The market at the time of writing is mixed red and green. However, most of the assets are still in the red because they have not managed to distance themselves from the selling pressure that opened the week’s trading. Bitcoin (BTC), for example, it has smashed its way past the resistance at $6,500. In fact, it is currently seeking a support above the same level. Ethereum (ETH) is still stuck below $220 in spite of the recovery from the support at $205.Bitcoin Cash (BCH) is slightly bearish while seeking balance above $440. Although EOS is also in the red, it has stayed above the short-term support despite the declines.
Ripple has been at the forefront of the cryptocurrency market recovery again. Though it has trimmed part of the intraday gains on Wednesday, it is still trading in the green with a 4% rise. Ripple has had an abundance of good news in the last one week. Initially, one of Ripple’s Asia-Pacific executive hinted that xRapid, the company’s payment solution was due for launch in a month. The news spread far and wide and quickly as traders took their positions. Ripple added over 80% in less than a week as it approached $0.7 from a low $0.28.
The same has happened to during the brief surged ignited by CoinField exchange impending support. Recently, XRP/USD dived breaking the support at $0.58 and $0.52. In fact, the fall was so great that it tested the major support at $0.440. However, the bulls did not stay down for long as they pushed for a comeback toward the close of the session on Tuesday. Ripple price spiked further on Wednesday, first positioning itself above $0.50 and then extending recoil past the 38.2% Fib level. It cleared the resistance at $0.56 but stalled on touching the 50% Fib level. $0.60 is in sight while the price is correcting higher after finding support at the former resistance; 38.2% FIBO. On the downside, $0.50 is a support but the main support is at $0.440.
OmiseGo is another digital asset that is making headway in a slightly bear market. Recently, there was an upswing that elevated OMG/USD from the trip it had made downstream; marginally below $3.0. The brief bull rally made it past the resistance at $3.5 but came to a sudden halt on stepping above $3.8. OmideGo price them embarked on another journey south trimming the gains. This week’s trading added to the fall as the price corrected lower past $3.0 support. The buyers fought for a support above $3.1 during the evening trading session on Tuesday 25.
Interestingly, the bulls found an entry and the price has pulled up slightly on Wednesday. A short-term bullish flag pattern has been formed on the hourly chart pending a breakout towards $3.5 (immediate resistance). OMG/USD is trading at $3.35 while the buyers still have the control. Indicators like the RSI and the MACD are sending slightly bearish signals but the path of least resistance is sideways, for now.
Stellar too is making good progress as it rises from the ashes following the recent lower corrections. Like the above two cryptos, has not been spared by the bear trend in the market this week. Similarly, declines continued in a descending channel until a pullback was worked today. The cryptocurrency revamped the uptrend breaking out of the descending channel.
There was a struggle at the 38.2% Fib retracement level but the bulls pushed further past $0.25. The trend turned bearish short of $0.26 but a support has been established at $0.25. Likewise, the 50SMA is also providing support on the hourly chart. Relative Strength Index (RSI) is ranging at 56 percent, showing that the bulls still have the momentum and power to defend the support and clear the short-term resistance at $0.26. Several hurdles exist on the way to $0.30 but if the buyers can break past $0.28, the critical resistance will be more or less a walk over.