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XLM/USD: The technical picture implies a further rise

Today is a mixed day, but most of the major cryptocurrencies are in the green zone. The move of Bitcoin to $ 10 275 yesterday should provide support to the broader market. Meanwhile, Stellar’s Lumen (XLM) grown is supported by market sentiments and positive fundamentals.

Bitcoin dominance continued to hold levels below 63% since the start of the week. Total market capitalization on Wednesday morning was $ 295.57 billion. At the time of the writing, 24-hour trading volumes were $ 173.77 billion.

 

Bitcoin jumped back above $ 10,000

BTC/USD rose again above the $ 10,000 key area this Tuesday. This rebound was due to the test of 23.6% Fibo level of the recent rise from $ 6,480 to a high of $ 10,275. Currently, however, the price is correcting lower below $ 10,200.

After all, the $ 10,200 level is a key hurdle for the Bitcoin bulls. But since the golden cross (when the 50-day SMA crosses above the 200 SMA) was confirmed on the chart today, the bulls may be able to keep the price above the psychologically important level of 10,000. We may see a bullish rally before halving the event in May. And then to see a correction just before or after the event.

On the downside, the first support below $ 10,000 is $ 9,500 (23.6% Fibo correction).

Technical analysis of XLM/USD

Lumen’s price failed to continue its strong upward movement above the $ 0.0875 level. The XLM/USD pair formed there a short-term top on Friday but then dropped below $ 0.0800.

XLM even broke the $ 0.0780 support and the 4-hour 55 SMA. This fact could open the door to more losses and the price could test the psychological level of $ 0.0700.

On the upside, the first resistance is near the $ 0.0750 level and the 55-day SMA of the 4-hour chart. But to turn back to positive territory, Lumen has to move above $ 0.0780 and $ 0.0800. In addition, the 50% Fibonacci retracement level (0.0772) of the current fall from $ 0.0875 to the bottom of $ 0.0669 is also close.

On the downside, the first major support is at 0.0700, followed by $ 0.0680. If the bulls fail to protect the $ 0.0650 area, there is a risk of a further decline below $ 0.0620 in the near future.

Long-term perspevtive

From a long-term perspective, since the beginning of February, XLM/USD has been trading over 200 SMA on a daily chart for the first time since the end of June 2019. Although this is considered a bullish signal, the price can test again this MA (currently at $ 0.0622) before another uptrend starts. On the other hand, a clear break below 200 SMA will increase the sales pressure and can push the price to the next strong support at $ 0.0582. It is created by 100 SMA on a daily 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.

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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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Bitcoin bulls need to clear $ 9,000 to mitigate the downward pressure

The overall picture of the crypto market

The cryptocurrency market has a mixed picture on Wednesday. Bitcoin and all major Altcoins are trading in ranges with bearish bias against the backdrop of declining trading activity. The total market capitalization of cryptocurrencies dropped to $ 239 billion from $ 240 billion the previous day. Bitcoin’s market share dropped to 66.0%.

BTC is again at a crucial stage, with expectations from many traders for a rally at the end of 2019. But market players are also worried that the price may plummet again to 8,400. Altcoins have made unpredictable rallies since liquidity is restored for a smaller selection of coins and tokens.

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Bitcoin is still looking for a bottom

BTC/USD had a bearish start earlier today after the bullish Tuesday. So far this Wednesday, the price of the largest digital asset has dropped from $ 8,832 to $ 8,715.1.

At the time of writing, Bitcoin is trading lethargically above $ 8,700. But the $ 9,000 resistance must be broker in order the bulls to clear their way to the next $ 10,000 target. In the area of ​​$ 9,020 is the upper limit of Bollinger bands on the four-hour chart and 23.6% Fibo correction level from $ 10 329 to $ 8 636.4.

At the same time, the resistance trend line of the downward price channel since the end of June on a daily chart has been tested many times, but unsuccessfully so far. A clear break above this downside channel could finally put BTC on a recovery path towards $ 14,000.

On the downside, there are 3 support levels at $ 8,760, $ 8,675 and $ 8,540. The $ 8,760 area collects the average Bollinger Bands curve, the 10-day SMA of the hourly chart, and the bottom of the previous 4-hour candle. A clear break below this support area will lead the bears to test $ 8,675. If the bearish momentum extend, it is possible to see a test of $ 8,540, where is a 50% Fibo correction of the rally from 3,227 to the high of June 13,960.

 

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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