Bitcoin domination in the market has risen to its highest in 2018 while most of the altcoin in the market continues to unload. Market capitalization remained deflated to under $ 200 billion, while Bitcoin's market capitalization was $ 109 billion. Its price action has remained the same since yesterday with the $ 6,400 raised limit while buyers are defending $ 6,200 in support. Ethereum is down 2.2% on the day while trading at $ 195.
The Ether markets continue to suffer due to a decline in investor confidence. Ripple trades at $ 0.26 after a fall of 1.71% on a daily basis. Most of the Altcoins are still unloading with Cardano which led to a 5% decline. However, some selected altcoins are shaking the market with steady growth in the face of generalized fall prices. These are the types of Waves (WAVES) and Dogecoin (DOGE).
Waves Technical Analysis (WAVES)
Waves have increased by more than 20% in less than 24 hours to operate above $ 2.6. Altcoin has challenged the widespread dumping that has hit the market since the middle of last week. Before the peak, the encryption was less than $ 2.6. There was an interruption above the 50SMA and the 200SMA on the 15 minute time chart. This paved the way for a prolonged jump in several swallowed candles.
Waves extended gains above $ 2.5 but revolved around $ 2.6 by resisting declines that were short-lived after support was established at Fib 38.2% retracement level with the latest upward movement at $ 2.64 and a move below $ 1.93. Earnings continued today during Asian trading hours, where there was a break above yesterday's resistance at $ 2.6. The bulls failed to bear the price above this level, but another short-term support was formulated at $ 2.30.
Bears are looking for more entry positions, but it seems that support for the trend line is also stable. On the upside, the 50SMA currently at $ 2.4 will limit the direct gains to $ 2.5. However, a break above $ 2.5 could be priced not just above $ 2.60 but attack $ 3.0 in the medium term
Dogecoin (DOGE) Technical analysis
Dogecoin recently it broke out from the contracting triangle scheme as expected in the analysis published on Crypto Recorder. The uptrend continued above the resistance at $ 0.0058 and approached $ 0.0070. The trend line worked like a wall to rebound on price avoiding further failures when the price comes in contact with it as seen in the table below.
Altcoin is advancing as if it were not in the same bearish market that coins like Ethereum (ETH) and Bitcoin Cash (BCH) are deflated respectively below $ 200 and $ 500. Dogecoin is trading at $ 0.0062 after a short slip from the weekly maximum to $ 0.00699. There is a bullish trend on the chart confirmed by the Stochastic which is changing north. The immediate obstacle is $ 0.0064 while a break above $ 0.0066 will see another move supported above $ 0.0070 and finally $ 0.01. A support was observed at $ 0.0060 and $ 0.0058 – $ 0.0056.
Tron (TRX) Technical analysis
Tron continued to cancel the downturns after his recovery from last week's declines which traded hands to $ 0.0187. The withdrawal took place when the buyers entered, but the gains were less than $ 0.0202. Since then, the digital resource has negotiated lower highs and lower lows. Likewise, hands are exchanged for $ 0.0188.
The stochastic on the short-term 15-minute chart is advancing in the oversold region to signal that bears have influence at the moment. It is essential for buyers to defend $ 0.0188 support to stay away from further failures. At the same time, they must retreat above $ 0.0190 and focus on finding support above $ 0.020.