Home Crypto Crypto Market Analysis Daily Crypto Review, Apr 16 – China launched Digital Yuan; Cryptos pushing...

Daily Crypto Review, Apr 16 – China launched Digital Yuan; Cryptos pushing up after retesting lows

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The cryptocurrency market spent the past 24 hours mostly consolidating and staying at the same price levels. Bitcoin is currently trading for $6,924, which represents an increase of 0.51% on the day. Meanwhile, Ethereum gained 3.32% on the day, while XRP lost 0.81%.

ABBC Coin took the position of today’s most prominent daily gainer, with gains of 22.93%. Insolar lost 8.47% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased when compared to yesterday’s value. Its value is now 63.69%, which represents a 0.55% difference to the downside.

The cryptocurrency market capitalization stayed almost at exactly the same place for the past 24 hours. Its current value is $197.50 billion. This value represents an increase of $0.5 billion when compared to the value it had yesterday.

What happened in the past 24 hours

International agriculture magnates, Agrocorp and Cargill, traded $12 million worth of wheat. The cargo was traveling from North America to Indonesia. The interesting part is that the trade was settled via the blockchain.

The transaction was made possible by the Singapore-based blockchain platform called dltledgers, which is based on Hyperledger Fabric.

Honorable mention

Digital Yuan

Screenshots of the pilot version wallet app of the Chinese digital yuan are currently circling all over on social media.

Ling Zhang, Binance’s executive director of M&A and Global Fiat, shared the images first. The images were then retweeted by Changpeng Zhao, the exchange’s CEO. According to what Zhang said, the app is already available for download in four Chinese cities selected for the trial. Those cities are Shenzhen, Chengdu, Suzhou, and Xiongan.

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Technical analysis

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Bitcoin

Bitcoin bears have dominated in the past 24 hours, dropping the price below $6,850 and retesting the $6,640 lows. The price even fell all the way down to $6,470 at one point, but quickly recovered. The support level of $6,640 held up well and Bitcoin stayed above it. On top of that, it gathered the strength to push back up and retake the $6,850 level.


Bitcoin’s volume is on the same level as yesterday, while its RSI level is at 52.5.

Key levels to the upside Key levels to the downside

1: $7,085 1: $6,850

2: $7,420 2: $6,640

3: $7,750 3: $5,960


Ethereum

Ethereum mirrored Bitcoin’s movements, even though it performed slightly better than Bitcoin. The ETH bears took its price below the $158 support level and then all the way down to the $147.5 level. This support, however, held up well, and Ethereum stabilized and gathered the strength to push back up. The second-largest cryptocurrency pushed above $158 and even reached $168, but failed to pass this resistance level due to the lack of bull pressure.


Ethereum’s volume increased greatly over the past 24 hours, while its RSI level is just above 60.

Key levels to the upside Key levels to the downside

1: $168 1: $158

2: $178.6 2: $147.5

3: $185 3: $139


Ripple

XRP is in a pretty rough spot in the short term at the moment. It is constantly creating lower lows and lower highs. Once again, the third-largest cryptocurrency bumped into $0.19 without being able to cross it. This happened right after the bears gave up on taking the price down as they couldn’t pass the $0.174 level.


XRP’s volume almost doubled in the past 8 hours, while its RSI level is at 52.5.

Key levels to the upside Key levels to the downside

1: $0.19 1: $0.165

2: $0.2 2: $0.147

3: $0.205 3: $0.1

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