The bull and the bear seem to have taken a short break as the market has not recorded a drastic change for quite some time now. Even the top currencies in the market have calmed down, almost showing a sideways movement.
According to CoinMarketCap, at press time, Ethereum was trading at $105.27, with a market cap of $11.02 billion. The trading volume of the cryptocurrency in the market is noted to be $2.31 billion and the coin has not recorded any major price swings in the past seven days.
In the one-hour chart, the cryptocurrency has two notable downtrends, from $109.30 to $104.66, and $104.62 to $103.85. The coin has outlined its uptrend from $101.30 to $102.63. The immediate resistance for the currency is pictured at $104.66 and the strong resistance is at $106.48. The support points for the coins are at $102.63 and $101.29.
Despite the constant bearish wave, Klinger Oscillator is quite optimistic as it is forecasting a bullish trend. This is evidenced as the reading line is above the signal line after the two had a crossover.
Bollinger Bands, on the other hand, is showing a less volatile market as the bands are pictured close to each other, making less room for price movements.
Parabolic SAR is forecasting a bearish wave as the dots are aligned above the candlesticks, pushing the coin further down in the bear’s realm.
The downtrend for the coin in the one-day chart is outlined from $317.55 to $155.91, and is seen going further down to find a resting ground at $106.02. The uptrend for the coin is from $83.74 to $103.36. The coin’s resistance levels are pictured at $128.49 and $156.11. However, its strong foothold can be seen at $82.69.
MACD is showing currently showing a bearish move. However, at the time of press, the moving average line and the signal line were at the point of a crossover.
Chaikin Money Flow is showing that money is flowing out of the market as the line is pictured below the zero-mark, forecasting the strong holding of the bear over the coin.
RSI shows that the buying pressure and the selling pressure for the cryptocurrency are evened out by each other.
Despite the lack of price action in the market, the bear is currently one-step ahead of the bull. It has managed to gain the support of Parabolic SAR from the one-hour chart, MACD, and CMF from the one-day chart.
Subscribe to AMBCrypto’s Newsletter
Tether [USDT] fallout buoys competing stablecoin growth, finds Diar report
Tether, the top stablecoin, maintained its vice grip on the stablecoin market, while competing fiat-pegged cryptocurrencies are experiencing steady growth. USD Coin [USDC] and TrueUSD [TUSD], the other top stablecoins, have however surged in recent months, owing to the Bitfinex-Tether episode.
According to a recent report by Diar, competing stablecoins have surged in the month of May in terms of spot trading volumes, amassing over $4 billion tokens on the blockchain. The trading volumes of the stablecoins over the past 5 months have already surged ahead of total fiat-pegged volumes in 2019.
In May alone, the Coinbase and Circle-backed stablecoin, USDC, saw a massive 130 percent rise in trading volume, accounting for $3.6 billion, compared to its April sum of $1.6 billion. Launched back in October 2018 during the prolonged crypto-winter, the stablecoin’s trading volume from the first four months of its issuance is still dwarfed in comparison to its April 2019 figure.
Since the beginning of the year alone, the stablecoin grew by 41 percent, stated Diar. Trading volumes reciprocated, recording a 435 percent top-up.
TrueUSD by TrustToken, the audit-friendly stablecoin, saw its volume increase by $1 billion from $2.8 billion in April to $3.8 billion in the current month, beating USDC’s trading volume by $200 million. Diar added,
“Notably, though, is that TUSD has a higher velocity marking it a favorite by traders as the stablecoin has 30% less in outstanding reserves than Centre’s USDC.”
Interestingly, the USDT-sans-stablecoin surge occurred as Tether experienced its first month-on-month decline in market share for the first time in 6 months. Holding 81.7 percent of the market in March, USDT’s market share declined to 78.9 percent of the total Bitcoin to stablecoin and fiat market.
May looks to paint a different tale for Tether, given the backlash its parent company is facing. Tether Limited also shares management with iFinex, the company that operates Bitfinex, which allegedly used USDT reserves to cover up its $850 million undisclosed losses.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] fails to witness improved transaction rates despite surging by 32% over 30 days
Cardano’s Charles Hoskinson confirms ‘blockchain in a box’ approach for Testnets’ assessments
Bitcoin Cash’s [BCH] Roger Ver: Kudos to those who hijacked original BTC and made it expensive, complicated
Ethereum network improves daily transaction numbers and Gas consumption; outperforms Bitcoin over 90 days
Binance sees ‘higher number of orders’ than peak Bitcoin frenzy of 2017; hints at iOS app for Binance
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Tron [TRX]: Justin Sun short-changes new winner; awards USD equivalent instead of a Tesla
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Coinbase extends XRP trading access to New York users; coin pumps by 22%
Charlie Shrem claims when Mt Gox imploded, market created the first “token as debt”
Game of Thrones ignites barrage of Bitcoin [BTC] bets on who will take the ‘Iron Throne’
Cryptopia: Stolen Ethereum transferred to unknown wallet days after exchange confirms liquidation
Bitcoin [BTC], Litecoin [LTC] can be transacted on Whatsapp, announces Zulu Republic as security concerns remain