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Market overview
The cryptocurrency market is still stuck in a range while digital assets are likely to fall further towards the December lows. Bitcoin (BTC), for example, trades at $ 3,421 after correcting 1.82%. XRP (XRP) continues to hold the ground above $ 0.30. Ethereum (ETH) is correcting lower than 2.78% and broke below the support at $ 90.00 to trade at $ 88 at the time of writing. The crypto community in the United Kingdom celebrated yesterday while lawmakers allowed to pay taxes in Bitcoin. In other news, a Bitcoin ETF is not possible this year, in addition to the February 2019 deadline it could end up with the ether of rejected or approved proposals. However, the market is still struggling to find a fund in the ongoing decline.
Litecoin (LTC)
Litecoin started a lateral trading trend after emerging from the downtrend. In the last four weeks, assets have explored not only the new annual lows, but also the new monthly lows. Trading since January 2018 saw Litecoin's downward trend compared to other important digital resources. The activity has lost more than 90% of its high historical value and is still heading south as if it were discovering how deep the rabbit hole is.
In early December the LTC / USD traded hands to $ 32. There was a bullish correction above $ 35.00 but the business started to grind below $ 36.00. The price of Litecoin then formed a downward channel that saw the support test at $ 22.00. Malcontent buyers managed to escape the resistance of the channel, even if they lack catalyst to push towards the obstacles at $ 28.00, $ 30.00 and $ 36.00. LTC / USD trades at $ 23.9 with the 21 SMA which immediately limits gains. The long-term 50 SMA will also hinder the recoil at $ 2464. LTC / USD is ready for an upward move as the stochastic is heading for the overbought region.
Pundi X (NPXS)
Pundi X, like most of the assets on the market, is still exploring new annual lows. The recovery was a coveted move that is currently out of reach of the bulls on the market. The $ 79 million encryption corrected 1.60% less than the US dollar over a 24-hour period. It has a trading volume in the same period which amounts to $ 1.5 million.
Pundi X is trading at $ 0.0004797 at the time of printing. The bearish trendline that has limited earnings is still in place. Pundi X is testing the annual lows and is on the verge of setting a new bearish record. The price is also lower than the moving average hourly as bears dominate the trend. The Stochastic has withdrawn from the oversold zone but is returning south after hitting a 44% obstacle.
Recovery will be an uphill task for the Pundi X bulls who are already exhausted. The resistance of the range to $ 0.0007694 is the significant obstacle. A correction above this level could open the door to further gains of $ 0.001. In the meantime, keeping the price above the annual lows is the main task for buyers, for now.
Qtum (QTUM)
Unlike the two previous activities that are being reduced, Qtum is constantly renewing the trend. In fact, the activity added 3.95% to its value during the day while there is an uptrend in progress at the time of printing. QTUM / USD is trading at $ 1.655 and maintains support for the 50% retracement level of Fibra taken between the highs of $ 1.77 and the lows of $ 1.48.
The digital asset has undergone a higher correction using a slightly rising upward trend line as a rebound wall from 7 December. However, the upward movement remains limited to $ 1.75. The trend has been more or less stuck but tilted upward due to the higher lows and higher highs registered. In the event of a reversal, the other support levels stop at the Fib level of 23.6% and the low swing support at $ 1.48.
