While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
It has been all smiles and laughs for the crypto community in the last two weeks. Bitcoin has been hovering in the $10 000 marks, a rise that has caused a domino effect to altcoins as their prices increase significantly.
However, this past week (9th-15th Feb), Crypto prices have experienced intense volatility, defying almost all prominent analysts’ predictions.
Take a look at the nitty-gritty details that have been shaping up the crypto markets in the past week. While in that rationale, we will look at the first five crypto projects in the coinmarketcap.
Following a 21% bullish surge last month, Bitcoin has now broken the $10 000 resistance mark. The most probable next target after the break-up is the $10 200 support resistance level with a high of $10 500. However, Saturday the 15th saw a fall in Bitcoin price from $10 400 to a low of $9, 700 representing a 7% drop in a few hours.
The rapid tank in Bitcoin’s price caused panic among investors who rushed to sell their assets. Shortly after the significant price drop, Bitcoin recovered and was trading around $9,900 at the end of the Saturday. Nonetheless, there is a substantial prospect that Bitcoin’s price will rocket to $11 500 in the coming weeks.
From the below BTC/USD Day trading chart, Bitcoin is trading around the 10 000 resistance mark with a possibility of hitting the $10 200 support turned resistance level in the event of a break-up. The noticeable area of support is around the $9750 level, with $9550 being the next level of support in case of a break-up.
Regarding the RSI indicator, the ascending trend-line of the daily RSI is broken down. The RSI seems to be finding support. Saturday the 15th also recorded the highest BTC trading volume in the past week.
2020 seems to be a good year for the Ethereum community, evidenced by the substantial price increase. The price growth has also been marked with a 26.7% increase in active addresses and a 20.77% increase in ETH transactions in the last seven days. In the past week, Ethereum grew by 5.20% to reach $285. The coin has been on a continuous rampage after breaking the $250 mark approaching $300.
From the ETH/USD daily trading chart below, ETH continued to rise past the $271 resistance level reaching a high of $285 with the next stop being $300. The chart indicates that Ethereum remains bullish, with the support being $278 and $271 as the next support level. Other additional support levels are at $260, $256, $241, $235 and $225.
The resistance level lies at $290 and $298, provided by a long term bearish. The resistance can move to $ 310, $315, and $334 if the bullish pressure continues to drive ETH.
The RSI dropped slightly and points at indicates a bearish crossover signal. ETH is much likely to break the $300 price mark in the coming weeks if the bullish trend continues.
3. Ripple’s XRP
The past week has seen Ripple’s XRP price increase by 3% but still struggling to break the $0.337 resistance level. The price sparked by $0.35, breaking the pivotal $0.30 mark but went bullish almost immediately. For a bullish trend to occur, XRP must break the $0.337 price mark.
From the XRP/USD chart above, the resistance level lies at $0.337 once the 0.337 price mark is broken. Other probable resistance level marks are $0.361, $0.379, and $0.39. The support lies at $0.32, $0.0317, and $0.31. The RSI indicates a bullish crossover signal meaning that the buyers are currently in control of the market momentum.
4. Bitcoin Cash
Bitcoin Cash is also on a bullish trend, with the price set approaching the $515 mark. On Friday the 14th, the price was at the $496.0 mark. Nonetheless, in the last 24 hours, the price has been down by 8.50%, reaching the $450 mark.
From the above BCH/USD daily trading chart, BCH seems to be approaching the $515 target if the MA200 continues to hold. The support lies at the $270 mark, with the RSI flattening below the mid-line. The resistance level is held at a $461.40 target.
5. Bitcoin SV
On Saturday, the 15th, Bitcoin SV was trading at $325.31, representing a surge from $307 on 8th February. January 2020 saw an exceptional month for Bitcoin SV thanks to an epic surge from $90 to $458 against the US Dollar. The surge amounted to 500% ROI in two weeks. However, there was a bearish trend following the surge where coin dropped in price to $340.
From the chart above, Bitcoin SV is looking at a bullish rally at a resistance area of 0.0278 SAT. Currently, BSV is holding a market cap valuation of $2 764, 847 and a price of $271.10. With Craig Wright seeking to file lawsuits against BTC and BCH for violating the laws under the terms of Bitcoin’s original EULA and MIT License, the outcome of the lawsuit could have a substantial effect on Bitcoin SV’s price. Traders should, therefore, follow the proceedings keenly to avert massive losses if it occurs.
2020 has so far been a good year for Bitcoiners, evidenced by increasing value now approaching the $10 500 price mark if the bullish trend continues. Bitcoin’s increasing value has had a domino effect on altcoins, which has also experienced substantial price growth. Notably, Ethereum has witnessed a 5.20% growth in price, reaching $285 and looking to approach $300 in the coming weeks. All in all, cryptocurrencies are associated with volatility and making it quite impossible to predict future prices.