Market Cap: $300,847,470,009
24h Vol: $14,745,555,309
BTC Dominance: 39.0%
From yesterday’s low at $291B, the evaluation of the cryprocurrency market capitalisation increased around 9 billion dollars, coming to around $300B.
The Crypto market is currently mixed in colour with an average percentage of change ranging from 0.5-2%. Biggest gainers are Loom Networking which surprisingly increased by 34%, Ethereum Classic 21.7%, Dropil by 17% Cyber Miles 12%. Those who are in red haven’t decreased more than 4%.
News that came out in the last 24 hours is mostly analytical in nature, as this last drop in price surprised a lot of the analysts and is considered as an event. There are also significant stories that can positively impact the market sentiment which may cause some temporary confidence.
For example, news that the cryptocurrency exchange Coinbase is going to list Ethereum Classic on their platform resulted in the ETC increasing in price by 21.7%. In the blog post they have stated:
Per this process, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).
While we are mentioning exchanges, another related major news story is that Binance is going to support fiat-crypto trading.
Crypto exchange Binance announced plans to allow fiat-crypto trading this year through a separate Malta-based exchange, a Binance representative told Cointelegraph today, June 11
While Bloomberg reported today that Binance will “soon allow customers to convert digital tokens into fiat currencies”, a Binance representative clarified to Cointelegraph that “Binance.com is a pure crypto-to-crypto exchange.” They confirmed that crypto-fiat trading will only be offered through a separate local exchange the company is opening in Malta. Binance Malta will most likely begin fiat trading with a euro-Bitcoin (BTC) pair, the representative told Cointelegraph.
Yesterday at the Cebit ‘18 Expo in Germany, IOTA and Volkswagen demonstrated a Proof-of-Concept (PoC) that uses IOTA’s Tangle system for autonomous cars. This is significant as it may impact the price of IOTA positively in the following days, much like the prior news story did for Ethereum Classic.
From yesterday, the price of Bitcoin increased by 1.5% from 6724$ to 6822$ where is currently sitting.
Looking into the hourly chart we can see that the price broke out from the triangle in which it was consolidating and is currently on the rise. As the price broke out from the daily triangle two days prior, the price is likely going to continue going higher, probably in the form of an ascending wedge, and eventually reach its support which now serves as resistance at the 7126$ level.
Hourly chart technicals signal a sell.
Oscillators are on buy, and moving averages signal a sell.
S3 6262.1 S2 6531.4 S1 6702.3 P 6800.7 R1 6971.6 R2 7070.0 R3 7339.3
From yesterday’s open, the price of IOTA has increased by 3% from 1.35$ to just slightly below 1.4$ where it is currently.
As you can see from the hourly chart, the price found support on the 0.236 Fibonacci level and is currently on the rise. I would expect the price action to form an ascending wedge or an upward channel.
Hourly chart technicals signal a sell.
Oscillators are on buy, and moving averages signal a strong sell.
S3 1.0946 S2 1.2543 S1 1.3570 P 1.4140 R1 1.5167 R2 1.5737 R3 1.7334
The price of Ethereum Classic increased 21.5% from yesterday’s opening – from 12.67$ to 15.4$ in the last 24 hours.
As you can see from the hourly chart, my targets which I have projected in the charting section last month have been met perfectly. After those lows have been tested, the fundamental news impacted the price positively and you can see the strong green candle proudly waving a bull flag. The price is currently consolidating inside a triangle and we are likely going to see the uptrend trend continue.
Hourly chart technicals signal a buy.
Oscillators are on buy, and moving averages signals a strong one.
S3 11.073 S2 11.879 S1 12.375 P 12.685 R1 13.181 R2 13.491 R3 14.297
Today we are going to see some recovery and some sideways action as the prices are going to recover from yesterdays lows.