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Market overview

Bitcoin dominance in the market has risen to 2018 highs while most of the altcoin in the market continue to dump. The market capitalization has remained deflated below $200 billion while Bitcoin market cap is at $109 billion. Its price action has remained the same since yesterday with the upside cap at $6,400 while the buyers are defending $6,200 support. Ethereum is down 2.2% on the day while trading at $195.

Ether markets continue to suffer due to the dwindling investor confidence. Ripple is exchanging at $0.26 after a 1.71 percent drop on a daily basis. Most of the altcoin are still dumping with Cardano leading the declines by a 5% drop. However, some selected altcoins are shaking the market with constant growth amid widespread falling prices. Such is the likes of Waves (WAVES) and Dogecoin (DOGE).

Waves (WAVES) Technical Analysis

Waves spiked by over 20% in less than 24 hours to trade above $2.6. The altcoin defied the widespread dumping that has been sweeping through the market since mid-last week. Prior to the surge, the crypto was range-bound below $2.6. There was a break above both the 50SMA and the 200SMA on the 15-minutes timeframe chart. This paved the way for a sustained jump in several engulfing candles.

Waves extended the gains above $2.5 but about-turned short of $2.6 resistance leading to declines that were short-lived after a support was established at the 38.2% Fib retracement level with the last upward movement at $2.64 and a lower movement at $1.93. The gains continued during the Asian trading hours today where there was a break above yesterday’s resistance at $2.6. The bulls failed to sustain the price above this level but another short-term support has been formed at$2.30.

The bears are seeking for more entry positions but the trendline support seems to be holding ground as well. On the upside, the 50SMA currently at $2.4 will limit gains heading to $2.5. However, a break above $2.5 could have the price not only step above $2.60 but attack $3.0 in the medium-term.

Dogecoin (DOGE) Technical Analysis

Dogecoin recently broke out of the contracting triangle pattern as predicted in the analysis published on Crypto Recorder. The bullish trend continued above the resistance at $0.0058 and came close to $0.0070. The trendline has been working as a bouncing wall to the price preventing further break down when the price comes in contact with it as seen on the chart below.

The altcoin is surging ahead as if it is not in the same bear market that has coins like Ethereum (ETH) and Bitcoin Cash (BCH) deflated below $200 and $500 levels respectively. Dogecoin is trading at $0.0062 after a brief slide from the weekly high at $0.00699. There is a bullish trend on the chart confirmed by the stochastic which is changing direction north. The immediate hurdle is at $0.0064 while a break above $0.0066 will see another sustained movement above $0.0070 and eventually $0.01. A support is observed at $0.0060 and $0.0058 – $0.0056.

Tron (TRX) Technical Analysis

Tron has continued to cancel declines following the recovery from last week’s declines that had it exchange hands at $0.0187. A pullback occurred as buyers entered but the gains were limited below $0.0202. The digital asset has since then been trading lower highs and lower lows. Similarly, it is exchanging hands at $0.0188.

The stochastic on the short-term 15-minutes chart is advancing into the oversold region to signal that the bears have the influence at the moment. It is essential that the buyers defend the support at $0.0188 in order to stay away from further breakdown. At the same time, they must pull back above $0.0190 and focus on finding a support above $0.020.

 


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