Bitcoin (BTC) price led the other digital assets in a brief yet unexpected rally that occurred during the trading session on Tuesday 29. BTC/USD surged adding over $300 in a single day to trade above $7,500. The reason for the spike is not a tangible one. However, experts in the industry say that the political situation in Italy could have been a catalyst. The stocks and bonds fell after the March election crisis which has pushed investors to find alternatives. Moreover, Wall Street is warming up to the digital assets. This has increased people’s faith in cryptocurrencies as a better alternative to traditional forms of investments.
Bitcoin (BTC) price is currently trading at $7,436 after rejecting the intraday support at $7,500. The 61.8% Fib retracement level with the last high leg at $7,913 and a low of $7,065 is offering support. There is a bear trend in progress which has trimmed the gains made today. The 50 SMA is crossing below the 200 SMA to show that the sellers have entered and downside movement is expected to continue in the near term.
The Stochastic on the 30 minutes chart is pointing downwards and has approached the oversold levels. The moving averages will, however, work as support in the event the Fib level above fails to hold. Below this level, BTC/USD could test $7,200, moreover, $7,000 is still within reach and a possible demand zone.
EOS Price Analysis
EOS attempts to break out of the descending channel have been rendered unsuccessful due to growing selling pressure. The price has smashed its way through the immediate support level at $12.00 and seems to be following the lead of Bitcoin.
EOS is releasing its blockchain on June 2. The network will support EOS token which will be swapped from Ethereum blockchain. Block.one, a company that has been contracted to develop the software has said that the launch is on track. They have already fixed the vulnerabilities in the code that were discovered yesterday by a Chinese research firm, 360.
It was expected that EOS mainnet launch will lead into a rally of EOS price which last month recorded a new all-time high. The price is still lagging the reaction toward the mainnet, but cryptocurrency enthusiasts wait in anticipation EOS has also announced that its long-running ICO has raised $4 billion. At the time of writing, EOS is trading at $11.81, besides, the bear pressure could test the support levels at $11.00 and $10.00. On the upside, the 61.8% Fib retracement level, with the last high leg of $21.38 and a lower leg of $8.04 is a hurdle towards $14.00.
Ripple (XRP) Price Analysis
Ripple (XRP) price, on the other hand, is also trimming gains. The crypto has ignored the listing of XRP on India’s most trusted exchange, Coinone. Ripple price is trading at $0.5933 at the time of writing, besides the Stochastic is moving downwards to confirm the presence of selling pressure.
The descending trendline will offer support in the event of extended declines, but the major support level at $0.55 is within reach. The gap between the 50 SMA and the 200 SMA is increasing, which means that the sellers have the upper hand in the meantime. On the upside, the immediate resistance is currently at $0.60 (former support area), but $0.65 is a major hurdle to the price as it retraces steps towards $0.70.