The crypto market has been very stagnant since earlier this week when the Bitcoin made a move to $6700 after a Tether dump. Although the market is still on a positive channel, the gains that it has won is slowly bleeding out as bulls failed to muster enough volume to push the market up.
The market capitalization has dropped further at $207.9 Billion. The trading volume remains at $11 Billion but the Bitcoin dominance is once again inching back to 54%. Even positive developments from altcoins like Tron, 0x, OmiseGO and Qtum failed to make a dent on the seeming malaise of the market.
The Bitcoin’s volume has continuously declined over the week and even the altcoins failed to grasp its momentum. It has fallen back -1.11% on the day based on CoinMarketCap’s aggregated data. The triangle that it was supposed to be breaking is now descending according to analysts and there might be more losses this near to the weekend which is historically low on volume. Currently, it is at $6467 on CMC’s data and the volume has fallen below its usual $4 Billion.
It failed several attempts to break the $6485-6490 resistance, then declined more below the $6450 support. On the chart, the MACD is back in the bearish zone with the RSI still falling below the 30 level. The resistance levels when sellers may come and an opportunity for bulls to take it higher is at $6450. Above that, it may very well break out -IF. If the weekend takes it to the opposite side, the support is at $6285 in the near term.
Ethereum, always following the big brother’s movements is also falling back to its former level before the Bitcoins surge. Today, it has lost another -1.49% on the day and is now at $205. It was at $203 last weekend. On the chart, the MACD is still well below the bearish zone but is slowly moving up on the 4-hour chart. The RSI is below the 30 level but is pointed upwards. Current support level is at $196 and if it moves upwards, the resistance level is at $206.
The rest of the Top 10 cryptocurrency are all in the red, except for Tether which is currently attempting to re-Tether at .90% and coming up to $0.97. XRP, Bitcoin Cash, Stellar, Cardano, and Monero are in too deep at -2% loss. EOS and Litecoin are at 0-1% loss today, making them the least vulnerable in the early trading session.
The same story goes for the Top 25 crypto. Only one made it to the green cut today. Maker made it at 2.41% and currently trading at $659.76. NEO and Tezos have it bad with a 5% drop each. IOTA and VeChain are also leaking at 3% loss on the day. The rest are barely making it below -3%.
There’s no big pump today -which I define as those over 20%. Just a little below that is a surge like today’s price action for Polymath at 17.12%. It had some good news about a partnership with Netcoins to provide crypto OTC services for security token issuers. tZero has also issued its first security token which has revived interest in POLY. Next in line, cutting it close above the double-digit barrier is aelf which has moved 10.29% on the day. Next, we have the unraveling of pumps and turning into dumps. Ravencoin is on the top of the list of biggest loser after a short pump yesterday. It has lost -9.01%. PIVX, which was also surging yesterday, is now falling at -6.00% on the day.
Overall, the sentiment is still slightly positive. Financial institutions seem to be having a revived interest such as Goldman Sachs investing in cryptocurrency custody provider BitGo. Other major financial institutions are also moving forward with their partnerships. But, the Hodlrs are wearying out. Positive news or otherwise, the current Bitcoin story is a compelling narrative that there’s something wrong with the current NON market movement.
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