PNC, the United States’ eighth-largest bank, has become the first in the country to start using the cross-border payments solution xCurrent. Other banking giants across the world have also been looking to make use of payment solutions from Ripple. Apple Pay has been watching cryptocurrencies for long-term potential and PBoC payments department announced that Digital RMB will be similar to Libra and will support cross platform e-payments in China.
These developments in the cryptocurrency market have increased market capitalization from $250 Billion to $264 Billion and Bitcoin dominance has reached 70.8%. This is a positive sign because along with Bitcoin, a few altcoins are also showing signs of life. Let’s dive right into the Trader’s Digest.
What to buy?
Ripple (XRP)
XRP is stuck between the 20-day EMA and $0.25 for the past week. A breakout of the 20-day EMA is probable and that will signal a change in trend because bulls have not been able to sustain the price above $0.25. It is well in the buy zone as there is less likelihood of price falling below the $0.24508–$0.225 support zone.
Monero (XMR)
XMR is currently trading at $76.37 and 7-day price action predicts an upward trend. The price may hit $79.27 level and cross the important $80 level if the bulls maintain momentum. There is a strong support at $74.6 and the buying zone is between $74.6-$75.8.
Bitcoin (BTC)
Bitcoin looks ready to launch the next leg of the up-move. It has sustained past the rally and the 20-day average suggests upward movement and positive correction which is an advantage for bulls. Bitcoin’s dominance and market capitalization has increased in the past week and this is a good sign for a trend reversal. The buying zone is the $9700-$10300 level. If bulls can propel the BTC/USD pair above the downtrend line of the symmetrical triangle, it is likely to hit the target of $15,376.96.
What to HODL?
Ethereum (ETH)
The bulls are attempting to break out and sustains above 20-day EMA, and if successful, this will be an indication of a trend reversal in favor of the bulls. The next resistance is at $204. If bulls fail to push the price above this resistance, a few days of consolidation is probable. Ethereum is currently trading at $172 and we wait till the price crosses the critical resistance of $183. Once the uptrend begins a long position is recommended.
Litecoin (LTC)
LTC continues to be in a downtrend, but the bulls are attempting to stem the decline. We anticipate a change in trend above the downtrend line once the volume and number of transactions increases. Until then there is no recommended buying and it may be a good time to HODL until the trend reverses and the price crosses $70.
What to sell?
Binance Coin (BNB)
BNB is attempting a pullback, which is likely to face resistance at the 20-day EMA and above it at the 50-day SMA. The coin is currently trading at $22.44 and is near the recommended selling zone. If the price drops to $18-$19.7, the trend will reverse and the coin will take weeks before gaining the strength to trade at current prices. We suggest selling and buying again when the price is at $18 level.
EOS
EOS has been trading close to $3.30 for the past few days. This shows that both bulls and bears are struggling to take control. This state of indecision is unlikely to continue for long and may not have a positive outcome. We recommend an exit from EOS at $3.7-$4.3 level. A drop below $3 will indicate a downtrend and that may extend until the price hits $2.5.
Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
