Top-5 Cryptos This Week: XTZ, ATOM, XRP, XMR, BNB

The New York Digital Investment Group LLC (NYDIG) has received approval from the United States Securities and Exchange Commission (SEC) to offer its shares to institutional investors, including registered investment advisers, their clients and other eligible investors. 

The fund aims to invest in cash-settled BTC futures traded on exchanges that are registered with the U.S. Commodity Futures Trading Commission. Though the increasing number of offerings by various companies targeting the institutional investor is a positive sign, the larger players have been slow to invest in the space due to regulatory concerns and high volatility.   

Crypto market data weekly view. Source: Coin360

While the institutions have been cautious, China has been racing ahead in developing blockchain technology for “real-world, practical use cases that are far beyond the experimental stage,” according to a report by Forkast Insights, the research arm of Asia-based Forkast. This is a positive sign for the crypto space for the long-term.

A report by crypto exchange SFOX shows that Bitcoin searches usually peak before the holidays. The firm said that Bitcoin’s price rallied for three consecutive days before Thanksgiving on Nov. 28. 

Will the price move higher before Christmas? We will have to wait and see. Meanwhile, let’s analyze the charts of the top-five performers to see whether they show any bullish patterns. 

XTZ/USD

Tezos (XTZ) was the top performer of the past seven days by a huge margin. The traders cheered the news that Binance would support zero-fee staking for Tezos from Dec. 4. The rewards would be calculated daily and distributed monthly. Can the altcoin extend its momentum in the coming week? Let’s analyze its chart.

XTZ/USD weekly chart

XTZ/USD weekly chart. Source: Tradingview

The XTZ/USD pair has been taking support close to the 20-week EMA for the past three weeks. The 20-week EMA has started to turn up and the RSI has jumped into the positive territory, which shows that bulls have the advantage. There is a minor resistance at $1.414152, above which a rally to $1.85 is likely.

A breakout of $1.85 will be a huge positive that will signal the start of a new uptrend. Above this level, a rally to $2.87 and then onwards to $3.37 is likely.

Contrary to our assumption, if the price turns down from the current levels or from the overhead resistance at $1.85, a few days of range-bound action is likely. The pair will weaken on a break below the critical support at $0.829651.

ATOM/USD

This is the second week in running that Cosmos (ATOM) has been among the top-performing major cryptocurrencies, which shows that it is backed by momentum. Can the altcoin build on its strength in the coming week or is it time to book profits? Let’s analyze the chart.

ATOM/USD weekly chart

ATOM/USD weekly chart. Source: Tradingview

The bulls are attempting to propel the ATOM/USD pair above the overhead resistance at $4.4389. If successful, the pair will start a new upward move that can reach $7. Therefore, the traders can initiate long positions on a close (UTC time) above $4.4389, as suggested in our earlier analysis.

Contrary to our assumption, if the bears defend the overhead resistance at $4.4389, the price might dip to the first support at $3. If this level holds, range-bound action between $3 and $4.4389 might ensue. However, if $3 breaks down, a drop to $1.9101 is likely.

We expect the bulls to aggressively defend $1.9101. A bounce from this support will keep the price inside the large range between $4.4389 and $1.9101. 

XRP/USD

Ripple released a total of 1 billion XRP tokens from its escrow wallet on Dec. 2 but returned it back within seven minutes. Some believe that Ripple dumping XRP has led to a decrease in the token price. However, the company claims that selling is needed to grow its ecosystem and to fund its operations. 

In the ongoing court case to determine whether XRP is a security or not, Ripple has filed a motion to dismiss the class-action suit arguing that even if XRP were a security, the statute of repose had passed before the lawsuit was brought to court.

Following the footsteps of MorningStar Japan, Japanese financial services giant SBI Holdings plans to pay shareholder dividends in the form of XRP tokens. Do the fundamental developments offer hope of a turnaround in prices? Let’s analyze its chart.

XRP/USD weekly chart

XRP/USD weekly chart. Source: Tradingview

The failure of the bears to capitalize on the break below the critical support at $0.22 indicates buying at lower levels. The bounce from the yearly low at $0.20041 has risen back above $0.22, which is a positive sign. If the bulls can propel the XRP/USD pair back above $0.24508, it will indicate that the markets have rejected the lower levels. We would turn positive if the price sustains above $0.24508.

However, if the bulls fail to push the price above $0.24508, the bears will again attempt to sink the price back below $0.20041. If successful, a drop to $0.18 is possible.

XMR/USD

The Monero (XMR) network successfully upgraded to RandomX on Nov. 30. The new upgrade uses random code execution together with memory-focused techniques and aims to be ASIC-resistant. Can the hard fork boost the price? Let’s study its chart.

XMR/USDT weekly chart

XMR/USDT weekly chart. Source: Tradingview

The XMR/USD pair has reached close to the resistance line of the ascending channel. A breakout of the channel will be a positive sign but it is likely to face stiff resistance at the moving averages. 

If the price turns down from the moving averages, a drop to $38.83 to $45.4494 support zone is likely. If this support zone holds, the pair might consolidate for a few weeks before making its next directional move.

Conversely, if the bulls succeed in propelling the price above the moving averages, a rally to $98 and above it to $121.4270 is likely. Therefore, we retain the buy recommendation given in an earlier analysis.

BNB/USD

In its attempt to expand support to various fiat currencies for crypto trading, Binance listed four ruble trading pairs on Dec. 2. 

On Dec. 3, the exchange announced the acquisition of decentralized app (DApp) information startup DappReview for an undisclosed amount. 

“This acquisition marks a significant step into the dapps ecosystem, and we will have more exciting developments in the near future,” said Binance CFO Wei Zhou. 

Will these steps help in boosting the price of Binance Coin (BNB)? Let’s see what the technicals are showing.

BNB/USDT weekly chart

BNB/USDT weekly chart. Source: Tradingview

The bulls have successfully defended the support at $14.2555 for the past three weeks. However, the rebound off the support has been weak, which shows a lack of aggressive buying at the current levels. The moving averages are on the verge of a bearish crossover, which is a negative sign.

If the bulls fail to propel the price above $16.50 within the next few days, the bears will attempt to sink the price back below $14.2555. A breakdown of the support will be a huge negative and can drag the price to $11.30.

Conversely, if the BNB/USD pair rises above the immediate overhead resistance at $16.50, a rally to $21.2378 is possible.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Price Analysis 06/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, ADA

In its “Imagine 2030” report, Deutsche Bank strategist Jim Reid forecast that by 2030, digital currencies could replace cash. Reid said that in order for mainstream integration to occur, digital currencies will have to convince regulators that they are safe for investors and find solutions for issues such as cyber attacks, electricity consumption and digital war.

Cryptocurrency adoption by a large traditional financial institution could also signal that digital assets could one day replace fiat currencies in the future.

To counter the possibility of fiat currencies being undermined by cryptocurrencies, several governments are planning to issue their own central bank digital currency (CBDC). The latest to confirm working on a CBDC is France. Bank of France governor François Villeroy de Galhau recently announced that the bank will test a digital euro pilot project for private financial sector players.

However, the United States Secretary of the Treasury Steven Mnuchin has a different opinion. In his comments to the House Financial Services Committee, Mnuchin said that he and Federal Reserve Chairman Jerome Powell do not see any need of a national digital currency in the next five years.

Daily cryptocurrency market performance. Source: Coin360

The European Union (EU) authorities also said that they won’t allow any stablecoin project to begin operation in the EU until risks to monetary sovereignty are addressed. This shows that the path to acceptance by the governments and regulators is not going to be easy.

While a few major cryptocurrencies are showing signs of bottoming out, others are on the verge of resuming their downtrend. Let’s analyze the charts to find the ones that could reverse direction and start a new uptrend.

BTC/USD

The bulls are attempting to keep Bitcoin (BTC) above $7,000. This is a positive sign as it shows that buyers are not waiting for a deeper correction to step in. If the bulls can carry the price above $7,856.76, it will signal strength.

Above $7,856.76, a rally to the downtrend line is likely. This is an important resistance to watch out for because the price has repeatedly turned down from it.

BTC USD daily chart. Source: TradingviewBTC USD daily chart. Source: Tradingview

A breakout of the downtrend line could start a new uptrend. Therefore, we retain the buy recommendation given in the previous analysis.

Contrary to our assumption, if the BTC/USD pair reverses direction from the current levels or from the downtrend line and plummets below $6,512.01, the downtrend will resume. A breakdown to new yearly lows will be a huge negative and will hurt sentiment. Therefore, we do not suggest buying until the markets signal a possible change in trend.

ETH/USD

The bulls have been attempting to push Ether (ETH) back into the large range of $151.829 to $235.70. If the price can sustain above $157.50, it will signal that the markets have rejected the lower levels.

ETH USD daily chart. Source: Tradingview

ETH USD daily chart. Source: Tradingview

If the bulls propel the price above $157.50, the next level to watch out for is $173.841 and above it $197.750. The short-term traders can look for buying opportunities after the price sustains above $157.50.

Conversely, if the bulls fail to propel the price above $157.50, the ETH/USD pair will consolidate between $131.484 and $157.50 for a few more days. A break down of this range will be a huge negative as it will resume the downtrend.

XRP/USD

The bears have not been able to sustain the price below $0.22 in the past few days. This shows buying at lower levels. However, buying dries up at higher levels as the bulls have not been able to propel XRP above the critical overhead resistance of $0.24508.

XRP USD daily chart. Source: Tradingview

XRP USD daily chart. Source: Tradingview

As a result, the price is stuck close to $0.22 for the past few days. A break above $0.23260 to $0.24508 resistance zone will be the first indication that the downtrend is over. Hence, we might suggest long positions after the price sustains above $0.24508.

Conversely, if the bears sink the XRP/USD pair below $0.20041, the downtrend will resume. We do not find any reliable buy setups at the current levels.

BCH/USD

The bulls are attempting to defend the support at $203.36. This is a positive sign. However, they have not been able to achieve a strong bounce off it, which shows a lack of demand at higher levels. Therefore, Bitcoin Cash (BCH) might spend some more time consolidating between $192.50 and $227.01.

BCH USD daily chart. Source: Tradingview

BCH USD daily chart. Source: Tradingview

If the BCH/USD pair breaks out of this range, it will indicate accumulation by the stronger hands. Above $227.01, the first target objective is $261.50 and above it $306.78. As the risk to reward ratio looks attractive, the traders can initiate long positions on a close (UTC time) above $227.01 and keep a stop loss of $192.

Contrary to our assumption, if the bears sink the price below $192.50, it will indicate distribution in the range. The next level to watch on the downside is $166.98.

LTC/USD

Litecoin (LTC) has been trading close to the recent low of $42.0599. This shows a lack of aggressive buying by the bulls even at these levels. In the absence of buying, the bears will attempt to sink the price below $42.0599 and resume the downtrend. With the 20-day EMA sloping down and the RSI in negative territory, the advantage is with the bears.

LTC USD daily chart. Source: Tradingview

LTC USD daily chart. Source: Tradingview

However, if the bulls defend the support at $42.0599 aggressively, the LTC/USD pair might consolidate between $42.0599 and $50 for a few days.

The pair will indicate strength and offer a buying opportunity after it breaks above the overhead resistance at $50. Until then, we suggest traders remain on the sidelines.

EOS/USD

EOS has been trading just below the 20-day EMA for the past few days. Though the bulls have not been able to scale above it, they have not given up ground either. Both moving averages are flattening out and the RSI is gradually rising towards the center. This points to a range-bound action in the short-term.

EOS USD daily chart. Source: Tradingview

EOS USD daily chart. Source: Tradingview

A breakout of $2.8695 will be a positive sign that is likely to attract buyers. Above this level, a rally to the downtrend is likely. The short-term traders could ride this up move.

Our bullish view will be invalidated if the bears defend the overhead resistance at $2.8695 and sink the EOS/USD pair below $2.4001. Such a move will resume the downtrend.

BNB/USD

Both bulls and bears are battling it out for supremacy between $16.50 and $14.2555. After one party emerges as the victor, Binance Coin (BNB) will start a trending move. Longer the time spent in the range, stronger will be the eventual breakout or breakdown from it.

BNB USD daily chart. Source: Tradingview

BNB USD daily chart. Source: Tradingview

A breakout of $16.50 will indicate that the bulls have gained the upper hand and a rally to $21.2378 is possible. Though there is a minor resistance at the 50-day SMA, we expect it to be crossed.

Conversely, if the BNB/USD pair plummets below $14.2555, it will signal a victory for the bears. The next support on the downside is $11.30. We will wait for the price to sustain above $16.50 before recommending a long position in it.

BSV/USD

Bitcoin SV (BSV) is looking weak as the bulls have not been able to sustain the rebound off the support at $92.693. A break below $92.693 can drag the price to the next support at $78.506. Below this level, the next support is $66.666.

BSV USD daily chart. Source: Tradingview

BSV USD daily chart. Source: Tradingview

Contrary to our assumption, if the BSV/USD pair bounces off the current levels and breaks out of the downtrend line, it can move up to $113.960. This is an important resistance to watch out for because if it is scaled, a rally to $155.380 will be on the cards.

We will wait for the price to close (UTC time) above $117 before turning positive.

XLM/USD

Stellar (XLM) has been trading below $0.056 for the past two days, which is a negative sign. It shows a lack of demand even at these levels. If the bulls do not push the price back above $0.056 within the next few days, the possibility of a drop to $0.051014 increases. If this support also cracks, the downtrend can reach $0.041748.

XLM USD daily chart. Source: Tradingview

XLM USD daily chart. Source: Tradingview

Nonetheless, if the bulls quickly push the price above $0.056, it will indicate that buyers are making a comeback. The XLM/USD pair will gain strength on a break out of $0.06.

We might suggest a long position after watching the price action at $0.06. Until then, we remain neutral on the pair.

ADA/USD

Cardano (ADA) has risen to the tenth spot replacing Tron (TRX). Hence, it finds a place in our analysis. Though the bulls have defended the $0.035778 support since late September, they have not been able to achieve a strong and sustained bounce, which is a negative sign.

ADA USD daily chart. Source: Tradingview

ADA USD daily chart. Source: Tradingview

If the bears sink the price below the $0.035778 to $0.0329526 support zone, the downtrend will resume. The next support on the downside is $0.0282710.

Conversely, if the ADA/USD pair rebounds off the current levels, the bulls will try to push it to $0.0461161. Above this level, a rally to $0.0560221 is possible. The short-term traders could attempt to trade the range on the long side.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price Analysis 04/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

On Dec. 2, open interest on Bakkt’s Bitcoin futures reached a new all-time high. This came just a few days after the daily Bitcoin futures trading volume had hit a lifetime high. These back to back trading volume records show an increasing interest from institutional investors but the majority of the crypto community is still wondering why Bitcon’s spot price is not steadily increasing. 

Bakkt’s launch of Bitcoin options contracts on Dec. 9 is likely to attract more players to trade the digital asset. As the derivatives market size increases, it could have a greater effect on Bitcoin’s spot price. Hence, in the future, traders will have to keep a close eye on Bitcoin derivatives data.

In other news, WisdomTree launched a physically-backed Bitcoin exchange-traded product (ETP) designed to attract professional and institutional investors. The ETP will be listed on Switzerland’s principal stock exchange, SIX Swiss Exchange, under the WBTC ticker and will track the spot price of Bitcoin. Despite Bitcoin’s price action having a bearish bias, these products show that there is an underlying demand from the larger players. 

Daily cryptocurrency market performance. Source: Coin360

Saxo Bank, an Asian Infrastructure Investment Bank, recently published its “Outrageous Predictions” for 2020 and the bank also said that it will issue a new digital asset called the Asian Drawing Right (ADR) to reduce the impact of the US dollar in regional trade. The ADR will be backed by a basket of fiat currencies and gold but will be driven by blockchain technology. 

If the digital asset successfully launches, it will be a negative for the US dollar but a positive for cryptocurrencies. With the current upheavals taking place with some fiat currencies, people might gradually gravitate towards borderless and decentralized digital assets. 

Most cryptocurrencies are attempting to bounce off their recent lows, which is a positive sign. This shows that the bulls are attempting to defend the lows and put a bottom in place.  

As this occurs, it is a good time to determine the critical levels to watch out for as they could signal a change in trend. Let’s analyze the charts.

BTC/USD

The bulls attempted to reverse direction from $7,085.80 today but stumbled just above the 20-day EMA at $7749.98. This shows that the bears continue to aggressively defend the resistance at the 20-day EMA. With buying at lower levels and selling at higher levels, Bitcoin (BTC) might remain range-bound for the next few days.

BTC USD daily chart

BTC USD daily chart. Source: Tradingview

A breakout of $7,856.76 will be the first sign that the bulls are back in action. Above this level, a move to the downtrend line is likely. If the price sustains above the downtrend line, we anticipate the start of a new uptrend. 

Therefore, traders can buy on a breakout and close (UTC time) above the downtrend line with a stop below $6,500. The first target objective is $10,360.89 and above it $12,000.

Contrary to our assumption, if the bears sink the BTC/USD pair below $6,512.01, the downtrend will resume. The next support on the downside is $5,533.90. 

ETH/USD

Ether (ETH) is attempting to turn around from the support at $140. This is a positive sign as it shows that the bulls are using the dips to accumulate or book quick profits. The recovery will face stiff resistance close to the 20-day EMA. 

ETH USD daily chart

ETH USD daily chart. Source: Tradingview

However, if the bulls can push the price above the 20-day EMA and sustain it, a rally to $173.841 is possible. Above this level, the up move can extend to $197.70. Therefore, we would recommend a long position after the price sustains above the 20-day EMA.

Contrary to our assumption, if the ETH/USD pair fails to break out and sustain above the 20-day EMA, the bears will attempt to sink it to the recent low of $131.484. A break below this level will be a huge negative.

XRP/USD

XRP has been trading close to $0.22 for the past three days. Today, the dip below $0.22 was purchased by the bulls, which shows demand at lower levels. However, unless the price climbs and sustains above the 20-day EMA, the advantage will remain with the bears.

XRP USD daily chart

XRP USD daily chart. Source: Tradingview

If the bears sink and sustain the price below $0.22, a retest of the yearly low at $0.20041 is possible. A new 52-week low will be a huge negative and can drag the price to $0.18.

Conversely, if the XRP/USD pair rises above $0.23260 to $0.24508 resistance zone, a rally to $0.31503 is likely. We will wait for the price to sustain above the 20-day EMA before turning positive.

BCH/USD

Bitcoin Cash (BCH) has bounced off the first support at $203.36. This is a positive sign as it shows demand at lower levels. If the price can continue to climb higher and break out of $227.01, it will be the first sign that a new up move is likely.

BCH USD daily chart

BCH USD daily chart. Source: Tradingview

However, if the bears sink the price below $203.36, the BCH/USD pair can slide to the next support at $192.52. A break below this support will resume the downtrend. The target objective on the downside is $166.98. We will wait for the price to break out of $227.01 before turning positive.

LTC/USD

Litecoin (LTC) is attempting to bounce off the support at $42.0599. This is an important level, hence, we expect the bulls to aggressively defend it. The altcoin is likely to consolidate between $42.0599 and $50. 

LTC USD daily chart

LTC USD daily chart. Source: Tradingview

A break out of this range will indicate a likely bottom and can offer a buying opportunity. Above $50, the LTC/USD pair can rally to $66.1486. There is a minor resistance at 50-day SMA but we expect it to be crossed.

On the other hand, if the LTC/USD pair breaks below the critical support at $42.0599, it will resume the downtrend. The next support on the downside is $36.

EOS/USD

EOS continues to face selling at the 20-day EMA. This shows that the bears are active at higher levels. The altcoin has formed an outside day and a doji candlestick pattern, which indicates a balance between both buyers and sellers. While the buyers are defending the support close to $2.4001, the bears are defending the 20-day EMA.

EOS USD daily chart

EOS USD daily chart. Source: Tradingview

If the bears can sink the price below $2.4001, a drop to the next support at $1.55 will be on the cards.

Alternatively, if the EOS/USD pair breaks out of the 20-day EMA, it can move up to the 50-day SMA and above it to the downtrend line. Short-term traders might stay on the long side after a break above $2.8695. 

BNB/USD

Binance Coin (BNB) continues to consolidate between $16.50 and $14.2555. This shows that buyers step in at $14.2555 and the bears sell close to $16.50. The next trending move is likely to begin after the price escapes this range. 

BNB USD daily chart

BNB USD daily chart. Source: Tradingview

It is difficult to predict the direction of the breakout from a range, hence, traders should wait for the price to start a trending move before entering a trade. If the range is large, dips to the support can be purchased and the positions can be closed near the resistance. However, this is not feasible if the range is small.

If the bears sink the BNB/USD pair below $14.2555, the downtrend will resume and the next stop is likely to be $11.30. On the other hand, if the bulls can propel the pair above $16.50, a move to $21.2378 is likely. We will wait for the price to make a decisive move above $16.50 before proposing a trade in it.

BSV/USD

The bulls are attempting to keep Bitcoin SV (BSV) above the support at $92.693. However, the rebound off the support is not sustaining, which shows that buying dries up at higher levels. This increases the possibility of a break below this support.

BSV USD daily chart

BSV USD daily chart. Source: Tradingview

If the bears sink the price below $92.693, the BSV/USD pair can drop to the next support at $78.506. This is an important level to watch out for because if it cracks, the decline can extend to $66.666.

The pair will turn bullish if the buyers can push the price above the downtrend line and the overhead resistance at $113.96. Above this level, a rally to $155.38 is possible. 

XLM/USD

Stellar (XLM) has repeatedly broken below $0.056 in the past few days but the bears have not been able to sustain the price below it. This is a positive sign as it shows that lower levels are attracting buying by the bulls.

XLM USD daily chart

XLM USD daily chart. Source: Tradingview

However, unless the price moves up sharply and sustains above $0.06, the bears will continue to hold the advantage. If the XLM/USD pair plunges to a new yearly low, it will be a huge negative. The next support to watch on the downside is $0.041748.

Conversely, if the bulls can carry the price above $0.06, it will attract buyers. Such a move will offer a trade with a good risk-reward ratio. Until then, we suggest traders remain on the sidelines.

TRX/USD

Tron (TRX) has declined to the critical support at $0.0136655. This is the fourth time the price has dropped to this support level since October. Generally, repeated retests of a support level weaken it. 

TRX USD daily chart

TRX USD daily chart. Source: Tradingview

If the bears sink the price below $0.0136655, it will result in a quick fall to the $0.0116262 to $0.011240 support zone. We anticipate a strong defense of this zone by the bulls. 

Conversely, if the TRX/USD pair rebounds off $0.0136655, it can move up to $0.0163957, which is likely to act as a strong resistance. Above this level, we anticipate the buyers to jump in. Though the 50-day SMA might offer a minor resistance, we expect it to be crossed. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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