At the moment of writing, most majors have been trading sideways during the weekend, and nothing has really changed – rather than volumes decreasing in general which is rarely a good sign for the upcoming days ahead.
From the current top-10 only Binance coin seems to keep those interesting gains. I’m pretty sure this price gauge is linked to the current strategy of Binance surrounding adding new tokens to their launchpad, creating hype around the project, then running ICOs where investors get priority/discount using the BNB token. If we haven’t reached the point where you can only participate by holding the coin, I bet we’ll soon get there.
Will BNB continue to grow indefinitely? Will investors soon switch back to Bitcoin after realizing some profits, or will they continue to hold tokens bought during ICOs?
What about the rest of the market? what’s the short and long-term perspective for the rest of top cryptocurrencies?
Since hoovering back above $4,000 last week, bitcoin’s price has entered a stable trading pattern ahead of a key resistance that, if breached, could pave the way for a sustained run to new yearly highs. Despite the lack of momentum observed lately, the largest cryptocurrency is quietly pacing toward its second consecutive monthly advance – a feat last achieved during the 2017 bull market.
Looking at the above graph, courtesy of Trading View, we see Bitcoin clearly wanting to break that $4,000 resistance level. Bitcoin is also trading between the 20 and the 50 day EMA, meaning, while price does either breakout above $4,000 or retrace back to the $3,800 region, we shouldn’t expect any major move.
Last week BTC touched and stayed above this key level, although during the weekend it slowly dropped back to the $3,900 range.
Another important data point is the lack of volume we’re currently experiencing. After some recent news and findings showing there’s enormous amounts of fake volume on some widely used Asian exchanges, we could experience a slow and gradually decline. In my mind this won’t surely help prices.
Still, we should remember markets can stay irrational for as long as needed; meaning, fake volume could still help pump prices in the short-term.
I would argue Ethereum is near of a major breakout. At least that is what the above graph seems to show.
First, the delta between moving averages is clearly narrowing – a feat that usually happens when price is about to make a major move either upwards or downwards. Still, much like its King, Ethereum’s price hasn’t been able to successfully break past the 50 day EMA.
Although since the beginning of the month it has touched this key resistance level a couple times, ETH hasn’t been able to keep above $140.
As it is trading currently around $135, I wonder where will price go. Volumes are thinning as well, not a good sign in the short-term. From a short-term prespective we could be having an opening really soon, to make another entrance, in a range probably between $120 and $130.
Although I would love to be the bearer of some better news, XRP doesn’t look too good as well.
At the moment of writing Ripple’s price was able to break-down the 20 day EMA, a really bad sign if you ask me. XRP could be testing yearly lows, as it happened during late January and February. Maybe it’s a thing every month’s end now?
Jokes aside, it could mean some investors are realizing small gains and then converting back into Bitcoin or a stablecoin.
Regarding Ripple, if it’s price does not touch the $0.30 level again I would be surprised. Maybe it’s a good time to put small entry positions going downwards into last months’ lows?
If you’e looking for the counter-trend chart, this is definitely the one.
Although froma volume prespective Litecoin is also loosing some strength, much like the entire crypto-sphere, LTC is currently on a really nice positive trend, that shows little signs of slowing down.
LTC has been sideways trading, for the past week, showing signs of consolidating around $60, where it has been trading for the past 10 days. What is keeping my hopes up, is the fact LTC 20 day EMA is currently gaining momentum and quite close to cross the 200 day EMA.
That is the first clear sign of a stable bull-run.
From the top-10 cryptocurrencies, Binance coin has been the clear winner.
CZ’s strategy is clearly working and a great deal of demand has been felt for the BNB token, as we can see just by looking at sheer volume.
Congratulations to the entire Binance team for doing an amazing job. BNB investors must be quite happy!
Everything on the chart looks quite positive, as the 20 day EMA is currently above both the 50 and 200 day, as well as, the 50 day is already above the 200 day EMA.
BNB is currently trading close to $17 and as long as demand for the token continues, I expect the price of Binance Coin to keep rising, or in the worst case, to consolidate and create a new support level near $15.