During the last 24 hours bitcoin could not escape from its current trading range. Other cryptocurrencies were mixed. Ethereum (+1.1%), Ripple (+2.37%), ALGO(+3,28%), ATOM(+4.24%) and XLM (+4.46%) gained buyers, while Bitcoin SV (-1.21%), ADA(-1.31%), EOS (.04%), or Litecoin (-0.5%) had minor drops. The best token performers were EKT (+15%), ZRX (+10%), BAT (6.32%), and HT(5.4%).
Fig 1 - 24-hour Cryptocurrency Sector Heat Map
The Market capitalization of the sector moved up 1.17% to $226.6 billion, while the traded volume of the last 24H went up 5.94% to $22.7 billion. Finally, the market dominance of Bitcoin is 67.1%
Hot news
FXCM Group has announced the launch of a crypto trading product they call CryptoMajor, which is a mix of the five top crypto coins: Bitcoin, Ripple, Litecoin, Ethereum, and Bitcoin Cash.
Facebook Libra Association has formalized its Council with a 5-member board. The governance structure will be lead by Matthew Davie (Kiva Microfunds), Patrick Ellis (PayU), Katie Haun (Andreessen Horowitz), David Marcus (Calibra, Inc.), and Wences Casares (Xapo Holdings Limited), according to a news piece by Ambcrypto. The elected CEO of the Libra Association is Bertrand Perez, who will also serve as interim Managing Director.
UK Startup Smartlands team up with IIP Securities to tokenize more than one billion dollars in assets by 2024, and change the broker-dealer relationship.
Technical Analysis
Bitcoin
Bitcoin is mostly unchanged from its 24H price. The price action has created a triangular structure. This kind of structures are continuation patterns, but also show indecision, or struggle between buyers and sellers. We see also that the price is being held by its 50-period MA. That may hint for a new push to the upside, but buyers are afraid since the last two occasions they pushed the price up sellers took advantage of that to unload their coins and push the price back to support.
The critical levels to observe: $8,200 is the key support, while $8,400 is the resistance to break.
Ripple
Ripple moved up almost to touch our $30 target, then profit-takers started to appear, and the price is retracing a bit. The price has been overextended for some time, and a period of consolidation must happen.
XRP may find support near the $0.285 level or, if the correction is more severe, its 50-period MA.
Ethereum
Ethereum has moved up the last 24 hours, breaking the $186 resistance level, but the last six hours the price wend back below it. But in the last 24H movement, we see that momentum to the upside has grown a bit. Also, the price is still held by its 50-period MA, and the price moves above the +1SD Bollinger line. Therefore, unless Bitcoin drags all cryptos down, we see a potential to the upside for Ethereum.
100% Anonymous Trading on EagleFX - Trade NOW!
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.