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Analysis

XRP/USD Technical Analysis: Bear’s growl scares bulls away

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XRP/USD Technical Analysis: Bbear's growl scares bulls away
Source: Unsplash

XRP has overtaken Ethereum [ETH] and become the second-largest cryptocurrency with its market cap $14 billion. The prices have collapsed below their supports and are currently trading at $0.35.

The 24-hour trading volume for XRP can be seen hanging at $778 million which is an increase of $100 million in a couple of hours. Most of the trading volume for XRP comes from Upbit,  a Korean Exchange which contributes a whopping $70 million via trading pair XRP/KRW.

1-hour

Source: TradingView

The one-hour chart for XRP shows that uptrend that existed for a few days has vanished completely, without a trace due to today’s massive crash which is still on-going. The downtrend, however, extends from $0.39 to $0.35. The support at $0.358 has been breached and a new support at $0.348 has been created. The resistance point at $0.39 is holding strong.

The Aroon indicator shows a dominance of the downtrend as the Aroon red line has hit the 100-line, while the Aroon green line has bottomed indicating that the uptrend has vanished.

The Stochastic indicator shows a bearish crossover that is still under play in the oversold zone.

The Chaikin Money Flow has collapsed as well indicating that money for the XRP market that is flowing out is far greater than money flowing into the market i.e, the buyers have lost control of the market.

1-day

Source: TradingView

The uptrend for XRP extends from $0.29 to $0.36, while the downtrend extends from $0.90 to $0.37. The support at $0.26 while the resistance points are holding steady at $0.58, $0.68, and $0.90.

The Parabolic SAR indicator shows an obvious bearish trend for XRP’s prices as the markers is formed above the price candles.

The MACD indicator that was steadily rising in a bullish crossover has failed and is now undergoing a bearish crossover.

The Awesome Oscillator shows the transition of green bars into red, which indicates that the prices are decreasing in a bearish trend.



Conclusion

The Aroon, Stochastic and the CMF indicators, indicate a bearish trend for XRP markets during the flash crash. The one-day shows a bearish trend as well as indicated by SAR, MACD and AO indicators.



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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

News

76305|IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration

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IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration
Source: Pixabay

IOTA [MIOTA], the 14th largest coin in the market was buoyed by its recent integration with the Zeux platform, resulting in the coin surging by 7% against the US Dollar. The coin closed the gap with the privacy-centric Monero [XMR], and trailed the latter by $15 million, at press time.

Zeux announced the MIOTA addition on 21 March via a Medium blog post, and added that this integration will boost the coin’s retail use. Merchants that cater to Apple Pay and Samsung Pay users will now accept MIOTA as well.

The Zeux platform will roll out in Europe by April, and will enter the US in 2020. The application claims to be a “digital banking solution for both fiat and cryptocurrencies,” and plans on tying up with several merchants at the retail level. Zeux already received its license from the UK’s top regulatory body, the Financial Conduct Authority.

Their tweet announcing the integration stated,

Source: Twitter

Frank Zhou, Founder and CEO of Zeux, believes that the partnership will help propel cryptocurrencies into mainstream retail use. Zhou is looking forward to working with IOTA’s Tangle technology, a Distributed Ledger Technology [DLT] facilitating machine-to-machine interactions, seamless micropayments, and data transfers. Referencing Tangle, he said,

“As a distributed ledger with zero transaction fees, The Tangle is a very promising chain for us to build our customer data Dapp.”

Source: Trading View

IOTA was trading at a stagnant price level of $0.291, with a brief surge to $0.302 on 16 March. After dropping to $0.285, the coin later saw a massive increase of 7.97 percent and pushed the price to $0.308.

The rise continued with the coin reaching $0.315 in the next six hours, peaking at $0.323 on 22 March. At press time, the coin was trading at $0.319. This was the coin’s highest price since 24 February.

In terms of market capitalization, the coin was hovering around the $830 million mark, prior to a drop to $806 million. Following this, the coin’s valuation shot up to $876 million, peaking at $899 million. At press time, the market cap had dropped by over $10 million, and was valued at $887 million.



The South Korean exchange, UPbit, took the top spot in terms of IOTA trade volume, accounting for over 27.6 percent of the total volume in the trading pair IOTA/KRW. Other prominent exchanges in the MIOTA market were Binance, Bitfinex, and Huobi Global.

Zeux had previously integrated Qtum [QTUM] on its application, resulting in a whopping 36 percent price hike for the coin.

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Analysis

76284|Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over

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Ethereum [ETH/USD] Price Analysis: Coin bids adieu to the bull market as bears take over
Source: Unsplash

Ethereum [ETH], the second largest cryptocurrency by market cap, indicated the presence of both the bull and the bear. According to CoinMarketCap, the cryptocurrency was trading at $136.39 with a market cap of $14.36 billion, at press time. The coin displayed a trading volume of $5.06 billion, and a rise of 1.47 percentage in the past seven days. The coin also dropped by 2.79 percentage in the last 24 hours.

1-hour

Ethereum [ETH] one-hour price chart | Source: Trading View

Ethereum [ETH] one-hour price chart | Source: TradingView

In the one-hour chart, the cryptocurrency demonstrated downtrends from $142.52 to $138.83, and from $138.43 to $134.85. The uptrend for the coin was outlined from $132.91 to $134.49.

The coin’s immediate resistance was pictured at $138.94, and strong resistance was laid at $140.21. The immediate support for the cryptocurrency was found at $132.75, and there was strong support at $130.69.

Parabolic SAR indicated a bullish market for the coin as the dotted lines were below the candlesticks.

Chaikin Money Flow forecast the opposite, as the money flow took the exit route.

Bollinger Bands diverged, suggesting some volatility and price movement for the coin.

1-day

Ethereum [ETH] one-day price chart | Source: Trading View

Ethereum [ETH] one-day price chart | Source: TradingView

In the one-day chart, the downtrends were displayed from $218.66 to $157.56, and further from $157.55 to $138.72. The first uptrend for the currency was drawn from $82.92 to $103.22, while the second extended from $103.22 to $134.41.

The immediate resistance for the cryptocurrency was at $140.53, and strong resistance was at $157.60. The coin’s immediate support was at $125.09, and strong support was seen at $103.13 and $82.79.

Klinger Oscillator showed that the bull was losing out as the reading line was pictured below the signal line after a crossover.

RSI indicated that the buying pressure and selling pressure for the cryptocurrency evened each other out.

MACD forecast the bear’s position to be well ahead of the bull, as the moving average line dipped below the signal line right after a crossover.



Conclusion

The market suggested a strong bearish presence for the cryptocurrency, and a fading bullish presence. This was attributed to the MACD and Klinger Oscillator from the one-day chart, and CMF from one-day chart siding with the bear.

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