Critics point to the large consumption of energy by the Bitcoin mining industry as a threat to the global climate. However, CoinShares, a digital asset management company, estimates that approximately 77.6 percent of Bitcoin mining is done using renewable energy, claiming that the damage to the environment is much lower than what is It was created to be.
After the chaos in November, cryptographic markets are showing the first signs of buying at lower levels. The total market capitalization of all cryptocurrencies peaked just above $ 138 billion today, with a 20% increase from the year-end lows of around $ 115.101 billion.
Markets are unlikely to move from a downward trend to an uptrend in a short period of time – we expect a few weeks to build a base before the cryptocurrencies launch a new uptrend. All virtual currencies will not hit at the same time and will not even get together higher up. Thus, an eye on graphic models can help traders to get into outperformance at the right time.
TRX / USD
TRON (TRX) has passed Ethereum as the most popular decentralized application platform (DApp) in the world, according to DappRadar, a website that monitors the DApp platforms.
TRON founder and CEO Justin Sun said the virtual currency will add privacy features to its network at the start of next year. The company is also establishing a blockchain gaming fund, TRON Arcade, with an investment target of around $ 100 million over the next three years.
After TRX remained in the $ 0.01587681- $ 0.02815521 range for about three months, the bears broke below it last week. The breakdown had a lower target of $ 0.00844479, but the bulls are trying to rebound $ 0.01089965. Currently, the previous support of $ 0.01587681 will act as a rigid resistance. If the bulls are able to rise and sustain above this resistance, a 20-week EMA demonstration is likely.
The TRX / USD pair was unable to exit the EMA 20 weeks after it fell below it at the beginning of June. Therefore, if the bulls climb above it and the top of the range at $ 0.02815521, we can expect the start of a new uptrend. However, if the bears defend the resistance, a new test of the recent lows of $ 0.01089965 is likely.
LTC / USD
Some see Litecoin (LTC) as a failed experiment and expect the price to fall further. However, others believe that the current fall is an opportunity to buy and that the digital currency may set a new high in the future. Let's take a look at what the graphs suggest.
The LTC / USD has witnessed a massive erosion of wealth in recent months. Currently, the bulls are trying to rebound $ 28, a level not seen since mid-June last year. The trend is declining as the digital currency failed to maintain key support levels throughout the year. There has not been a notable rebound for altcoin since April of this year.
RSI has also entered oversold territory, which increases the possibility of a rebound. The first bullish resistance is $ 47,246, above which the recovery can extend to the next 20-week EMA resistance zone and $ 69,279. After such a massive decline, we anticipate the virtual currency to enter a range and form a base, before starting a new uptrend. If, however, bears sink below $ 28, the next support is $ 19,752.
XEM / USD
NEM (XEM) is the third highest performing cryptocurrency of the last seven days, approaching 8%.
Bears broke below $ 0.07790717- $ 0.13125258 on November 24, but could not sustain lower levels. This shows that buyers are willing to support the XEM / USD pair at lower levels.
Virtual currency has recovered the range above November 28th. Currently, both bulls and bears are struggling for supremacy. The bulls want to keep the price within the range, while the bears want to support below the range.
If the bulls succeed, they will indicate that the recent break was a bear trap. In this case, it is likely that the price will gradually return to the highest level of the interval, closer to $ 0.13. On the other hand, if the bears keep the price below the range and fall below the November 25 intra-day low at $ 0.06155741, the next downside support is $ 0.05.
Moving averages are flattening and even RSI is approaching 50 levels, suggesting a short-term consolidation.
BTC / USD
Bitcoin (BTC) had its worst November since 2011, as the price fell 37%. A massive fall in a period of one month shows signs of suffering by selling the bulls. Funds are generally formed during these capitulation periods. Will the leading digital currency make a comeback or sink further? Let's try to find out.
The BTC / USD pair is looking to find support near the critical support zone of $ 3,000 – $ 3,500. This is an important area that should contain. An analysis of this will further damage the sentiment and may extend the fall to the next lower level of $ 1,752. However, we give it a very low probability of occurring.
Usually, after violating critical support – in this case, $ 5,900 – the price repeats the fault level. If this happens, the digital currency can return to any level between $ 5,000 and $ 5,900, although it is difficult to pinpoint the exact level it will reach.
The RSI reached levels seen last time at the beginning of 2015, showing the kind of damage that the digital currency has seen this year. We are seeing the first signs of purchase, but we will have to see more to confirm a fund.
ETH / USD
Work began on upgrading Ethereum (ETH) to Ethereum 1x, which would improve network usability. The aforementioned update could be activated by June 2019. In other news, the citizens of Manila have the opportunity to earn some of Ethereum by cleaning up the polluted beaches.
The University of Basel, the oldest university in Switzerland, has awarded an honorary doctorate to the co-founder of Ethereum Vitalik Buterin for "outstanding results in cryptocurrencies, smart contracts and institution design".
After showing the promise at mid-year, the ETH / USD pair has weakened as it continues to break at critical support levels. Currently the bulls are trying to maintain the psychological support of $ 100.
The RSI reached levels close to those of oversold, seen for the first time at the end of 2016. This movement suggests that the sale has been exaggerated and a rebound is probable. The first resistance to any rebound will be at $ 136.12, followed by $ 167.32.
If bears lower the digital currency from one of the resistance levels mentioned above, and sink it below $ 100, it is possible to fall to $ 66. After such a large fall, the price should go through a background process before embarking on a new uptrend.