Altcoins Price Analysis: Coins Grow Again
Last week, the capitalization of the cryptocurrency has steadily declined, reached the lower level of $ 275 billion on March, 18. However, the cryptocurrency market began to show a fairly confident recovery soon. At the moment the market cap is slightly higher than $ 350 billion.
The bitcoin price has grown significantly and strengthened at $ 9000. The share of its capitalization has increased by almost 2% from the previous analisys and now is about 43.6%. Unlike Bitcoin, the share of Ethereum in the total market capitalization has significantly decreased and at the moment is 16.22%.
The current recover of total cryptocurrency market largely associated with the official position of the G20 regulator. So, the head of the Bank of England, Mark Carney, said that now cryptocurrencies do not pose a threat to global financial stability.
This position is contrary to opinion of some national regulators, for example, the Bank of Japan, which support more radical measures in relation to the cryptoindustry. Nevertheless, Carney's statement can be considered the main fundamental factor that prevented the continuation of the market decline.
The price chart of the ETH/USD reached the target zone indicated in the previous survey of $ 518.85 - $ 471.94.
The price could not stayed below this support, after which an upward movement has formed. For the current uptrend, the first ressistance may be the zone $ 642.79 - 681.44 and the trend marked on the chart with a red line.
Breakout of these levels and consolidation over them may form bullish trend and the continuation of the upward movement.
If the "bull scenario" will realize, the first target of the uptrend may be the resistance level of $ 979.80. On the way to this movement, there will be ressistance around $ 788.63 and $ 874.95, where the price may begin to short-term correction or consolidation. The consolidation of each of these levels will signal the forming of the bull market.
XRP price reached the level of $ 0.62 indicated in the previous analisys, after which there XRP/USD has a rebound from this level.
The current movement may be considered as the second wave in the upward five-wave formation. If we consider the current situation as the end of the second Elliott wave, we can assume about the further transition to the third, most impulsive and long wave.
To confirm this scenario, the price has to fix above the resistance level of $ 0.87. From this point, consolidation may begin with further growth.
Probable targets for the third wave: first level $ 1.18, followed by $ 1.46. We will note that from this area transition to the fourth wave may begin. This transition will be demonstrated by emergence of divergence on oscillators.
BCH broke through the resistance in the form of the upper boundary of the inclined channel and fixed above it.
At the moment Bitcoin Cash is testing a fairly strong resistance at around $ 1138.85. The breakthrough and consolidation above this level will testify to the formation of the upward movement.The first target will be the area of resistance $ 1551.99 - $ 1767.65. When it is achieved, one can expect the beginning of a short-term corrective price movement.
LTC/USD continues the movement in a descending channel. On March 18, the price rebounded from its low, after which the level of $ 166.52 has broken through.
In the future we can expect the continuation of the movement to the upper boundary of the descending channel. In case of exit from the channel and fixing the price above the resistance level, the movement will continue to the levels of $ 207.04 and $ 231.21.
However, before this price will meet strong resistance in the form of a psychological level of $ 200. In this area, one can expect a slight consolidation and subsequent growth.
On March 18, the ADA / USDT price chart again updated its historic low and reached a mark of $ 0.12. After that a strong upward movement was formed.
The price has fixed above a level of $ 0.20 and resistance noted by the red line. For some time, the price can move in a narrow range of $ 0.21 - $ 0.23. After fixing above the specified area, you can expect the movement to mark $ 0.28.
If the price does not manage to gain a foothold above $ 0.23, a downward correction to the support level of $ 0.18 may be formed.