Crypto Trend Analysis:
Market Cap: $271,154,252,040
24h Vol: $15,384,760,656
BTC Dominance: 42.5%
In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has increased from 254,441,000,000$ which was yesterday’s low, to 273,729,000,000$ which is today’s high. Since this high, the evaluation has retraced slightly.
The market is in green with an average percentage of change by around 5%. The biggest gainer is Tenx with an increase of 31% while there are others like Powerledger, Enigma, Loom Network, WAX around 15%.
Top headlines that came out in the last 24 hours are mostly positive in sentiment. First among the significant headlines that already impacted the market in a positive way is that Robinhood listed Dogecoin (DOGE) on its Robinhood Crypto platform, which leads to an increase of 16% over the last 24 hours for this cryptocurrency.
Another significant headline in the similar category is that Coinbase got regulatory approval to list coins considered a security.
Cryptocurrency exchange and wallet service provider Coinbase has received approval from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to list digital coins considered to be securities, Bloomberg reported July 16.
Third in the line of the similar headlines is that BitPay received BitLicense from New York Department of Financial Services.
Global crypto payments processor BitPay has been granted a BitLicense by New York state’s financial regulator, according to a press release shared with Cointelegraph July 16. The recently acquired virtual currency license from New York’s Department of Financial Services (NYDFS) will allow BitPay to do business with customers and companies based in the state. Additionally, New York-based businesses will be able to use BitPay to accept Bitcoin (BTC) and Bitcoin Cash (BCH) for purchases from users worldwide.
Crypto Trend Analysis
From yesterday’s open around 6,350$, the price of Bitcoin has increased by 5.68% as its currently sitting around the 6,702$ level.
Looking at the hourly chart we can see that the price interacted with the minor resistance line and has been rejected by it, which is why it has retraced slightly. Currently, we are seeing a lower high being formed just slightly lower than the prior ones which might be an indicator of the downtrend starting, but it can also be a retracement before a breakout on the upside.
Hourly chart signals a buy.
Oscillators are on neutral and moving averages signal a strong buy.
S3 5756.3 S2 6179.2 S1 6454.2 P 6602.1 R1 6877.1 R2 7025.0 R3 7447.9
From yesterday’s open at 446$, the price of Ethreum has increased by 6% and is currently sitting around 473$.
On the hourly chart, we can see a similar pattern like on Bitcoin’s chart. The price has entered sellers territory which is why it has retraced since the spike at the 481$ level. Currently, the price is on the minor range support where it is testing for the support. If the support is found I would expect a breakout from the upside, but if not, I am expecting the price to fall back to the 445$ level which served as support recently.
Hourly chart signals a buy.
Oscillators are on sell and moving averages are signalling a buy.
S3 396.67 S2 432.54 S1 455.82 P 468.41 R1 491.69 R2 504.28 R3 540.15
In the last 24 hours, the price of Ripple has increased by 7%, from 0.443$ to 0.474$.
Looking at the hourly chart, again, we can see a similar price action pattern like on Bitcoin’s and Ethereum’s chart. The price found first resistance significant enough to be rejected by those levels and has currently retraced to minor support level testing for support.
Hourly chart technicals are signaling a buy.
Oscillators are on a sell and moving averages on a buy.
S3 0.38614 S2 0.42809 S1 0.45526 P 0.47004 R1 0.49721 R2 0.51199 R3 0.55394
Judging by the position of the market cap evaluation as well as the charts analysed in today’s report, I conclude that the prices have found first resistance and the sellers are on the alert. Today we will see either a breakout on the upside if the sellers don’t get nervous and let the buyers push the price, or, a retracement of this uptrend to the first support levels. I think the second scenario is more likely because in order for the prices resistance to be broken, strong support is needed and there is none on the current levels.