Yesterday’s price hike saw Bitcoin [BTC] investors rejoice as it marked a much-needed price movement above the resistance levels. However, the price has since corrected and found its place in the prior resistances albeit with a better outlook than before the hike.
Yesterday’s hike saw a price movement described from the $6210 – $6435 prices. This is also complemented by another uptrend from $6625 – $6650. There is also a downtrend representing the drop from $6660 – $6560.
The pivot points around the resistance and support line show a tight market movement between the ranges.
The Relative Vigor Index is demonstrating a bullish crossover.
The Moving Average is at $6435, representing a good support level for the coin.
The Parabolic SAR indicator is bullish, as represented by the dots under the price movement.
The Ultimate Oscillator is demonstrating a bullish divergence with the price, generally representing a buy signal.
The Ease of Movement indicator seems to be primed for further upwards movement if it continues its current trend and reverses into positive territory.
The long-term resistance levels are presented at $9200 and $8390, with the short term resistance level at $7390. There is also a crucial support at $5850.
While yesterday’s breakout showed that the market still carried momentum, it is necessary to observe whether the price will continue the upward movement. The indicators are demonstrating a positive movement to come, with market movement decided ultimately by investor sentiment.
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Gemini outperforms Tether; stablecoins struggle as Libra’s shadow looms, finds Fundstrat report
Last week might have been the last phase of the ‘Gemini’ as Zodiac signs go. However, the twin-heads have surprisingly outperformed their stablecoin equivalent, Tether [USDT] as Libra scaled the market. With bullish sentiment emanating from Menlo Park, pushing Bitcoin [BTC] into fifth-heaven, stablecoins on the whole faltered.
According to a recent Weekly Performance Analysis by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC. Further, the same index was over the past month, down by over 35 percent and in the past 3 months, the stablecoin index fell by 175 percent.
Fundstrat, with reference to the nature of the FS CryptoFX Stable Index, stated,
“The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable.”
The Winklevoss twins’ Gemini Dollar [GUSD], which many expect to be eaten up in the Libra storm of 2020, overtook USDT on both the 1-week and the 2-week percentage price chart, a surprise to many.
USDT, despite accounting for a percentage weight of 74 percent, saw neutral movement over the past week, while GUSD inclined by a notable 1 percent. The only stablecoins that moved backwards on the seven-day change chart were the crypto-collateralized stablecoin DAI and Paxos Standard.
A similar trend was seen in the 14-day stablecoin price chart, relative to their weight, with GUSD outperforming USDT.
On the eve of the Libra announcement, the Winklevoss twins had both predicted that other FAANG companies could come out with their own coins to rival Facebook, a slightly tongue-in-cheek remark that presumably emanated out of spite over Zuckerberg once again overshadowing the Gemini founders.
Despite numerous reports on Libra’s apparent lack of one-for-one backing of USDT and the complexities around the Bitfinex-iFinex-Tether matrix surfacing in April with the New York Attorney General’s report, Tether has been performing well.
A recent Longhash report scored the top stablecoin 90 out of a possible 100, calling it “Extremely Healthy.” To add to this, a study by Binance Research stated that USDT found maximum usage among its institutional and VIP clients, operating in the books of 80 percent of the clients queried, while the next most dominant stablecoin was Circle and Coinbase-propelled USD Coin [USDC], raking in 45 percent usage.
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