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EOS falls by 6%, followed by Litecoin [LTC] which managed to balance itself

Namrata Shukla

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EOS falls by 6%, followed by Litecoin [LTC] which managed to balance itself
Source: Pixabay

The cryptocurrency market has seen an astonishing shuffle in the market. Litecoin [LTC] had pumped to take the fourth place on the CoinMarketCap list, but EOS soon overtook the coin, placing itself on the fourth position. However, at press time, both the coins are falling massively and this could yet again bring a change in the market.

EOS

Source: Trading view

Source: Trading view

EOS, the fourth largest coin on the CoinMarketCap list is under a serious bear attack as it continues to fall by 6% over the past 24 hours. The coin is valued at $2.80 with a market cap of $2.5 billion. The coin reported a 24-hour trade volume of $906 million while registering a dip of 6.22% over the past day. The coin which had pumped a few days back reported a seven-day growth of 18.32% as it continues to fall by 2.09% over the past hour.

The coin was highly traded on Bibox with a volume of $104 million on EOS/ETH pair, followed by DOBI Exchange which registered a volume of $67 million with EOS/BTC pair. The third place was taken by OKEx with a volume of $67 million with EOS/USDT pair.

Litecoin [LTC]



Source: Trading view

Source: Trading view

LTC, the fifth largest coin has also been surrounded by the bear, but it has managed to balance itself and walk the tight rope. The coin has been falling by 5.34% over the past 24 hours. At press time, the coin was valued at $41.58 with a market cap of $2.5 billion. The coin reported a 24-hour trade volume of $1 billion while falling by 0.57% over the past hour. The coin has slowly started recovering from this fall and has reported a growth of 24.93% over the past week.

The coin was highly traded on OKEx with LTC/BTC pair while reporting a volume of $67 million. DOBI Exchange reported the second largest trading volume of LTC as it marked a volume of $61 million with LTC/BTC pair. The third place was taken by DigiFinex with a volume of $59 million on LTC/BTC pair.





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Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

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Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





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