After last Tuesday’s sinking, the reaction remains to be seen. In particular, bitcoin loses its value, which in the night has returned to mark new lows of the month as well as lower lows since last June, causing prices to fall down to the $7,700 area.
It is precisely bitcoin that, unlike the last few weeks, suffers a more marked weakness. Looking through the list of big names, the bitcoin value is followed in negative territory only by Binance Coin, which oscillates around parity. The LEO token moves back 1% from yesterday’s levels, while Monero loses 3%.
The other cryptocurrencies are characterised by green signs. Among those that are demonstrating their desire to go against the trend and react to the falls of recent days, there is Ripple (XRP), which rises by 6%. Followed by EOS and Stellar (XLM) which rise by 4%. All three experienced price declines that pushed prices to set new negative records for the year, reaching the lows of 2019.
The trend is similar for TRON (TRX), which today rises by 5%, trying to keep away the movement that in the last 3 months has brought the prices of the token back to last year’s levels.
This was a signal that led investors to move away and stop trusting the project, also because of the controversies surrounding CEO Justin Sun. In recent periods, TRON has not only seen a collapse in prices but also in interest in the interactions on social networks.
Cosmos (ATOM) stands out among the best of the day, rising by more than 10%, trying both to recover 2.5 dollars and to recover the 20th position in the overall ranking. Cosmos, with the rise of mid-September, had even conquered the 18th position.
The bearish movement of five days ago certainly saw Cosmos push just below the $2 threshold. It is an unhealthy signal that could technically give a double minimum signal from which to restart, but that will have to be verified in the coming days.
In any case, today Cosmos stands out as the best among the first 100, followed by Zilliqa (ZIL) in 76th position which rises by 8%.
At the opposite end, there is Pundi X (NPXS), which loses 11%. Despite the efforts of the team to launch a POS service of debit cards linked to cryptocurrencies in the Asian market and Venezuela, this policy is not yielding the expected results and the value of the Pundi X token continues to fall to the lows of 2019.
The total capitalisation remains anchored between 210 and 215 billion, the lowest levels since last May. The weakness of bitcoin brings dominance back to 67%. While Ethereum returns to 8.7% close to the highs of mid-September. Ripple goes over 5%, a level it had abandoned at the end of July last year.
Bitcoin (BTC) loses value
The price of bitcoin still does not seem to give any major reaction, which would result in a recovery of the 8,500-8,700 area. On the contrary, prices in the night have gone below the lows of last Thursday to test the 7750 dollars.
By now it is more likely that the value of bitcoin could test the $7400-7500 area, an important threshold in the medium term because between last May and June this proved to be an important support that then in early summer began the rally that led to a step from 14,000 dollars.
In this context, the technical structure is decidedly reversed, with a bearish trend that even though it lasted throughout the summer it gave a strong signal with the movement of a week ago.
For bitcoin, it is important not to go below the $7,400 threshold in order to start evaluating a level from which to start again.
Ethereum (ETH) price
The sinking of the last few days had already anticipated a new minimum of the last 5 months. The reaction of Ethereum today reports the prices to want to test the 175 dollars.
Unlike two weeks ago, the 175 dollars became an area of useful resistance to be broken upwards to try to resume the 200 dollars in the next few days. If this does not happen, the structure of Ethereum will continue to remain bearish in a descending channel that has been present since June.