With the current air of challenges and throwbacks in the world of digital currency, criticism by the wall street mains have made a further dip for these struggling crypto-babies.
Big names including Bill Gates, have showed supported to blockchains and cryptocurrencies, but also claims that he can ‘short’ Bitcoin if he could.
With such thin air revolving around, there has been a great investors rage and uncertainty following it. There has been a massive drop down of $20 billion in a past few hours. Even the top big names of these digital currencies which were better thought to be stabilized in past years have dropped down to 2 to 5 percent range.
Following these volatilities, the optimists are still advising the holders to sit tight and hang-up a little more. Despite the volatile natures, the cryptocurrencies price analysis has managed to grip a few more investors.
A former chief economic advisor to the current U.S president, Donald Trump believes in the future and sustainability of these digital currencies but doesn’t really count faith in Bitcoin, unfortunately.
The top cryptocurrencies including, Bitcoin, Bitcoin Cash, Ethereum, Ripple, Stellar, Litecoin, Cardano, IOTA, and EOS have a number of the setback to float back up to the levels.
Since May 6, there has been a continuous and deadly decline even for the big names of this not-so-newly born cryptocurrencies, still babies though. Holding the cathedra, Bitcoin has caused nearly a domino effect on the rest of the currencies after its massive drop-down.
Being extremely volatile and totally dependent on its supply and demand, Bitcoin managed to hold its horses just below $9000. Following the downfall, its relief and a come-back can be expected anytime soon. BTC will only sustain stability and strength when reached above $10,000, which is a very much expected shot by the wall street mains.
But if the currency breaks again below levels $8,900, there will be a 50-day SMA drop following.
Being the second popular in the line, Ethereum has managed to reach the purchasing levels gaining the attention of the market. To maintain sustainability and a reduced risk it should prevail its levels to $745 sooner. Currently resting at $693, if the levels don’t succeed then the digital currency may face another retest of 20-day EMA. Considering a close breakout of $838 previously, there is a great possibility to hit the levels by $900 too.
The Bitcoin Cash has managed to break out of $1,600 which is remarkable transfer after being a low performer for quite a time. It has managed to intact half of its position at $1,400 after the trigger position of the ascending network. If the ascending continues breaking the May 06 high of $1849, it is expected to cross levels by $2000 soon.
But in case of the breakdowns, a 20-day EMA below the positions of $1,400 will indicate weakness.
The Ripple has managed to hold the support and investors in between the range of $0.76-$0.93777. the fluctuations have been resting on the lower ranges lately, still, it is too early for the recommendations and endorsements here. A downside downfall for up to $0.58223 would make a pair pattern target.
The trading will be considered to be hitting between the range showing the same volatility.
Stellar has been seen holding resistance at $0.48. if it succeeds its held up for the 20-day EMA, it is expected to reach the levels of $0.47766719 again. but a break during 20-day EMA will decline the levels to $0.334.
If the market is unable to pull back the currency and drag it out from its range, it is expected to enter the bounce back range for some days.
Litecoin has been pushed back into the range by the bulls after a $150 dip. After a 20-day descending, hitting below the range it needs to show resistance to rally levels of $168 to sustain strength. It’s expecting a high of $184.794.
If fails to resist the decline it can hit below the levels of $141.026. due to the absence of any high probability trade setup, any recommendation cannot be advised yet.
Cardano is, unfortunately, falling below the trendlines. It has broken below the levels of 0.00003301. if the levels continue with the current downfall, not reaching levels breaking from 0.00003445, it will keep sliding down the range lower.
The lower levels should stop the hit by 0.000029 at maximum.
Resting at a weak position, the stops should be raised by half, 0.000032 and maintain the dip at 0.000029.
After a 20-day ascending support, IOTA rested strong and firm at $2.55 levels. Levels have declined by up to $2.2117 but a high of $2.9 is very much foreseen if held resistance.
If the 20-day EMA IOTA/USD pair breaks down, there will be lost major support by $1.63.
For a past few days, EOS has been hitting the range between $16 and $19.67. if it attempts to break above the levels of $20, the wall street will manage to give it another push-up. They are in no rush typically here. But if the pair EOS/USD breaks below $16, it will sink to the levels of $14.495.
But until these consolidations rest, there is nothing much to be suggested about.