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XMR/USD Recovers from the Recent Bottom and Ignores the Hacker Attack

Cryptocurrencies Fight on Wednesday, as BTC/USD Fell by 0.45%

Bitcoin is trading lower on Wednesday morning, with most major cryptocurrencies also remaining in the red territory. The Blue Mockingbird hacker gang managed to infect more than 1,000 business systems with Monero (XMR) mining malware.

The crypto assets from the top 20 that managed to show more significant growth in the last 24 hours are HEX (+13.06%), Cardano (+3.04%), Ripple (0.84%) and Ethereum (0.34%). The market seems to be stuck between a rock and a hard place after the halving event took place earlier this month. BTC/USD sank below 9,000 after rejecting the resistance zone at $ 10,000 twice in a relatively quick sequence.

Now the price seems to be stuck in a range between $ 8,000 – 10,000. And a steady break with good volume will be needed to determine the future path of the digital gold.

However, there are some positives on the technical side. Now, the price is trading above the 200- and 50-day MAs. On the 4-hour chart,  BTC/USD is making higher lows, meaning buyers have bought the last dips to $ 8,700. Short-term traders can now watch for closures above $ 9,000 and $ 9,100 on the 4-hour chart to see if the price can stay above either level.

In the event that Bitcoin falls below $ 8,700, trading volumes show $ 8,550 as the last strong support before the price falls to $ 7,700 – $ 7,420.

 

1000 Corporate Systems Infected with Monero Mining Malware

The hacker group Blue Mockingbird has installed a hidden miner for the cryptocurrency Monero on at least a thousand corporate servers. In addition, if the server allowed access to other computers, they infected them as well. Cybercriminals then install the XMRRig mining application to take advantage of the resources of the infected machines.

The global scale of the hacker group’s operations was revealed by the cloud security company Red Canary on May 26.

 

Despite the Attack, XMR/USD Remains Calm

XMR/USD hit a bottom at $ 60.00 on Monday and recovered to $ 62.08 at the time of writing. The coin is now ranked 16th in the global ranking of cryptocurrencies with a capitalization of over $ 1 billion.

Looking at the daily chart, we will see that Monero has been on an upside trend since the beginning of March. And for the last 24 hours XMR/USD has remained almost unchanged, with a small profit of 0.36%.

Gradually increasing moving averages and RSI in the positive zone also suggest that the bulls retain control. In addition, the 50-day SMA passed the 200-day SMA. This is signaling a golden cross and potential further upward momentum.

The first resistance is at the 200-hour SMA around $ 63.30. The stronger barrier, however, we have at $ 64.00 (near the high on Sunday). If XMR/USD manages to break over this zone, then the next target of the bulls will be $ 68.26 (the high on April 30).

On the downside, the key support coincides with the psychological level of $ 60.00. If the price reverses from current levels and falls below the 50-day SMA, this will indicate weakness. The bears are likely to gain more control if the price manages to fall below the last lows around $ 53.

 

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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The Third Halving of Bitcoin is a Fact

The general sentiment in the crypto industry is positive today, as most of the major coins are moving higher. Bitcoin is again flirting with the $ 9000 level, which seems to be a price magnet. And Stellar Lumen, Tron and Monero inextricably follow the main cryptocurrency on green territory after halving event on Monday.

 

There are Still No Fireworks from Bitcoin Halving

The most anticipated event for cryptocurrencies in 2020, the third halving of Bitcoin (BTC), has just come into force. Happening only once every 4 years, the last halving lowered the reward for a Bitcoin block from 12.5 BTC to 6.25 BTC. The Bitcoin network is designed to have only 21 million coins. It is estimated that this will be the catalyst for another bull rally, as more than three quarters of these coins are already in circulation. The impact of halving may reduce the supply of new coins, as miners may have to wait for the price to rise before selling their blocks in order to cover their costs.

BTC/USD buyers took control of the market after four bearish days. On Tuesday, Bitcoin rose more than 3.5% after halving on Monday. However, so far, we have not had a sharp rise in price. The borders of the 20-day Bollinger Bands indicator are beginning to narrow, indicating declining volatility. This morning, BTC/USD found support at the 20-day SMA and continued the upside momentum to the $ 8,965 high.

From a technical point of view, the bulls will now try to break over the 9K resistance. Also watch for possible crossings of the 55- and 200-day SMAs as confirmation. A convincing move above $ 9,000 should lead the price for test to $ 10,000/33.

On the downside, initial support is around $ 8,760, where the hourly SMA 50 is located. A clear break below that level could extend the sell-off to Monday’s low at $ 8,235, followed by $ 8,150.

 

How Does the Crypto Market React to the Third Halving?

Monero closely followed the footsteps of Bitcoin (BTC) and made a profit of 2.8% for the last 24 hours. The rest of the cryptocurrency market is green as buyers focus to extend the prolonging bullish momentum after a disastrous weekend slump. Stellar Lumen (XLM) made the biggest profit of 6.30%, Tron (TRX) rose by 4.09% and Binance Coin grew by 2.93%.

At the time of writing, the total market cap is $ 242.50 billion. Bitcoin dominance is below 67% level. And 24-hour trading volumes amounted to $ 136.45 billion.

 

Monero Technical Analysis

Indicators such as RSI and MACD show a positive picture in the short term for XMR/USD. The RSI is heading north after recovering from support at 30 level. The indicator even managed to break above the midline (50). And with that, XMR buyers should gain the confidence to join the market and increase their positions in anticipation that the $ 68.26 resistance will be brought down. If that happens, the next bulls’ target will be $ 70.50

The same upward trend is supported by the MACD, which has returned to positive territory. A bullish divergence over the MACD may signal a stronger upside momentum in subsequent sessions.

On the other hand, we have immediate support with the 200-day SMA in the region of $ 59.50. A clear break there will take Monero for testing the bottom from Monday at 55.93.

 

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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Monero finally escapes from the range

Bitcoin rebounded after Fed stimulus boosted investor sentiment

The digital assets in the cryptocurrency market are holding a bullish momentum and trend for a second consecutive day. Monero (XMR) is at the forefront of market recovery. At the time of writing, BTC/USD is moving around $ 6,700. The coin has gained 28.6% of its value in the last 7 days as the crypto market has enjoyed improved sentiment. The sentiment improved even more yesterday after the Fed announced its endless stimulus program to mitigate the economic effects of the Coronavirus.

For most of the other top 15 cryptocurrencies, Tuesday was another bullish day. The XMR of Monero, TAGZ5 and Tezos led the way with gains of 6.13%, 5.80% and 2.56% respectively. Binance Coin (+2.61%), Tezos (+2.56%) Litecoin (+2.51%) and Ethereum (+2.06%) also found strong support.

The market capitalization of cryptocurrencies has increased by $ 14 billion in the last 24 hours, reaching $ 184.5 billion. At the time of writing, Bitcoin dominance is close to 65.3%. Trading volume jumped from $ 130 billion on Monday to $ 168.2 billion on Tuesday before settling down. Early Wednesday morning, 24-hour trading volumes totaled $ 142.77 billion.

 

Bitcoin manages to settle above a critical support zone

Now, the Bitcoin bulls have a chance to test $ 7,000 and resume growth. However, the stronger resistance is located at $ 7,150. The weekly SMA 100 is nearby, which can stop recovery and cause a downside correction. A clear break above this area will likely drive the price of testing the next $ 8,000 and $ 8,200 targets, reinforced by the daily SMA 100.

On the other hand, a steady movement below $ 6,500 could cause short-term closing of long positions and push the price towards $ 6,000.

 

Monero (XMR) is at the forefront of market recovery

Monero is one of the best performing altcoins in the crypto market after the price collapse since February 15. This means that if we are to see a recovery, there is now some good potential.

Today the XMR/USD is trading at $ 46.83, slightly backing from $ 47.97 (Tuesday’s high). Despite the slight correction this morning, the bulls are in control of the situation and the trend remains steadily upward. The stability is expected to continue in the next trading sessions, and the bulls will certainly try to push the price above $ 50.

On the downside, yesterday’s bottom of 43.36 should give us the first support. A clear break below this level could extend Monero’s decline to the $ 40 psychological zone.

The MACD indicator shows the confirmation of the purchase sentiment. On the other hand, the RSI indicator rose sharply from 34.01 to 45.50 after the bullish price action on Tuesday.

 

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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The Bitcoin SV bulls surprised the crypto market with a wild rally

Bitcoin and the major Altcoins have started their journey to the moon

Bitcoin had a pretty good start to 2020 after the unsuccessful December holiday season. First, the US-Iran conflict, which has escalated since January 3, has led to a rise in the price of gold, as well as of Bitcoin.

After the de-escalation between the two countries, the price of Bitcoin cooled to about $ 7,600. Now, however, with Bitcoin SV’s curious rally lifting the entire market, Bitcoin has also gained about 6%, breaking above $ 8,500.

For the other top 10 cryptos, Tuesday was a particularly bullish day. Bitcoin Cash SV led everyone, rising 145% to $ 450. Bitcoin Cash ABC (+30.69%), EOS (+22.09%), Ethereum (+15.51%), Litecoin (+17,81%), Ripple’s XRP (+10.68%) and TRX (+13.38%) also rebounded.

Earlier this week, cryptocurrencies’ total market capitalization rose from $ 215.38 billion on Monday to Tuesday’s high of $ 244.24 billion.

Bitcoin dominance has collapsed to 65%. Trade volumes also jumped to $ 168 billion before settling down.

 

Why did Bitcoin SV made such rally?

Bitcoin SV is founded by controversial Craig Wright, who has long claimed to be the inventor of Bitcoin, Satoshi Nakamoto. Although his claims have been ridiculed in the crypto community, he has recently had a positive decision in his court fight. Namely, by February 3, 2020, he was given the deadline to provide the private keys that unlock the Tulip Trust, which holds some billions worth of some of the earliest mined Bitcoins.

If Craig Wright is able to prove that he has access to the early stashes of Bitcoin (and that he was part of the original inventors of Bitcoin), Bitcoin SV should go up significantly. It’s expected that Wright could sell Bitcoins to support BSV.

 

The hunt for higher support for Bitcoin SV has now begun

The digital asset is trading at $ 353 at the time of writing. However, it is not clear how far the current correction can go. The Relative Strength Index (RSI) suggests that Bitcoin SV may further reduce gains.

On the other hand, the MACD trend says that bulls are in control for now. Therefore, support at $ 350 will play an important role at this stage. If this level persists, it will stabilize the price of Bitcoin SV at higher levels and, on the other hand, avoid further losses to $ 300.

With a clear break and closing price above the highest highs, the appreciation is likely to continue. However, if we doesn’t see a close above this area on the daily chart, a retracement to $ 235 or $ 175 may follow.

 

Does Monero look ready for the rally?

The only coin that shows no enviable power is the Monero (XMR). Monero gave some signs of strength as the price broke the 7-month downside trend. In addition, the $ 55 level was successfully breakout.

While Monero manages to stay above the $ 55 support, we will probably see continued growth to $ 100.

In general, strong bullish momentum continues with the Altcoins. However, Bitcoin and Ethereum did not make the higher peaks that are so necessary for the other Altcoins to follow. Until then, enjoy these movements!

 

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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