Home Crypto Crypto Market Analysis Daily Crypto Update 26.06.2018 – Stagnation May Cause Another Low

Daily Crypto Update 26.06.2018 – Stagnation May Cause Another Low

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General Overview


Market Cap: $253,329,490,428

24h Vol: $18,385,228,119

BTC Dominance: 42.0%

In the last 24 hours, evaluation of the crypto market cap has been stagnating and is on the same levels as on yesterday’s open. It went a bit higher to 258,595,000,000$ but since that high, it has been steadily declining.

Real Trade News:

The market is showing mixed colours, with an average percentage change among top 100 coins ranging from 1-3%. The biggest gainer is Theta Token which increased by 23%.


Real Trade News


In the last 24 hours, there are three news headlines that can impact the market. First by its significance is that  Tether (USDT), has issued 250 million more tokens yesterday, according to data from Omni Explorer.

While it is still unclear whether Tether is printing their coins on there own, or investors are purchasing USDT and they increased the supply in a proper 1:1 ratio, one thing is certain – more Tethers mean that Bitcoin’s price is going up.

One of the headlines that could impact the market negatively is that Hyun Song Shin, economic adviser at The Bank for International Settlements’ (BIS), said that cryptocurrencies should be treated the same as stocks and bonds, Business Times reported June 25.

“If people pay to hold the tokens for financial gain, then arguably they should be treated as a security and come under the same rigorous documentation requirements and regulation as other securities offered to investors for a return.”

And the last of the three significant headlines is that cryptocurrency with a market capitalisation of $2.7 billion, Tron (TRX),  has activated its mainnet following a migration to its independent public blockchain, according to a blog post published June 25. This could impact the price of Tron positively.


Analysis


TRX/USD

From yesterday’s opening at 0.04271$, the price of Tron has decreased by 3.84% as the price is currently sitting at 0.041$



As you can see from the hourly chart, the price action is currently in a triangle and it looks like the breakout is near. Judging by the steepness of the triangle resistance line, the breakout is going to be from the downside, which means that the fundamental news may not impact the price just yet.


Market sentiment 

Tron is in the sell zone.

Oscillators signal a sell, and moving averages signal a strong one.


Pivot points

S3 0.036658 
S2 0.039447 
S1 0.040771
P 0.042236 
R1 0.043560 
R2 0.045025 
R3 0.047814

ETH/USD

In the last 24 hours, the price of Ethereum has decreased by 1.3%, which is not significant as the price is hovering around the same levels since yesterday’s open.



As you can see from the hourly chart, the price action is in an ascending channel in which it is correcting after the last low. The price found support at the descending channels resistance (purple line) yesterday, but we are yet to see how far can the price go before another drop.


Market sentiment

Ethereum is in the sell zone.

Oscillators are on sell, and moving averages signal a strong sell.


Pivot points

S3 401.33 
S2 430.45 
S1 444.73 
P 459.57 
R1 473.85 
R2 488.69 
R3 517.81

BCH/USD

From yesterday the price of Bitcoin Cash hasn’t changed at all as the price is still hovering at around 748$.



As you can see from the hourly chart, the price is hovering at the baseline support 1, as it is consolidating after the recent low and verifying that support level.


Market sentiment 

Hourly chart technicals are the same as two prior ones – sell.

Oscillators are on sell and moving averages on a strong one.


Pivot points

S3 663.0
S2 709.2 
S1 731.0 
P 755.4 
R1 777.2 
R2 801.6 
R3 847.8

 Conclusion


Real Trade News: After the recent low, the prices have recovered a bit, but that recovery was short-lived as the prices are now stagnating and even decreasing a bit. As the low had a V shape that is common at the bottom in the markets, I was convinced that the low was the bottom for a short-term recovery. Now, a day later and after analysing the charts, I am not so sure anymore. We might see another low in the following days, so be careful not to fall into the trap of thinking the market has to do something (has to recover after a steep low)- it doesn’t have to do anything.

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