Chinese crypto projects gain in value
Trading

Chinese crypto projects gain in value

By Federico Izzi - 13 Nov 2019

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There were no particular fluctuations in the cryptocurrency sector. Among the big ones, Chinese crypto projects stand out, starting with Neo, which today rises by 8%.

Neo is trying to catch up with other tokens from China, which are experiencing a positive flow due to the clear opening made official by the Chinese government

There is another Chinese crypto project among the best of the day: Binance Coin (BNB), which is trying to consolidate at over 20 dollars and today earns 3%.

Chainlink (LINK) is also worth noting: although it is made up of an international team, it aspires to the Chinese and Asian market in general and this is bringing it to life despite the suffering of the last period.  LINK, in fact, today marks a +6% and strives to reach 3 dollars, a threshold already reached four times. Chainlink is to be followed carefully as it is the protagonist of one of the biggest increases of 2019, which saw it reach a maximum of 4.5 dollars. 

The first three cryptocurrencies remain at yesterday’s levels. The deviations of the last 24 hours are a few decimals, with bitcoin, ethereum and XRP that today all fall by 0.2%.

Source: COIN360.com

Among the first 20, the prevalence is red, with about 70% in negative territory. The perspective improves by amplifying the analysis to the first 100 where there is a balance between red and green signs.

The market cap remains stationary at 240 billion dollars. The dominance of bitcoin, Ethereum and Ripple do not change. Bitcoin is still at 66% dominance, Ethereum remains at 8.4%, Ripple slows down slightly with a retreat of a few decimals, pushing below 5% of market share. 

Volumes are on the rise with daily trades just over 65 billion dollars, levels far from what was recorded two weeks ago when trades were well over 150 billion dollars.

Bitcoin chart by Tradingview

Bitcoin (BTC) News 

Bitcoin continues not to give decisive signs of recovery of 9,000 dollars, reaching almost 8,700 dollars – which was resistance until August – now important support in the short and medium-term. 

For bitcoin, it is necessary not to go below the threshold of 8,200-8,000 dollars if it wants to give signs of consolidation and attract new purchases. Trading volumes remain in the average of the last week but below the average of the upward trend at the end of October.

Ethereum chart by Tradingview

Ethereum (ETH) Value

No particular news for Ethereum that continues to fluctuate around 185 dollars, which has become a centre of gravity that gives no technical or operational cues. 

The phase of uncertainty for Ethereum is prolonged and it is not able to give clear signs of breakage. This phase that has been going on for a month becomes dangerous with a movement under 165 dollars, which would be one step from the minimum reached in the second decade of October at 155 dollars. 

A possible sinking under this level would put in serious crisis the holding of the medium-long term supports of Ethereum placed in the $125 area and then $100.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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