Market Update
The bears have finally taken a back seat giving the bulls a chance to not only breath but also reverse the downward trend that has had everyone sitting on the edge. Almost all the assets in the top 100 are in the green with Basic Attention Token (BAT), TokenPay (TPAY) and SIRIN LABS Token (SRN) leading the recovery. The top three assets in the market are also dancing in the green with Bitcoin trading 1.73% higher, XRP 1.87% and Ethereum 2.59%.
SIRIN LABS Token (SRN)
SIRIN LABS Token is today’s market leaders with gains exceeding 36% against the US dollar and 33.26% against Bitcoin (BTC). The token is ranked 74th in the market with a market cap of $58 million. The 24-hour trading volume has hit $5.1 million up from $3.9 million recorded at the close of the session on Wednesday.
The token tanked like the rest of the coins in the latest market drop. Prior to the declines, SRN/USD was sitting comfortably above the broken support at $0.12. The bear pressure sent it spiraling down below $0.1 only to find a support above $0.06. The recovery that started a couple of days has formed a short-term contracting triangle that is approaching a break in the short-term. Besides, SRN/USD overcame the resistance at the bearish trendline on the hourly range. The upside has, however, been capped slightly above $0.09.
A break out of the triangle resistance will open the way for movement above $0.1 (100 SMA). The second resistance lies at the 200 SMA currently at $0.117 (same range). The bears are battling to increase their entries with the stochastic reaching the overbought levels. The initial support for the token is at $0.08 and the next and vital support is highlighted at $0.06.
TokenPay (TPAY)
This is another altcoin that is blowing the roof off to set the pace as the bulls return to the market. TokenPay is up a whopping 21.89% on Thursday. Like the above token, it suffered in the recent declines trading below $0.75. TPAY/USD was trading above $1.00 before November 15 last week. The drop could not find support at $0.95, neither did $0.85 help to halt the losses.
At press time, TokenPay is changing hands at $0.7740 after correcting the trend from the lows traded at $0.72117. Attempts to zoom past $0.85 have been hindered by the selling pressure which is still present. As mentioned the first support at $0.75 is strong enough to hold the price in the coming sessions. On the flipside, a recoil above $0.85 will open the door for further reversal towards $1.0.
Basic Attention Token (BAT)
Basic Attention token is also a double digit gainer. It is up 13.36% on Thursday against the US dollar and 10.84% against BTC. The $215 million crypto with $8 million in trading volume is ranked 29th in the market according to the live stream data on Blockmodo.
After the declines settled, BAT found support around $0.15. Immediately the buyers battled for a comeback with the intention to revenge. The bullish correction has stepped above $0.18, although the 100 SMA is limiting gains at $0.185. The buyers have their eyes glued on $0.2. They will also encounter resistance at the 50 SMA at 0.203 on the way to the key hurdle at $0.22 (supply zone).
The current trend is in the bulls’ favor. Moreover, indicators like the stochastic are in a bullish momentum and still maintaining position in the overbought levels. If the price can be kept above $0.18 in the near-term, BAT will be poised for a retracement above $0.2. However, if a reversal were to occur, it will find support at $0.16 and $0.15 respectively.
