worsening climate and began to pruning their choice of altcoins. The loss of interest from Korean investors also hurt some of the coins, which had previously enjoyed fairly active trading at a premium.

And let’s not forget that all eyes are on the price of BTC, which is still at a crossroads and yet to go through a dramatic rally. If that happens, some Altcoins may also spark optimism and be appreciate on the back of BTC. But since the leading coin is still struggling with the $ 10,000 level, there is enough uncertainty that makes buyers more reluctant to touch the Altcoins.

Another factor I would like to highlight is the change in the profile of crypto traders. In the past, there were periods of hyper activity that attracted new enthusiasts to the crypto space. But as search engine statistics show, the wider public is no longer so interested. Now the crypto space is made mostly of insiders and they are more skeptical of big promises.

In conclusion, I can only say that, despite all the aforementioned factors, many new projects are emerging on the crypto currency market every day. That’s why I think the autumn for cryptos will be quite “hot” and the picture can change quickly. So, follow our next technical analysis to keep update with the latest developments in the crypto currency market.

 

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.

Read More

Litecoin led the market again

Litecoin is the best performing crypto currency of the day

The crypto currency market had a mixed picture during the Asian session today. Although the bearish sentiment seems to remain dominant as Bitcoin and most of the major Altcoins are in a red zone.

Capitalization of the crypto market remained at $ 253 billion, almost unchanged from $ 254 billion on Tuesday. The average daily volume of trade fell to $ 58 billion amid growing volatility on the market.

BTC/USD is trying to recover over $ 8,000, although the breakthrough needs to be confirmed. At the time of my writing, BTC/USD is traded around $ 7930 against a backdrop of rising volatility. LTC/USD took advantage of Bitcoin jumps to $ 8100 and set its course while breaking key barriers.

Litecoin (LTC) is still the biggest winner of the day. The fifth largest coin with the current market capitalization of $ 8.5 billion rose by more than 7% in the last 24 hours to trade at a price of $ 139.27.

Litecoin opposes gravity ahead of halving

Fundamentally, the sustainable growth of Litecoin is driven by upcoming halving. This event will reduce the reward of miners, which they will receive in exchange for maintaining network operability.

Project Leader and Creator Charley Lee has published some statistics to show the community that mining will continue to be profitable even after halting.

Meanwhile, the technical picture is positive and will probably remain the same if something drastic does not happen. The RSI indicator moves around $ 72.00 to indicate that the price path of least resistance is upside. This trend is also accentuated by MACD, which sits comfortably above the average line just at +2.5638.

For the upcoming day, a break above $ 141 would support the upward momentum. Keep in mind, however, that if failure to break this resistance, LTC/USD may return some of the morning’s gains. It is quite possible to see a slight downside correction because the pair is already in overbought territory.

Litecoin will need constant support from the broader market to reach levels around $ 145. Barring an expanded crypto rally, the first major resistance is likely to limit the potential upside momentum for the day.

On downside, immediate support is created by merging the SMA 50 and SMA 100 on 4-hour chart in the area of ​​$ 114.85 – 114.00. Once broken, the likelihood of a decrease will increase. And the next goal of the bears will be the $ 110.00 zone.

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.

Read More

Ripple back to $ 0.32

The crypto market has finally descended in downside price action after three consecutive weeks of bullish movement, just before Ethereum’s hard fork. Bitcoin fell by 0.63% on Tuesday. Partially reversing a 2.36% gain on Monday, Bitcoin finished yesterday at $ 3,810.4.

Among the top 10 biggest crypto currencies, the trade on Tuesday was a sea of ​​red. After the bear trap on Sunday, we are now witnessing a choppy start of the week.

One of the few leading cryptos in the beginning of the week is Ripple’s XRP, which grew by 6.52% by the end of Tuesday. Profits slightly deviated from the 10% rally on Monday due to listing on the stock exchange.

Ripple: The Bull and Bear War continues after rejection at $ 0.35

After more than a year of waiting, Ripple fans finally got their prayers answered. Namely, Coinbase Pro announced new support for XRP. It is expected that the XRP trading on the platform will continue to run completely after the initial 12-hour period to ensure that there is adequate liquidity for all orders.

It was also announced that the buying and selling of XRP tokens on the platform will be available only to Australian, British, European and Singaporean traders. While the lawsuit for Ripple in the United States remains in Court.

Technical Analysis of Ripple’s XRP

At the time of my writing, Ripple’s XRP fell by 0.79% and traded in the area of ​​$ 0.31395. The daily XRP/USD chart shows that the asset struggled to break the key resistance of $ 0.3440 – 0.3500. This particular area has been a strong resistance to XRP over the past 2 months. A clear breakthrough and daily closing of candles over $ 0.35 will likely lead XRP to test levels of $ 0.37 and $ 0.40 in the short term.

You have to be careful because a false break above that resistance can send the price very quickly down.

If bears are able to protect this key zone for the remainder of this week and keep XRP under $ 0.34, then we can see that buyers’ confidence deviates from this asset. A price action will go down again to $ 0.30 or even lower.

The downside trend is likely to continue as the Relative strength index (RSI) of the same chart is at 50.08 and continues to move south. The Stochastic oscillator shows the same trend at 47.66 to indicate most likely that bears gain momentum.

Conclusion

For the coming week, we will probably see that the bears are trying to take control of the price action. But if we do not have any significant headlines or events, Ripple is likely to keep moving within the trading range between $ 0.28 – 0.35.

 

 

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.

Read More
Top