The cryptocurrency market is experiencing a ray of the green light as the week’s trading approaches an end. Across the board, digital assets opened the week amid a bear wave that trimmed most of the gains throughout the previous week. Bitcoin Cash (BCH) is shining today among the top ten cryptocurrencies following support from the announced Bitmain IPO. BCH/USD has surged 13% on Thursday and currently trades at $580.
Bitcoin (BTC) has resumed the trend above $6,500 after a slight pullback towards $6,400. Ripple (XRP) is still the darling of the crypto space after defending $0.50 support. The bullish trend is also reflected across the board with most of the assets trading in the green
Dogecoin is range-bound still bullish inside the short-term contracting triangle. The coin has been performing quite well since the upside movement that started towards the end of August. As discussed in the previous analysis, the crypto continues to prove that it has the ability to act independently of the swings experienced with other larger cryptocurrencies like Bitcoin (BTC). Most of the altcoins are greatly correlated with the price of Bitcoin.
Dogecoin engaged reverse gears on Monday 24 on failure to sustain the price above $0.0061. There was a slight movement towards $0.0062 but the trend retreated into a bear one. Dogecoin price was unstoppable at $0.0058 and $0.0056 support levels. The crypto traded low at $0.00553 before bouncing back up.
However, the crypto has been stuck in a range with the upper limit at $0.0058 and a lower limit at $0.0056. The triangle resistance is also limiting gains marginally above the support turned resistance at $0.0058. There is an ongoing bullish trend above $0.056 (short-term support) while the 50SMA (1-hour chart) holding the price. If a break out of the triangle can occur, DOGE/USD is likely to retrace higher above $0.0059 and later attack the upper supply zone at $0.0061.
Electroneum has been rising steadily through the month of September. Its trading volume and market capitalization have been rising considerably too. The token clocked $3 million in trading volume at the close of the session on Wednesday 26. At the same time, the market capitalization surged above $100 million mark for the second time in the same week. At the time of writing Electroneum has jumped a few positions to become the 47th largest crypto. Its volume is at $4.9 million while its price is up 20.59% in the last 24 hours.
Electroneum is still trading in the green at the time of press. The price is exchanging at $0.018 and the trend is strongly bullish on the 1-hour chart. The 50 SMA has crossed above the longer-term 100SMA to show that the buyers have the upper hand. The MACD is above the mean line (+0.0011) while the stochastic is in the overbought territory. The next rendezvous position for the bulls is $0.02. However, they must brace themselves with the power to clear the resistance at the same level. A support has been formed at $0.016 but the stronger support line is $0.012.
TokenPay price is on an upward roll a 20% increase in the last 24 hours. Significantly, it has broken out of the descending trendline as seen on the chart below. It is making good progress towards $1.0 but it is currently trading at $1.089.
The price is stuck between the moving average support and resistance with the 100 SMA (1-hour) limiting upside movement at $1.0906 and the 50SMA offering support at $1.0838. The general trend is slightly bearish at the moment. Similarly, the DMI is showing that bears are seeking entry and TPAY/USD is likely to correct lower in the near-term. Conversely, the MACD is ranging in the positive zone, which means the buyers have the power to defend the support at $0.08. On the upside, the supply zone at $1.11 will be a significant hurdle towards $1.14 (upper supply zone).