News

Tezos becomes one of the best performing Altcoins for 2020

CME’s Bitcoin Futures increasing volume suggests BTC/USD rally resume

Bitcoin managed to return above $ 8,000 for short on Tuesday after a dramatic drop to its 2-month low on Monday. Core cryptocurrencies have declined mainly along with global equities following rising fears of the Coronavirus and a collapse in oil prices. Now it looks like the digital currency is trying to rebound.

This morning, the panic caused by the virus began to decline and most financial assets, including Bitcoin, began a modest recovery. The positive trend is expected to continue with the hope of new fiscal stimulus from US authorities. And the news for them should definitely improve investor sentiment.

Most analysts and enthusiasts expect Bitcoin to rise in such an environment. But I think that the downside pressure will continue till Bitcoin stays below 23.6% Fibo at $ 8,200.

 

Tuesday was another mixed day for the other top 10 cryptocurrencies

Tezos led the way on Tuesday, earning 2.15%. Binance Coin (+1.38%), Bitcoin Cash ABC (+0.28%), EOS (+0.29%), Ripple’s XRP (+1.16%) and TRX (+0.49%) also found support.

Bitcoin SV (-0.36%), Cardano’s ADA (-0.07%), Ethereum (1.11%), Litecoin (-0.69%), Monero’s XMR (-2.02%) and Stellar’s Lumen (-0.27%) joined to Bitcoin in the red territory.

Since the beginning of the week, the total market capitalization of cryptocurrencies has slid from the high $ 233.12 billion on Monday to $ 219.19 billion. At the time of writing, the total market capitalization is $ 224.69 billion.

Bitcoin dominance has returned to 64% after falling to levels below 63.2% last week. And trading volumes amounted to $ 137.16 billion in the last 24 hours.

 

Tezos developers are creating a prize pool to fight the new virus

Tezos developer, Johan Tanzer, has set a prize pool worth $ 1,000. For those who contribute to digital resources in a popular medical research project, [email protected] The project focuses on protein folding structures. These findings will help fight a new Coronavirus (COVID-19) and other serious illnesses such as cancer, Ebola, Zika, Alzheimer’s, and more. The project is managed by the Pande Lab. Which is a part of Stanford University, and the Stanford University Medical Center.

 

Tezos becomes the best performing altcoin for 2020

Tezos (XTZ), now the 10th largest digital asset with a current market capitalization of $ 1.81 billion. XTZ has become one of the top-performing assets in the top 20 coins since the beginning of the year. At the time of writing, XTZ/USD is trading around $ 2.56. It is chart looks much better than most of the other major coins.

In the last 2 days, on a daily timeframe, the price of Tezos cannot break the 50% Fibonacci retracement of the last drop at $ 2.79. The $ 2.50 area (23.6% Fibo) below seems to be a good support in the longer-term. If the price stays above it and breaks above the 50% Fibo levels, XTZ could potentially test the $ 3.00 psychological level.

On the downside, we also have a support trend line at 2.34, which should keep the price above if there is a deeper correction.

 

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

XRP faces huge resistance against USD

The cryptocurrency market is dominated by the Altcoins this week. Most major coins are traded in a green zone with Bitcoin SV and Etherum Classic among the growth leaders. The market capitalization of cryptocurrencies increased slightly to $ 241.84 billion, while the average daily trading volume declined to $ 88.64 billion. Bitcoin’s market dominance was 66%.

Ethereum (+1.52%), Monero’s XMR (+1.84%), Ripple’s XRP (+1.47%) also found strong support from the bulls yesterday. Bitcoin Cash ABC (+0.73%), EOS (+0.96%), Litecoin (+0.65%) and Stellar’s Lumen (+0.32%) remain on the tail.

This morning, however, the massive movements we experienced on the crypto market last week not only subsided but also turned into downward corrections. Therefore, the price of Ripple is trading 0.37% lower on Wednesday. The Asian session faced sales pressure, and the European session started amid the same bearish activity.

 

The technical picture of the XRP of Ripple

On a daily chart, we can see how the XRP/USD showed a rebound above the $ 0.18 support, the bottom since mid-December. The pair rallied 0.35% in January and hit a new high of $ 0.2540 this weekend.

As the chart shows, this resistance can be seen as a decisive breakthrough area. The price of the XRP is holding above the $ 0.25-0.28 area as support in 2018 and 2019, making it a hard hurdle to take. Additionally, adjusting above the $ 0.24 key level may also take longer. The 100-day SMA is located there.

If these important levels of resistance do not manage to be overcome, the bulls are likely to become discouraged, losing balance and we may see a further fall in the price to $ 0.22.

XRP against USD

From a broader technical perspective, Ripple is still in the upside price channel since January. The lower boundary of the channel remains crucial in support of the short-term trend. I expect a rebound back up if 0.2310 support is tested again. This area is also strengthened by 50 SMA on the hourly chart at 0.2350 at the moment.

On the other hand, channel resistance ($ 0.2650) must be overcome to allow XRP to extend its rally to $ 0.30. A clear break above that level could lead the XRP to test the longer-term bullish target at $ 0.48.

The MACD on the hourly chart is slowly losing momentum in the bullish area. At the same time, the RSI indicator struggles to stay above the 60 levels of the same chart.

 

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

Ethereum (ETH) Gaining Momentum, the $ 200 level seems inevitable

The major crypto currencies retreat

The cryptocurrency market on Wednesday is characterized by both red and green signals. Leading the retracement are the three major crypto currencies Bitcoin, Ethereum and Ripple.

Bitcoin stepped back, shifting the focus back to $ 9,000 after failing to break the $ 9,500 resistance yesterday.

Ethereum, on the other hand, first fell against the background of shrinking volatility. The price was struggling to keep above the $ 190 support, but the bears found a way to lower the price to $ 187 (current market value).

 

China encourages blockchain embracement

Earlier this week, the overall capitalization of the crypto market peaked at $ 257.76 billion on Monday. However, on Tuesday, the market capitalization of crypto currencies dropped again to below $ 250 billion before finding support. At the time of writing, total market capitalization is $ 251.85 billion.

While Bitcoin dominance has maintained steady levels of 67% since Monday’s pullback, trading volumes fell back to sub-$ 100 billion levels.

On the news front, reports from China that EOS and Tron coming out as top-ranked blockchain projects delivered strong support. The Ministry of Industry has published a chart that has garnered more attention than usual. Interest emerged following the recent support for blockchain technology by Chinese President Xi Jinping.

Other notable representatives in China’s top 10 blockchain include Ethereum ranked 3rd and Stellar’s Lumen ranked 10th. Bitcoin came in at number 11.

 

Ethereum continues trending in an upward channel against the dollar

Ethereum formed a double bottom in the support area of ​​$ 150-163, within the formation of a falling wedge. This double bottom model led to a strong jump in volumes, after which the price bounce and continued to fluctuate around $ 185.

Currently, the ETH/USD daily chart is moving in an upside price channel. This Wednesday, the price is trading near the high of $ 191 and will have to break the resistance at $ 193 to continue the positive momentum. This is a crucial area, as we see in the history of the chart. During the first part of 2019, the $ 185-190 area remained strong resistance before the breakthrough in May.

In the case of a broad-based crypto market rebound, Ethereum can test the second major resistance level at $ 203. The MACD indicator shows an increase in the upward momentum.

In the coming weeks and months, it will be crucial to see some continuation to the upside for more confirmation. However, it’s unlikely to expect a drop below the $ 155 area after the last rebound upwards.

Because Ether (ETH) is the largest altcoin, its chart shows a model identical to the movements in the overall market capitalization of the Altcoins. Therefore, note that Ethereum can also be described as a leading indicator of future movements of the Altcoins.

 

 

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

Tuesday showed a bloody bath for crypto currencies

The crypto currency market crashes massively a day after Bakkt Bitcoin Futures trading debut

Bitcoin dropped more than 13% on Wednesday in the Asian session and fell below $ 9,000 for the first time since mid-June. The crypto currency dropped more than 20% to $ 8,110.1 in the previous session. This is the largest intraday decline since January 2018.

The rest of the market, including the major Altcoins, followed Bitcoin with its own measure of the downfall. Bitcoin Cash ABC (-25%), Bitcoin Cash SV (-22.84%) and EOS (-25.09%) saw the biggest losses of the day. Ripple’s XRP (-12.85%) saw the most modest loss of the day.

The lackluster start of long-awaited Bitcoin futures and the general mood to avoid risk were cited as possible catalyst for the meltdown. Weakening investor sentiment and declining equity markets are also putting pressure on Bitcoin. Wall Street closed lower at night. And Asian stock markets traded mostly in the red today amid political concerns in the US and intensifying US-China trade disputes.

The disaster came just a day after Bitcoin Futures, which are physically settled, launched on the ICE-backed Bakkt exchange. But the new futures contract had a drab start. However, the daily volume is expected to increase over time as institutional investors are still accustomed to the new trading service.

 

The LTC/USD bulls are trying to re-enter the area at $ 60

Litecoin crashed 16.5% on Tuesday. Following Monday’s 8% drop, Litecoin closed the day at $ 55.22. Following the broader crypto currencies market, Litecoin jumped from its low $ 55.22 earlier this morning and peaked at $ 57.66.

For the day ahead, Litecoin will have to break above the lower limit of Bolinger Bands at $ 59. This is needed in order to keep the positive momentum to the first major resistance at $ 60.

The Relative Strength Index of the daily chart is trying to get out of the oversold zone. This means that the digital asset has been extremely sold out and the reversal is imminent. But it may take some time for it to materialize. Litecoin will need support from the wider market to break the $ 60 level.

In addition, the MACD indicator is deep in the negative area. The negative divergence on the H4 chart emphasizes the presence of sales pressure. At the same time, the correction of the 50-day SMA to the 100-day SMA at $ 71.99 suggests that downside consolidation will dominate before we can see a significant reversal.

Failure to move through to $ 59 level, could see Litecoin take another tumble. A clear break below the morning low $ 55.22 would bring a further decline for test $ 53 before a possible recovery.

 

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