The cryptocurrency market is enduring another pullback. Lately, the dominance of the bears has become a major obstacle. The total market cap of cryptocurrency market has now dropped to $509 billion, a poor number when compared to its apex value at above $800 billion last month.
DASH
When introduced in 2014, DASH, with its unique blockchain, had made quite a fuss in the market. In 2017 the value of the coin exploded and now it is one of the top 15 coins available. The current market cap of DASH is $5.4 billion.
DASH had a promising start in the weekly chart. The coin faced resistance at $820. With a sudden dive, the value of the coin dipped to $739, but that point also acted as a pivot to initiate a gradual upward run. After breaching consecutive resistances at $785 and $810, DASH reached its weekly peak at $825. But then the bear took over the market, and DASH started to fall. Against the steep bear, DASH found some support at $755, but it was not strong enough and was finally breached. DASH finally dropped to $652.
This bear resulted DASH to lose more than 10 percent in the daily chart and above 9 percent in the weekly. The coin seems to have found support in the pit and it is trying to push the value upward. The value has reached 23.6 percent Fibonacci level.
Due to the recent hint of recovery, the oscillators have gone bullish. Stoch is moving up after recovering from the overselling zone. RSI, currently at 48 percent, is stabilizing after a steep upward run.
Tron
After the introduction of Tron last year, it has become quite popular. The coin had its fair share of fame as well as controversies. The coin boomed in the first week of 2018, but then it took a massive hit. The market cap of this coin is still $3.4 billion. In comparison to its market share, it is attracting an average number of traders as in the last 24 hours, trading volume was $290 million.
In the recent bearish market, Tron took a bad hit. The coin is down by 13.5 percent in the 24-hour chart, and by 23 percent in the 7-day chart.
The early week resistance at $0.073 checked TRX/USD to gain any further. The pair then took a dive and dropped to $0.060. New resistance at $0.069 formed, but TRX also had support at $0.067. This support could not hold the coin for long, but another support level at $0.064 did the job for a while.
Finally, the steep bear took over and the value dropped to $0.050. TRX/USD has recently found some support at $0.052.
The price curve is now slowly approaching 23.6 percent Fibonacci retracement level. With the dominant bull, 100 SMA remained below 200 SMA throughout the week.
Due to the recent support, all the technical oscillators are indicating a positive movement. MACD curves are appearing to be bullish, and Stoch and RSI, both, are sprinting upward. Currently, RSI is at 50 percent.
Market Update
South Korea, officially, banned all the cryptocurrency trading with anonymous accounts. This is a justifiable move on the part of the government amid the rising tension of financial crimes using cryptocurrencies.
Concerning possibilities of money laundering and other financial crimes, the New York State Department of Financial Services has asked two South Korean financial authorities to share cryptocurrency-related data they obtained from their recent inspections of six major Korean banks.
Also, renowned American economist and Nobel laureate Paul Krugman recently released an opinion piece in the New York Times calling Bitcoin “a giant bubble that will end in grief.”
Conclusion
After the launch of Bitcoin futures in US market, the crypto market did not find any other strong boost. But the despite all the concerns, the market looks quite resilient.
