On 11th October, the total market cap of the cryptocurrencies, for the first time since 20th September plunged below $200 billion. However, since most currencies are striving hard to get back and the sell-off was short lived, this is a good sign.
Next week will be critical because it will give us ideas whether currencies will rise above their resistances or break down of their key supports. Breaking down to new lows would not be positive which might lead to the extension of the ongoing bear market.
Below are this week’s top 5 crypto performers.
TRX/USD
In the past week, TRON is the only digital currency among others with a market cap of above $1 billion that has succeeded in staying in the green. Buyers have been attracted to two news stories. These stories led to an increase in price
The first news that led to the increase in prices was the tweet from TRON’s CEO, Justin Sun on 8th of October saying that, with the latest upgrade, TRON will be “200x faster than Ethereum and cost 100x cheaper than EOS.” The second news revealed that a partnership with an industry giant was underway.
BTC/USD
Bitcoin also experienced the sell-off in the global stock markets. Even the International Monetary Fund (IMF) saying that: “New vulnerabilities in the international financial system,” could be created by the rapid growth of the new asset class, still made no difference.
On a medium-term timeframe, a large descending triangle pattern has been formed by Bitcoin. In 2018, it has formed successive lower highs, but has largely held the $6,000 levels. The support is being held, due to the fact that the bulls have been purchasing only dips close to $6,000.
Investors should be patient enough for a break out above the $6,831.99 to sustain for about three days before turning bullish.
LTC/USD
Since 12th of October, Gemini exchange which is led by the Winklevoss twins, has been approved to add Litecoin trading and custody.
The pair, LTC/USD has been in a steady downtrend and all efforts to stabilize and begin a new uptrend has not been successful. Only when the currency breaks out of the range and makes a series of higher highs and higher lows will a new uptrend be confirmed.
EOS/USD
The EOS community has been striving hard to bridge the gap between the East and the West. Chinese users were facing cultural differences, language barriers and conversing with each other using different platforms.
The EOS/USD in the medium-term time frame has been range bound between $18.67- $3.8723. Although, during the end of April the bulls broke out, they couldn’t still sustain the highs, which later led to the crash back of prices into the range.
On the upside, the start of a new upswing will be determined by a breakout of $6.8299. $9.1668 is the first target. A rally to $15 can happen if only the bulls scale $10 levels.
ADA/USD
Ken Kodama (CEO of Emurgo) and Charles Hoskinson (Input Output Hong Kong- IOHK founder) have demanded the resignation of the Cardano Foundation Chairman, Michael Parsons. The blamed the council and the chairman for their non-responsive attitude as well as their lack of performance.
The pair ADA/USD has been in a long-term downtrend. From the highs of $1.396281 it attained on 5th January, it has dropped about 94%. All efforts to begin a new uptrend have failed.
On the upside, the bulls will have to scale $0.094256 and $0.111843 to signal strength. A new uptrend will begin when a sequence of higher highs and higher lows comes in. Before any long position is initiated, Medium-term traders are advised to wait for the start of a new uptrend.
