BitMEX CEO and co-founder Arthur Hayes says that 24 hours a day, seven days a week, the cryptocurrency trade will change the way people exchange stocks, bonds and fiat currencies. He warned that traders could "even lose their breaks for lunch and weekends while traditional assets absorb some features of digital."
David Marcus, head of Calibra on Facebook, said the company aims to launch Libra in 2020 after addressing regulatory concerns. He denied that Libra is in any way a threat to sovereign monetary policy. Initially, after the launch, Marcus believes that Libra could face acceptance problems as consumers discover the best way to use it.
Waiting for a great event, what does the five best cryptocurrencies best performing chart of the last seven days look like? Can they trade on earnings or will this increase vanish? Let's find out.
XLM / USD
Stellar (XLM) increased earlier this week without any specific fundamental news supporting the upturn. The movement prompted him to the list of the top 10 cryptocurrencies by market capitalization. However, it has not been able to withhold earnings and has corrected a large part of the intra-weekly recovery. Your overall earnings in the last seven days have been reduced to only 18%. After a volatile week, what does the graph project?
The XLM / USD pair has been constantly making new annual lows in the last five weeks. However, a strong rebound this week boosted the price again above the previous support converted into resistance of USD 0.072545. This upward movement encountered an obstacle in the 20-week exponential moving average (EMA) and the pair has quickly returned the gains. The failure of the bulls to stop the withdrawal at USD 0.072545 is a bearish signal.
If the bears sink the cryptocurrency to a new minimum of 52 weeks, the downtrend will resume. However, if the price bounces at current levels and remains above USD 0.072545, we expect another attempt by the bulls to break the 20-week moving exponential average (EMA). If successful, a rebound to USD 0.145 is possible.
IOTA / USD
Iota (MIOTA) announced Chronicle, a permanode solution that will allow owners of their nodes to protect data in Tangle and maintain uninterrupted access. The Iota Foundation has launched a platform, called Industry Marketplace, which aims to accelerate industrial automation and the interaction of commercial machines.
This project has been completed by a collaboration between many companies and the foundation affirms that it is the world's first autonomous and decentralized virtual market. Can this fundamental news begin a new uptrend in cryptocurrency? Let's analyze the graphics.
The IOTA / USD pair maintained the critical support zone of USD 0.244553- USD 0.207622 for the past five weeks. If the bears fail to break below this range, purchases at lower levels would be a possibility. The rebound this week faces resistance in the 20-week moving exponential average (EMA), which is being flattened. The relative strength index (RSI) has appeared and is just below the midpoint, which shows a balance between buyers and sellers.
If the bulls can scale the price above the moving averages, a rebound to USD 0.385033 is possible. A break of this tough resistance will result in a move to USD 0.5410. Contrary to our assumption, if the bulls fail to push the price above the moving averages, the bears will again try to break below the support zone.
ETH / USD
Due to congestion on the Ethereum network, an effort is being made to increase the size of the network block. According to a tweet from the Bitfly mining group, tests are being carried out to increase the gas block limit to 10 million gas, which will be a total capacity increase of 25%. This is likely to improve network performance and reduce transaction fees.
The cryptocurrency payment service provider BitPay has added support for Ether (ETH). With these positive developments, can the cryptocurrency lead a recovery of the altcoins? Let's study your chart.
The recovery in the ETH / USD pair broke above the 20-week exponential moving average (EMA), but faces resistance close to USD 235.70. A breakdown of this resistance will bring the price to USD 320.84. If the bulls manage to exceed USD 320.84, they will complete a bullish cup and a driving pattern, which will indicate the beginning of a new uptrend.
However, if the bulls fail to raise the price above USD 235.70, the pair could remain within the range for a few weeks. The flat moving averages and the relative strength index (RSI) close to levels of 50 suggest a balance between buyers and sellers. The cryptocurrency will weaken if the bears lower the price below the critical support of USD 163,755.
TRX / USD
The founder of Tron (TRX), Justin Sun, has announced a new plan for the Tron participation test mechanism, which is expected to increase community participation and ensure a more robust network economic system. Earlier this week, Justin Sun took advantage of an Electronic Arts tweet to market the games available on the Tron blockchain platform. Although Sun never misses any marketing opportunity, will it help a cryptocurrency recovery? Let's see the graph.
The bears were unable to capitalize on the break below USD 0.016 in the last two weeks, which shows a lack of sellers at lower levels. This week, the purchase of aggressive bulls has pushed the price above USD 0.016, but faces resistance close to USD 0.01774. If the price remains above USD 0.01774, a move towards the 20-week moving exponential average (EMA) is likely. A break in moving averages can push the price to the top of the range at USD 0.0409111 in the medium term.
Operators can start long positions above USD 0.019 and maintain a stop loss of USD 0.0135. If the pair struggles to overcome the moving averages, we will move the stops up to reduce the risk. Our bullish view will be invalidated if the price falls below current levels and falls below USD 0.0139038.
XRP / USD
Ripple has filed a motion to dismiss a lawsuit alleging that it violated US securities laws by selling unregistered securities. However, some believe that the motion presented other arguments for the rejection of the plaintiff's claims and did not resolve whether XRP was an unregistered value or not. This has not affected its price, as it still managed to find a place among the top five cryptos for performance in the last seven days.
The XRP / USD pair maintained support at USD 0.24508 for the past three weeks, showing that lower levels are attracting buyers. During the week, the bulls pushed the price above the support converted into resistance of USD 0.27795, but found an obstacle close to the 20-week exponential moving average (EMA). If the bulls can keep the price above USD 0.27795, we expect another attempt to break the moving averages. If successful, the pair can recover to USD 0.50640.
However, if the bulls fail to stop the correction above USD 0.27795, it will indicate that purchases are depleted at higher levels. Then we expect the bears to try again to sink the price below the support of USD 0.24508. A break to new annual lows would be very negative, as it is likely to result in panic sales.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Each investment and commercial movement involves risks, you must carry out your own investigation when making a decision.
Market data is provided by the HitBTC exchange.
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