Over the past few days, there’s a changing price action in the crypto space. You may find signs of market control by bears, and then, it was the bulls who took over and pushed the market 2 to 3 % on a sudden. Based on the relative volatility index, there’s a possible semi-big move in either upside or downside due to signs of volatility.
However, considering the significant gains in market capitalization, the crypto market successfully started the week with a positive position. Following the first sell-off in Bitcoin (BTC) and other cryptos caused by the coronavirus outbreak, the markets were rising and stabilized once more. In fact, the total crypto market cap has reached $243 billion from $227 billion, showing that a lot of traders are buying cryptos.
According to analysts, in the case the coronavirus scare gets contained, then the markets can possibly give up a few of recent gains and focus on the fundamentals. But, let’s see first the price action of some cryptos for the January 27 market trade.
XLM’s 20-Day EMA Bounce-Off
Following the 20-day EMA bounce off, the bulls are now trying to break the recent highs above the $0.066261 level. Once successful, XLM could rally towards $0.088708 overhead resistance level. However, if the price of XLM further collapses from $0.066261, then the XLM/USD pair will stay on the range-bound position in the next few days.
ETC’s $10 Overhead Resistance Level
Interestingly, the bulls were able to push the price of ETC above than $10 overhead resistance level. If they can maintain that price level, then it will result to a fresh uptrend. Meanwhile, if the altcoin could cross the $12.04 upside’s first level, then will call for a rally towards $16.60.
BNB’s Is Set to $18.50 Resistance Level
Currently, BNB stays on $16.50 and $18.50 range-bound. The bulls are currently trying to push the price to $18.50 resistance level. If successful, the crypto will rally towards $21.80 level. If not, the BNB/USD pair will remain on range-bound in the next few days.
EOS’ $3.47 20-Day EMA
Over the past two days, EOS has seen with a sharp bounce off action. This resulted to a $3.47 20-day EMA. With this 20-day EMA along with RSI being on the overbought position, the bulls remain to be in control over the market. If they become successful in breaking the above $4.24 overhead resistance, then EOS could rally towards $4.8719.
LTC Targets $66.1486 Gain
Since LTC has been picking up the momentum over the past two days, the crypto is now targeting the $66.1486 level. In the case that the bulls fail to break above that level, then the LTC/USD pair will extend to range-bound in the next days. Then, the bear can sink the price of LTC under the $50 support area.
BSV’s Attempt to $337.80 Overhead Resistance Level Currently, the bulls try to push the price of BSV to $337.80 overhead resistance level. Once the bulls break the price above $337.80 level, it will signal for a re-test to $ 458.74-lifetime highs. If not, the BSV/USD pair will exte