Connect with us

Cryptocurrencies

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 24/01/20

EOS

EOS slid by 2.01% on Thursday. Following on from a 0.13% decline on Wednesday, EOS ended the day at $3.5749.

It was a bearish start to the day. EOS slid from an early morning intraday high $3.6481 to an early afternoon intraday low $3.4948.

Steering clear of the major resistance levels, EOS fell through the first major support level at $3.5697.

EOS fell back through the first major support level at $3.5697 to $3.51 levels before late support kicked in.

At the time of writing, EOS was down by 3.59% to $3.4465. A bearish start to the day saw EOS fall from an early morning high $3.5740 to a low $3.4051.

EOS fell through the first major support level at $3.4971 and the second major support level at $3.4193 early on.

For the day ahead

EOS would need to break back through the first major support level and move through to $3.57 levels to support a run at the first major resistance level at $3.6504.

Support from the broader market would be needed for EOS to break back through to $3.50 levels.

Barring a broad-based crypto rebound, however, EOS would likely fall well short of $3.60 levels on the day.

Failure to move through to $3.57 levels could see EOS struggle throughout the day.

A fall back through the second major support level at $3.4193 would bring sub-$3.40 levels into play.

We would expect EOS to steer well clear of the third major support level at $3.2660, however.

Looking at the Technical Indicators

Major Support Level: $3.4971

Major Resistance Level: $3.6504

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 3.18% on Thursday. Following on from a 0.95% fall on Wednesday, Ethereum ended the day at $162.4.

Bearish through the day, Ethereum fell from an early morning intraday high $167.79 to a late afternoon intraday low $158.44.

Ethereum fell through the first major support level at $165.20 and the second major support level at 162.73.

Finding late support, Ethereum moved back through to $162 levels to limit the loss on the day.

At the time of writing, Ethereum was down by 2.38% to $158.54. A bearish start to the day saw Ethereum fall from an early morning high $163.00 to a low $157.55.

Ethereum fell through the first major support level at $157.99 before moving back through to $158 levels.

Story continues

For the day ahead

Ethereum would need to move through to $163 levels to support a run at the first major resistance level at $167.31.

Support from the broader market would be needed, however, for Ethereum to break back through to $160 levels.

Barring a broad-based crypto rebound, Ethereum will likely fall well short of $165 levels on the day.

In the event of a rebound, the first major resistance at $167.31 and Thursday high $167.79 would likely limit any upside.

Failure to move back through to $163 levels could see Ethereum spend the day in the red.

A fall through the first major support level at $157.96 would bring $155 levels into play before any recovery.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $153.53.

Looking at the Technical Indicators

Major Support Level: $157.96

Major Resistance Level: $167.31

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 4.71% on Thursday. Following on from a 0.12% decline on Wednesday, Ripple’s XRP ended the day at $0.22583.

Tracking the broader market, Ripple’s XRP slid from an early morning intraday high $0.23725 to a late intraday low $0.22077.

Ripple’s XRP fell through the first major support level at $0.2327 and the second major support level at $0.2285.

Finding support at the third major support level at $0.2206, Ripple’s XRP recovered to $0.2260 levels before easing back.

Ripple’s XRP failed to break back through the major support levels late on.

At the time of writing, Ripple’s XRP was down by 1.96% to $0.22141. A mixed start to the day saw Ripple’s XRP rise to an early high $0.22628 before sliding to a low $0.21771.

Ripple’s XRP fell through the first major support level at $0.2187 before recovering to $0.22 levels.

For the day ahead

Ripple’s XRP will need to move through to $0.2280 levels to support a run at the first major resistance level at $0.2351.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall well short of the first major resistance level and Wednesday’s high $0.23725.

Failure to move back through to $0.2280 levels could see Ripple’s XRP struggle throughout the day.

A fall back through the first major support level at $0.2187 would bring the second major support level at $0.2115 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.21 levels.

Looking at the Technical Indicators

Major Support Level: $0.2187

Major Resistance Level: $0.2351

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE:

News Source

Click to comment

Cryptocurrencies

XRP and XLM Have Highest Level of Wealth Inequality Among Top Cryptocurrencies: CoinMetrics Report

XRP and XLM create a non-level playing field for its holders, according to a recent CoinMetrics study

Wealth inequality is a hot-button issue around the globe. With an extreme concentration of coins and tokens in the hands of omnipotent whales, crypto clearly fails to address this problem.  

According to Coin Metrics’ latest ‘State of the Network’ issue, XRP and Stellar (XLM) have the highest disparity of wealth among some of the top blockchains. The later takes the cake when it comes to inequality with whales that hold at least 1/1K of the total supply controlling a whopping 95 percent of all tokens. Must ReadBrad Garlinghouse Compares Ripple to Amazon, Suggests That Central Banks Could Use XRP –

Centralization concerns 

There is nothing shocking about XRP and XLM occupying the two top spots given that both of these cryptocurrencies are routinely criticized for being extremely centralized.

Ripple Labs fully controls nearly 60 percent of XRP’s total supply. To put this into perspective, the company’s former CEO Chris Larsen personally owns 5.19 billion XRP.   

XRP Supply

The same applies to the Stellar Development Foundation (SDF) that holds more than 50 percent of all tokens and pocketed 98 percent of all inflation payouts on top of that.

Bitcoin’s increasing distribution 

Meanwhile, Bitcoin (BTC) appears to be the most egalitarian cryptocurrency in terms of supply distribution. The richest whales hold only 11 percent of all orange coins, a world of difference compared to the altcoins analyzed by CoinMetrics. Ethereum (ETH) and Litecoin (LTC) are at 46 percent and 40 percent respectively.   

The firm pointed out that the increasing level of distribution is a positive development for BTC since it underscores its growing adoption.

News Source

Continue Reading

Cryptocurrencies

Cryptocurrencies price prediction: Bitcoin, Ripple & NEO – European Wrap – 18 February

Bitcoin Price Analysis: BTC/USD trapped under short-term trendline; long-term bulls still have nothing to worry about

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday’s low of $9,469, however, an upside momentum faded away on approach to $9,800. 

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. Ripple’s market value has settled at $12 billion, while an averaged daily trading volume is set at $3.6 billion, slightly lower from the figures registered in recent days.

Ripple

NEO Price Analysis: NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears. The losses on Sunday and Monday tested the support at $13.00. However, an ascending trendline support came in handy and put a stop to the bearish pressure.

Bitcoin Price Analysis: BTC/USD trapped under short-term trendline; long-term bulls still have nothing to worry about

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday’s low of $9,469, however, an upside momentum faded away on approach to $9,800. 

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. Ripple’s market value has settled at $12 billion, while an averaged daily trading volume is set at $3.6 billion, slightly lower from the figures registered in recent days.

Ripple

NEO Price Analysis: NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears. The losses on Sunday and Monday tested the support at $13.00. However, an ascending trendline support came in handy and put a stop to the bearish pressure.


Bitcoin Price Analysis: BTC/USD trapped under short-term trendline; long-term bulls still have nothing to worry about

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday’s low of $9,469, however, an upside momentum faded away on approach to $9,800. 

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. Ripple’s market value has settled at $12 billion, while an averaged daily trading volume is set at $3.6 billion, slightly lower from the figures registered in recent days.

Ripple

NEO Price Analysis: NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears. The losses on Sunday and Monday tested the support at $13.00. However, an ascending trendline support came in handy and put a stop to the bearish pressure.


News:Source.

Continue Reading

Cryptocurrencies

Cryptocurrencies price prediction: Bitcoin, Ripple & Ethereum – Asian Wrap 17 Feb

Bitcoin Price Analysis: BTC/USD stays under $10,000, further correction anticipated

Bitcoin is back under $10,000, following a drab weekend session. Little progress was made to the north, which allowed the sellers time to plan a revenge mission. Several potential support areas were shuttered including $10,400, $10,250 and $10,000.

Ripple Price Analysis: XRP/USD slumps beneath $0.30, $0.25 in sight

Ripple price immediate support at $0.27 stays in place despite the correction from last week’s high around $0.349. A downward moving RSI suggests that the correction could last longer, even spill into the European session on Monday. 

Ethereum Price Analysis: How ETH/USD survived the carnage in a rising channel?

Ethereum price is teetering at $252 amid increased selling activity. The downward action that dominated the crypto market the entire weekend session did not spare Ether. It is the same action still in play on Monday towards the end of the Asian session.

News :source.

Continue Reading
Open

Close