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.
Hot News
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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
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
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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