As the second week of 2019 comes to a close, the cryptocurrency market has been hit by a wave of bear attacks causing the cryptocurrencies to bleed profusely. Popular coins like Bitcoin [BTC], XRP and Ethereum [ETH] struggled to recover from the onslaught as prices continue to fall. XRP, which was celebrating its partnerships with over 200 companies was severely hit with price supports coming under threat.
The one-hour chart for XRP shows a clear picture of the crash as the red candles stand out from the rest. The downtrend that occurred brought the price down from $0.386 to $0.335, a stark contrast to the continued sideways movement of the past week. XRP’s immediate support is now at $0.332 while the resistance is holding at $0.396.
The MACD indicator has crashed to the bottom with a slight recovery in the picture. This is indicated by the bullish crossover between the signal line and the MACD line. The MACD histogram is predominantly bearish too.
The Awesome Oscillator has picked up after the market shakeup which is shown by the green markers shooting up. The increase in the marker size is directly correlated to the increase in market momentum.
XRP’s one-day graph continues to show an extended sideways price movement. The recent major downtrend resulted in the price dropping from $0.524 to $0.293. The immediate support on the long term chart is holding at $0.261.
The Chaikin Money Flow indicator is below the zero line, a pattern that has lasted for a more than a month now. The hold below the zero line states that the capital flowing out of the market is much higher than the capital that is coming in.
The Relative Strength Index for XRP is closer to the overbought zone now than what it has been for three weeks. The indicator explains that the selling pressure is more than the buying pressure in the market.
The above-mentioned indicators all show the might of the bear as the bull struggles to climb out of the pit. As the new year chugs along, the cryptocurrency looks likely to hold a stagnated price position for some more time.
76305|IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration
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,
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.”
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.
76284|Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over
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-hourIn 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-dayIn 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.
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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