Insufficient Volume Support for the Recovery of Cryptocurrency

Maheen Hernandez By Maheen Hernandez August 25, 2019 Off
Cryptocurrencies

There is insufficient volume support for the recovery of the Bitcoin from $9,755 through $10,255, and this recovery is likely to be short-lived.

The rising-wedge breakdown on the hourly chart supports the decline.  The 3-day bearish candlestick pattern as well supports the price decline.

The 4-hour chart showing the rising wedge breakdown, supports a drop down to $9,467.  The bearish pressure will weaken if the prices close past the bearish lower high at $10,956. For a bullish revival, a weekly close above $12,000 is required.

The 100-day moving average is widely followed for Bitcoin, and it shows average support at $9,900, and it rebounded to a high of $10,255 earlier today.

Ethereum Classic is soaring up by 40% this week.  The Atlantis Fork of Ethereum Classic is scheduled for September 2019.  It might happen on September 13, 2019.  The developers and members agree on the hard fork happening at block 8,772,000.

The Atlantis fork is focused on improving the security of the blockchain after considering the concerns of the community.  The compatibility of ETC with Ethereum will also be taken care of in the update.

The network experienced a 51% attack, and the current team is focused on improving the stability and functionality of ETC.

Terry Culver, CEO of Ethereum Classic Labs, considers North Block Capital as a leader when it comes to blockchain initiatives.

The annual Ethereum Classic, ETC Summit will be held during October 3, 2019, through October 4, 2019, in Vancouver, Canada.  The conference will be focusing on spanning development, market dynamics, IoT, cross-chain interoperability, smart contracts, and social issues surrounding blockchain and more.

XRP continues to be the third in the cryptocurrency market.  This is despite the $3 billion loss in its market capitalization during the year 2019.

Kyle Samani, the co-founder of crypto hedge fund Multicoin Capital, stated, “The company has been steadily increasing their sales of XRP over the previous three quarters, likely inflicting downward price pressure on XRP.”

However, there continues to be an increasing concern about regulators perceiving XRP to be unregistered security and therefore putting an end to its trading.  

Eric Turner, director of research at Messari, stated, “I don’t expect them to stop selling any time soon. If someone gave you a printing press that spits out hundreds of millions of dollars a quarter, would you stop using it?”

TRON registered an unexpected turn in price.  The price of the coin was at $0.0183.  The currency currently holds the 13th rank in the cryptocurrency market place. 

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