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Market data are provided by the HitBTC exchange.
Cryptographic markets have been stuck in a very narrow range in recent weeks. It needs a strong catalyst to get out of this consolidation. It is likely that the breakout or breakdown of the interval will begin a new trend that will remain in place for a few days.
Although it is difficult to predict the exact news event that will trigger an answer from traders, we can make a calculated hypothesis. The result of Bitcoin's ETF proposals is one of the most watched events that can cause a big move.
The fact that cryptography markets have not been influenced by the decline in stock markets in the last few days is a positive thing. If this outperformance continues, we anticipate some speculative money to move to cryptocurrencies, with a consequent strong upward movement.
As traders, we should look at the important levels that justify an action. Let's have a look at the five best performers of the last seven days and find out if they are forming purchase configurations.
EOS / USD
Excluding Tether, EOS was the best performer in the last seven days, with an increase of just under one percent.
Freewallet, a cryptocurrency portfolio, has announced the release of a new EOS portfolio in which users can execute all transactions for free. During the week, the EOS network saw its only active daily account hit a record of 60,000. Will the growing popularity be reflected in higher prices?
The EOS / USD pair dropped to $ 3,88723 on the 18th of the year since the start of the year. From there, April 29 rose to a new high of $ 23.0290, an increase of about 494% in just over a month. However, the breakout at new highs above $ 18.67 turned out to be a trap because prices have plummeted by around 76 percent since then.
From mid-August, virtual currency traded in the range of $ 6.8299- $ 4.4930. A breakdown of this interval will repeat the critical support at $ 3,887, below which the fall can extend to $ 3 and $ 2,4.
On the upside, a breakout of $ 6.8299 may push prices to $ 9.4456. If this level is exceeded, the price can go up to $ 15.
XRP / USD
Progress on xRapid, the real-time settlement platform and xCurrent payment solutions have kept Ripple in the news in the last days. The company reported that it sold $ 163.33 million of XRP in the third quarter, a 122% increase over the previous quarter's sales of $ 73.53 million. Ripple also hired Amir Sarhangi as vice president of products, who was the head of Google's rich communications services (RCS), head of RippleNet, a payments network.
How have these events affected your price?
Both moving averages are becoming flat and the RSI is also in the mid-point. This indicates an action related to the interval in the coming weeks.
Although the XRP / USD pair has regularly made new lows in 2018, the bulls are currently trying to break that sequence. They tried to keep the recent correction at $ 0.37185.
A rally above the head endurance at $ 0.76440 could confirm a fund and the price can reach $ 0.96 and $ 1.22.
On the downside, a break below the $ 0.37185 support will result in a $ 0.25300 reduction in the lows from the start of the year.
ETC / USD
Ethereum Classic has seen positive developments in recent weeks. Donald McIntyre, former vice president of Morgan Stanley, he believes that ETC has "an incredibly unique market positioning in an extremely valuable niche" in the cryptography sector.
The ETC / USD pair traded near the strong support of $ 9.5 for about a month and a half. This is a fundamental level of support because it has not been interrupted convincingly since late May of last year. If bears fall below $ 9.5, the next support is much lower at $ 5.2.
The price is currently below both moving averages and the 20-week EMA has been turned down, which shows that bears have the upper hand.
On the upside, a breakout of more than $ 11.883 will indicate the strength that can push virtual currency to $ 14.5 and over $ 19.
DASH / USD
The recent announcement to integrate Uphold directly into the official Dash mobile wallet and the partnership between Dash and the cryptocurrency debit card company FuzeX has seen great support from traders. Does the recent price action indicate a background formation? Let's find out.
The trend of the DASH / USD pair is clearly falling. He constantly reduced the lows during the year, marked as ellipses on the chart. The price has remained below 20 weeks from the end of February of this year.
The bulls tried to push prices higher at the end of August, but the lack of subsequent purchases led the digital currency to renounce most of its gains. Currently the bulls are trying to defend the lows from the start of the year by $ 129.58. A break in lows will resume the downward trend and will sink prices to the next lower support of $ 113.
The virtual currency will show signs of a trend reversal if it exits the head endurance at $ 229.24. A breakout at this level can bring prices to the minimum goal of $ 339 with a resistance of less than $ 266 levels.
XMR / USD
Even though Monero's bullet-proof projectiles have reduced withdrawal rates by around 95 percent in a week, it was not enough to change the broader trend.
The XMR / USD has strong support near the $ 81 levels that has not been convincingly broken for more than a year. Therefore, this becomes the level to keep an eye on. Any break on a weekly basis (UTC time period) may push prices towards the support below $ 58- $ 52.
Currently, the digital currency has been traded within a narrow range of $ 128.65-100.453. A break of the bottom of this range will repeat the $ 81 again, while a breakout of the interval can lead to a rally at $ 150.
We believe that a breakout of more than $ 150 will start a new uptrend that can push virtual currency at $ 220 and over $ 300 levels.
Market data are provided by the HitBTC exchange. The graphs for the analysis are provided by TradingView.