EOS, BCH among Worst Crypto Assets as Top Coins Correct Lower


EOS continues to face more rapid capitulation than its peer blockchain projects after falling another 11% in a day.

The EOS/USD rate on Tuesday established an intraday low at 2.41-fiat, down 28.27% from its weekly high at 3.36-fiat. Meanwhile, the maximum drop noted in the EOS market capitalization this week touched $861 million, according to the data available at CoinMarketCap.com.

EOS/USD 7D MARKET CAP AND PRICE | SOURCE: COINMARKETCAP.COM

The downside action in the EOS market stems from uncertainties related to the blockchain that powers the token. Investors and traders are worried about EOS longevity as a “decentralized” blockchain project, with new reports proving how highly centralized the project has become lately. For a project that raised $4 billion in an initial coin offering round, the EOS as an asset must appear overvalued to many owing to its latest hype-bust.

EOS was among the investors’ favorites mainly because it was the only coin to have surged better than the rest of the crypto market in April. The coin jumped circa 400%, rising from $4 to $20, mainly because its year-long ICO at the time was not completed. In reality, the EOS rate could have much been much lower than $20.

Bitcoin Cash Strongly Bearish

At the time of this writing, Bitcoin Cash (BCH) has also dropped by 8% on a 24-hour timeline, now trading at $154.38 with a total market capitalization of $2.70 billion.

BCH/USD 7D MARKET CAP AND PRICE | SOURCE: COINMARKETCAP.COM

The BCH/USD this week established a high at 196.80-fiat after its hash war with the fellow Bitcoin SV group came to a conclusion. The fundamental nevertheless couldn’t fix the amount of sentimental and financial damage incurred by investors during the said hash war. The upside corrections were mostly traders executing their short positions, forming a bearish flag to indicate a continuance of its downward trend.

The hash rate of the bitcoin cash network has also dropped after the hard fork. It reflects the falling security standards of the network which might have led investors to short their BCH position in the near or medium term.

Elsewhere in Crypto Market

Bitcoin, the top digital currency, had a less severe 24-hour period at the market than EOS and Bitcoin Cash. The coin noted a marginal drop of 0.55% to $4000. Ethereum and XRP also dropped 1.84% and 1.34%, respectively, holding their support levels intact like bitcoin to promise a potential bounce-back scenario.

The ETH/USD rate at press time is 111.61-fiat. And the XRP/USD is trading 0.3564-fiat.

Featured image from Shutterstock.

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Cardano Price Analysis: ADA/USD Could Correct Towards $0.075

Key Highlights

  • ADA price traded above the $0.0800 resistance before correcting lower against the US Dollar (tethered).
  • There was a break below a major bullish trend line with support at $0.0785 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair remains at a risk of more declines below the $0.0770 and $0.0760 levels in the near term.

Cardano price is currently correcting lower against the US Dollar and Bitcoin. ADA/USD could slide towards $0.0750 if sellers remain in action in the coming sessions.

Cardano Price Analysis

In the last analysis, we discussed that cardano price could climb higher towards the $0.0800 level against the US Dollar. The ADA/USD pair did gain pace and it not only tested the $0.0800 level, but buyers pushed the price towards $0.0820. A high was formed at $0.0821 and settled above the 100 hourly simple moving average. Later, there was a downside correction and the price declined below $0.0800.

During the slide, there was a break below a major bullish trend line with support at $0.0785 on the hourly chart of the ADA/USD pair. The price also declined below $0.0790 and the 100 hourly simple moving average. It traded as low as $0.0766 and is currently correcting higher. An initial resistance is 23.6% Fibonacci retracement level of the last decline from the $0.0821 high to $0.0766 low. However, there is also a major bearish trend line with resistance at $0.0780 on the same chart. Therefore, an upside break above $0.0780 may push the price back above the $0.0800 level.

The chart indicates that ADA price is at a risk of a downside break towards the $0.0750 support. If sellers remain in action, the price may perhaps slide further towards the $0.0737 support area.

Hourly MACD – The MACD for ADA/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ADA/USD is moving higher and it could settle above the 50 level.

Major Support Level – $0.0750

Major Resistance Level – $0.0780

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Ripple Price Analysis: XRP/USD Could Correct Lower To $0.4350

Key Highlights

  • Ripple price failed to stay above the $0.4600 support and declined recently against the US dollar.
  • There was a break below an ascending triangle pattern with support at $0.4630 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently under pressure and it seems like it could test the $0.4400 or $0.4350 support levels.

Ripple price moved lower from range highs against the US Dollar and Bitcoin. XRP/USD may continue to move down towards the $0.4350 support in the near term.

Ripple Price Analysis

There were 2-3 attempts to surpass the $0.4700 and $0.4750 resistances by Ripple price against the US Dollar. The XRP/USD pair failed to gain momentum above $0.4700 and started a downside move. The price declined and broke the $0.4600 support level. There was even a break below the 50% Fib retracement level of the upward move from the $0.4235 low to $0.4750 swing high.

More importantly, there was a break below an ascending triangle pattern with support at $0.4630 on the hourly chart of the XRP/USD pair. The price spiked towards the $0.4400 support and tested the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the upward move from the $0.4235 low to $0.4750 swing high acted as a support. The price is currently trading above the $0.4450 level and the 100 hourly SMA. However, the price remains at a risk of more losses and it could test the $0.4400 support in the near term. Below $0.4400, the next key support is at $0.4350.

Looking at the chart, ripple price moved into a short term bearish zone below $0.4600. However, dips remain supported and the price could bounce back above $0.4650 once the current correction is complete.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Major Support Level – $0.4400

Major Resistance Level – $0.4650

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Ripple Price Analysis: XRP/USD Could Correct To $0.4290 Before Lower

Key Highlights

  • Ripple price declined further and traded towards the $0.3600 support zone against the US dollar.
  • There is a monster bearish trend line in place with resistance near $0.4290 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct higher towards $0.4200 and $0.4290 in the short term before resuming its slide.

Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD is likely to correct to $0.4290 before sellers take back control from buyers.

Ripple Price Analysis

Yesterday, we saw a sharp downside move below the $0.4000 level in Ripple price against the US Dollar. The XRP/USD pair spiked towards $0.3900 before correcting higher. However, the correction was limited and the price declined further below $0.3900 and $0.3800. It traded close to the $0.3580 level and formed a low at $0.3589. The price is currently correcting higher, but it is still well below $0.4400 and the 100 hourly simple moving average.

It has moved above the 23.6% Fib retracement level of the last slide from the $0.4990 swing high to $0.3589 low. It seems like it is about to break a short term bearish trend line at $0.4000 on the hourly chart. In the mentioned case, the price may continue to correct higher towards the $0.4200 and $0.7290 levels. The next major hurdle is near $0.4290 and the 50% Fib retracement level of the last slide from the $0.4990 swing high to $0.3589 low. Moreover, there is a monster bearish trend line in place with resistance near $0.4290 on the same chart of the XRP/USD pair.

Looking at the chart, ripple price could correct towards the $0.4290 zone, but later it is likely to resume its slide below $0.4000 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards 50 level.

Major Support Level – $0.3800

Major Resistance Level – $0.4290

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Cardano Price Analysis: ADA/USD Could Correct Lower To $0.082

Key Highlights

  • ADA price tested the $0.0880 resistance and later corrected lower against the US Dollar (tethered).
  • There is a short-term bearish trend line in place with resistance at $0.0865 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to correct further towards the $0.0830 or $0.0820 support levels in the near term.

Cardano price is currently correcting gains against the US Dollar and Bitcoin. ADA/USD may drop to $0.0820 before the next upward move.

Cardano Price Analysis

In the last analysis, we discussed that cardano price is trading with a positive bias above the $0.0815 level against the US Dollar. The ADA/USD pair broke the $0.0855 high and traded towards the $0.0880 resistance. A fresh high was formed at $0.8875 before the price started a downside correction. It moved below the $0.0870 and $0.0865 support levels. Moreover, there was a break below the 23.6% Fibonacci retracement level of the last wave from the $0.0802 low to $0.0887 high.

At the moment, the price is trading near the $0.0840 support and 100 hourly simple moving average. If sellers remain in action, the price could correct further to $0.0835. It represents the 61.8% Fibonacci retracement level of the last wave from the $0.0802 low to $0.0887 high. Further below $0.0835, the price is likely to test the $0.0825 and $0.0820 support levels. On the other hand, if the price moves higher, it might face resistance near $0.0865. There is also a short-term bearish trend line in place with resistance at $0.0865 on the hourly chart of the ADA/USD pair.

The chart indicates that ADA price formed a short-term top near $0.0880. It is currently correcting gains and it may continue to move down towards the $0.0820 support where buyers are likely to emerge.

Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ADA/USD is now well below the 50 level.

Major Support Level – $0.0820

Major Resistance Level – $0.0865

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Cardano Price Analysis: ADA/USD Could Correct To $0.08 Before Higher

Key Highlights

  • ADA price is trading above the $0.0840 support and the 100 hourly SMA against the US Dollar (tethered).
  • There is a major bullish trend line formed with support at $0.0840 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair could correct lower in the short term towards $0.0800 before buyers appear.

Cardano price is trading in a bullish zone against the US Dollar and Bitcoin. ADA/USD is likely to trade above $0.0900 after a minor downside correction.

Cardano Price Analysis

After trading as low as $0.0745, cardano price started an upward move against the US Dollar. The ADA/USD pair traded higher slowly and steadily above the $0.0800 and $0.0840 resistance levels. The price traded close to the $0.0900 level and settled above the 100 hourly simple moving average. An intraday high was formed at $0.0887 and later the price started a downside correction.

The price declined below the 23.6% Fibonacci retracement level of the last upward move from the $0.0745 low to $0.0887 high. However, losses were contained by the $0.0840 support and the 100 hourly SMA. More importantly, there is a major bullish trend line formed with support at $0.0840 on the hourly chart of the ADA/USD pair. Below the trend line, the pair could slide towards the $0.0800 level. An intermediate support is $0.0810 and the 50% Fibonacci retracement level of the last upward move from the $0.0745 low to $0.0887 high. On the upside, the price needs to break the $0.0880 and $0.0890 levels to gain traction.

The chart indicates that ADA price may perhaps correct a few points towards $0.0810 or $0.0800. Once the price completes a correction wave, it could climb above $0.0880. It may even clear the $0.0900 resistance and test the $0.1000 level.

Hourly MACD – The MACD for ADA/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ADA/USD is just below the 50 level.

Major Support Level – $0.0815

Major Resistance Level – $0.0880

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Bitcoin Price Watch: BTC/USD Could Correct Lower To $6,400

Key Points

  • Bitcoin price traded further higher above the $6,450 and $6,510 resistances against the US Dollar.
  • There is a short term ascending channel in place with support at $6,505 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely forming a double top pattern near the $6,600 resistance.

Bitcoin price gained traction above $6,450 and tested $6,600 against the US Dollar. BTC/USD is currently struggling to clear $6,600 and it may correct lower in the short term.

Bitcoin Price Analysis

Yesterday, we saw an upside break above the $6,320 resistance in bitcoin price against the US Dollar. The BTC/USD pair gained traction and it climbed above the $6,450 and $6,510 resistance levels. There was a positive price action developed above the $6,500 level and the 100 hourly simple moving average. The price even tested the $6,600 level where sellers emerged.

The chart indicates that the price tested the $6,600 resistance on two occasions and failed. This means there is a chance of a double top pattern forming near $6,600. On the downside, an initial support is near the $6,510 level. It is close to the 23.6% Fib retracement level of the recent leg from the $6,200 swing low to $6,600 high. Moreover, there is a short term ascending channel in place with support at $6,505 on the hourly chart of the BTC/USD pair. If the pair breaks the channel support, it could decline towards $6,400. The $6,400 support is important since it is the 50% Fib retracement level of the recent leg from the $6,200 swing low to $6,600 high.

Looking at the chart, bitcoin must break the $6,600 resistance soon. If not, the price could correct lower towards $6,510 or $6,400 in the near term. Above $6,600, the price may climb towards $6,720 and $6,750.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is presently positioned nicely above the 60 level.

Major Support Level – $6,400

Major Resistance Level – $6,600

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Ethereum Price Analysis: ETH/USD Could Correct Towards $240

Key Highlights

  • ETH price found support near the $209 level and later corrected higher against the US Dollar.
  • There was a break above a short-term bearish trend line with resistance at $226 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to extend the current correction towards the $238 and $240 resistances.

Ethereum price is slowly correcting higher against the US Dollar and bitcoin. ETH/USD could correct further higher towards the $240 resistance in the near term.

Ethereum Price Correction

Recently, there was a sharp decline in ETH price from the $288 swing high against the US Dollar. The ETH/USD pair declined below $250, 100 hourly simple moving average and $225. It traded as low as $209 and later, it started an upside correction and traded above the $215 level. There was a push above the 23.6% Fib retracement level of the last decline from the $283 swing high to $209 low.

Moreover, there was a break above a short-term bearish trend line with resistance at $226 on the hourly chart of ETH/USD. The price tested the $230 resistance where sellers emerged. It seems like the price could dip a few points towards the $220 level. On the downside, there is a connecting bullish trend line in place with support at $221. A break below the trend line could ignite fresh bearish moves towards $209 and $205 in the near term. On the other hand, if the price moves higher, it could test the $235 and $240 resistances. Above these, the 50% Fib retracement level of the last decline from the $283 swing high to $209 low is at 248.

Looking at the chart, ETH price is currently correcting higher towards $235-240. However, recoveries are likely to face many hurdles and it won’t be easy for buyers to push the price above $240 or $248.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently above the 45 level.

Major Support Level – $220

Major Resistance Level – $240

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Ethereum Price Analysis: ETH/USD Could Correct Towards $285-286

Key Highlights

  • ETH price traded above the $290 level and almost tested the $300 resistance against the US Dollar.
  • This is an ascending channel in place with support at $291 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to correct lower in the near term towards the $286 or $285 support.

Ethereum price is moving nicely above $285 against the US Dollar, but stayed bearish vs bitcoin. ETH/USD may well correct lower towards $285 before resuming upsides.

Ethereum Price Trend

There was a slow and steady rise in ETH price from the $274 swing low against the US Dollar. The ETH/USD pair traded higher and broke the $285 and $290 resistance levels. There was even a close above the $285 level and the 100 hourly simple moving average. The price climbed higher and it almost tested the $300 resistance zone. A high was formed at $298.31 and the price is currently correcting lower.

It is currently testing the 23.6% Fib retracement level of the recent leg from the $274 low to $298 high. More importantly, there is an ascending channel in place with support at $291 on the hourly chart of ETH/USD. If there is a break below the channel support, the price may well test the $286 support. It represents the 50% Fib retracement level of the recent leg from the $274 low to $298 high. Additionally, the $285 level is also a decent support for buyers in the near term.

Looking at the chart, ETH price is placed nicely above the $285-286 zone. If it bounces from the channel support, it could retest the $298 high. Above the high, the price is likely to break the $300 resistance for a new intraday high. On the downside, below $291, the $285 and $286 levels are important supports.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is currently correcting lower towards the 55 level.

Major Support Level – $286

Major Resistance Level – $298

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Bitcoin Price Weekly Analysis: BTC/USD Could Correct Above $6,400

Key Points

  • Bitcoin price is slowly recovering slowly and steadily above the $6,100 level against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $6,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the $6,100 level to stay in the positive zone and recover higher.

Bitcoin price declined heavily below $6,500 against the US Dollar. BTC/USD found support near $6,000 and is currently attempting an upside correction.

Bitcoin Price Resistance

This past week, there were heavy losses in bitcoin price from well above the $7,100 level against the US Dollar. The BTC/USD pair fell and broke many supports like $7,000, $6,830, $6,500 and $6,200. The price tested the $6,000 support zone where buyers appeared. A low was formed at $5,982 and later the price started an upside correction towards the $6,500 level.

It broke the 23.6% Fib retracement level of the last major drop from the $7,155 high to $5,982 low. More importantly, there was a break above a key bearish trend line with resistance at $6,220 on the 4-hours chart of the BTC/USD pair. However, the upside was capped by the $6,450 level. The 38.2% Fib retracement level of the last major drop from the $7,155 high to $5,982 low also acted as a resistance. At the moment, the price is currently testing the broken trend line and is finding bids above $6,200. BTC price could bounce back and it could accelerate gains above the $6,400 and $6,500 levels.

Looking at the chart, BTC price is showing a few positive signs above $6,100. However, it must clear the $6,400 and $6,500 levels to stage a decent recovery.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is still below the 50 level.

Major Support Level – $6,100

Major Resistance Level – $6,400

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