The cryptocurrency market is still stuck in a range while digital assets are in danger of falling further towards the December lows. Bitcoin (BTC), for example is trading at $3,421 after correcting lower 1.82%. XRP (XRP) continues to hold ground above $0.30. Ethereum (ETH) is correcting lower by 2.78% and has broken below the support at$90.00 to trade at $88 at the time of writing. The crypto community in the United Kingdom celebrated yesterday as the legislators allowed taxes to be paid in Bitcoin. In other news, a Bitcoin ETF is not possible this year, besides the February 2019 deadline could end up ether in the proposals being rejected or approved. However, the market is still battling to find a bottom in the ongoing declines.
Litecoin has embarked on a sideways trading trend after it snapped out of the descending trendline. The asset has in the past four weeks explored not only new annual lows but also new monthly lows. The trading since January 2018 has seen Litecoin trend lower side by side with other major digital assets. The asset has lost more than 90% of its all-time high value and is still heading south as though to find out how deep is the rabbit hole.
At the beginning of December LTC/USD exchanged hands roughly at $32. There was a bullish correction above$35.00 but the asset began to grind lower short of $36.00. Litecoin price then formed a downward slopping channel that has seen it test the support at $22.00.The battered buyers have managed to escape the channel resistance, although they lack a catalyst to push for gains towards the hurdles at $28.00, $30.00 and $36.00. LTC/USD is trading at $23.9 with the 21 SMA immediately limiting gains. The longer term 50 SMA will also hinder recoil at $2464. LTC/USD is primed for an upside move as the stochastic is heading towards the overbought region.
Pundi X (NPXS)
Pundi X, like most of the assets in the market is still exploring new annual lows. Recovery has been a coveted move that is currently out of reach for the bulls in the market. The$79 million crypto has corrected lower 1.60% in a 24-hour period against the US dollar. It has a trading volume in the same period that stands at $1.5 million.
Pundi X is trading at$0.0004797 at the time of press. The bearish trendline that has been limiting gains is still in position. Pundi X is testing the annual lows and is on the verge of setting a new record to the downside. The price is also below the hourly moving averages as bears dominate the trend. The stochastic has retreated from the oversold zone but it is heading back south after hitting a snag at 44 percent.
Recovery will be an uphill task for Pundi X bulls who already are exhausted. The range resistance at $0.0007694 is the significant hurdle. A correction above this level could open the door for more gains towards $0.001. Meanwhile, keeping the price above the annual lows is the main task for the buyers, for now.
Unlike the above two assets that are correcting lower, Qtum is steadily revamping the trend. In fact, the asset has added 3.95% to its value on the day while there is an ongoing bullish trend at the time of press. QTUM/USD is trading at $1.645 and is holding onto the support at the 50% Fib retracement level taken between the highs of $1.77 and the lows of $1.48.
The digital asset has been correcting higher using a subtly upward slopping trendline as a bounce wall since December 7. However, upward movement remains capped at $1.75. The trend has been more or less lock-step but inclined towards the upside due to the higher lows and higher highs recorded. In case of a reversal, other support levels rest at the 23.6% Fib level and the swing low support at $1.48.