For those who own the top major cryptocurrencies, the prices are not very pleasing from yesterday’s statistics. This is due to the fact that cryptocurrencies have been undergoing a correction. Once this venture is completed, however, we should expect a turn of events in terms of pullbacks.However, according to the latest news in the Cryptocurrency world, the founder of Elliot Management, Paul Singer said that Cryptocurrency was one of the most brilliant scams in history. On the other hand, Tim Draper is still holding on to his Bitcoin and made a conclusion that you should not sell the future for the past.
In other news, PayPal CFO sad that Bitcoin and other cryptocurrencies might transform to the new currencies to be used in payments. This comes after several homes have been paraded to be sold for either cash or equivalent Cryptocurrencies. Therefore, there is still a bright future for Bitcoin and other cryptocurrencies.
For some time now, Bitcoin has been trading within the $10,000 range. This is a slight drop in prices from a few days ago when it trades for above $11,500. However, this could be due to the fact that correction in various countries has not yet ended.
However, according to today’s statistics, the coin dropped slightly below the $10,000 level in the $9,800 levels. This could be meant to indicate that the bottom for Bitcoin is very close. At these low levels, the investors should not hesitate to make their investments and add on to their holdings. In case this Bitcoin trend continues, the support level might lie between the $9,000 and the $9,200 levels. However, after the support levels, we are in expectations that Bitcoin will rally to the $11,300 levels and later the $13,000 levels. Therefore, investors should determine the support level and engage in the purchase.
From yesterday, Ethereum has just been trading below the $845 level. Additionally, the coin had fallen below the $800 level earlier today. However, the support level is $780.
Currently, it has rallied to the $844 level, and we might expect a higher price index today. However, Litecoin might experience a resistance level in the $910 and $1,000 levels for some time. On the other hand, in case the market conditions are not favorable for growth, we might experience another support level of $740. Therefore, investors should wait for the next support levels or engage in the purchase when it hits the $910 level.
Bitcoin cash has broken down below the peak which it attained on February 17 of $1,630. The coin has since dropped remarkably and now trades at the $1,201 levels. However, this fall has been due to the fact that the cryptocurrency world has been faced with a corrective phase. BCH/USD has not been an exception to this.
However, yesterday’s correction was not that tough on the Cryptocurrency because it traded at the $1,400 levels. The price broke down later yesterday and today where it traded below the $1,300 levels. However, we expect a support level of $1,100 following the correction practices. After this is over, we expect the Cryptocurrency to move back to its normal price index and even above the $1,700 levels.
Ripple has been one of the weakest and the lowest coin during this time of correction. Earlier, it trades at the $0.85 levels. However, a few hour later, it has regained and improved to the $0.945 levels.
With that in mind, this means that a short-term picture of the Cryptocurrency turned out to be negative. However, traders should be involved in waiting for the strength signs before they can open new positions. On the other hand, traders who already have their holdings can use this opportunity to add to their holdings.
We expect the further support of Ripple to be at the $0.68 levels. However, our target for the prices after the correction is the $1 and the $1.25 levels and later $1.50.
IOTA has been in the same category as Ripple in terms of weakness during this correction period. Therefore, it still remains dominant in the downtrend. However, we are still in the expectation that it will break out in the coming weeks.
However, at this level, investors could still increase their holdings due to the fact that the $1.5 support level is soon close to the current IOTA price. Therefore, the resistance zones after the correction are expected to be between the $2.2 and the $2.35 levels. According to the situation, the Cryptocurrency has a crash low of $1.2.
Today, Litecoin fell below the $200 levels. However, it stayed above the $180 major level and currently trades at the $195 level. However, the correction is not yet over, and we might expect the Cryptocurrency to signal the lowest point in the coming week or few days. Therefore, at that point, investors should make investments or top up their investments.
We are still in the expectation that the Cryptocurrency will resume the upward trend after the correction is over. Therefore we expect the resistance levels to be at the $225 ad $250 levels. Additionally, the levels of support lie between $150 and $170.
With the current correction phase, NEM has not been left behind in the price fall. However, as compared to other cryptocurrencies, it has experienced a minimal drop from the $0.47 in the previous analysis to the $0.433 levels.
Therefore, with the current situation, the cryptocurrencies support level is at the $0.40 levels, and this level should trigger buying. On the other hand, investors can increase their holdings during this period. However, after the correction, we still expect the Cryptocurrency to hit our target level of $0.6100.
Cardano has been falling for around 10 days now. In the previous analysis, we had suggested a low of $0.0000246 as the buying level which would attract buyers of the Cryptocurrency. This is due to the fact that the Cryptocurrency has not been finding any buyers of late.
With the current correction, the Cryptocurrency trades at $0.0000334, and this is just a slight drop from the previous analysis. If the correction continues, the Cryptocurrency might reach the selling support level of $0.0000246 which would trigger buying. However, we expect the Cryptocurrency to cross the resistance level of $0.00004070 with time after the correction.