Cryptocurrencies Consolidating its last gains
Cryptocurrencies have slowed down in recent hours, following gains of over 10 percent. The major currencies, although they have appreciated above 1 percent over their value 24 hours earlier, in the last few hours have lost steam and appear to be moving in a narrow range. The best performers are found in the less capitalized coins, such as Monero (+6.24%), XEM(+8.2%), or GXChain (+24.66%). Among the Ethereum-based tokens, HEDG(+9.9%), BAT(+18.6%), and BXK(+46.6%) are among the coins that lead the gains.
The market cap of the crypto sector grew 2.91 percent, gaining over $2.8 billion and, at the moment of this writing, is $183.775 billion. The traded volume in the last 24 hours has contracted to $44.344 billion, 8,26 percent lower than in the previous 24-hour cycle, whereas Bitcoin dominance is virtually unchanged at 66.64 percent.
US Senate Lawmakers came to an agreement on a $2 trillion stimulus bill to tame the effects of the COVID-19 on businesses and families. The deal would include direct deposits for all Americans, $367 billion on loans to small businesses.
NT Federal court finds the GRAM token issuance likely violates the securities law. The court states that “reasonable purchasers would not be willing to pay $1.7 billion to acquire Grams merely as a means of storing or transferring value. Instead, Telegram developed a scheme to maximize the amount initial purchasers would be willing to pay Telegram by creating a structure to allow these purchasers to maximize the value they receive upon resale in the public markets.” (source: https://www.theblockcrypto.com/post/59831/)
Technical Analysis: Bitcoin
Bitcoin is still struggling to break the %6,650 resistance level, and it seems, by the previous bearish engulfing candle, that it will drift to lower levels. The MACD is very close to making a bearish crossover, and although the price moves above its +1SD line, it is likely a test of the $6,300 level. If that happens, then the failure to make a higher high would send the message to the sellers, and possibly break the ascending wedge to the downside. Of course, currently, it is premature a call to sell, so we stay on the sidelines.
Ethereum is moving above its +1SD line, but the movement is almost horizontal, and the latest candlesticks are making lower highs. However, the $135 support is holding. The potential MACD bearish crossover makes us think that the short-term upward wave is fading, and a test of to the $123 level is likely. The key levels to observe are $145 to the upside and $136 to the downside.
Ripple hasn’t moved much in the last 24 hours. XRP is progressing in a very tight range touching its +1SD line. The price has been unable to cross the $0.163 level so far, but sellers couldn’t push it below the $0.16 level. Thus, traders should wait for XRP to show its direction. A Breakout below the $0.16 would create a double top and possibly head the digital coin to a test of the $0.15 level, whereas a break of the ‘0-163 resistance would push the price to a test of the $0.175 latest top.
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