These are tough times for the crypto market in terms of price performance. In fact, the whole of 2018 has been in a bear trend. The spike in December 2017 brought a lot of attention to the crypto market. It was believed that the blockchain industry was headed for the $1 trillion market capitalization at the time. However, as it currently stands, the market has shed off most of its value since January 2018. Similarly, the total market cap stands at $188 billion with Bitcoin (BTC) taking up 57.5%.
Bitcoin appears to have found stability after the paralyzing declines that commenced last week. It is range bound between $6,300 and $6,400. However, the frequent dips below $6,300 are supported above $6,200. The same cannot be said about altcoins which continue to dump despite the positive news from regulators in the United States and Europe. On the contrary, some tokens are defying the bear trend in the market to make significant gains. These include digital assets such as Dogecoin (DOGE), Waves (WAVES) and Emercoin (EMC).
Emercoin, for instance, is up 30% in the last 24 hours and trading at $1.28 after an incredible spike from the ashes marginally above $0.8. Like the majority cryptocurrencies, Emercoin was victim to the selling pressure since mid-last week. The declines progressed into the weekend before the buyers took a pit stop above $0.80. There was a struggle at $0.9 as the buyers pushed for higher correction. Significantly, a break above $0.9 resistance and the hourly 50 simple moving average triggered a spike in successful engulfing candles.
The bullish trend was unstoppable above $1.00. And it continued with the same momentum above $1.5 but stalled short of $1.60. At the time of writing, Emercoin appears to have found support above $1.20. Besides, there is a short-term bullish flag pattern that is forming on the same chart pending another upside breakout. The trend is bullish while technical indicators show positive signals. The hourly 200 simple moving average is offering immediate support. On the upside, $1.40 is the immediate supply zone while the upper supply zone at $1.54 will be a significant hurdle towards $2.0.
Emercoin is a $53 million cryptocurrency ranked 91st on CoinMarketCap. It has a trading volume of $2.6 million in the last 24 hours and a circulating supply of 42,118,442 EMC. The blockchain project was launched in 2013 with the purpose of creating an easy-to-use Decentralized Software Development Kit (dSDKs). According to the website dSDK “is a set of software development tools that allow the creation of software, services, and solutions.”
The platform uses the innovation around dSDKs to provide services that have a potential to transform the working of various industries around the world. Emercoin offers a range of data protection services coupled with secure information storage and the development of distributed services. The storage is executed using its very own Name-Value concept that is not only simple but significantly powerful.
The network is regarded as one of the most flexible and reliable in the crypto space. Its blockchain uses the Proof-of-Stake mining algorithm but at the same time, it supports Proof-of-Mining algorithm associated with Bitcoin (BTC).