The crypto market is still bleeding, although there is some light at the end of the tunnel. It is mixed red and green today with Bitcoin correcting lower 1.87% on the day while exchanging at $3,826. NEO is the biggest loser of the day among the top 20 digital assets, it is recording a 5.31%. Dash has not been spared by the selling pressure succumbing to declines with daily losses standing at 4.46% at the time of writing. The rest of the market is mixed red and green but most of the crypto are in the red. Experts and analysts in the industry believe that the meltdown will hit the floor soon and recovery will begin in the first quarter of 2019.
XRP, the token issued by the San Francisco based blockchain company Ripple continues to struggle with the bear pressure unable to come out of the short-term descending channel. The asset is down 1.25% on the day after opening the trading at $0.3515. It is exchanging hands at $0.35.
Towards the end of November, XRP corrected higher after the declines found balance at $0.34. The bounced stepped above $0.4, however, the trend ran out steam resulting in retracement that tested the 23.6% Fib level taken between the highs of $0.4089 and the lows of $0.3375. There was a slight recovery from this level but XRP price turned bearish at the beginning of December. In fact, fresh declines resumed on Monday this week where XRP/USD explored new month’s lows (swing low).
The asset has been deflating within a descending channel in the last one week. The upside is limited by the upper trendline while the lower trendline is working as a support. Both the 100 SMA and the 200 SMA will limit gains towards the seller concentration zone at $0.4. Presently, it seems that XRP has found the intraday support at $0.4 and the stochastic shows that the trend is likely to continue in the sideways direction.
We can see that the bulls are out of hibernation at the time of writing with Cardano having broken out of the short-term trendline resistance on the 15-minutes range. CoinMarketCap shows that the asset is down 4.39% in the last 24 hours. The lock-step trading yesterday ended in a slide below the support at $0.037. ADA/USD formed lows of $0.0364 before the ongoing bullish correction started.
Cardano is currently trading at $0.037. The trend is bullish with eyes locked on $0.038, which will open the door for gains towards $0.04. The stochastic is advancing upwards to confirm that the bulls will keep the control in the short-term. However, the price is still trading below the moving averages. To come out of the bear range, Cardano must reclaim position above $0.04.
The third largest crypto by market capitalization appears to have found a bottom. The asset has been correcting lower since January. From the all-time high traded at the end of last year, Ethereum has lost over 90% of its value. Following the declines last month, ETH/USD resumed the trend from the major support at $100. The recovery, however, lost momentum short of $130 sending the asset back to the drawing board.
At the moment, Ethereum is trading at $108 and is using the 23.6% Fib level with the last swing high of $114.28 and the swing low of $107.49. The 100 SMA is crossing above the longer term 200 SMA as bulls take back control. Technical indicators like the stochastic is in the overbought, to mean that Ethereum price could start trimming the intraday gains. The initial support at $105 will continue to hold ground but ETH has a major support at $100.