Crypto markets recover from correction; Litecoin, BNB, Stellar and Dash going strong.Market WrapCrypto markets have bounced back from the dip yesterday to the same level they traded at for the past few days. The minor dump dropped markets back to $130 billion but they have since recovered back to resistance levels again.Bitcoin is having a tough time breaking through heavy resistance at $4,000. Two intraday highs of $3,920 were reached but BTC was unable to push past this level and has remained at just over $3,900. Volume has fallen back below $10 billion but BTC remains range bound at the moment.Ethereum has been sliding all week, it is up on yesterday’s prices but down in general. Currently trading at $133 ETH is still ahead of Ripple’s XRP by $1.2 billion. XRP has shown similar declines and is back to $0.309.The top ten is mostly in the green during today’s Asian trading session. Three altcoins are making most of the gains though. Litecoin has added 5% to reach $57 and increase its lead over EOS in fifth. Binance Coin is motoring yet again with a 6.5% gain to $15.4 as it chases down Bitcoin Cash in sixth spot. Stellar is the third altcoin gaining today with a 6% push to $0.104 as it is poised to flip Tether when XLM reaches $2 billion market cap.The top twenty is all green at the moment and Dash is moving the most with a daily gain of over 11%. According to studies Dash has been one of the top three performers since initial exchange listing. Today it has topped $92 and is the best performer in the top twenty.Dash Among Top-3 Performing Cryptocurrencies After Initial Exchange Listinghttps://t.co/K4S5wvBrqg— NeptuneDash (@NeptuneDash) March 12, 2019Monero, IOTA, NEM and Zcash have also recovered 5 to 6 percent since yesterday’s dip. VeChain also needs a mention as it is pumping 17% at the time of writing.FOMO: Crypto.com Crushing ItToday’s epic pump is Crypto.com’s CRO token which has surged over 100% on the day and is the top one hundred’s top altcoin. The payments platform token has just been listed on Indonesia’s top exchange, Indodax which has driven the spike.Komodo is also having a strong rally with a 33% surge at the time of writing. Maximine Coin has just entered the top one hundred with a 32% spike today and Zcoin is not far behind gaining 25% on the day. At the red end of the table is ABBC Coin, getting beat up and dumping 14% today. Theta, which has pumped recently is dumping again now with a similar loss.Total market cap 24 hours. Coinmarketcap.comTotal crypto market capitalization has returned to $134 billion, adding $3 billion since Tuesday’s minor correction. The 2.3% gain has returned markets to their consolidation channel where they have spent the best part of last week. Daily volume is still at $30 billion and Bitcoin’s dominance continues to slowly decline as altcoins are driving markets at the moment.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Archives for March 13, 2019
Bitcoin price stayed above the $3,800 support area and recovered recently against the US Dollar.The price is trading above the $3,840 level and facing a strong resistance near the 100 hourly SMA.There is a key bearish trend line in place with resistance at $3,865 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could rally sharply if there is a close above $3,880 and the 100 hourly SMA.Bitcoin price rebounded nicely from the $3,800 support against the US Dollar. BTC is currently sighting an upside break above the $3,880 resistance and the 100 hourly SMA.Bitcoin Price AnalysisYesterday, we saw a downside reaction below the $3,860 support in bitcoin price against the US Dollar. The BTC/USD pair tested the key $3,800 support level and later started an upside correction. A swing low was formed at $3,801 and the price corrected above the $3,840 level. Buyers were successful in pushing the price above the $3,850 resistance as well. Besides, there was a break above the 50% Fib retracement level of the recent drop from the $3,910 swing high to $3,800 swing low.However, the recovery faced a strong resistance near the $3,880 level and the 100 hourly simple moving average. More importantly, there is a key bearish trend line in place with resistance at $3,865 on the hourly chart of the BTC/USD pair. The pair also struggled to clear the 61.8% Fib retracement level of the recent drop from the $3,910 swing high to $3,800 swing low. At the moment, the price is consolidating just below the trend line, $3,870, and the 100 hourly SMA.A successful break above the trend line and $3,880 could really boost the market sentiment. In the mentioned case, the price could climb above the $3,900 and $3,920 resistance levels. The next stop could be $3,960 or even $4,000. On the flip side, if there is a downside correction, the price may find buyers near the $3,840 level. The main support is near the $3,820 and $3,800 levels. If there is a downside break below $3,800, the price could move into a bearish zone in the near term.Looking at the chart, bitcoin price seems to be preparing for a larger upside break above $3,880. Having said that, it won’t be easy for buyers to gain traction above $3,880 level and the 100 hourly simple moving average.Technical indicators:Hourly MACD – The MACD is placed is about to move into the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level, with a bullish angle.Major Support Levels – $3,840 followed by $3,800.Major Resistance Levels – $3,865, $3,880 and $3,900.
The total crypto market cap rebounded recently and revisited the $129.0B resistance area.Litecoin (LTC) price gained nearly 5% and it seems like it could test $58 or $60.Bitcoin cash price is trading sideways below the $130 resistance level.Tron (TRX) corrected above the $0.0220 level, but it could face a strong hurdle near $0.0230.Cardano (ADA) price is gaining momentum and it may trade towards the $0.0500 resistance level.The crypto market cap is approaching a crucial resistance area and it could surge higher. Bitcoin (BTC), Ethereum (ETH), ripple, litecoin (LTC), bitcoin cash, TRX, XLM and ADA remain supported.Bitcoin Cash Price AnalysisRecently, bitcoin cash price declined below the $130 and $128 support levels against the US Dollar. The BCH/USD pair tested the $126 support level and later corrected higher. The price is currently trading just above the $128 level and it seems like it could test the $130 resistance level in the near term.If there is a break above the $130 resistance, the next aim for buyers could be the $132 barrier. On the downside, a break below the $128 support may perhaps push the price towards the $126 or $125 support.Litecoin (LTC), Tron (TRX) and Cardano (ADA) Price AnalysisLitecoin price remained in a strong uptrend from the $52 support level against the US Dollar. LTC price recently spiked towards the $58 level and later corrected lower. However, the $54 support prevented declines and the price recently gained more than 5%. It is currently trading above the $57 level and it may continue to rise towards the $58 or $60 resistance.Tron price declined heavily and broke the $0.0220 support level recently. TRX price tested the $0.0210 level and late recovered above $0.0220. However, there are many hurdles on the upside near the $0.0230 and $0.0232 levels, where sellers are likely to emerge.Cardano price traded nicely in the past few sessions and broke the $0.0450 and $0.0465 resistance levels. ADA price is currently trading above the $0.0470 level and it may continue to climb higher. An immediate resistance is at $0.0485, above which the price could rally towards the $0.0500 resistance zone.Looking at the total cryptocurrency market cap hourly chart, there was a drop below the $128.0B support level. The market cap tested the $125.0B support level and it recently corrected higher. There was a decent rebound above the $127.5B level, but there is a strong resistance formed near $129.0B and a bearish trend line. Moreover, the key resistance is near the $130.0B level. If there is an upside break above the $130.0B barrier, the crypto market could rally in the near term, with gains in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins.