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Market data are provided by the HitBTC exchange.
At the beginning of the year, the total market capitalization of cryptocurrencies was higher than $ 828 billion and many expected it to reach $ 1 trillion. However, after the hype last year, the current bear market has been crushed by the ever-ending bones in sight. The bloodbath in cryptocurrencies precipitated total market capitalization to less than $ 130 billion and down.
After the recent crash, many analysts have predicted a further fall in prices and expect Bitcoin to have hit the low of $ 3,000 or even $ 1,500. Others, however, believe that the fall is a good opportunity to buy in the long run, as they believe the fundamentals are improving.
Another important recent development has been that the expensive Bitcoin Cash war is over, with Bitcoin Cash SV deciding to move forward, leaving Bitcoin Cash ABC responsible for the Bitcoin Cash brand. It remains to be seen whether this will entail a decline in encrypted prices.
XEM / USD
NEM (XEM) is the best interpreter of the most important cryptocurrencies of the last seven days, although it has plummeted by about 18%, showing a dominance of bear on all markets.
Although the bears are able to break down the range, they are struggling to support prices at the lower levels. The purchase at lower levels maintained the XEM / USD pair close to the $ 0.07790717- $ 0.13125258 range.
The 20-day EMA has subsided and the RSI is in negative territory, which shows that bears have the upper hand. If they can stay below the range, the fall can extend to the next support level at $ 0.05.
On the other hand, if the bulls defend the bottom of the range and push the prices higher, there is likely to be an action related to the interval. A trend reversal will be reported after the price has remained above the interval. In this case, the rally can bring the digital currency to $ 0.2. We suggest traders to wait for the trend to change and to start a new uptrend before starting to buy it.
XRP / USD
Ripple (XRP) continues to be in the news as it announces new partnerships with various banks around the world. Although it has been linked to some big banks elsewhere, it still has to have an impact in the United States. The last word is that it could sign an agreement with Bank of America, which would give a strong boost to the digital currency.
These items are a great buying opportunity during a bull phase. However, during the bear phase, traders should be careful while buying the item because if it turns out false, prices may fall.
After resisting the week before, the XRP / USD sold off last week. The pair approached the first support at $ 0.37185. If this support breaks down, a new start-of-the-year low test is likely to be $ 0.24508. The area between $ 0.22 and $ 0.24508 is likely to be a strong support.
Long-term investors can expect prices to stabilize at lower levels and then buy a portion of their desired allocation. The rest can be added to higher levels while the digital currency starts a new upward trend.
If the bulls defend the $ 0.37185 level, the virtual currency will continue to remain in a narrow range of $ 0.37185 – $ 0.565. We anticipate a recovery in acceleration if the bulls climb the head resistance of $ 0.7644. The goal to look on the upside is $ 1,28372. Although $ 0.96490 could act as a small resistance, we expect it to be crossed.
EOS / USD
The number of on-chain transactions on the EOS (EOS) network exceeds that of other popular cryptocurrencies, according to Blockchain Center. A report by BitMoX, a Bitcoin / dollar derivatives market based in Seychelles, raised several question marks regarding EOS and said the protocol has a long way to go if it wants to challenge Ethereum's dominance in the DApp world.
The EOS / USD pair collapsed through critical support at $ 3,88723, marking a new low since the start of the year. If the price remains below this level, the fall may extend to the next lower level of $ 3 and below $ 2.1531.
EMA down by 20 weeks and RSI below 40 levels show that the path of least resistance is downward. Downside display will be invalidated if the bulls quickly push the price above $ 3,88723 and climb the mark by $ 4.49. A trend change will be reported if the digital currency will stop in the $ 6.8299 range.
BTC / USD
Last year after Thanksgiving, Bitcoin (BTC) began its scorching rally that peaked at $ 19,531.9, an increase of 144% in a month. However, this year, the digital currency has a solid grip and is struggling to maintain support levels.
Many have declared that the crypt has exploded and it's all downhill from here. Bitcoin, however, has seen worse falls than these in the past and has recovered on every occasion.
The launches of the trading platform supported by Intercontinental Exchange Bakkt and an encrypted Fidelity custody service in 2019 are ready to attract institutional money that has been slow to enter the asset class. A favorable decision on a fund traded on the Bitcoin exchange (ETF) in the United States could also determine the start of a new uptrend.
The BTC / USD pair extended its downtrend and easily broke below the minor resistance of $ 5.450 and $ 5,000. Although the next logical support is lower than $ 2,974 – $ 3,504.99, we expect some support close to $ 4100. The RSI is about to enter oversold territory for the first time since January 2015, which shows the & rsquo; extent of damage in the current fall.
Any recovery will have to face a slew of resistances at $ 5,000, $ 5,450 and $ 5,900. It is risky to try to take a knife that falls; as a result, traders should wait for virtual currency to find purchase support before entering long positions.
IOTA / USD
In a series of blog posts, the IOTA Foundation (MIOTA) announced that it is trying to remove the so-called coordinator from the IOTA network. As the Foundation claims, this move will be an important step towards decentralization of the protocol.
Recently, the app developer for the High Mobility automotive industry announced a partnership with IOTA. With the new collaboration, High Mobility developers will build new types of mobility apps based on the IOTA registry.
Bears broke below support at $ 0.4037 and continued to fall, touching a minimum of $ 0.28 intraweek. Currently, the MIOTA / USD pair is attempting to exceed $ 0.3193.
The EMA down 20 weeks and the RSI in negative territory show that each withdrawal will be satisfied with the selling pressure. If the $ 0.28 support breaks, the fall may extend to the next lower level of $ 0.1427, with a lower support close to $ 0.23 levels.
On the other hand, if the price picks up from current levels and rises above $ 0.4037, the digital currency could consolidate for a few weeks before trying to start a new uptrend. We suggest traders to wait until the trend changes before buying.