The volatile cryptocurrency market has become very unpredictable lately. One day the coins add value, but on the next, they start to bleed. On Coinrate, 1541 coins are now listed, along with 9118 markets, and their combined market capitalization has reached to $460 billion.
NEO
China-based blockchain project NEO had grabbed the headiness a lot lately because of its tremendous gain. But today, it is on our list due to the exact opposite reason. The coin shed more than 19 percent of its value in 7 days, along with 4 percent depreciation in last 24 hours. The token holds $7.3 million in market cap and the trading volume in last 24 hours was $229 million.
NEO maintained a bearish trend throughout the week. The trend was initiated as a result of pullback from the peak, achieved after last weeks surge from $114 to $144. Though the downward trend was very strong, multiple support – $126, $122, $116 – tried to check the bearish momentum, but failed.
On the daily chart, the coin again found some support around $110, and it is trying to rebound.
Because of the recent support, the technical indicators are signaling bullish movement. Both the oscillators – Stoch and RSI – are going up after being under the overselling mark. MACD is also showing some sign of the bull. Currently, RSI is at 39 percent.
Ethereum Classic
Call it the original Etheruem coin or a forked version, Etherum Classic has somehow become the traders’ favorite. The coin registered tremendous gain percentage over a few weeks, but the last week, the coin took a downturn and maintained it throughout. ETC dipped by more than 25 percent on the weekly chart, and with a continued bear, it depreciated 7.6 percent on the daily chart. But the coin is still attracting a significant number of traders as in trading volume in last 24 hours was $630 million. It is also one of the favorites among the South Korean traders as 22 percent of the trading volume is coming from the peninsular nation.
On the weekly chart, ETC/USD maintained a steep downward momentum. Various pivots and support levels tried to push it up, but all failed. $32 level acted as a pivot and also initiated a bull, but resistance at $34 did not allow the coin to climb further and pushed it down again. ETC/USD found support at $28.7 after a substantial loss, but resistance was also there at $30 which checked any bullish growth. Unfortunately, the support could not hold the value, and the recently the coin dropped until it found another support at $26.4.
The technical indicators are not showing any significant growth either way due to the presence of both resistance and support. The oscillators are running almost stabilized, with RSI being at 33 percent. Because of the dominant bear, 100 SMA is running below 200 SMA.
Market Update
Two Indian crypto token marketplaces have announced that they will halt trading from March 5. The platforms state that this is due to regulatory pressure which put their businesses “under a lot of stress.”
Taiwanese airline FAT Taiwan Inc.(Far Eastern Air Transport) recently announced that it will accept bitcoin payments, becoming the first airline in the country to accept cryptocurrency for tickets in a growing trend.
BIG Blockchain Intelligence Group has reported that its Forensic and Investigations Division has successfully followed the laundered proceeds from the high-profile Coincheck hack — in which $534 million worth of NEM (XEM) coins were stolen — to an exchange in Vancouver.
Conclusion
As the cryptocurrencies are on their way down, it might be a really good time to apply short options to hoard some gains from the bleeding market. IQ Options is one the few trading platforms which provide short selling options.
