Bitcoin, Ripple, Ethereum, Stellar, Bitcoin Cash, EOS, Tether, Litecoin, Bitcoin SV, TRON, Cardano, Monero: Price Analysis, Dec. 06

As we can analyze the current scenario with the current rally in a crypto market which is the reminiscence of how capital markets reacted in the past in terms of trend and a variety of fundamentals. It is not only investors, but community users from around the world have become active towards the new age perspective – cryptocurrencies. The crypto major Bitcoin reigns top of all currencies, whereas others are replaced by market cap through the variety of business models and of course by winning investors’ sentiment and confidence. The following synopsis represents the current trends of the latest twelve cryptocurrencies by market cap.

Bitcoin Price Analysis – BTC/USD

Bitcoin, a form of electronic cash and a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer Bitcoin network without the need for intermediaries. The crypto major has experienced a dramatic downward slope that can be analyzed from the graph above. The current market value that stands at the level of 564,043,257 on December 06, 03:46 UTC by CoinMarketCap place this cryptocurrency on number one position. Since both moving averages have turned down significantly, which is a negative sign. With this, the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback may likely happen. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand. Let us not forget that the BTC/USD pair remains in a bearish trend in its medium-term outlook. As the strong bearish pressure has been responsible to cause a dropped in current value by 42.6% to the level of November 06. With this, if we analyze the BTC, it remained range bound from September 19 to October 15 where this cryptocurrency rallied from a low of $6106 to a high of $7775 which is a 27 percent return within 26 days. The next support can be estimated at $3870.

Ripple Price Analysis – XRP/USD

XRP/USD

The second largest cryptocurrency, Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company having its current market cap that stands at the level of $13,611,063,569 on December 06, 03:46 UTC perforated in current value by 39.8% compared to the level of November 06. Since both moving averages have slashed continuously from mid-November which is a negative sign and represent “Downtrend.” With this, the falling 20-day EMA shows that the bears have the upper hand. Amid the entire scenario since October, the XRP remained range bound from October 12 to November 06 this year, as the cryptocurrency rallied from a low of $0.3804 to a high of $0.56090 which is a 47 percent return within 25 days. Since XRP stayed in the range of $0.44–$0.56 from October 29 to November 20, the bears broke below it since then and it experienced downtrend till day. However, if the bulls succeed in rising and sustaining above the current resistance level and the EMA, the uptrend may happen for sure. The next support level can be estimated $0.34.

Ethereum Price Analysis – ETH/USD

ETH/USD

The third largest cryptocurrency, Ethereum, an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. It supports a modified version of the Nakamoto consensus via transaction-based state transitions. The current market cap stands at the level of $10,594,916,085 on December 06, 03:46 UTC. As we can observe from the graph above, both moving averages have turned down, which is a negative sign, and the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone. With this, the falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand. The ETH remains in a bearish trend in its medium-term outlook. The strong bearish pressure successfully caused a dropped in current value by 53.3% relative to the level of November 06. When we analyze the ETH/USD pair, it remained range bound from September 13 to October 15 as the cryptocurrency rallied from a low of $185 to a high of $249 which is a 34.5 percent return within 32 days. Since ETH stayed in the range of $280–$320 from August 13 to September 05, the bears broke below it and since then and experienced fluctuated downward slope till day. However, if the bulls succeed in rising and sustaining above the current resistance and the EMA, the uptrend will create. The next supported price can be $102.

Stellar Price Analysis – XLM/USD

XLM/USD

The fourth largest cryptocurrency, Stellar, an open-source, decentralized protocol for digital currency to fiat currency transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a nonprofit, the Stellar Development Foundation. The current market cap that stands at the level of $2,584,399,651 on December 06, 03:46 UTC. Because of the strong bearish pressure and competitive forces have caused a drop in current value by 53% relative to the level of November 11. Since both moving averages have declined significantly, which is a negative sign. The 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone already. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand. The XLM/USD pair remained range bound from October 12 to November 10 this year as this cryptocurrency rallied from a low of $0.205 to a high of $0.280 which is a 36.5 percent return within 29 days. Since XLM stayed in the range of $0.196–$0.281 from September 17 to November 21, the bears broke below it and since then it experienced downtrend till day. Let us not forget that if the bulls succeed in rising and sustaining above the current resistance and above EMA, the investors will have an opportunity to gain in value. The next support level can be $0.140.

Bitcoin Cash Price Analysis – BCH/USD

BCH/USD

Bitcoin Cash, the fifth largest cryptocurrency is a cryptocurrency slashed in current value by 80% relative to the level of November 06. The current market value stands at the level of $2,225,393,204 on December 06, 03:46 UTC. Since EMA declined dramatically representing the fact that the bears have the upper hand and “downtrend” in value. Since the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone. With this, BCH/USD pair remains in a bearish trend in its medium-term outlook. Those that would like to invest for the long-term perspective, the current value represent an excellent opportunity. The BCH/USD pair remained range bound from October 11 to November 06 this year, as the cryptocurrency rallied from a low of $423 to a high of $632 which is a 49 percent return within 26 days. Since BCH stayed in the range of $421–$632 from October 11 to November 19, the bears broke below that level, and since then it experienced downtrend till day. However, if the bulls succeed in rising and sustaining above the 20-day EMA, the uptrend may probably be there. The next support can be $120.

EOS Price Analysis – EOS/USD

EOS/USD

The sixth largest cryptocurrency, EOS having its market cap stands at the level of $1,995,621,830 on December 06, 03:46 UTC has perforated in current value by 61% relative to November 06 which can be analyzed from the graph above. Since both moving averages have turned down and the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone and signals a negative sign. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand. With this, EOS remains in a bearish trend in its medium-term outlook. It’s the strong bearish pressure has successfully drop in current value by making it the lowest low of the day before exhaustion set in. If we analyze the EOS, it remained range bound from September 18 to October 15 this year where the cryptocurrency rallied from a low of $4.62 to a high of $5.80, which is a 25.5 percent return within 27 days. Since EOS stayed in the range of $4.66–$6.28 from September 17 to November 14, the bears broke below it since then and experienced descending bottom till day. However, if the bulls succeed in rising and sustaining above the 20-day EMA, the new support level will be created then. However, the next support can be estimated at $2.30. EOS.IO is a blockchain protocol powered by the native cryptocurrency EOS. The protocol emulates most of the attributes of a real computer including hardware with the computing resources distributed equally among EOS cryptocurrency holders. Based on the current trend, the next support level could be $2.86

Tether Price Analysis – USDT/USD

USDT/USD

Tether, the seventh largest cryptocurrency, is a controversial cryptocurrency with tokens issued by Tether Limited, which claims that each token issued is backed by one United States dollar though they may not necessarily be redeemed through the Tether platform. The current market cap stands at the level of $1,847,261,342 on December 06, 03:46 UTC. The current value dropped by 0.50% relative to December 01. However, it increased by 1.027% relative to November 27. The trends observed by the 14-day RSI has not experienced any “Oversold” or “Overbought” since June this year. Amid this, the USDT/USD remained range bound from October 31 to December 03 this year of last year as the cryptocurrency rallied from a low of $0.999 to a high of $1.0137 which is a 1.47 percent return in 33 days. The next support level can be estimated at $1.0070.

Litecoin Price Analysis – LTC/USD

LTC/USD

Litecoin is eight largest and a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins are based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. With the current market cap stands at the level of $1,733,443,386 on December 06, 03:46 UTC, the current value declined by 48.7% relative to November 06. Since both moving averages have dropped substantially representing a negative sign. With this, the 20-day EMA show that the bears have the upper hand as the LTC/USD remains in a bearish trend in its medium-term outlook. Let us not forget that the strong bearish pressure has successfully caused a drop in current value by making it the lowest low of the day before exhaustion set in. Those that would like to park their capital for the longer period, the current value represent the best opportunity. The LTC remained range bound from September 13 to September 26 this year as the cryptocurrency rallied from a low of $51 to a high of $66 which is a 29 percent return within 13 days. Since LTC stayed in the range of $50–$57 from October 10 to November 13, the bears broke below that level, and since then it experienced downtrend till day. However, if the bulls succeed in rising above the 20-day EMA, the uptrend may likely happen. Based on the current trend, the next support can be $30.

Bitcoin SV Price Analysis – BSV/USD

BSV/USD

The ninth largest cryptocurrency, Bitcoin SV having its goal of the project is to realize the alleged vision of the creator of Bitcoin known as Satoshi Nakamoto by restoring the features of the original Bitcoin protocol and by enabling unlimited sized blocks. The current value has slipped by 34.5% relative to the level of November 17. It seems that the macro factors and the strong bearish pressure have caused a drop in current value. The current market that stands at the level of $1,568,952,481 on December 06, 03:46 UTC by CoinMarketCap. The current value traded below 20-day EMA representing the “downtrend.” Since there are no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it. Amid this, BSV/USD pair remained range bound from November 16 to November 26 this year as the cryptocurrency rallied from a low of $100 to a high of $123 which is a 23 percent return within ten days. The next support level can be $92.50.

Tron Price Analysis – TRX/USD

TRX/USD

The tenth largest cryptocurrency, Tron having its market cap that stands at the level of $924,932,944 on December 06, 03:46 UTC has experienced fluctuating trends till day. Both moving averages representing a negative sign and downtrend as the strong bearish pressure has successfully caused a drop in current value by 42% relative to the level of November 06 as analyzed from the graph above. The TRX/USD pair remains in a bearish trend in its medium-term outlook. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it. Amid this, TRX remained range bound from September 13 to October 15 as the cryptocurrency rallied from a low of $0.0185 to a high of $0.028, which is a 51 percent return within 32 days. With this, TRX stayed in the range of $0.021–$0.028 from October 11 to November 13, the bears broke below the level, and since then it represented descending bottom as analyzed from the graph above. However, if the bulls succeed in rising and sustaining above the 20-day EMA, the entire new trend will create a new price range. However, the next support level can be at $0.0150.

Cardano Price Analysis – ADA/USD

ADA/USD

The eleventh largest cryptocurrency, Cardano having its market cap that stands at the level of $883,847,158 on December 06, 03:46 UTC has observed downtrend in current value as it’s declined by 58.7% relative to November 06. As we can analyze from the graph above, both moving averages have dropped which is a negative sign. With this, the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely. The falling 20-day EMA and the RSI in the oversold territory represent the fact that the bears have the upper hand. Amid this, ADA remains in a bearish trend in its medium-term outlook. Let us not forget that the strong bearish pressure has successfully caused a drop in value by making it the lowest low of the day before exhaustion set in. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it. The ADA/USD pair remained range bound from September 17 to November 05 of last year where this cryptocurrency rallied from a low of $0.062 to a high of $0.081, which is a 30.6 percent return within 49 days. Since ADA stayed in the range of $0.063–$0.080 from September 17 to November 14, the bears broke below that level, and since then it experienced slope till date. If the bulls succeed in rising and sustaining above EMA, the investors may start trading the currency at once. The next support level can be $0.036. Cardano is a distributed computing platform that runs the blockchain for the Ada cryptocurrency. Cardano was created by blockchain development firm Input Output Hong Kong and led by Charles Hoskinson, former co-founder of Ethereum. Cardano is administered by the Cardano Foundation, based in Switzerland.

Monero Price Analysis – XMR/USD

XMR/USD

The twelfth largest cryptocurrency, Monero with the current market cap stands at the level of $854,660,523 on December 06, 03:46 UTC has steeply declined in current value by 55% relative to November 6, and 59% relative to September 21. We can analyze that both moving averages have slashed significantly representing a negative sign. And with this, the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand. The XMR remains in a bearish trend in its medium-term outlook. The strong bearish pressure successful dropped in current value. Since no bullish patterns that suggest a buy as of now, hence, it is best to remain on the sidelines. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it. The XMR remained range bound from October 12 to October 14 of last year where this cryptocurrency rallied from a low of $100 to a high of $125, which is a 25 percent return within two days. Since XMR stayed in the range of $102–$125 from October 11 to November 14, the bears broke below the level, and since then and experienced downtrend till date. Let us not forget that if the bulls succeed in rising and sustaining above this current resistance and traded above the EMA, the uptrend may be likely. Monero is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy, and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination. The next support can be estimated is $53.

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