- Waves rally appears to have stalled under $3.4, leaving the ball in the bears’ court.
- ABBC Coin social media mentions tumble, dampening the uptrend.
- Filecoin rallied to $275 after launch but is now trading at $45, raising dumping concerns.
This week started on the right foot with cryptocurrencies posting gains across the board. For instance, Bitcoin climbed towards $12,000 but hit a wall at $11,800. Ethereum extended the bullish action, almost hitting $400, while Ripple tested $0.26 hurdle again.
However, most of these gains were erased on Friday following the news that OKEx has suspended all digital assets/cryptocurrencies withdrawals. The flagship crypto toppled to $11,200, while Ether dropped to $365. Intriguingly, some digital assets like Waves, ABBC Coin and Filecoin closed the week in the green.
Waves majestic recovery hits pause
After completing the double-bottom pattern on the 4-hour chart, Waves shot up massively. The remarkable price action overcame the resistance at the 50 Simple Moving Average (SMA), the 100 SMA and 200 SMA. Several other hurdles were pushed into the rearview, extending the price action towards $3.4.
At the time of writing, WAVES/USD is trading at $3.0 after a minor retreat while buyers work around the clock to ensure that the uptrend continues. The low trading volume suggests that rapid movements are unlikely in the near term.
Price action above $3.4 could open the road for gains eyeing $4. On the downside, support is envisaged at $2.8, the 50 SMA (near $2.6) as well as $2.4. Simultaneously, the primary support lies at $2.
WAVES/USD 4-hour chart
According to Santiment, a spike in social Waves’ social media mentions preceded the extensive bullishness in the last few days. On October 15, social media volume soared to 25, followed by the price action to $3.4.
On the other hand, increased social media mentions are not good signs for the uptrend’s continuation. In most cases, a price pump attracts the masses to the token, but they start dumping, impacting the price negatively.
Waves social volume chart
ABBC Coin breakdown seems imminent
Following an impressive rally since August, ABBC Coin appears to have hit a crucial resistance at $1.2. The token is trading at $0.63 amid a developing bearish momentum. The Relative Strength Index recently hit levels above 90 but is currently retreating from the overbought area. This overbought condition adds credence to the bearish outlook.
On the flip side, short term support is anticipated at $0.45. Similarly, extended losses will seek refuge at the 50-day SMA. If push comes to shove, the 100 SMA is in line to prevent losses from piercing through $0.20.
ABBC/USD daily chart
Like Waves, a spike in ABBC Coin mentions went ballistic across various social media platforms on October 15. Unfortunately, the craze surrounding the crypto died down shortly after and is currently non-existent. The ongoing price reversal has reflected the decline in social volume.
ABBC Coin social volume chart
Filecoin shines after mainnet launch
Following the launch of Filecoin (FIL), the price shot up to $275. However, a reflex correction took place immediately with the price holding onto a newly established support at $40. At the time of writing, FIL is trading at $45 while holding firmly to the 50 SMA. Losses are anticipated if the 50 SMA support is broken.
FIL/USD 15-minutes chart
On the upside, the 100 SMA stands in the way and is likely to delay recovery. The RSI shows that the path of least resistance is downwards for now. Support at $40 will come in handy if declines continue.
Filecoin social volume chart
Santiment highlights a significant drop in social media mentions. The token launch was well received, even sparking a debate that the owners of the project had a short term goal of dumping. The decrease in social media mentions might lead to more losses in the near term, especially if investors continue dumping.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.