- ETH/USD brings joy to the market and takes the lead.
- BTC/USD takes positions for continued bullishness.
- XRP/USD plays at absent-mindedness but manages to stay in the game.
The weekly series of technical articles covering the Top 3 Cryptocurrencies begins with the market in a situation that I previously mentioned as possible throughout the week. In several of my pieces, I expressed the sensation that we could see substantial price increases, although I also exposed the necessary conditions so that those increases could be consolidated.
At the end of the American session on Friday, the crypto exchangesgrids were spectacularly painted in green, highlighting the Litecoinwith rises above 35% in some moments. The weekend left the subject on standby and today, in the opening of the Asian market we see profit collection.
For now, we are reaching key support levels in the short term. These are price levels considered “positive” since if they are respected, in many cases, they become levels where stop orders proliferate.
In general, it seems that the consolidation process is going to be slow and at least during today’s day the market may show weakness, but in the middle of the week, we can see again strong bullish activity.
BTC/USD 240 Minute Chart
The BTC/USD is currently trading at the $3,592 price level after leaving the high of $3,707. The current price level is right at a concentration of congestion support price essential for development in the short term.
Above the current price, the first target is at the $3,690 price level (price congestion resistance and downstream channel ceiling). On the bullish side, this resistance is the most important in weeks. Overcoming it would free the BTC/USD from the bearish environment and put it in a much more positive scenario. The second bullish target is at $3,900 (price congestion resistance). The third bullish target is at $4,050 (price congestion resistance). The level from which the movement could accelerate a lot is at $4,200 (price congestion resistance).
Below the current price, the first support level is at $3,590 (price congestion support). Below this support level, we find an accumulation of moving averages (EMA50, SMA100, and SMA200) until we reach the next level of price congestion support at $3,465. Given the strength of the price support, a break down would be a signal of extreme weakness. In that case, the short-term bearish target would be around $3,200 (base of the bearish channel).
The MACD shows a bearish cross profile after Friday’s strong move. It rose quickly and now it is time to normalize things. In these extreme situations, the MACD loses reliability as the price may continue to rise even though the lines are pointing down.
The DMI helps us see the magnitude of the rise we saw at the end of the week. The bulls reached positive levels not seen in more than six months, while the bears went to minimum levels but already seen on each occasion that the market has insinuated upward movements. It is clear that the bears do not bail anything out and that none of them wants to get caught if the bulls take out the upside strength they have inside.
ETH/USD 240 Minute Chart
The ETH/USD pair is currently trading at $108.13, leaving the intraday high at $110.27. The early morning movement of the European session has allowed the Ethereum to surpass the EMA50 and for a moment the SMA100. This is an excellent demonstration of bullish strength.
If ETH/USD manages to close the current candle above the SMA100, the crucial next objective is at the $120 (SMA200) price level, as an intermediate level towards the third level of price congestion resistance at $131.
Below the current price, the first support level is at the EMA50 at $106.65, while the second support level is at $105.5 (price congestion support). The third level of support is at $103 (price congestion support).
The MACD on the 4-hour chart has gained momentum, although the opening between the lines is minimal. It is necessary to follow the evolution carefully to see if it can overcome the 0 levels of the indicator.
The DMI on the 4-hour chart looks much better than the BTC/USD pair. The bulls have managed to surpass the level of the bears and are shooting at levels not seen since late last December.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.302 price level. The achievement of the XRP in Friday’s move is to go past the $0.30 level, which allows it to remain in a potentially bullish zone, but nothing more. In this respect, the XRP’s behavior is disappointing as much more was expected from it. If a few weeks ago I highlighted its strength to pierce upward levels, in this new momentum precisely stands out on the contrary and is the only one among the Top 3 that does not manage to exceed all moving averages.
Above the current price, the first resistance level is $0.308 (price congestion resistance). The second resistance level is at $0.316(SMA200), while the third level is at $0.334 (price congestion resistance). The XRP would enter bullish mode above the $0.39 price level (price congestion resistance).
Below the current price, XRP/USD has first level support at $0.30(price congestion support), then second level support at $0.293 (price congestion support) and last level support at $0.288 (price congestion support).
MACD shows a more advanced development than both Bitcoin and Ethereum. It is crossed downwards at a point where it usually happens that it crosses up again. We could see new rises at the end of the week.
The DMI is a reflection of the situation we see in the price. Bears stay above the ADX line, which gives it upside potential. The bulls, on the other hand, seem to dare to stand against the bullish side of the XRP and increase their level of activity.
XRP, BAT and Dash are The Favorite Cryptos Among Uphold Users
A recent report published by Uphold revealed that the most popular tokens among its users are XRP, BAT, and DASH. The investment in these cryptocurrencies has increased considerably during the period from January 2018 to January 2019.
According to information from AMB Crypto, Uphold reported that despite the sharp drop in the prices of cryptocurrencies, its user base reached record stats: Not only did they increase their userbase to more than 1 million registered users, but the number of funded wallets and transactions also grew by more than 2X compared to last year.
The Uphold team revealed that altcoins played a special role in the growth of its platform. Dash had the highest increase, followed by Basic Attention Token and Ethereum. However other tokens such as BTC, LTC, and BTG also reported significant growth despite the negative performance of the markets:
Holdings of all currencies increased materially over the period, but DASH and BAT were the 2018 standouts (up 281% and 183% respectively). Uphold also saw good growth in holdings of ETH (up 70%), BTG (up 54%), BTC (up 41%) and LTC (up 24%)
Uphold Explains The Reasons Behind The Popularity of Every Token
According to the firm’s analysis. The growth rate of BTC, LTC, and ETH was lower than last year. Apparently, the public lost interest in these cryptocurrencies to focus on other more attractive alts such as XRP, which grew from 0 to 39% from March 2018 to January 2019.
The growing interest in XRP is consistent with the intense media presence that Ripple has had in the community over the past few months. The launch of xRapid and thenumerous partnerships with essential players in the world of finance increased the trading of this cryptocurrency which eventually reached number 2 in the global market cap.
Something similar happened with Basic Attention Token. The cryptocurrency is strongly pushed by Brave browser. The popularity of the browser and the positive rating of several specialized sites, as well as the launch of BAT trading in Coinbase Pro, were critical for the token to become one of the favorites among Uphold users.
Uphold finally attributed DASH’s growth to a successful campaign in which they made their philosophy have an important influence on the community.
“DASH represents itself as digital money which can be used to make instant, private payments online or in-store using its secure, open-source platform hosted by thousands of users around the world.”
TRON (TRX) Long-Term Price Forecast- February 17
TRX/USD Long-term Trend: Ranging
Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook remains in a range-bond market. The bears return predicted in last week analysis remained strong within the range. The two EMAs were broken as the bears continue the downward journey.
TRXUSD dropped initially to $0.02448 and later to $0.02360 in the demand area. This was the low of the week on 14th February.
With price below the two EMAs crossover and the stochastic oscillator signal in the oversold region pointing up at 8%. It suggests a minor push to the upside before downtrend continuation within the range.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
Price Analysis: Is Stellar Lumens Still Ripple’s Biggest Rival?
Stellar Lumens (XLM) took its place in the top ten most valuable altcoins during 2018. Long seen as the most natural rival to Ripple (XRP), this digital currency has been threatening to break its key resistance level in recent times.
Is the price of this coin on the way up. Is it a potentially good investment or something that is best avoided?
At the time of writing, the price of Stellar Lumens is at $0.079, compared to the all-time high of $0.93. This gives it a total market cap of $1.5 billion. It is currently the 9th biggest cryptocurrency in terms of market cap and is now easy to buy using a reliable broker such as eToro.
This coin was launched in 2014. Like Ripple, it is a global payment and currency exchange platform, designed to make it easier to send payments and remittances across the planet. While Ripple is already being used by some major banks, Stellar Lumens is regarded as being aimed more at the general public and small businesses.
It is worth bearing in mind that the man behind this currency is Jed McCaleb. This American programmer also founded Ripple before leaving them and co-founding Stellar.
The price of Stellar Lumens has gone through its fair share of ups and downs. 2014 saw it rise to five times its original value before entering into a long, steady decline. Mid-2017 saw it begin a revival that has carried on until current times, largely avoiding the large drops seen in many other digital currencies. The release of the Starlight updatein late 2018 helped to increase demand for this coin.
Predictions for the Future
What is in store for Stellar Lumens for the rest of 2019 and beyond? The majority of analysts believe that this coin will enjoy strong growth in the immediate future. However, their predictions vary in a couple of important ways.
First of all, there are differing opinions on how much it could grow by this year. Some experts believe that XLM could double its value in 2019. Others suggest a more modest increase, such as 10%.
The other crucial issue is the key resistance level. This is the point at which a currency reaches a certain value that sees it break through to the next level. Some experts put this at $0.17 for XLM while others suggest a figure of $0.35.
The $1 figure is another important barrier that the currency has to cross. If it does this, then it is probably safe to bet that Stellar Lumens has broken through to the mainstream.
What to Look Out For
Perhaps the key factor here is in the partnerships being opened up between Stellar and other companies. These deals help to promote the use of the coin and also increase public awareness of it.
A few of the most noteworthy Stellar partnerships to date include those with Stripe, Deloitte, and the Wanxiang Group. These big tie-ins could prove crucial to the currency’s future success.
Another point to consider is that, at the end of 2108, there were rumors of a partnership between Stellar and Ripple. The personal history involved may make this seem unlikely but the commercial reasons for doing this seem to make sense, as they each focus on different segments of the market just now.
Will It Out-Perform Ripple?
For many people, the key question is whether Stellar will manage to out-perform Ripple. Since they both offer very similar services in terms of fast, reliable cross-border payments, it is easy to think that only one or the other can succeed. With Ripple predicted to have a strong 2019, is that bad news for Stellar?
Is this the case of direct rivalry, though? By targeting different market sectors and partners, there should be enough room for both of these platforms to grow.
As for the direct price comparisons between them, it is clear that Ripple had a strong head start due to being launched first and performing well over a long period of time. However, the recent performance of XLM suggests that the future could see things getting tighter.
Overall, there is no doubt that this is a currency to keep a close eye on. Opinions on its future are divided but the signs currently point to an exciting time ahead for Stellar Lumens.