Bitcoin [BTC] led the market down the bear’s path as the cryptocurrency market erased over $13 million of value. XRP was one of the bear’s greatest victims, suffering a 14% loss at the bottom. However, a future hike might move the price according to the charts.
The price is on a continued downtrend since the beginning of September in a price movement from $7370 – $ 6700 – $6630 – $6310. However, the uptrend from $6120 – $6280 uptrend providing support since the past 3 weeks.
The $6120 is the support line and is the bottom for the last trend. The 20-period WMA is at $6291 and is acting as a resistance.
The MACD is flashing a bullish sign, as it is moving upwards on the graph after a bullish crossover.
The Awesome Oscillator is also bullish in the light of the price bouncing off the resistance and moving upwards.
There is a downtrend in power since May, represented by price movements from $9360 – $8390 – $8180 – $6630. However, the uptrend since June is moving the price from $5850 – $6250 and providing a support.
The price is moving below the double Bollinger Band indicator, showing the strength that the downtrend has. However, it is showing signs of recovering from the massacre yesterday.
The Stochastic Momentum Indicator is moving downwards towards the oversold zone, representing a buying opportunity for a bullish rally.
The Parabolic SAR indicator recently turned bearish, indicative of greater downwards pressure on the price.
XRP is relying on the sharp uptrend from mid-August from the $0.367 – $0.695 to prevent loss. Last month’s rally also helps to pad the impact of the bear’s attack on the coin.
After rallying to the mid-$0.60s, it dropped down to $0.481 to present the downtrend in power. There is also a support providing upwards momentum to the price from the $0.268 – $0.382 rally.
The MACD turned bullish with a crossover combined with a sharp upwards movement. This indicates a recovery after the drop yesterday.
The Fisher Transform indicator is in a neutral zone, as it has not moved above or below the limits that are described on the indicator.
The Parabolic SAR indicator is also bullish, with the price looking to break upwards.
The upper long-term resistance for the price is at the $0.90, with a strong downtrend coming off the resistance down to $0.581, This is then continued down to $0.461.
The support level is at $0.263, with a short uptrend to $0.482. The 20-period DEMA is at $0.49, providing a resistance for the price to break.
The CMF indicator is in the negative, with a slight upwards trend indicating the recent hike. Similarly, the ADL indicator is moving upwards sharply, after a drop yesterday.
The Aroon indicator is crossing over, indicating a reversal in the dominant trend, which is the downtrend in this case.
The price of Bitcoin and XRP seems to be heading for a recovery after holding crucial support lines yesterday. One can expect a short recovery to price levels before the drop, as it was one of the most stable places for the prices to be.
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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
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