Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 28 – Cryptocurrencies Still Moving Sideways

Daily Crypto Brief, August 28 – Cryptocurrencies Still Moving Sideways

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The lack of volume due to the season of holidays doesn’t allow cryptocurrencies to advance. Bitcoin is down flat from its previous 24H value, but still moving in a lateral channel, the rest of the currencies has followed a similar path, with the exception of Bitcoin SV which gained  3%. Market capitalisation descended to $262.822 billion, and BTC dominance is 68.9%.

The 24H heat map below shows the current status of the crypto sector.

What is happening?

 

The virtual product marketplace CoinMall has published it is removing support for Zcash and Bitcoin Cash due to lack of interest by users. Source beincrypto.com.

The Libra Project launches a public bug bounty program in partnership with HackerOne.  The first phase began on June 18 with a test open to about 50 security experts. Now the program is open for everyone willing to participate. Participants can receive up to $10,000 for uncovering severe defects. Source: cryptoglobe.com.

Last Tuesday, Bitfinex announced support for three new stablecoin trading pairs: USD coin to Tether – USDc/USDt, Paxos Standard to Tether – PAX/USDt and TrueUSD to Tether – TUSD/USDt. That came amid criticism from users.

Brad Garlinghouse, Ripple’s CEO, created a tweeter thread to comment on the recent Ripple status “FUD” spread about Ripple, amid the cryptocurrency struggling to find buyers, and many critics about price manipulation.

Venezuelan pharmacy chain Farmarket will accept Dash payments through a Panda Exchange’s proprietary payment system.  Source: coindesk.com.

Technical Analysis

 

Bitcoin


The lack of volume keeps Bitcoin’s price in a tight range between $10,000 and $10,400. There is no direction until one of these levels is pierced with a close beyond one of them.

Ripple


 Ripple is also suffering a lack of volume. Currently, XRP price action is descending slightly, as shown by the MACD, but nothing to help a trader make a decision. Buyers need a close beyond the trendline. Sellers need to wait for a breach of the support level and sell the pullback.

Ethereum


 Ethereum’s support seems to hold. If ETH’s price finally goes beyond this triangular structure, it could create a new ascending leg to test the $203 level. The downside risk is for Ethereum to drop and test its $180 support, although that looks less plausible.

Litecoin


Litecoin moves still inside a kind of sideways channel and currently has bounced off of the lower support area ($71.5). Stochastics are still pointing to a downward move. MACD is useless here.
We can see that buyers show at this level. Also, volume bars suggest a new upside movement which could test the resistance area at $76, although the current candlestick would need to close strongly in about 1 hour. But it could not happen, so we should wait for the close).

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