Home News Alt Coins Crypto Weekly Byte: Bearish Sentiments Prevail as Total MarketCap Reaches $100 Bn...

Crypto Weekly Byte: Bearish Sentiments Prevail as Total MarketCap Reaches $100 Bn Mark

December 17, 2018 13:48
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With no sight of bullish reversal in the remaining time of 2018, the market is likely to break down to the double-digit market valuations, as in the previous week it has touched and bounced from the $100 billion mark. Currently, the total market cap is now hovering just around the $104 billion. The total erosion of capital from the crypto market now stands at 87% from the 2018 peak.

There has also been a major shuffle in crypto ranking a the end of the week with top five cryptocurrencies are Bitcoin, Ripple, Ethereum, Tether and Stellar. Bitcoin Cash and Bitcoin Cash SV now stand at 8th and 9th position, slipping below EOS and Litecoin.

Bitcoin (BTC)

The 50 Day EMA crossover has turned extremely resistive with BTC struggling to break higher. Moreover, the BTC is currently consolidating in the narrow range of $100 between $3,385 and $3,280 and also the $3,215 level is offering a bit of support.

If the $3,380 level is broken in the next few sessions, then we could witness some short-term rally in the market towards the $3,500 level.

Ripple (XRP)

Ripple staged a reversal from the $0.2850 level after breaking through the symmetrical triangle formation at the end of last week. Currently, the market is experiencing a strong resistance at the 50 Day EMA crossover with $0.2940 level underneath offering a bit of support.

Stochastic and Relative Strength Index (RSI) is also indicating of a weaker price momentum in the short-term ahead.

Ethereum (ETH)

Ethereum has largely been stable in the past week and trading at a range of $83.50 and $90 with 100 Day EMA crossover offering a strong resistance. Ethereum prices are likely to trade lower and if it breaks below the $80 level, then it could accelerate losses towards the $50 level.

I think it will be difficult for the market to break above 100 Day EMA line given the current bearish scenario and we could witness fresh new low levels.

Stellar (XLM)

Compared to the previous week, Stellar Lumens has lost close to 20 per cent of its value as it failed to gain momentum to continue moving higher. In the short term, stochastic is indicating of an upside rally, but both 50 & 100 Day EMA level should offer strong resistance. The XLM/USD pair has formed a support area around $0.09370 level and a breach could result in further losses.

Bitcoin Cash (BCH)

Last week was a bit negative for the BCH counter, as it has slipped down to the bottom positions in the top 10 ranks of cryptocurrency from the fifth position. It has also lost 20 per cent of its value in one week touching a low of $73 level. Since the fork on Nov. 15th, Bitcoin Cash ABC faction has lost 80 per cent of its value.

Looking at the hourly chart, the market is struggling to break above the $80 level which also coincides with the 50 Day EMA line. A breach below the supportive $73 level will be extremely negative for the market.

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