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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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Ethereum’s Bulls Can Pull Away Before Testing $ 200

After two bearish days, this morning Bitcoin made an attempt to raise to $ 9,293. But then the first cryptocurrency resumed its decline and formed a low at $ 9,180.2.

For the other major cryptocurrencies, it was a mixed day on Tuesday. Ripple’s XRP and Stellar’s Lumen rose 4.88% and 3.99% respectively, while EOS gained 0.46%.

Yesterday, however, was a red day for the rest of the coins. Bitcoin Cash SV slid 3.56% to lead the others downside. Binance Coin (-1.74%), Bitcoin Cash ABC (-1.55%), Cardano’s ADA (-1.95%), Litecoin (-2.51%) and Monero’s XMR (-2.38%) also saw large losses. Ethereum and Tron’s TRX recorded modest losses of 0.62% and 0.60% for the day.

At the time of writing, the total market capitalization is $ 258.68 billion. Bitcoin dominance drops again to levels below 65% after Tuesday’s loss. Bitcoin dominance was 64.7% on Wednesday morning. Trade volume is $ 107.30 billion.

 

The Crypto Community Expects the Release of Ethereum Futures as Good News

The Commodity Futures Trading Commission (CFTC) believes that Ethereum futures are likely to start in the future. However, specific details of when or where Ethereum futures will be launched are not yet revealed. Keep in mind that while futures will theoretically increase institutional interest in the Ethereum market, it could also cause a price crashes.

In addition, there has been a consistent increase in hoarding of Ether by miners since the end of 2019. And this has led some experts to conclude that Ethereum’s credibility is growing.

 

ETH/USD Retreats from the Recent High, But the Bullish Trend is Still Intact

ETC/USD is moving in a good uptrend on the daily chart, after hit a bottom at $ 116.30 on December 18th. And now it looks like the price is consolidating in an upside flag on the hourly chart.

A upside breakout will obviously be bullish for Ethereum, but we will need to see sustainable movement above $ 190 to win the bulls momentum. Therefore, the closest resistance is created by the current high near $ 195. If we break above it, we should see a test of psychological $ 200 level. Most likely, the bulls will not be able to clear this area from the first attempt, but when it happens the September 19, 2019 high at $ 223.77 will be in focus.

On downside, a clear break below the bullish flag is needed to give the bears extra momentum. The first support coming with the SMA 200, localized at $ 174.40. A breakthrough below this area will bring more sellers in the market and push the price to $ 170.00. This round level is followed by $ 158.00 support, reinforced by SMA 100 on the 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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Geopolitics set the tone for the crypto market in the first days of 2020

Iran’s war boosts crypto market demand during the first week of the New Year

The new year starts with the improvement of the mood in the crypto sphere. The war between the United States and Iran affects all countries around the world. Some people worry that this could trigger World War III. On the other hand, the US stock market remains volatile amid fears that Iran’s retaliate could cause chaos.

The cryptocurrency market seems to be taking advantage of the US-Iran situation to gain momentum. Mostly Bitcoin presents itself as a safe haven for investors. Especially, since it is decentralized and can function without the censorship of any government. The rest of the cryptocurrency market responds accordingly in tandem with Bitcoin and the bullish momentum is likely to continue.

 

Bitcoin renews hopes for 2020

The main digital asset has jumped by 5.52% in the last 24 hours. Accordingly, Altcoins also show strength. Chainlink (LINK) gained 15.70% growth and Litecoin (LTC) 5.83%.

The total market capitalization of cryptocurrencies is now at $ 217.7 billion and Bitcoin’s dominance rate has risen to 69.1%.

Technically, Bitcoin would have to stay above $ 8,300 to see the first resistance test at $ 8,516.3/600.

We can expect the news to have a significant impact on the day, with volatility likely to come from events in the Middle East. I believe that Bitcoin could break through the second major level of resistance if the USA responds to Iran’s attacks against military bases in Iraq. But that region of $ 8,877- $ 9,000 would probably limit the bullish momentum in the event of a prolonged daytime rally.

If the price fails to hold above the first resistance, the main digital coin may recede.

 

Litecoin with a rally of 5.83% on Monday

LTC/USD is moving in a short bullish channel with the upper limit created by the upper line of the 4-hour Bollinger Bands at $ 48.00. Support was created by SMA 50 on the daily chart and the mid-line of the 4-hour Bollinger Bands around $ 44.00. A convincing breakthrough and movement in either direction should create strong momentum. This should allow further price action to develop in the direction.

Technically, we had a bullish crossover of moving averages on the 4-hour chart. As the SMA 50 breaks above the SMA 200, this indicates a continuation of the upward movement. On the upside, $ 50 could be the next target for the bulls. A clear breakout above this psychological level will open the doors to the $ 50.70 resistance. There is located the 100-Day SMA. LTC/USD has been trading below this SMA since mid-July 2019, which means that bulls may have a hard time taking it out.

On the other hand, a sustainable decline below $ 44 will turn short-term prospects to downward and will put $ 40 back in focus. This support was followed by the low for 2020 at $ 38.74 and the bottom line of the daily Bollinger Bands – $ 37.60.

 

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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