Despite the negative day on which red signs clearly emerge with over 70% of cryptocurrencies in red, the price of the Eidoo token (EDO) currently rises by 34%.
Eidoo, in fact, today shows a reaction to the umpteenth test of $0.26 cents, a threshold that was tested three times throughout the month of September.
The price of the Eidoo token in the last 12 hours shows bullish peaks that have gone over 60%. It must be understood in the next few days if there are good intentions to get back above $0.45 cents, area of resistance needed to overcome to start drawing technically a bullish pattern with a first target in the area $0.60 cents.
Otherwise, a return below $0.30 cents would still show an underlying weakness for the price of the Eidoo token.
In general, it was a very negative week for the declines seen by 9 coins out of 10 of the first 30 marking declines of more than 20% due to the strong downward movement of Tuesday evening and continuing even in these last hours of the working week.
The whole sector, after the storm that broke down, is trying to put back the bases in order to react to the strong bearish movement. Bitcoin, after more than three months, has violated the supportive area of the descending triangle that contained prices since last June and that previously at each test was defended by purchases, which this time was also missed because of exogenous news to the technical analysis that have lowered the prices of Bitcoin to the level of last June.
Other altcoins have gone so far as to revise the levels of last spring. Even worse for Ripple, which with the last drop pushed prices to update the lows of the year. The same goes for Stellar: both Ripple and Stellar have been travelling with a negative balance since the beginning of the year, with losses from the 1st of January of more than 30%.
The total market capitalization remains silted up just over $210 billion dollars, levels not seen since last May, in a very different context, when the sector was in an upward rising phase.
The dominance of bitcoin barely holds 68%, Ethereum tries to recover 8.5% of the market share, while it is slightly down XRP which remains just above 4.8%.
In this week we have to note the sharp increase in volumes that return to the levels of July, confirming that the bearish phases shake not only the nerves but also the dynamics of trades that increase in the phases of strong corrections.
Bitcoin price (BTC)
Bitcoin in the last 24 hours tries to lay the foundations in the area $8,000 dollars to be able to find a possible reason to push upwards and towards the recovery of at least $8,500 dollars.
The lack of a return to the area of $8,500-$8,700 dollars would continue to highlight a downward trend in the monthly view. The end of September would risk being with a decidedly negative balance.
If by Sunday the price of Bitcoin remains below $8,500, this would be the most negative week since November 2018.
Ethereum price (ETH)
In the last 24 hours, ETH has again tested the supportive base of $153-155, a very delicate level that, in case of a break or violation downwards, would attract further speculation with sinkings that could push Ethereum’s prices to $125 dollars, the next level of support.
It is necessary for Ethereum to recover as soon as possible the $200 level, which was touched at the beginning of the second half of September. It was, however, a false and dangerous bullish signal, invalidated by the lunge that developed on Tuesday with the breaking of the $190 level in the midst of a bearish storm.
In this phase, it is necessary for Ethereum to find valid bases to be able to restart from the area of $155 dollars. Otherwise, the trend that is characterizing the movement of Ethereum in a bearish channel that was formed last June will continue.