The crypto market has been downward for the past few weeks. As Bitcoin continues to rise, other cryptocurrencies follow suit. The market has seen some turbulence as of late. Not all are concerned about this. As long as there is a sense that these coins will see growth in the future, many traders will buy and hold on to their positions. This week, we have a lot of interesting cryptocurrencies to look out for.
Table of Contents
Bitcoin (BTC)
The perpetual $BTC swaps market is experiencing strong selling pressure. Interest rates are at a historic low across active exchanges, and volume is spiking with the decline in BTC price since April 16, suggesting that more traders are looking to short Bitcoin. Open Interest has also been rising, suggesting an increase in sellers.
BTC is currently priced at $40,720.88 and ranks #1 on CoinMarketCap. BTC also has a supply of 21,000,000 coins with a market cap of 774 billion dollars.
Ethereum (ETH)
The ETC market has been experiencing a strong increase in outflow volume. In the past 24 hours, the outflow volume has increased by +70.05% and +86.95% in the past seven days.
ETH is currently priced at $3,011.73 and ranks #2 on CoinMarketCap. ETH also has a supply of infinite coins with a market cap of 362 billion dollars.
In the 1D timeframe, the price action of $ETH/USDT acted out accordingly, as was expected in the chart before the price action formed another Lower low.
Compound (COMP)
This week’s latest market data shows a significant decrease in transactions volume with a high of 237.36k COMP and a low of 61.5k COMP.
COMP is currently priced at $138.53 and ranks #85 on CoinMarketCap. COMP also has a supply of 10,000,000 coins with a market cap of 929 million dollars.
On 1w timeframe, $EOS/USDT has been trading in a downtrend for months, and the price action is getting reversed from its strongest support level.
Decred (DCR)
Decred is a cryptocurrency that works through 2 main consensus models. It involves 60% of the reward generated from mining going to proof of work miners, with 30% being split among proof of stake voters and 10% helping fund protocol development. Decred currently ranks among the 100 largest cryptocurrencies by market cap and has achieved some moderate success until now.
DCR is currently priced at $65.36 and ranks #89 on CoinMarketCap. DCR also has a supply of 21,000,000 coins with a market cap of 908 million dollars.
On 1w timeframe, the price action of $DCR/USDT formed out the Descending Triangle Pattern where the price action currently respects the Horizontal Support level.
EOS (EOS)
EOS is a blockchain that has built-in software for creating company applications. It offers extra features not found in other blockchains, such as it allows secure access, authentication and permissions. Data hosting, usage management and communication between dapps and the internet are also present. EOS is currently in the top cryptocurrencies in terms of market cap and has among the most potential long-term. It also has a very strong expected growth rate to match its current ranking.
EOS is currently priced at $2.43 and ranks #47 on CoinMarketCap. EOS also has a supply of infinite coins with a market cap of 2.4 billion dollars.
In the 1D timeframe, the price action of $EOS/USDT playing out within the ranges of Support and resistance level
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Closing Thoughts
Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.
