After zooming down, the cryptocurrency market has now become very stagnant since last 24 hours. Though a majority of the coins are losing their value, many of them are also showing positive signs. The total market cap in the last 24 hours remains unchanged at $257 billion.
Cryptocurrency market data by coinrate.com
EOS
EOS had a rough ride on the trading charts this week. However, the coin managed to gain 8.1 percent in last 24 hours. Due to its downturns, the coin gained mere 2 percent week-on-week. With $4.7 billion in market cap, EOS captures only 1.8 percent of the entire crypto market. However, due to its rising volatile prices, the trading volume of the coin shot up at $557 million.
On the weekly chart, EOS had a lot of ups and downs. After facing an initial resistance at $6.1, the coin dropped to $5.1 with a downward rush. However, in no time it pivoted from the abyss to move upward. After pushing its way to $5.7, with a strong trend, the coin started a gradual upward movement. With the achievement of the peak at $6.1, the coin started to pullback boosted by the peak resistance and the bear in the market. However, after continuing a downward run for around a day, it found support at $5.4. Though there was a resistance at $5.7, it pushed its way through to reach the weekly peak at $6.3 in just 24 hours of trading.
Currently, due to the peak resistance, EOS took a downturn again and went down to $5.7. The coin is actively looking for a support to hold its value, but none is present in the vicinity.
Because of the falling prices of the coin, the technical indicators are showing signs of trend reversal. RSI has fallen to 42 percent from the overbuying region, and a similar trend can be seen for Stoch. MACD is also showing bearish signs. The coin is currently hovering between 50 percent and 61.8 percent of Fibonacci levels.
Bitcoin
Bitcoin is facing one of its largest bearish streaks lately. The coin failed to gain its lost prices and in the current market, it is struggling not to shed its value further. However, with $115 billion in market cap, BTC is still dominating the market capturing 45 percent of it. With the bearish prices, the trading volume of the coin also took a hit with mere $5.1 billion in last 24 hours.
Bitcoin’s trajectory has included a zig-zag pattern on the weekly chart, but overall week-on-week it more or less remains stagnant. Finding it difficult to keep its value above $7,000, the coin zoomed below $6,400. Though it attained its peak at $7,500 again, the peak resistance and the market did not do any favor to it and it rallied below $6,800. Though the coin stabilized it prices there, the resistance between $6,860 and $6,900 did not allow it to go any further. With the bear clutching the coin, it further dipped down and has now gone below $6,600.
The technical indicators are running bearish due to the dipping prices of the coin. RSI is on its way to breach the overselling mark, being at 30 percent. Stoch, however, is around 40 percent with a downward inclination. Due to the long dominance of the bear, 100 SMA is running below 200 SMA with a significant gap in the weekly chart.
Conclusion
A lot of advancements – both positive and negative – are happening around the world in terms of cryptocurrencies. The long hauling debate in the US for cryptocurrency regulation has proved to be one of the major factors in the downturn of the market, and this was fueled by the recent decision of Indian central bank to bar all the banks from cryptocurrency transactions.
Whatever may be the case, it is too soon to point out the burst of the boom as the demand for digital coins still persists around the world.
