The cryptocurrency space has again gained the bullish momentum and the market capitalization of the crypto market is increased up to $260 billion. The 24-hour volume of the currency is around $590 billion. The experts are thinking that this is a positive sign and it has a history of three months to provide support. The uncertainty of cryptocurrencies has decreased in the previous few days.
The run-up to the release of CBOE futures in the month of December. In the year 2017, the market value increased with bullish momentum but then later it has through a rough bearish phase. The question is that if the most-awaited Bakkt future will impact on the cryptocurrencies?
Still, there is confusion about the market situation and how will the values of currencies turn in the market. Here we are going to analyze 10 cryptocurrencies:
The currency is trying to enter the symmetrical triangle and there is a resistance at the increasing moving averages. If bulls are able to put value above the 50-day SMA then try downtrend rally probably comes. The two moving averages are smashed and the RSI is going towards the mid-point. The next moves is not easy to predict and there is a balance between the buyers and sellers. A decisive point is necessary because the current action is risky. If the value of breaks down below the value of $9,080 then it will further move towards $7,451.63.
If the price goes with bulls then the downtrend line could increase up to the value of $13,973.50. There is a possibility of a long position on the breakout and close around the downtrend stream. The early halt loss around the value of $9,000.
There is an attempt of relief movement around the 20-day EMA where it is likely to interact with the resistance. The traders are trying to pull the averages to sell them. Moving averages breakdown in the first signal that buyers are again in action and trend of the currency can change.
If the ETH/USD pair is overhead with the bullish movement and moving averages then the value will increase around $235.70. If the bearish movement overtakes and the value goes down below 20-day EMA and the value could reach up to $150. The two MA is moving downward and the RSI is around the overbought region. Traders should wait to alter before trading.
The currency is trading around the main support of $0.24508 for continuous previous five always. The traders bought at some lower levels. The bottom is in place only after the break our of the 20-day EMA. And it the bulls are not able to break out the EMA of 20-day, then the pair of XRP/USD might re-examine at the value of $0.225-$0.24508 which is important support zone. The value can be decreased around the value of $0.19 with the beginning of new downtrend.
The two MA is decreasing and the RSI is around the oversold region, which shows the power of the bear. If the value maintains overhead the 50-day SMA then long position is there.
The currency is around the head-and-shoulder pattern for the previous 3 days, but bulls attempt is failed in gaining the bounce. The weak request in there in the market still. If the value of the currency is not able to move above the SMA of 50-day then the bear again overpower the market.
The closing and break down of the head and shoulder pattern under the neckline and it is very negative. The main support of the currency is at $166.98 and further down is at $105. On the upper side, the 50-day SMS breakout is the initial signal of change. The price overhead $360 of the BCH/USD pair is the sign of trade.
It is trading in a downtrend and trying to get back, at 20-day EMA and overhead it at this downtrend it will be going to face resistance. If the breakout happens then the downtrend the change will happen. If the pair of LTC/USD goes down below the 20-day SMA then the value will also reach around $69.9227. But if support fails then the value of the currency goes down up to $49.3305. The market is on the sidelines and the market is in the bear moves.
It is around the value of $24.1709 and is currently in weak condition. The RSI is in the overbought region and two moving average is going down. It is steered currently by the bears. The further below support is $18.30 and it will surely defence by the bulls at this support. The currency will test the resistance at the past support value of $24.1709. The downtrend will begin after decreasing from $18.30.
On August 28, 2019, the currency has decreased from its support value of $3.30, but the bear was unable to capitalize. But bulls are not able to move if the price won’t go above 20-day EMA. The downside value will be around $2.76 and further, it will be $2.20. RSI is near to oversold region and two MA is going down. Clearly, bears have the upper hand.
If bulls are able to move the price above 20-day EMA, it will be a positive sign because of the pair of EOS/USD hasn’t maintained the value around 20-day EMA after 26th June. If it is crossed then the resistance will be around SMA of 50-days, if it is able to cross it then $4.8719 is could be achieved easily.
Bitcoin SV has traded in the downtrend, which is the initial sign of sellers grip is loosening on the currency. Now the currency will try to move above Moving averages and if it happens then it could achieve the value of $188.69. After this, the mark of $255.62 is the target. But still, the pair of BSV/USD is not able to maintain the overhead moving average, and it might decrease up to $107 and it will a red signal. The averages are smashed and RSI is increasing to the midpoint. If the value sustains 50-day SMA, then experts are saying that traders should go for trading.
It is hovering in a close range for the previous 3 days, the bulls fail to reach around the resistance of $0.065. If the bears become overpower then they attempt to decrease the value up to $0.06048 and if it happens then the value reaches up to $0.058325. Then further it could decrease up to $0.05. The decreasing averages and oversold RSI also shows bears. On the other hand, of currency is able to break out 20-day EMA then only traders can hope for bulls.
Monero is under the symmetrical triangle on 28th August and decreased even below $72. The bulls are not able to defend support and the averages are going down. The RSI is in the red zone, which displays the bears are in power. XMR is testing the downward level at the triangle. If the pair goes bearish then it could reach up to $60.