Nov 17, 2018 10:03 UTC
Nov 17, 2018 at 10:03 UTC
The Stability of Bitcoin and Altcoins Under Loom, Fails to Rise Above Key Resistance
After the bear effect, major cryptocurrencies incurred heavy losses, Bitcoin (BTC) fell to a yearly low and is currently trading at $5570 (last we checked). The BTC/USD could not hold up to its $5,600 support price. It gained some momentum after the Hard Fork and rose above its initial price of $5,400. Similarly, Ethereum (ETH) recovered to $175 but still failed to breach the Resistance levels of $185 and $190. Ripple recovered to $0.460 later but was unable to break the $0.475 mark.
The newly formed Bitcoin Cash ABC (BCH – ABC) was trading towards a $350 mark while its rival Bitcoin Cash (BCH – SV) was trading as high as $150. The newly formed Hard Forked currencies fared slightly better than its predecessor. Let us look at the total market capsulation and see what the prices suggest for upcoming days
Bitcoin / USD:
The BTC sure seems to have become more stable than it was around 48 hours ago and touched the $5,600 mark for a brief. The traders have set the resistance level to around $5,750 and $5,800 and believe this mark would be pivotal for it to make a comeback. If the BTC fails to breach the resistance mark, then it may slide further below $5,400.
Ethereum / USD:
Ethereum traded under $175 support price for the majority after the Bear affect and even went down below $170. Later in the day, the prices rose above the Support price but experienced strong resistance at $185 mark. If the sellers do not show any solidarity, the prices might fall below the Support price of $175 again.
Bitcoin Cash / USD:
The Hard Fork seems to have provided the Bitcoin Cash ABC an unprecedented lead, and it traded at a high price of $350. It continually maintains its mark around $300. The current trend might push it further to $330 mark shortly. On the contrary, Bitcoin Cash SV is trading at a $130 mark with Support price set at $120 and Resistance at $150.
Ripple / USD:
Ripple experienced Bull effect and currently trading at $0.450 and even rose above its resistance mark of $0.460. However, it must climb above $0.480 to gain some trust from the investors.
Other Altcoins’ performance against USD
The day after the Hard Fork saw many small entities in the crypto world make 5-7% climb on the current rates. Some of the Bitcoins which gained the momentum are MONA, WAX, DOGE, BAT, GXS, ZRX, MCO, DGB, ZEN, and XLM.
Experts put some confidence in the market after the aftermath of the November 14 price drop debacle. However, the BTC, ETH must rise above its resistance value to prove the confidence right, otherwise, it might slump down even further.