Home Unassigned News Daily Crypto Brief, August 30 – Coins Bouncing but Bearish Sentiment Still...

Daily Crypto Brief, August 30 – Coins Bouncing but Bearish Sentiment Still Present

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Cryptocurrencies continue descending yesterday, although at a lesser pace, Bitcoin moving about -2.26%, Ethereum -2.3%, Litecoin -4.78% and XRP +0.26. That was the product of a bounce that took place from yesterday’s evening and is still holding. Market Capitalisation descended to $246.446 billions and Bitcoin dominance holds at 69.1%.

image source:coinmarkercap.com

The below heat map shows the current coin performance compared to its previous 24h figure. There we can see there is a slight bounce in development.

What is happening?

MacAfee Labs, in a recent report, mentions an increase in cryptojacking campaigns. Reportedly they attacked Windows and Mac computers to mine crypto. Monero being a very private coin, is popular among highjackers. Source: coingape.com.

In the same vein, French C3N digital crime centre took down a Monero botnet that infected 850K devices in 100 countries. Source: cryptoglobe.com.

Binance founds more than 40 developers on open-source crypto projects. Binance X offers developers a fellowship program for research and development of blockchain-based software. Source condesk.com.

Switzerland largest supermarket chain, Migros, is integrating blockchain-based solutions for food safety assurance, according to the announcement.

TE-FOOD is the world’s largest publicly accessible, farm-to-table food traceability solution. [It] serves over 6,000 business customers, and handles 400,000 business transactions each day.

Source: dailyhodl.com.

Amanie Global Financial Advisors and influential Muslim scholars released a “Shariah whitepaper on Ether”. That paper set the guidelines for a Shariah-compliant way to deal with Ether and Ethereum. Source: cryptoslate.com

The main objective of the paper is to outline the Shariah parameters of Ether, the cryptocurrency of Ethereum platform based on the extensive research on the subject from the perspective of Shariah and Islamic finance industry.

source: amanieadvisors.com.


Technical Analysis

 

Bitcoin


The (green) supply area is producing a bounce in the Bitcoin price. The volume bars still prove that sellers control the price action, so we do not assume this bounce to last for long. The highest target is $9,750. The 4H chart displays the key levels involved.  Above the price are resistances, below the price supports. The technical studies also show that bearishness is currently dominant.


Ripple


Ripple has jumped off of its 0.2463 lows, and it originated a large upward candlestick which now is being retraced. MACD and Stochastics point for a downward continuation and a further test of the recent bottom, but the large bullish candle makes me think that there are buyers at these levels. Today’s action may depend on how the other coins behave. Labels on the chart show important levels. Above the current price, they will act as resistances and below it as supports.


Ethereum


Ethereum continues dominated by the sellers. Yesterday’s bounce was very limited, and the last candles are showing bearish bias. MACD and Stochastics confirm this idea. The next support for the price is $163.5, while the next resistance is $174


Litecoin


Litecoin’s price is descending as stated in our yesterday’s brief, and the price continues going toward’s its $61 support level. Daily stochastics and MACD validates the price action. Only a strong bitcoin jump today would improve LTC’s current situation.

 

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