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Pre-Christmas sales surge for BTC, ETH and XRP

Pre-Christmas slaughter and sales continue to wreak havoc on the cryptocurrency market at a time when investors are expecting significant upturns. For the last few years, cryptocurrencies have begun to search for “bottoms” in November and use the momentum generated in December to rebound to higher levels.

This month, however, the entire crypto market is bloody, driven by the main cryptocurrency. Bitcoin led the market in another round of downturns, testing support at $ 6,500. Ethereum plunged below $ 130 to test the decisive $ 120 support. Ripple is attempting to make a reversal after falling to a 2-year low at $ 0.1790.

In the last 24 hours, the entire cryptocurrency market is saying goodbye to $ 10 billion, wiped off. And the market capitalization is $ 177 billion, compared to from 187 billion a day earlier. On the other hand, the volume of trade increased significantly from $ 69 to $ 82 billion, reflecting the extreme activity of sales.

 

Bitcoin technical analysis

Despite sales and declines, the market price of BTC in December 2019 is still over 100% higher than the bottom reached in December 2018. The ratio of BTC is still upward in the long run.

But now the asset is in the phase of highly active speculative trading. The Bitcoin Index of Fear and Greed still indicates exceptional levels of fear at 24 points. In the short term, bearish attitudes seem to prevail. So, I expect the decline to likely continue as long as the RSI indicator remains within the oversold area. In addition, the price moves below the 50-, 100- and 200-day SMAs.

While 50 SMA remains below 100 SMA on the 4-hour chart, the chances of recovery may take some time. Therefore, Bitcoin will be at risk of possible further losses. The bears’ next goal is to support $ 6,400, followed by a psychological level of $ 6,000.

In order to regain control, the bulls will have to break the resistance provided by the downtrend line on the daily chart, which is in the region of the important resistance and the round number $ 7,000.

 

Where is the next support for Ethereum?

The downside movement approached the next support at $ 120, though it then adjusted slightly upside. Obviously, it is still possible to see a further decline due to the oversold value of RSI. A clear break below 120 will direct the bears to the next important support at $ 116.00 – 115.85. A persuaclearsive breakthrough (in case of increased sales throughout the market) below this area will bring the $ 112.60 level to focus.

The second-largest cryptocurrency should enter an uptrend if it manages to recover above the two key resistances at $ 130 and $ 140. Only then will the risk of testing the psychological $ 100 level will be completely prevented.

 

XRP/USD hit a 52-week low

The XRP is currently trading above $ 0.018 after falling below $ 0.20 for the first time since October 2017. Ripple is definitely an example of the worst performing digital assets in 2019. On a daily chart, RSI has changed its slump from the oversold zone and trying to have an uptrend. If the indicator continues, XRP may recover its lost position above $ 0.20 in next sessions.

On the other hand, we do not have too many levels of support here as XRP/USD reaches its lowest level since September 25, 2017. The $ 0.1500/1485 area was the main support when the price was so low the last time in 2017. In case of a convincing break below it, we can expect a test of $ 0.1350.

 

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 TRON be able to build bullish momentum?

Altcoins keep trading in the range against the backdrop of low trading activity

Bitcoin and all major altcoins are mostly trapped in their ranges in the early Asian hours of Wednesday. The market is a mix of red and green as there are currently no clear pricing patterns. The total market capitalization of cryptocurrencies reached $ 196 billion, almost unchanged from that time yesterday. The average daily trading volume dropped to $ 66 billion. Bitcoin’s market share was 66.2%.

Bitcoin will need to go back through to $ 7,210 to support the upside momentum to the first resistance level at $ 7,384. However, if the price fails to return to the $ 7,200 level, Bitcoin may slide deeper into the red.

Still, the current momentum is bullish against the low volatility, at least until the bulls kepps BTC above $ 7,100.

 

TRON builds upward momentum

Last week, there was an announcement that the era of simulated mining is coming for TRON (TRX). Just days after the DDOS token begins to advertise its game, another asset, TGOLDE, prepares to begin simulated mining. This would be the third token in the ecosystem to take on network resources previously set aside for transaction and distributed app usage.

Looking at the chart, the TRX price has been following a trend line of support over the past 18 months. After touching it in September 2019, the digital asset has started its current uptrend.

In addition, MACD has made a bullish cross on the daily chart, which is a very positive development. The only last time this happened, the TRX went up by about 180%.

 

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Technical analysis of TRON

This week, TRON performed very well and rose about 7% yesterday. In fact, apart from Cardano, TRON is the only other cryptocurrency in the top 20 that has made a profit in the last 24 hours. All the rest are in red.

Now, as the price goes up, we have a resistance trend line at $ 0.0157 on the 4-hour chart. It could limit temporary the bullish momentum. A clear break above it will clear the way ahead of the bulls to the next target at 0.020. Just below it is the 100-day SMA, currently at $ 0.0171, which may also limit the correction.

The price is currently testing 50 SMA on a 4-hour chart. The RSI indicator gradually rises to level 70 after escaping the oversold zone on Sunday. If the upward slope persists, buyers should continue to increase their momentum and may encourage rally to $ 0.02.

On the downside, a failure of TRX to stay above 0.140 could send the price down again under bears control, with probable testing of the last bottom at $ 0.013.

 

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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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.

 

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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.

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EOS is the best performing coin in top-20 on the crypto market

Tuesday was a choppy day for the top 10 cryptos. Among them, Binance Coin and Tron’s TRX suffered the biggest losses of the day. Binance declined by 3.48%, while Tron dropped 2.68%.

On the other hand, the leading green areas were Stellar’s Lumen and EOS. EOS/USD was the day’s growth leader. The coin gained over 11% in the last 24 hours and touched $ 4.16 before retreating to $ 4.08 at the time of my writing. The fifth largest digital asset with a market capitalization of $ 3.6 billion and an average daily trading volume of $ 1 billion grew by nearly 75% over the past three months. However, the coin is still 33% lower than the previous year.

 

Dan Larimer shot EOS/USD straight up

The founder of EOS Dan Larimer shared a veiled pre-announced message in the project’s Telegtam chat. No details were given about the nature of the message, but the excitement of the community quickly spread across social media.

Block.One, the company that owns the EOS code and released it to the community, also made a pre-announcement of an event in Washington on June 1, potentially hinting at the location of the message. There are no major conferences or events for that date, which suggests that EOS can make an independent message, considered to be the largest since the beginning of EOSIO, at least according to Larimer’s words.

At the same time yesterday Weiss Crypto Ratings published its report on the emerging trends of the crypto market. In addition to BTC and XRP, EOS also received rating A as a leading crypto currency that id challenging Ethereum in an attempt to become the “backbone of the new Internet”.

 

EOS/USD on the verge of another breakout

On the daily chart, the EOS/USD pair jumped above DMA 200 for the first time since February 24. This development can be seen as a positive signal for the coin. In support, we also have an upside slope of the RSI indicator on daily chart.

Under this scenario, the next target of the bulls would be the high of February at $ 4.53. A clear breakthrough above it should send the price to test the psychological level of $ 5.00. If this resistance will be overcome, bullish pressure can be extended to SMA 50 at $ 6,395 (on weekly chart). The last time EOS traded above weekly SMA 50 was in August last year.

On the downside, the first support is seen around $ 4.00, followed by $ 3.80 (DMA 200). A clear break below that zone should lead to a downside correction and will return the price back to the lower boundary of the recent range of $ 3.20 (March low).

 

 

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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