The cryptocurrency market’s wayward motion has been ongoing for a long time now with several proponents of the space still claiming that the field will recover. After last week’s surprise bull run, the cryptocurrencies have fallen back into its routine sideways movement punctuated with bullish spikes and bearish drops. Bitcoin [BTC], XRP and Ethereum [ETH], the top-three cryptocurrencies have not been averse to this bear attack as the big three are struggling to cope with the price hits too.
The one-hour graph for XRP shows a sudden bullish spike of last week that has lifted the coin’s immediate support. The uptrend lifted the price from $0.29 to $0.31. The support has been holding at $0.292 while the resistance is at $0.323.
The Bollinger band shows the upper band and the lower band moving in a parallel fashion, a sign of the sideways movement of the market. The lack of convergence or divergence is also signified by both the bands.
The Chaikin Money Flow indicator has spiked way above the zero-line after a bull run. The hold above the line indicates that the capital coming into the market is much more than the capital leaving the market.
XRP’s one-day graph clearly shows the prominence of the bear with the sideways movement being apparent. The long-term support has been holding at $0.25 while the downtrend lowered the price from $0.51 to $0.31.
The Relative Strength Index puts XRP square in the middle of the graph. The equilibrium hold points to the fact that the buying pressure and the selling pressure are almost equal.
The Awesome Oscillator does not tell a good story for XRP as the graph shows a clear lull now. The reduced magnitude of the graph goes hand-in-hand with the reduced market momentum for XRP.
The above-mentioned indicators, except the CMF indicator, all state that the bear will reign supreme while the bull runs were short-lived. The Bollinger bands, the AO and the RSI support this claim as all three of them vote for the bear. Users and fans of the cryptocurrency can take joy in the fact that the market can still provide with significant bull runs.
Subscribe to AMBCrypto’s Newsletter
Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
Subscribe to AMBCrypto’s Newsletter
Charles Hoskinson’s IOHK signs MoU with Georgia’s Ministry of Education to explore use of Atala, Cardano
Is the scarcity principle a factor in Bitcoin’s valuation or is it just crypto white noise?
Bitcoin continues to scale new heights after Wasabi Wallet records first ever 100-person CoinJoin
Ripple welcomes one of the ‘Big Four’ South Korean exchanges, Coinone to Ripple Net
stableDEX.io: A Stablecoin Exchange that will Revolutionize the Crypto Trading Industry
Tron’s 24-hour DApp volume zooms ahead of both Ethereum and EOS
Bitcoin [BTC]: #DropGold campaign gets called out for being ‘Bitcoin cartel’
Tron’s [TRX] Sun Network testnet goes live as Justin Sun places bet on its ‘unlimited scaling capacity’
Gaming giant Ubisoft takes its first steps towards bridging the gap between crypto and gamers
Ripple’s David Schwartz defends XRP against BTC’s ‘mediocre finality and censorship resistance’
Tron join hands with LATOKEN to become an IEO payment token
Bitcoin prices would go upto $60,000 by August 2020 according to Stock-to-Flow analysis
Bittrex follows Binance’s cue, delists over 40 altcoins from Bittrex US; sign of things to come?
Bitcoin’s ‘supply shock’ ahead, scaling progressing rapidly, says VC