The market is swimming in the sea of red on Tuesday following more regulation news from the United States Securities and Exchange Commission (SEC). The authority took action against two firms, a broker-dealer, and a hedge fund management firm found in violation of securities laws. In addition to that, a U.S. Federal judge ruled that Initial Coin Offerings (ICOs) are under the Securities Laws. These and other news sent the market on another tailspin this time led by Ethereum (ETH) which corrected lower 7.24% to trade lows of $167.51. Ethereum has retreated over 40% since the opening price in September. Bitcoin (BTC) is supported above $6,200 but still in danger of declines towards $6,000.
Odyssey is among the altcoins that are correcting higher in spite of the bear trend in the market. CoinMarketCap shows that the crypto us up 4% in the last 24 hours. The uptrend was initiated after the recent declines consolidated slightly below $0.0030. The buyers decided to bite back at the bears who dominated the price after the slump in the first week of Sept.
There was a sharp ascent which made it above $0.0036 but formed a bullish flag pattern supported at $0.0032 after failing to clear the resistance at $0.0038. A continuation of the uptrend broke above the flag pattern on Tuesday while supported by the trendline. OCN/USD has traded highs of $0.00487 on the day, however, it is currently seeking support at the 61.8% Fib retracement level with the previous swing high of $0.00487 and a swing low of $0.0029.
The trend has turned bearish, besides the MACD momentum indicator is moving deeper into the negative territory. Similarly, the stochastic confirms the bears’ grip with a dip into the oversold levels. The path of least hindrance is to the south but at the 61.8% Fib level will be instrumental. Other support areas are highlighted at $0.0040 and $0.0034.
Dogecoin is another cryptocurrency that is making its investors happy. The price has remained stable and unaffected by the bear swings being experienced in September. The four-hour chart shows that the uptrend began towards the end last month after breaking out of the range that had the price limited below $0.0025. As covered by Crypto Recorder, Dogecoin approached $0.0070 but ran out of momentum leading to brief declines that have been strongly supported at $0.0060.
The trendline is working as an immediate support while the buyers are pulling the price back to $0.0070. There a bullish trend at the time of writing and the chart shows that the bulls have the steering wheel. The 4-hour 50SMA will prevent declines at the 38.2% Fibonacci level.
Genesis Vision (GVT)
Genesis Vision has gone ballistic today spiking over 16% in the last 24 hours. It is among the best performers rising against all odds to record incredible gains. Most of the altcoins in the market have been paralyzed due to the selling pressure. In fact, Bloomberg reported today that the entire crypto market has lost over $640 billion since the year started.
Genesis corrected higher above $7.00 and overcame the resistance at $8.00. Furthermore, the fireworks extended slightly above $9.5 but began correcting lower on testing $10.00. However, the lower corrections have been supported by the trendline. GTV/USD is trading at $9.2 at the time of press, besides, both the MCAD and the stochastic are both in the green regions.
A break above $9.5 will ensure that the buyers attacks $10.00 and curves another path towards $15.00 in the medium-term. In the meantime, a support is needed at $9.00 to prevent dips into the $8.00 range. The 50 SMA is positioned to offer support above the short-term support at $8.50.