In the wild west of cryptocurrency market, the digital coins are facing another barrier recently. Most of the coins have lost their value in the recent hours, and the total market cap came down to $442 billion.
Litecoin
Due to the dominated bear all around the week, Litecon lost significant value on the charts. In the last 24 hours, the coin lost 6.75 percent, and on the weekly chart, it is down by 5 percent. However, it is still the 5th largest coin in the market with a market cap of over $11 billion.
On the weekly chart, Litecoin pivoted with a bull after a steep dip from $221 to $182. However, the coin faced strong resistance at $217, which resulted in a pullback. After diving down to $196, the coin pivoted again and this time, it touched $231 until it faced the peak resistance. The coin tested the resistance level a couple of times, but could not breach the stiff resistance. Fortunately, LTC/USD found support at $215, but a new resistance also formed at $222. With the dominating bear, the support level could not hold the price anymore, and the coin took a dive to reach $201.
Because of the tendency of the coin to rebound from the pit, technical indicators are showing mixed signals. Stoch is signaling a bullish movement, while RSI is not showing any optimistic sign, being at 39 percent. MACD curves are not showing any significant move either way.
OmiseGo
OmiseGo is one of the few coins which registered gain in last 7 days. It added more than 7 percent on the weekly chart, but as the recent bear on the market took over, the coin lost 5.7 percent of its value. It holds $1.9 billion in market cap and the trading volume in the last 24 hours was recorded to be $95 million.
OMG maintained a bull almost throughout the 7-day chart. In the early trading sessions, the coin faced multiple resistances at $17.7, $18.2 and $17.1 but there was a strong support present at $15.9 to check any dip in the price. With a sudden midweek demand, the coin gained a strong upward momentum, and in less than 48 hours, it touched $20.7 from $16. That is an appreciation of 29 percent. However, the coin could not hold the peak value and it resulted in a classic pullback. With support around $18.5, OMG is now trying to rebound again.
As the coin is trying to recover the peak value, Stoch is running bullish along with MACD. However, RSI, being at 52 percent, is moving in a stabilized way after a bullish run. With the bullish dominance on the weekly chart, 100 SMA is running above 200 SMA.
Market Update
The U.S. Commodities Futures Trading Commission (CFTC) has reportedly given its employees permission to invest in digital currencies.
Regulating cryptocurrencies is not straightforward by any means. Various governments around the world are focusing their attention on achieving this goal. The US Justice Department is currently working on a so-called “comprehensive strategy”. It is a bit unclear what this entails exactly. We do know the road ahead will not be easy.
JPMorgan Chase has, for the first time, acknowledged that cryptocurrencies are a ‘risk’ to its business as they present new forms of competition.
In May of last year, the Oktyabrsky District Court of St. Petersburg moved to blacklist websites detailing information about Bitcoin, effectively blocking about forty sites in total. According to the United Press Service of the St. Petersburg courts and RosKomSvoboda, the decision to lift the ban was passed today, February 28.
Conclusion
The crypto market has seen many developments lately. Though many governments are trying to curb the digital coins, there are many friendly ones too.
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