For the past few weeks, the crypto market is stuck in a very tight range. It also needs a strong catalyst to shake out of this consolidation. As well as the breakdown and breakout of the range are likely to start a new trend in force for a few days.
One of the most watched events is the outcome of the Bitcoin ETF proposal that can cause a large move. Though, it is usually difficult to predict the exact news event that will trigger a response from the traders. There is one positive thing in the crypto market is that it is not affected by the decline.
As traders, we should watch some important levels that can warrant an action. Let’s take a look at the top five performers of the past seven days and also find out if they are forming any buy setup.
The best performer of EOS in the past seven days was the Barring Tether who rise just under a percent. In addition to this, a cryptocurrency wallet, Freewallet, also announce a release of a new form of EOS network that saw unique and daily active account hit a record of 60,000.
On March 18, the EOS/USD pair fell to its year-to-date lows of $3.8723. Later from the mid-August, the virtual currency has been trading in the range of $6.8299 – $4.4930. On the upside, a breakout of $6.8299 can push prices to $9.4456. The price can be moved up if this level is crossed.
The real-time settlement platform and current payment solutions have kept Ripple in the news for past few days, a progress on xRapid. In addition to this, the company also reported that it sold $163.33 million worth of the XRP in Q3 which is usually a 122 percent increment in the previous quarter’s sales of $73.53 million.
Though the XRP/USD pair has made some new lows in 2018 and they have been attempting to hold correction to $0.37185. A rally above the overhead resistance at $0.76440 may confirm a button and their price can reach to $0.96 and $1.22.
In the past few weeks, the Ethereum Classic has seen positive developments. The ETC/USD pair has been trading close for about a month and half to the support of $9.5. the current price is below both moving average and the 20 weeks EMA has turned down and this will show that the bears have an upper hand.
According to a recent announcement of integrating Uphold directly into the official Dash mobile wallet and the partnership between cryptocurrency debit card company Fuzex and DASH provide great support to the traders. The trend in the DASH/USD pair is already down and recently the bulls are trying to defend the year-to-date lows of $129.58.
The pair of XMR/USD has strong close to the $81 levels that have not been broken for more than a year. Any break on the weekly closing will be based on the push prices toward the lower support at $58 – $52. We also believe that the breakout above $150 will start a new trend that propel the virtual currency to $220 and above to $300 levels.