Daily update: Bitcoin, Ethereum, XRP, Cardano
- Fundamental analysis: Bitcoin has seen some increases in transaction volume. However, the sentiment remains bearish. This is due to many people separating the terms Blockchain and Bitcoin, and respecting the value of one, and not the other.
- Technical analysis: Bitcoin has had a pretty volatile day. In a span of 1 hour, Bitcoin jumped from the low of $6100 to the high of $6550. However, it has remained calm around the price of $6400, where it bounced off the support line ($6390) and stayed above it.
- Fundamental analysis: Ethereum has been in good graces when it comes to market sentiment these few days. With a web browser on the Ethereum platform which is considered a viable replacement to Chrome, a change of governance to an updated versions of ERC tokens and much more, ETH has seen some bullish potential.
- Technical analysis: When it comes to price, Ethereum has not seen many changes after the big spike that came on the 18th of September. It is now consolidating and waiting for buyers or sellers to start their cycle. It has also found some resistance at the 100 EMA on the 1h time frame.
- Fundamental analysis: There is no doubt that the Ripple is a great company. Partnerships with major corporations just keep getting announced. However, most of these deals do not include XRP. That’s why the price of XRP is not as affected as some people might think it should be. On the other hand, if XRP ever gets included in some of these deals, the price will skyrocket. The trust of this happening is the sole reason people remain bullish when it comes to XRP.
- Technical analysis: The 18th of September was a great day for XRP. The price spiked up over 20%. Also, the price is consolidating at the top of the move, and has not declined significantly after the upwards move. XRP has found good support at $0.31 and a resistance line at $0.332.
- Fundamental analysis: Fundamentals of Cardano have not changed for quite a while. It is still a platform with great potential, but we have yet to see what it has to offer when it comes to use case. The fundamentals are often speculative when it comes to this kind of Cryptocurrencies.
- Technical analysis: Cardano is one of the top performers today. It has found an area of support to which the price responds perfectly (bottom blue line). The only times the price did not react was when Bitcoin had a major downswing, and every other Cryptocurrency followed. Once the price has came back above the support line, it has retested it and stayed above.