[ad_1]
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the opinions of Cointelegraph.com. Every investment and trading move carries risks, you should conduct your research when you make a decision.
Market data are provided by the HitBTC exchange.
On October 11th, the total market capitalization of cryptocurrencies plummeted to below $ 200 billion for the first time since September 20, as a global risk trading led investors to unload their holdings. However, the encouraging sign is that the sell-off was short-lived and most currencies are trying to recover.
Next week is crucial because it will provide information on whether currencies will cut down on their key supports or rise above their resistance. A subdivision into new lows will be negative and may signal the extension of the current bear market. On the other hand, if the bulls manage to downsize key levels, they will report a probable fund and could attract purchases.
Let's have a look at the 5 best performers of the week and their medium-term perspective.
TRX / USD
Among the digital currencies that have a market capitalization of over $ 1 billion, TRON is the only one that has managed to stay green in the last seven days. Two news have attracted buyers in a market where the market is in decline.
The first news that pushed the highest prices were the Tweet by Justin Sun, CEO of TRON October 8. He said that the latest update would make the digital currency "200 times faster than Ethereum and would cost 100 times less than EOS".
The second news that led to higher prices was the Tweet October 12 hinted at a partnership with a giant in the sector.
So, this fundamental news can push prices higher and investors should buy now? We study the graphs and find out.
The TRX / USD pair arrived at $ 0.35013935 on January 5th. At current levels, the price has fallen by around 93% compared to the highest. Since August 14, he has stopped falling and is trying to form a break. This consolidation shows that the owners of the digital currency are in no hurry to sell their holdings. Also, investors are buying on dips, close to $ 0.0183.
The range has seen two touches at the top and two at the bottom. If the bulls burst and remain above the interval, they will indicate the probable start of a new uptrend. The first objective of the model is $ 0.03801042. However, when the breakout occurs after a large consolidation, it easily exceeds the minimum target of the pattern. Therefore, in the medium term, investors can expect a shift to $ 0.0415 followed by a rally to $ 0.052.
If bears sink prices below $ 0.01587681, the downward trend will resume. Therefore, we suggest that traders wait for a confirmed break and only then start a long position.
BTC / USD
The sell-off in global equity markets has taken hold with Bitcoin. The warning from the International Monetary Fund (IMF) that the "rapid growth" of the new asset class could create "new vulnerabilities in the international financial system" did not help either.
Global economist Nouriel Roubini continued his anti-cryptic rhetoric. He called cryptocurrencies "the mother or father of all scams and bubbles" and blockchain technology as "nothing better than a spreadsheet or glorified database".
Another study by Juniper Research has warned of an implosion in the crypto markets. However, the BTC / USD pair ended with the second best result among the mega-capitalized digital currencies. So, does this signal buy at the minimum?
In the medium term, Bitcoin has formed a large descending triangle. It formed successive lower highs, but held most of the $ 6,000 levels in 2018. Each lower maximum shows that sellers are in a hurry to liquidate or liquidate their positions and are not waiting for higher levels. The bulls only bought balances close to $ 6,000, which led to the maintenance of support.
If bears exceed $ 5,900, they are likely to attract further short sales and a lengthy liquidation, pushing prices at $ 5,450 and $ 5,000. The first sign of a trend change will be a close above the downtrend line of the triangle.
Investors should expect a breakout above the last minimum of $ 6,831.99 to be incurred for around three days before becoming bullish.
LTC / USD
The Winklevoss twins led the Gemini cryptocurrency exchange, received regulatory approval necessary to add Litecoin's trading and custody on October 12th.
The LTC / USD pair has been steadily falling. Previous attempts to stabilize and start a new uptrend have failed at higher levels. In the last two months, the digital currency has consolidated into a narrow range close to lows. A breakdown of the interval will resume the downward trend.
If the bulls escape the interval, a $ 94 rally is possible. A new uptrend will only be confirmed after the virtual currency has successfully defended the break of the interval and made a series of highs. higher and higher lows. Until then, it is better to stay on the edge.
EOS / USD
The EOS community is trying to bridge the gap between the West and the East. Linguistic barriers, cultural differences and the use of different platforms to converse with each other were causing problems for Chinese users. It is believed that the EOS Mandarin Arbitration Community (EMAC), created to help users of the Mandarin language, is able to bring the two continents together.
In the medium term, the EOS / USD pair was broadly between $ 18.67- $ 3.8723. Both the upper and the lower part of the interval were tested twice. Although the bulls came out of the range at the end of April, they could not sustain the highs and prices collapsed again within the range of action.
On the downside, the bulls defended the bottom of the range, but failed to rise higher. The digital currency has been traded near the bottom of the range in the last two months. A break can start a new downward trend that can cause a sharp fall.
On the upside, a breakout of $ 6.8299 will mark the start of a new upswing. The first goal is $ 9.1668. If the bulls climb the $ 10 levels, a $ 15 rally is possible.
ADA / USD
Charles Hoskinson, founder of Input Output Hong Kong (IOHK) and Ken Kodama, CEO of Emurgo, have asked for the resignation of Michael Parsons, president of the Cardano Foundation. They cited the lack of performance and the unresponsive attitude of the council and the president as a "big frustration". The Foundation has yet to respond.
The possibility that Coinbase lists the currency is going around. If successful, it could give a boost to the price of Cardano. So, is it worth buying? Let's find out.
The ADA / USD has been on a long-term decline. It fell 94% from the highs of $ 1.39281, reached January 5. Several attempts to start a new uptrend have failed as the highest levels attract sales.
In the last month, the digital currency is trying to form an interval near the bottom. If bears come down by $ 0.060105, the downtrend will resume.
On the upside, the bulls will have to scale $ 0.094256 and $ 0.111843 to signal strength. A sequence of higher highs and higher lows heralds the start of a new uptrend. If the bulls unlock and close (UTC time frame) above $ 0.111843 for three consecutive days, a change to $ 0.2 – $ 0.23 is likely. Medium-term economic operators should wait for the start of a new uptrend before starting any long position.
Market data are provided by the HitBTC exchange. The graphs for the analysis are provided by TradingView.
[ad_2]Source link
