According to the price analysis, an upside has been initiated which might lead to a recovery from the previous losses. According to the recent news, Bithumb was just involved in banning accounts from a total of 11 countries. Additionally, just after the identity verifications, Poloniex Exchange users claim that their accounts are frozen. In accordance to Frank Abagnale, Blockchain technology will be adopted by all banks and might be the best technology for data settlement and information processing.
Therefore, lest find out the cryptocurrency prices from the price analysis.
Bitcoin has been experiencing a downside for a long time now. This saw it drop significantly below the $7,150 price levels all the way from the $9,000 levels. Yesterday, May 29, Bitcoin was involved in a slight recovery. This has seen Bitcoin rally slightly to the $7,506 price level currently. This might depict that a recovery phase is coming.
In the case that Bitcoin adopts the rallying trend, we should expect the $7,600 price levels which might see it rally to the $7,700 price levels. On the other hand, the support level lies at the $7,200 price level.
Support level: $7,200
Resistance level: $7,600
Ethereum has also been in the same falling trend for the last couple of days. This drop saw it reach the $516 price levels from the $800 highs. However, yesterday may 29, a recovery was noticed which has seen Ethereum rally to the $569 price level currently. Therefore, this might mean that the downside is over currently.
A continuous upside trend might push the prices of Ethereum to the $580 and the $600 levels soon. On the other hand, the support level lies at the $540 price level and dropping below this might attract losses.
Support level: $540
Resistance level: $580
Bitcoin Cash BCH
Bitcoin cash had adopted the same trend as Bitcoin. This had seen it drop significantly below the $900 price levels from the $1,100 highs. However, yesterday which was on 29 May, an upside was initiated which has currently placed Bitcoin cash in the $1,003 levels. This means that the downside ended.
According to the current statistics, a continuous upside trend might push Bitcoin cash to the $1,050 and the $1,100 price levels. On the downside, dropping significantly below the $950 price level might attract losses.
Support level: $950
Resistance level: $1,050
Ripple had also been faced with a falling trend recently which saw t drop significantly below the various support levels. However, after attaining the lowest price level of $0.55, an upside has been witnessed from yesterday 29 may and this has pushed the price to the $0.60 levels. This is a representation of a bullish trend.
I the case that this trend continues, we should expect Ripple to attain the $0.62 and the $0.64 levels soon. On the downside, if the cryptocurrency drops below the $0.58 level, investors might incur losses.
Support level: $0.58
Resistance level: $0.62
From the price analysis, we have witnessed that the bearish trend was overcome by the bullish trend and from yesterday 29 May, an upside was initiated which has continued until today. Therefore, we expect an upside to push the prices higher as suggested in the price analysis.