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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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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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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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Bitcoin Hits Year High

On Sunday evening during quiet trade, Bitcoin made a 7% rally in an hour, reaching new highs. Naturally, Ethereum and Ripple followed him.

After this upswing, however, cryptocurrencies experienced a slight decline before stabilizing. Will this happen again? While some market players may want to take their profits already, digital assets have room to rise and support below.

This morning the total capitalization of all digital assets in circulation decreased to $ 274 billion from $ 273 billion on Tuesday. And the average daily volume of trade fell to 84 billion dollars amid the sluggish market activity.

BTC/USD is range-bound with a bearish bias

Although the enthusiasm of traders is now rising and as I said, BTC has space up, I want to say a few things. Firstly, do not confuse this movement with a new trend. Let the trend tell you when it’s over.

Secondly, this is a pure game with volatility. Volatility expands, then decreases. When Bitcoin reached a peak of all times in 2017, the volatility was extremely high. When the main digital asset hit its lowest level in December 2018, volatility was shrunk. Now it is expanding again.

Third, if this is really a reversal of the trend, then it will obey the laws of a 50% retracement. $ 19,770 is the highest level for all time, and $ 3,160 is the low of December, and given the current bullish momentum, the 50% level of that range is at $ 11,500. For the bulls that should look like a reasonable target.

It is possible that the price will consolidate around 8,500 area before targeting 10,000. A failure of move above $ 8,700 could make Bitcoin deeper into the red territory. A clear break below the morning bottom at $ 8,430 will lead the price to test the first support in the $ 8,350 area.

Ripple’s trend is bullish as long as the price stays above $ 0.40

XRP/USD settles above $ 0.4200 after the technical correction from the recent high of 0.4780 on May 16th. Movement above this maximum should attract new buyers and take the price to the first bull’s goal at $ 0.50.

On the downside, the nearest support is at $ 0.4180 (yesterday low), which breakthrough may trigger further downside momentum for testing $ 0.4000 (the 200-day SMA is located at 0.3970 on the hourly chart).

SMA 200 turned upside after the price of Ethereum consolidates

ETH/USD fell from $ 279.41 on Monday to $ 261 earlier today. The price currently is over 200 SMA, 50 SMA, and 20 SMA. And the fact that the 200-day simple moving average (SMA 200) turned upward for the first time since June 2018 can give the bulls further confidence.

If we look at the Bollinger Bands indicator, however, we will see that external borders are narrowing, indicating a decline in market volatility. In addition, the Relative Strength Index (RSI) is at the border to the overbought area. On the downside, we have immediate support at 245.24 (Sunday low) followed by $ 231.61.

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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