This week, cryptocurrencies showed volatility but positive trading performances. Despite the incisive market-wide sell-off at the end of the week, most cryptos have seen with strong gains.
It was Bitcoin (BTC) that lead the market on Sunday, rallying above $9,000 zone. Analysts predict the sideways trading is possible between $8,500 and $8,750. in fact, the gains have extended to $9,000 and reached high at $9,184.
Despite the bulls scaled at $9,036 on the 200-day SMA, it to retain the gains. The BTC’s price rapidly turned down and then, an outside day candlestick pattern was formed. This suggests that bears remain to be active at higher levels.
On January 19, the price of Ethereum (ETH) turned down yet got access to support near $157.50. In short, the bulls are making an effort to utilize the dips in order to accumulate. In the case sellers emerge close to the 200-day SMA and buyers near the $157.50, there’s a huge chance that a range-bounce action will increase in the next days.
After breaking out of the inverted head and shoulder pattern’s neckline, XRP failed to pick up momentum. The altcoin turned down from the critical resistance level of $0.25401. Increased selling pressure along with a lack of sufficient buying power, resulted to XRP’s near $0.23 level.
On January 17, Bitcoin Cash (BCH) successfully rallied above $360 overhead resistance level. However, the bulls failed to achieve the $423.40 target objective. As a result, the price of BCH turned down from $403.88. In the case that bulls could push back to above $360 price action, which is a re-test of $403.88, $423.40 is still achievable. However, a break under the $306.78 can possibly result to a $270.15 level.
In the past few days, the bears protected the 200-day SMA. The price of Litecoin (LTC) can potentially dip to the 20-day EMA that can act as a strong support. In the case that bulls can successfully scale above $66.1486 and 200-day SMA, the price will move to $80.2731 region.
Because the bulls tried to buy on dips, EOS gained a support at $3.42 200-day SMA. This suggests that bulls plan to resume the uptrend. With continued bounce, the crypto will scale above $4.24, and if it happened, everyone could expect for $4.8710 move.
The bulls aren’t successful in pushing back the price of Stellar Lumens (XLM) above the 200-day SMA. On the other hand, the altcoin has seen with buying on dips. If the bulls will not fail in pushing the XLM’s price above the 200-day SMA, then it means that the bears will plan to sink the price to the 20-day EMA.
The Currency Analytics is undoubtedly one of the leading resources about anything and everything one would like to know about the contemporary crypto zone.
Get the latest Crypto & Blockchain News in your inbox.
