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Market Update

The crypto market is experiencing a bounce from the yearly lows, besides the altcoins are making the biggest swings. However, the recovery is still limited and the coins are still trading in the lower levels. The total market capitalization has also made a considerable recovery but it is still stuck below $200 billion. Bitcoin (BTC) was spared the recent slump but stayed range-bound below $6,400, it is approaching $6,500. Monero, XMR is among the best performing altcoin with a surge of 13% while Litecoin is inching higher after adding 9% on Thursday. EOS, on the other hand, is experiencing the least daily growth with a rise of only 3.37%.

Ethereum (ETH)

Ethereum is leading the altcoin recovery just a day after it magnified the drop in the market. The declines found a pit stop slightly below $170. The digital asset recorded lows of $167.75 before the bulls found balance and formed a support at $172. There was a significant struggle at the 23.6% Fib retracement level with the last drop from a swing high of $195.04 to a swing low of $167.75.

A break above the Fib level triggered more buying entries as the price stepped above $180. There was another movement above $190 but the trend is stuck below $200. ETH/USD is trading at $192 while supported at $188. The bullish trendline is working as a support too but the major support is at $172.

Looking at ETH/USD 1-hour chart, the trend is still bullish, although the bulls do have the momentum to attack $200 in the near-term. Either way, they must defend the short-term $188 support.

Initial support: $188

2nd support: 50SMA at $181.96

Primary support: 172.00

Stochastic: 83.38 percent                                           

MACD: 3.05

ICON (ICX)

Although altcoins have made a significant recovery on Thursday, they are still trading some of the lowest levels this year. ICON (ICX), for example, is up a whopping 18% on the day but trading at $0.64 at the time of writing. The trend is bullish but $1.0 is out of reach, at least for now. However, this positive trend is a welcomed breather to the bulls who are tired of the frequent battering from the bears.

ICON recently made a swing low towards $0.52 but firmed a low at $0.5228. This gave the bulls a chance to enter. ICX/USD made a nice pullback past the 50SMA resistance and then, traded above the 61.8% Fib retracement level with the last drop from $0.6763 to $0.5228. The token is testing $0.64 at the moment but eyes are sent on the swing high. An upwards sideways move is likely on applying technical indicators on the chart. However, if the trend reverses, the trendline and $0.60 will provide immediate support. The primary support is at the recent lows, $0.52.

Moving average support: 50SMA

Stochastic: 80 percent (ranging)

MACD: +0.0163

Dogecoin (DOGE)

Dogecoin has recently become the darling of the cryptocurrency market after showing the ability to remain stable in a bear market. In the previous analyses, we have discussed how this crypto has recovered against all odds from the lows of $0.0025 to highs of $0.0070. The bullish trendline has been carrying the weight prevent any dips from causing excessive damage on the price.

However, there was a double-top pattern reaction on Tuesday when Dogecoin approached $0.0070. Bear reactions to the pattern found support at the 61.8% Fibonacci retracement level. At present, Dogecoin is trading at $0.0065, besides the buyers still, have the control. $0.0070 is a critical breakout zone that will pave the way for higher movement towards $0.01.

Initial support: 50SMA (1-hour chart)

2nd support: $0.0060

Major support: 0.0045

Stochastic: 55 percent

MACD: +0.0001


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