Cryptocurrencies have a rough mid-week due to the current market conditions. According to the current news, Twitter confirmed that they initiated the ban on the cryptocurrency related ads. Therefore, this means that all the three major platforms which were used in advertising cryptocurrencies have been restricted. These are Twitter, Google, and Facebook.
In other news, the president of the Atlanta Federal Reserve announced that he does not recognize crypto as a currency. Additionally, Lite Pay merchant solutions stopped their operations, and this might negatively affect the performance of Litecoin.
Let’s look at the market conditions.
From the previous analysis, Bitcoin has been involved in a falling trend. We anticipated for a rally in price. However, this was not possible due to the market conditions such as confirmation by twitter on their ban. Bitcoin has attained $7.833 at its lowest level. For the last few hours, the cryptocurrency has been trading just slightly above the $7,800 level.
Bitcoin has faced a major hit just after twitter confirmed that they still were holding on to their ban in the cryptocurrency related ads on their platform. This was following the banning of the same on Google and Facebook. This then has transformed to lower volumes. Another test of bitcoin could lead to a stronger drop in prices.
Therefore, the resistance still holds, and the cryptocurrency could be subjected to a $7,800 low or rather break lower if another test is subjected to it. Therefore, the current trend is unpredictable due to the fact that we are not aware if there is another test on cryptocurrencies. However, a positive trend might push the cryptocurrency above the $8,000 level. We do not advise on any purchasing to happen currently.
Ethereum has been faced with the same falling trend in the last 36 hours. We had forecasted that dropping below the $500 support level would subject the cryptocurrency to the $460 levels. However, the current test has seen the cryptocurrency drop further below the $460 price level. This fall is due to various country based regulations and also the current confirmation of Twitter advertisements ban.
Currently, Ethereum trades at the $453 price level. However, we are not certain that the cryptocurrencies might be subjected to another test. Therefore, with the further test, we might experience the $440 price levels. However, positive market conditions might subject Ethereum to a rally above the $500 price level soon. Therefore, we do not recommend any trade to take place as per the current statistics.
Bitcoin cash has been faced by a gradual decline in prices from the $960 price level. Bitcoin cash prices were involved in breaking the $950 and also the $900 set support levels. Additionally, this saw the cryptocurrency incur more and more drop and losses. For some hours now, the price has settled just below the $900 level.
Currently, the cryptocurrency trades at the $885 price level after it was involved in trading at a low of $867. With the current, bearing nature of the cryptocurrency, there is a formation of a resistance level at the $910 price level. We might, therefore, experience sellers if the price moves closer to the $910 level.
On the other hand, the $867 low might be the resistance level. Therefore, a break down below this point might subject the cryptocurrency to the $850 price levels.
Ripple has been experiencing a bearish trend for the last 36 hours. It has been involved in a gradual fall in prices and attained a low of $0.565. However, it is currently approaching the $0.60 level and currently trades at the $0.582 price level. We were anticipating a rally in prices, but this has not been the case. This was since the cryptocurrency was trading at $0.6285 two days ago.
However, a break from this bearish sign could subject the cryptocurrency to the $0.60 price levels. On the other hand, dropping below the low of $0.565 could subject the cryptocurrency to further drop to the $0.55 levels. However, we hope that the current test is over and anticipate for a price rally.
IOTA has also been facing the bearish trend just like other major cryptocurrencies. Previously during our last analysis, the cryptocurrency was trading at the $1.31 price level. It was therefore subjected to a low of $1.16 at some point. Currently, for the last few hours, it has been showing signs of recovery and is at the $1.20 price level.
As of the current trend of recovery, IOTA is experiencing the bullish sign as it is pushing the cryptocurrency to the $1.30 positions. On the other side, dropping below the $1.16 low could further subject the cryptocurrency to the $1.10 levels. However, we believe that the cryptocurrency will attain the $1.31 soon. Trading is not advised at the moment.
Litecoin has also been affected by the market conditions. It has since taken a bearish sign for the last few hours. From the $159 price level during the previous analysis, Litecoin attained a low of $133. However, it has since improved slightly to the $135 price level.
Litecoin might be subjected to an improvement in price if the current test in cryptocurrencies is over. We expect it to rally to the $140 price levels. On the other hand, going below the $133 price level means that the cryptocurrency might further drop to the $131 price levels. We don’t recommend any trade, however.
NEM has been trading below the $0.30 level for quite some time now. With the current statistics, it has fallen to the $0.25 price level.
According to the current market, the cryptocurrency might rally to the $0.28 levels with positive market conditions. However, going below the $0.25 price level might subject it to the $0.23 levels.
Cardano has been trading at the lowest levels since it fell below the $0.000020 levels. According to the current statistics, it trades below the $0.0000160 levels.
Further fall of the cryptocurrency might subject it to the $0.0000140 levels soon. However, an upward trend might subject it to $0.0000170 levels.