Following the news that Tether and Bitfinex could be facing insolvency, traders sold Tether, leading to the stablecoin losing out to the US dollar. This gave a temporary boost to the cryptocurrency market by up to $220 billion in market capitalization. Some digital currencies have maintained a market cap of at least $1 billion with a majority of the gains experienced in the past one week as noted by Coin Telegraph.
Stellar was the highest gainer in the crypto market gaining approximately 15% in the past week. Investors received the news that Stellar will incorporate XLM blockchain for digital assets trading with enthusiasm. The XLM/USD pair had its best performance in the first week of the year topping out at $0.98239146, and it has been on a downward trend ever since. This cryptocurrency has bounced off this threshold three times in 2018, and if the bears continue purchasing at higher levels, they might break out of the downward spiral of the triangle.
According to Cory Johnson, the chief market strategist at Ripple Labs, the White House is showing interest in pushing for the adoption of XRP to counteract China’s position as the dominant player in Bitcoin mining. The upward trend in its prices are as a result of a partnership between digital payments firm, Coil, the Bill and Melinda Gates Foundation and Ripple Labs, that have contributed to the gains.
The pair has been on a downward trend in 2018, but it is trying to get to a higher low of $0.37185. Should the bulls manage to push the price above $0.76440, then it could be the start of an upward trend, and we can expect higher levels of between $0.96 and $1.22.
The pair is trading dangerously close to its year-to-date low of $13.60337627, due to a lack of buying interest. Should support levels break, the price could drop to the next critical support of $6.47815308. However, NEO could be headed for stiff overhead resistance at the 20-week EMA which is close to the horizontal resistance of $28.29944165. A new breakout could create a new rally to $43 up to $60, and it is probable that it might face resistance from the 50-week SMA. Should it surpass this level, it can extend to $100 or more.
Currently, the ADA/USD pair prices have fallen a staggering 94% from its all-time highs, and for close to a month, the pair has traded in a tight range of between $0.060105 and $0.094256. Should the pair break out of this range, it could expect to pull in buyers and push the price close to the 20-week EMA and a move close to $0.2.
If the range breaks down, the price might drop to $0.033677, and it is best for traders to wait before they settle for a long position on Cardano. Input-Output Hong Kong announced that a third-party audited their Icarus project meaning that the Cardano wallet is secure for its users. With this news, its price went up by 5% in the past week, with definite signs of growth.
Traders have refuted the claims that hackers made off with 65,000 EOS from EOSBet resulting in its price going up by 3% in the past week. The EOS/USD pair has been trading at a range between $4.4930 and $6.8299, with the bulls working to keep the price from slipping to a critical support of $3.8723. They are also making attempts of forming a higher low at $4.4930.
The pair’s 20-week EMA and horizontal resistance both stand at $6.8299, and if it closes the level, the currency could move up to $9.4456 and an instantaneous rally to $15. However, should the bears have their way, then the currency could plunge to $2.4 and a further drop to $1.7
Most cryptocurrencies have not been able to break out of the overhead resistance which shows profit bookings at much higher levels. While these are the top gainers in the crypto market, traders should wait until the overhead resistance is scaled before buying.