The cryptocurrency markets looked more optimistic, but many digital assets still struggle to overcome the upper resistance in order to move forward. On Friday, March 8, trading volumes have risen, showing a quick push for renewables, but market indicators point to further hurdles.
Also read: A deeper insight into the manufacturer of Ethereum and Dai Stablecoin
Top cryptocurrencies wrestling with sales walls
Krypto's markets are showing some rigor during trading this morning and leading up to the weekend, with the near-term outlook still optimistic. The total trading volume for the crypto economy has risen today, rising to $ 31.1 billion at the start of the day. At the time of publication, all of the more than 2,000 digital assets had a market valuation of approximately $ 132.7 billion. The Bitcoin Core Markets (BTC) markets show that prices are $ 3,928 and market capitalization $ 69 billion. BTC has gained 1.4% a week and 0.39% over the past 24 hours. The second highest market capitalization still belongs to Ethereum (ETH), where each coin is exchanged for $ 137.
Prices have fallen 0.63% in the last 24 hours, while ETH has risen 0.07% in the last 7 days. The Ripple Markets (XRP) fell 1.15% for the day and 2.55% for the week as each XRP traded at $ 0.31 per coin. Litecoin (LTC) remains the top competitor of the week, with markets still up more than 18% this week and now up 0.13%. Each LTC trades for $ 56 per coin and its market capitalization is approximately $ 3.4 billion. This allows LTC to reach the fourth largest market capitalization. After all, eos (EOS) has risen 4.7% in the last 7 days, but today the currency has fallen 1%. Currently, each EOS is trading at $ 3.76 per coin.
Action Bitcoin Cash (BCH)
Bitcoin Cash (BCH) prices today are around $ 130, and buyers are still struggling to break the upper resistance above the $ 145 zone. Currently, BCH markets have fallen 1.5% in the last 24 hours and 2.2% in the week. BCH has the sixth largest market capitalization on Friday with an overall valuation of around $ 2.3 billion. The five major BCH exchanges that exchange the largest volume today are Lbank, Bitmart, Binance, Hitbtc and Upbit.
The trading platform Lbank today holds the lion's share of the BCH businesses, accounting for 33%. ETH Zurich is still the dominant pair of BCHs on March 8, with 36.7% of all trades. It is followed by USDT (31.4%), BTC (24%), KRW (3.21%) and USD (2.98%). Overall, the South Korean Won saw a healthy increase in BCH trading volume this week. Bitcoin Cash today has the eighth-highest trading volume just below Neo and over Zcash at $ 298.51 million, traded over the last 24 hours.
BCH / USD Technical Indicators
A look at Bitstamp and Kraken's short-term four-hour chart shows that BCH bulls are relentlessly trying to resist the resistance, but so far they have been unsuccessful. Nevertheless, the short-term outlook for BCH remains bullish and some indicators confirm some further attempts by stubborn buyers along the way. Currently, the two simple moving averages with the 100 SMA are well above the long-term 200 SMA trend line. This gives the traders a positive perspective as the path to least resistance is still up.
However, the four-hour Relative Strength Index (RSI -44.3) is in the middle and points to uncertainty among traders. In the middle of last week, the Moving Average Convergence Divergence (MACD) indicated that there was a reversal in the cards and the signal is still pausing. If you look at the order books, there are deep resistances in the range of $ 145-155, and BCH bulls could do well up to the $ 175 range before the next pit stop. We can see on the back that if bears grab the reins, they will be stopped at the current lookout point up to $ 110 per coin and hit bigger wallets again.
The verdict: optimism in the midst of negative prospects
Most traders are optimistic that things will go north for a short time, but some believe the market will fall again after reaching a certain point. The longtime Perma Bear Dr. Doom (Nouriel Roubini) recently said in an interview with the CFA Institute that the BTC will continue to lose value, claiming that crypto supporters are fanatical.
"I've met some of these people, and I have to say that I've never seen people in my life who are so arrogant on the one hand and total fanatics about this new asset class," explained Roubini.
Despite some of the bullish indicators, market analyst Jani Ziedins said to Marketwatch this week that if BTC continues to struggle below the 4K level, BTC may make the case for a bull run disappear. "Bitcoin continues to hover under 4k resistance," Ziedins wrote. "It was not so long ago that we were talking about $ 9,000 in support, then over $ 8,000 and $ 7,000. 6k and 5k did not follow long afterwards. Now $ 4k has been turned off the floor into a blanket. "
The introduction of cryptocurrency for the settlement of financial transactions does not slow down, but accelerates, which devastates the bulls. If BTC turns out to be nothing more than a fad, the price tag of $ 4k is still incredibly expensive and there is still plenty of room to fall.
Despite some negative outlook, fans of the cryptocurrency continue to believe that another bull run is imminent. Recently, Sharepost released a survey indicating that consumers and investors continue to see the future of cryptos as optimistic.
Where do you see the price for BCH, BTC and other coins? Let us know in the comments.
Disclaimer: Price articles and market updates are for informational purposes only and are not to be understood as trading advice. Neither Bitcoin.com nor the author are responsible for any loss or gain as the final decision to make a trade is made by the reader. Always remember that only those in possession of the private keys have control over the "money".
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The Post Markets Update: Cryptocurrencies fights against the upper resistance and was first published in the Bitcoin News.