The recently announced JPM Coin by JPMorgan Chase despite the harsh cynic instances by the company’s top brass about 2 years ago show that most of the people who criticized crypto-currencies mostly did so because they did not understand them.
Once they understand them and their use cases, they are quick to hop onto the bandwagon. As the market continues to mature, tokens that are not about anything of meaning will continue to fall by the wayside while tokens that real in their use cases will keep on growing.
Most crypto’s are currently hobbling sideways in terms of price, but is there positive news around the corner? Is it a good time to buy the bottom? Let’s explore this coin by coin.
The Rock star of 2017 has been taking hits this past week, though its fall has not been sharp, it shows a weakening in terms of demand. BTC looks like it will stay in the range at least for the next few days, but that analysis will be invalidated if it breaches a strong resistance level.
If BTC sinks below the 20-day EMA, a downtrend is likely to happen which might go down to about $3000. I would observe if price even challenges the next resistance level before taking a trade in BTC.
Eth has had its rallies, but it currently is being held at the 50 day SMA. If that resistance wall continues to hold, a fall to $116.30 and subsequently $103.00 is quite likely. A breakout beyond $134.50 could trigger a healthy rally to about $167.32. This is a large winning potential, and would suggest you place your stop at about $100 if you decide to take the risk.
Ripple has made great strides this year despite it being only the second month of the year. Ripple’s XRP has been struggling in the markets though, with the token stuck at a support of $0.295. The buyers have really struggled to overpower the sellers, but if they do, a possible $0.33108 would make for a healthy rally. On the flipside, if the sellers keep holding the ball, a retest to $0.2779 is possible. Looks like damned if you do, damned if you don’t. I would take the risk.
If the bulls break out of the $3.05 resistance, then a possible rally to $3.87 is possible. If the price struggles to beat that resistance though, you may still reap minimal profits since the price may just hover around $3.20. If the pair sinks though, things might go way south to a support of $2.173
As you make your decisions tread carefully. I do strongly believe in an upturn of these cryptos, so am flirting with that buy button when it comes to these cryptos.
Note: these are my personal views and not necessarily the views of the website, so do your homework and tread cautiously. .
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