Price Analysis of Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, NEM, NEO, Feb 06
Feb 06, 2018 Posted / 2326 Views
By the end of 2017, the cryptocurrencies especially Bitcoin accounted a remarkable rise to $20,000 USD which attracted many investors as they identified virtual currency as a good source of making a high return on investment. A good number of these new investors bought cryptos using credit cards and faced a gradual downfall in all virtual tokens. In response to the market situation, the 5 top most companies prohibited buying of cryptocurrency through credit cards.
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Following to these circumstances, a major number of small hands are supposed to conduct panic selling in response to falling price of virtual tokens and increasing burden. This can be a good time of investment for long-term investors to deposit at a low level and withdraw at a high level.
Let's have a look at digital coins which can yield good returns in future:
Bitcoins have acquired top position in cryptocurrency market and even in the bearish market, it managed to sustain its position. A ray of hope occurred on 2nd February for short-term investors as Bitcoins demand slope moved upwards resulting in rising in its value to $9067 USD. The process continued till next day followed by fall in value still prevailing in BTC market. The current value of our top contender is $6141USD with market capital $103,484,778,312 USD. As per the experts of HitBTC exchange, the value will further decrease to $5450USD which will result in panic selling.
As per our study, it is a good time for investment for long-term returns seekers. It is also advisable to allocate 30%-40% of total amount in order to lessen risk factor in the price range of $5000USD - $5500USD.
Ethereum was calculated to stay in between the window of $1025USD - $1150USD. But the slope kept on sloping downwards with two times hike on 2nd Feb and 3rd Feb and then falling below $999USD parameter. Current ETH value is nearly $665 USD with market capital value $64,570,003,668 USD. The value of ethereum is expected to fall in future. The last leg of the rally is calculated to be approximately $600USD and strong buying can take place at this phase. But a negative development is observed regarding exponentially moving average. Thus, no fresh investment is advisable.
Bitcoin cash has been following the downward trend for a long time and was expected to follow upward trend after reaching $1155 USD from $1070. But hurting hopes of its investors it dived and reached $850USD crossing $900 USD support. Before making any new investment in this territory, investors should wait for upward moving slope to have favorable circumstances by their side.
One and only centralized form of crypto with the motive of serving banks for transactions also got trapped in a downtrend of virtual currency. A gradual downfall from 31st January placed ripple at $ 0.65USD, its lowest value recorded this week but managed to maintain its position at $0.90 USD on the same day. XRP survived to stay at the level of $0.70USD – $0.90USD till 6th Feb and now is in falling position, also crossed $0.60 belt. It is forecasted that it may account further fall till $0.25USD and will move towards upwards after a short span of time.
Litecoin encountered more fluctuations in its price as compared to other cryptocurrencies. It reached the point of $108 USD on 2nd Feb and recorded 20-day EMA which shows investors interest at a low price.
Currently, LTC has reached the lows of 2nd February again which was $108 USD. If circumstances stayed same it might fall to $84.708 support. But if it managed to stay in between $107 USD - $120 USD, it might be the possible bottoms resulting in breaking out of the level $175 USD.
Until today, NEO was performing well in the crypto world as it was performing above 50-day SMA. Today it has broken below 50-day SMA and 2nd February level which was $96 USD and reached and recorded $65 USD with market capital $4,234,028,500 USD. If today’s level also failed in upcoming days it might fall at $27.13 USD which is targeted objective of downfall from symmetrical triangle point. Considering these circumstances we prefer to hold any further transaction.
NEM has reached the low point recorded on 2nd February. If the bulls sustained to keep NEM at this level, the virtual token is expected to follow downward slope. And if NEM breaks the support of $0.411727USD the value most likely will shift to $0.31672 support. The XEM/USD pair will become positive once it manages to survive at downtrend line. Current value of NEM is $0.4260 with market capital $3,834,125,999 USD.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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