Daily Tech Analysis – July 3rd, 2021

Ethereum rose by 2.79% Friday. Partially reversing a 7.45% slide from Thursday, Ethereum ended the day at $2,156.00.

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A bearish start to the day saw Ethereum slide to a late morning intraday low $2,017.07 before making a move.

The morning reversal saw Ethereum fall through the first major support level at $2,027.

Through the 2nd half of the day, however, Ethereum rallied to a late intraday high $2,159.43.

Falling short of the first major resistance level at $2,232, Ethereum eased back to end the day at $2,156 levels.

At the time of writing, Ethereum was down by 0.28% to $2,150.04. A mixed start to the day saw Ethereum rise to an early morning high $2,166.60 before falling to a low $2,150.04.

Ethereum left the major support and resistance levels untested early on.

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For the day ahead
Ethereum would need to avoid the $2,111 pivot to bring the first major resistance level at $2,205 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,200 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $2,300. The second major resistance level sits at $2,253.

A fall through the $2,111 pivot would bring the first major support level at $2,062 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level sits at $1,967.

Looking at the Technical Indicators
First Major Support Level: $2,062

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Pivot Level: $2,111

First Major Resistance Level: $2,205

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

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Litecoin
Litecoin slipped by 0.09% on Friday. Following a 5.03% loss on Thursday, Litecoin ended the day at $136.91.

A mixed start to the day saw Litecoin rise to an early morning intraday high $139.00 before hitting reverse.

Falling short of the first major resistance level at $143, Litecoin slid to a late morning intraday low $130.60.

Litecoin fell through the first major support level at $133 before a partial recovery to $136 levels.

At the time of writing, Litecoin was down by 0.35% to $136.43. A mixed start to the day saw Litecoin rise to an early morning high $137.34 before falling to a low $136.43.

Litecoin left the major support and resistance levels untested early on.

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For the day ahead
Litecoin would need to avoid the $136 pivot to bring the first major resistance level at $140 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $140 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $139.00 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $144.

A fall through the $136 pivot would bring the first major support level at $132 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$130 levels. The second major support level sits at $127.

Looking at the Technical Indicators
First Major Support Level: $132

Pivot Level: $136

First Major Resistance Level: $140

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP
Ripple’s XRP fell by 0.34% on Friday. Following a 6.24% slide on Thursday, Ripple’s XRP ended the day at $0.65717.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.66686 before hitting reverse.

Falling short of the first major resistance level at $0.6948, Ripple’s XRP slid to a midday intraday low $0.63337.

Ripple’s XRP fell through the first major support level at $0.6355 before a partial recovery to $0.65 levels.

At the time of writing, Ripple’s XRP was down by 0.32% to $0.65509. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.65887 before falling to a low $0.65509.

Ripple’s XRP left the major support and resistance levels untested early on.

New Litecoin All Time Highs Are Still In The Cards

After a week of trending upwards, Litecoin could finally be poised to rally above the $160 target. The coin traded at or above that number for nearly half the year. From the beginning of February until the middle of June, LTC was on a bull run until the entire market’s fall last month.

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But, traders around the crypto world are bullish on the coin and its future. Especially considering Litecoin’s ability to make blockchain transactions faster, and more efficient.

One pseudo anonymous trader on twitter, is optimistic that Litecoin will see a rebound to all time highs in the coming months based on fractals. He stated in a tweet yesterday,

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Litecoin Fractals
Source: Trading View
Related Reading | Ethereum Classic Surges As Crypto Market Recovers

Trading fractals can be very difficult to judge especially with assets like crypto that have not been around for quite as long as traditional stocks so therefore have less plot points for investors to use. However, all analysts can do is use the data available.

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For Litecoin, in October of 2017 there was a large drop of 67% in price. Right after that, the crypto took off to all time highs to date. Now, in June of 2021 analysts are seeing that LTC had a 74% drop in price. Could this distinct drop be the trigger for it to take off again to prices yet unseen?

Only the next few weeks can tell but with the market overall potentially reaching its floor in the past few weeks, Litecoin could certainly be on the verge of taking off again.

Beyond just Litecoin taking off, the analyst seems to think other crypto is poised to rise as well. The “old guard,” mentioned in the tweet is probably referring to Bitcoin and other early blockchain or crypto projects, and the analyst seems to think this fractal could mean these other cryptocurrencies will go on a bull run similar to Litecoin in the coming weeks.

Related Reading | Grayscale Loads Up On Litecoin, Dumps BTC & Other Coins, But Why?

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Can Litecoin Continue Trends From The Past Week?
It remains to be seen whether Litecoin will continue the bull trends from last week. But, if the fractals shown are correct, we may see another surge in the price of LTC as well as other cryptocurrencies.

With a faster block time and very low transactions fees, Litecoin is perfect for micro transactions and point of sale systems.

A bearish start to the day saw Ethereum slide to a late morning intraday low $2,017.07 before making a move.

The morning reversal saw Ethereum fall through the first major support level at $2,027.

Through the 2nd half of the day, however, Ethereum rallied to a late intraday high $2,159.43.

Falling short of the first major resistance level at $2,232, Ethereum eased back to end the day at $2,156 levels.

At the time of writing, Ethereum was down by 0.28% to $2,150.04. A mixed start to the day saw Ethereum rise to an early morning high $2,166.60 before falling to a low $2,150.04.

Ethereum left the major support and resistance levels untested early on.

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For the day ahead
Ethereum would need to avoid the $2,111 pivot to bring the first major resistance level at $2,205 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,200 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $2,300. The second major resistance level sits at $2,253.

A fall through the $2,111 pivot would bring the first major support level at $2,062 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level sits at $1,967.

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Looking at the Technical Indicators
First Major Support Level: $2,062

Pivot Level: $2,111

First Major Resistance Level: $2,205

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

ADA and BCH Maintain Bullish Structures While LTC Breaks Down

Bitcoin Cash (BCH) has decreased considerably since the beginning of May but has bounced at the $450 horizontal support area.

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Litecoin (LTC) is decreasing towards a long-term an ascending support line.

ADA
ADA has been decreasing since May 16, when it reached an all-time high price of $2.46. The decrease was sharp and led to a low of $0.95 three days later. The decrease was preceded by significant bearish divergence in the RSI.

ADA bounced immediately afterwards, validating the $1.05 area as support. The same area has acted as resistance during the previous all-time high on Dec. 2019.

While technical indicators are bearish, as evidenced by the bearish reversal signal in the MACD and bearish cross in the Stochastic oscillator, the bullish structure remains intact as long as the token is trading above the $1.05 horizontal support area.

ADA long-term
Chart By TradingView
The ADA/BTC pair is not as bearish as its USD counterpart.

While there is an ongoing downwards movement since May 16, the token seems to be trading inside a symmetrical triangle, which is considered a neutral pattern. In addition to this, the pattern is coming after an upward movement, thus a breakout would be more likely.

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Furthermore, technical indicators are giving some bullish signs. The MACD has given a bullish reversal signal, the Stochastic oscillator has made a bullish cross and the RSI is moving above 50.

ADA/BTC Triangle
Chart By TradingView
Highlights
ADA/USD has bounced at the $1.05 horizontal support area
ADA/BTC is trading inside a symmetrical triangle.
BCH
BCH has been decreasing since reaching a high of $1,644 on May 12. The decrease was sharp, and a low of $378 was reached seven days later.

The low and ensuing bounce validated the $450 horizontal area as support. Previously, BCH had accumulated below this level for 581 days.

Similarly to ADA, technical indicators are bearish. However, the bullish structure remains intact as long as BCH is trading above this horizontal level.

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Chart By TradingView
Unlike ADA, the BCH/BTC pair looks more bearish than the USD one.

While the token has been increasing since an all-time low of ₿0.0085 in March, the ensuing bounce failed to clear the ₿0.026 resistance area, which previously acted as support.

Despite technical indicators being relatively bullish, the trend is considered bearish as long as the token is trading below this level.

BCH/BTC movement
Chart By TradingView
Highlights
BCH/USD is trading above support at $450.
BCH/BTC is trading below the ₿0.026 resistance area.
LTC
LTC reached an all-time high price of $417 on. However, it dropped immediately afterwards and has failed to find support since.

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It is currently in the process of breaking down from the $140 horizontal support area.

Technical indicators are bearish, and a breakdown could take LTC to the long-term ascending support line at $80.

LTC Ascending support
Chart By TradingView
LTC/BTC has been following a descending resistance line since April 2019.

Most recently, it made an unsuccessful attempt at breaking out (red icon) in May 2019.

Technical indicators are relatively neutral.

Until LTC breaks out from this line, the trend cannot be considered bullish.

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After a week of trending upwards, Litecoin could finally be poised to rally above the $160 target. The coin traded at or above that number for nearly half the year. From the beginning of February until the middle of June, LTC was on a bull run until the entire market’s fall last month.

But, traders around the crypto world are bullish on the coin and its future. Especially considering Litecoin’s ability to make blockchain transactions faster, and more efficient.

One pseudo anonymous trader on twitter, is optimistic that Litecoin will see a rebound to all time highs in the coming months based on fractals. He stated in a tweet yesterday,

When to expect these alts to take off

The crypto-market has been in a stagnant state over the past few days. No cryptocurrency, whether it is Bitcoin or any altcoin, has registered massive price upticks of late. In fact, this can be well evidenced by the dwindling market cap too. At the time of writing, the same had dropped by 4.07% drop in 24 hours and had a value of $1.38 trillion.

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Nonetheless, here’s what to expect from the two of the market’s largest and most prominent alts – Litecoin and XRP

XRP

XRP’s price, over the past 10 days, hasn’t seen any major rally. However, short-term respites have been persistent. For instance, the altcoin was quick to revive itself after it stepped into the $0.52-range on 23 June. As highlighted by the chart below, XRP’s price has been setting higher highs and higher lows too.

Additionally, it should be noted that the alt’s price has skyrocketed most of the time after recording higher lows. At this stage, if buyers continue to rescue the crypto’s price, then XRP’s resurrection would likely happen sooner than expected.

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As a matter of fact, XRP was one of the worst-performing altcoins in the market in 2017. However, within 30 days, after Bitcoin’s $20k peak, XRP rallied by over 10x, thus bringing total gains for its cycle to 62,947%. Commenting on similar lines, popular analyst CredibleCrypto affirmed that XRP’s bull run is still pretty much intact. He said,

“Don’t count it out simply because it had a slow start.”

However as far as the near term is concerned, the $0.5-range has acted as strong support in the recent past and the odds of a breakdown below that, at this stage, seems unlikely.

Litecoin [LTC]

Litecoin’s price has crumbled down massively over the past few weeks. The alt recorded its ATH in May when it breached the $410-mark. However, post that, the drop has been drastic, and the coin has been trading in the $100-range for a few days now.

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In the last 24 hours alone, the coin’s price has plummeted by more than 4%. Amid the consistent downfall, people from the community have now started asserting that LTC’s bull run has already concluded. Narratives like “LTC is dead” and “LTC is heading towards the grave” are doing the rounds on social media.

The lack of price action on the back of Charlie Lee’s talk of “game-changing updates” and David Burkett’s MW update has further fueled this fire.

Demystifying the aforementioned panic claims, however, CredibleCrypto reaffirmed his bullish position on the silver coin. According to him, the alt is well on track to achieve the contrary of what the community is expecting. Now, as indicated by the attached chart, LTC witnessed a similar downfall even in 2017. Notably, the crypto soon resumed its bull run right after that. The analyst added,

“I do think we will see something similar to what we saw in 2017 on the left… Still think new ATH is on the cards.”

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The creator of Litecoin, Charlie Lee, recently mentioned that upcoming updates associated with fungibility and privacy could be a ‘game changer’ for the digital asset, something covered in a recent article. This would be a breath of fresh air for the cryptocurrency, especially since its price has struggled to cope up with selling pressure in the market.

However, the price would require an influx of buyers to help switch its bearish narrative. At the time of writing, LTC was being traded at $134.4, down by 1.4% over the last 24 hours.

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Post the 19 May sell-off, a reactionary buying phase did push Litecoin back towards the $200-mark. However, sellers have dictated market movement ever since. A down-channel formed on LTC’s daily chart as its value declined by nearly 50% when calculated from $200 to its 22 June low of $105.

A minor recovery was seen over the past couple of days, but the gains were restricted at the 20-SMA (red), with the price failing to break away from the pattern. To cushion a downfall, support regions can be observed to be between $104-118, with the Visible Range highlighting high interest for LTC within these points.

However, a close below these points could drag the price all the way towards its December 2020 levels of $90, representing losses of another 30% from its press time level.

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Reasoning

The Relative Strength Index broke south from its up-channel and dropped into the oversold zone on 22 June. Its current leg upwards is crucial in determining its trajectory over the coming weeks. Failing to rise above 50-55 in the coming weeks would mean its bearish trend will likely remain intact.

The Directional Movement Index was not indicative of a shifting trend just yet. The -DI maintained itself just above the +DI while an ADX reading of 36 suggested that the market was still directional. A rare positive came in the form of the MACD which formed a bullish divergence with LTC’s price.

For this to kick in and lead to a faster recovery, losses must be maintained between the support areas of $108-$114. Meanwhile, market bulls must be cautious of a move towards its late-December levels considering the dearth of buying pressure in the market.

Daily Tech Analysis – July 2nd, 2021

It’s been a bullish start to the day following Thursday’s sell-off. Failure to move through the day’s pivot levels, however, would bring support levels into play.

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Ethereum
Ethereum slid by 7.45% on Thursday. Reversing a 5.13% gain from Wednesday, Ethereum ended the day at $2,107.01.

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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary.

A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded.

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Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,277.44 before hitting reverse.

Falling short of the first major resistance level at $2,347, Ethereum tumbled to an early afternoon intraday low $2,072.06.

Ethereum fell through the first major support level at $2,148 before finding support.

Steering clear of the second major support level at $2,019, Ethereum returned to $2,100 levels to reduce the deficit.

At the time of writing, Ethereum was up by 1.01% to $2,128.37. A mixed start to the day saw Ethereum fall to an early morning low $2,097.64 before rising to a high $2,134.48.

Ethereum left the major support and resistance levels untested early on.

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For the day ahead
Ethereum would need to move through the $2,152 pivot to bring the first major resistance level at $2,232 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,200 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $2,277.44 would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $2,400. The second major resistance level sits at $2,358.

Failure to move through the $2,152 pivot would bring the first major support level at $2,027 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level sits at $1,947.

Looking at the Technical Indicators
First Major Support Level: $2,027

Pivot Level: $2,152

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First Major Resistance Level: $2,232

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

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Litecoin
Litecoin fell by 5.03% on Thursday. Following a 0.12% gain on Wednesday, Litecoin ended the day at $137.16.

Bearish from the start to the day, Litecoin fell from an early morning intraday high $144.43 to a late intraday low $134.15.

Litecoin fell through the first major support level at $138 before finding support. A partial recovery to $137 levels limited the damage on the day.

At the time of writing, Litecoin was up by 0.92% to $138.42. A mixed start to the day saw Litecoin fall to an early low $136.45 before rising to a high $139.00.

Litecoin left the major support and resistance levels untested early on.

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For the day ahead
Litecoin would need to move through the $139 pivot to bring the first major resistance level at $143 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $140 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $144.43 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $149.

Failure to move through the $139 pivot would bring the first major support level at $133 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$130 levels. The second major support level sits at $128.

Looking at the Technical Indicators
First Major Support Level: $133

Pivot Level: $139

First Major Resistance Level: $143

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP
Ripple’s XRP slid by 6.24% on Thursday. Following a 0.60% loss on Wednesday, Ripple’s XRP ended the day at $0.66036.

Bearish from the start to the day, Ripple’s XRP fell from an early morning intraday high $0.70433 to a late intraday low $0.64500.

Ripple’s XRP fell through the first major support level at $0.6633 before a partial recovery and a return to $0.66 levels.

The first major first level at $0.6633 pegged Ripple’s XRP fell back late in the day.

At the time of writing, Ripple’s XRP was up by 0.74% to $0.66525. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.65810 before rising to a high $0.66686.

Ripple’s XRP left the major support and resistance levels untested early on.

Can these ‘game-changers’ change anything for Litecoin

Since falling below the $120-mark on the 22nd of June, Litecoin has hiked and recovered by almost 20% on the charts. Good news, right? Not really, especially when you put it in context of the fact that LTC was trading at over $400 less than two months ago.

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Now, there were extenuating circumstances when Litecoin fell. After all, so was the larger crypto-market, with Bitcoin and Ethereum being particularly affected. However, one can also argue that LTC’s recent uptick has been thanks to the aforementioned cryptos too, with both BTC and ETH hiking well above their recent lows.

What is evident, therefore, is that Litecoin has been unable to string together bullish performances or rallies on its own. While Litecoin remains a formidable crypto with a market cap of over $9.2 billion, it would seem that its best days are probably behind it, with newer alts like Uniswap, Polkadot, Dogecoin, and Cardano overtaking it on the charts.

That’s perhaps a cruel assertion to make, but it is also one with good reason.

Ethereum and Relativity

Just look at Litecoin in relative terms, look at it with something like Ethereum beside it. Both Litecoin and Ethereum are two of the older cryptos in the market today, with both having had the opportunity to capitalize on the early adoption phase of the market. In fact, in many ways, both can even be looked at as “legacy coins.”

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However, that’s where the similarities end. While the two were never quite similar by any means, their trajectories over the past few months have been radically different too. Not only in terms of price performances, but on-chain metrics, community sentiment, and sheer bullishness too.

As previously highlighted, Ethereum was one of the cryptos to fall dramatically over the last 45 days. At press time, ETH, despite a decent recovery, was still oscillating between the $2,000 and $2,500 price levels, after having hit an ATH of over $4,300 just weeks ago. And yet, the sentiment around ETH is worlds apart from the one around Litecoin.

It’s fairly easy to explain why most are bullish about Ethereum. The growth of institutional interest, the transition to PoS, ETH 2.0 and EIP-1559, etc. are all aspects that explain such bullishness, especially since these are all key ecosystem-centric updates that are expected to push ETH’s value north in the long term.

MimbleWimble and Litecoin’s price prospects

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However, it would be remiss and frankly, inaccurate to suggest that Litecoin isn’t expecting any updates. In fact, according to Charlie Lee, upcoming Litecoin updates are bound to be a “game-changer.” What are these updates, however?

Litecoin is set to introduce a degree of fungibility and privacy, both aspects that are crucial to the characteristics of sound money. What’s more, these are aspects that are set to differentiate LTC from BTC, a useful distinction in a market where most see Litecoin as a “soft” Bitcoin or the silver to Bitcoin’s gold.

“Fungibility is something that is missing, or, not as good in Bitcoin and Litecoin today…In terms of properties of good sound money, BTC and LTC have everything except fungibility.”

Litecoin is doing the aforementioned by the use and application of MimbleWimble technology via extension blocks. According to Lee, “That’s gonna help it become a better form of money.”

At the moment, the libmw code is still being audited by developers. In fact, according to the latest update from David Burkett,

“We remain on track for activation around the end of the year, barring no major surprises from the auditors.”

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These are major updates Litecoin and its community is looking forward to. But, what has the impact been on Litecoin’s price, however? Virtually negligible. While the likes of ETH have surged on the back of ecosystem-centric developments, Litecoin hasn’t.

Just look at the week after Lee came out to call the aforementioned “game-changers” for Litecoin. The altcoin fell by over 15% on the charts thanks to the wider market’s bearishness. A statement, a categorical statement such as the above had no impact.

Running on fumes?

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There are other factors too that have contributed to such staleness. Consider this – According to the findings of a previous article, the number of Github depositories for Litecoin is terribly low when compared to other mainstream cryptos.

Litecoin’s community sentiment has been hit too, with the altcoin unseen on Sentifi’s rankings just a few weeks after it topped it.

It is hard to say where Litecoin goes from here. Maybe when the upgrades are activated, it will be a different story. Right now, however, it would seem that Litecoin is still running on its legacy coin credentials.

Cryptocurrency Market Rising at 11.2% CAGR to Reach USD 1758 Million by 2027, Launch of New Cryptocurrencies to Augment the Market Growth

Top Players in the global Cryptocurrency Market are Microsoft Corporation, BitFury Group Limited, Advanced Micro Devices, Inc., Ripple Labs Inc., Intel Corporation, NVIDIA Corporation, Coinbase Ltd., AlphaPoint Corporation, Xilinx Inc., BitGo, and BTL Group Ltd
July 01, 2021 00:38 ET | Source: Fortune Business Insights

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Pune, India, July 01, 2021 (GLOBE NEWSWIRE) — The worldwide cryptocurrency market size is anticipated to arrive at USD 1,758.0 million by 2027, displaying a CAGR of 11.2% during the estimated time frame. Cryptocurrency is a system of virtual currency exchange that is aimed to eliminate financial intermediaries.

The developing tendency of people in created nations towards virtual cash trade strategies will immensely affect the market during the gauge time frame.

The joining of blockchain innovation in cryptographic money for quick, secure, and compelling exchanges will reinforce sound development of the market in the impending years, referenced in a report, titled “Cryptocurrency Market Size, Share and COVID-19 Impact Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, Others), By End-use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2021 – 2027 ”, the market size stood at USD 754.0 million in 2021.

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To get to know more about the short-term and long-term impact of COVID-19 on this market,

Please Visit: https://www.fortunebusinessinsights.com/industry-reports/cryptocurrency-market-100149

Coronavirus has plummeted the growth of the financial market across the globe, including the cryptocurrency market. The level of stability in the digital currency landscape has considerably diminished. The market is attracting investments despite the uncertainty prevailing in the digital currency industry. Digital currencies like Ethereum, Bitcoin, etc., have witnessed inflation in prices despite the pandemic. Firms across several nations have paused their mining operations due to the pandemic. Some countries like Russia have delayed the deployment of cryptocurrency laws due to the pandemic.

Raging Coronavirus to Sway Market Potential

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The outbreak of COVID-19 has negatively impacted the global economy. The regression in the stock market has directedly created concerns for the bitcoins. For instance, 12 March 2021, the price of Bitcoin fell below USD 4,000 after a sharp decline in the S&P Index in the U.S. The market crash has incited an increase in investment capital by blockchain companies to compensate for the losses.

Giant blockchain analytics, Elliptic, Chainalysis, and CipherTrace declared that they have cut-price and reduced staffs or intend to do so in the immediate future to lessen the economic effects of the coronavirus pandemic. For instance, CipherTrace has decreased the jobs of the advertising and marketing departments. Whereas Elliptic has eliminated 30% of the workers in the U.S. and the U.K and Chainalysis has planned to reduce employees’ wages by 10% to mitigate the risks.

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We are taking consistent endeavors to assist your business with supporting and develop during COVID-19 pandemics. In view of our experience and aptitude, we will offer you an effective investigation of Covid episodes across enterprises to assist you with setting up what’s to come.

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Segmentation:

Based on components, the market bifurcates into software and hardware. Based on type, the market is classified into Ether, Ether Classic, Bitcoin, Ripple, Litecoin, etc. On the basis of its end-user, the market segments into e-commerce and retail, remittance, trading, and peer-to-peer payment. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Market Driver:

Rising Popularity of Digital Currency to Augment Growth

The rising pattern of cryptocurrency has prompted the acknowledgment of computerized coins like Bitcoins, Litecoins, Ethers, and the sky is the limit from there. The simple and adaptable conditional strategy offered by cryptographic money has encouraged the Central Bank Digital Currency (CBDC) movement arrangements across the world. For example, the Bank of Thailand and the Central Bank of Uruguay have applied for the tool stash to its CBDC assessment measure. The toolbox conveys a guide for the nations to gain ground rapidly and break down CBDC as a trade medium.

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Moreover, the expanding interest in blockchain and cryptographic money by significant organizations will empower the rapid development of the market. For example, in October 2021, Qtum Chain Foundation, a publicly released blockchain application stage situated in Singapore reported an association with Amazon Web Services (AWS) China to convey blockchain frameworks on the AWS cloud. The organization will permit help AWS clients to utilize Amazon Machine Images (AMI) to create and distribute shrewd agreements effectively and productively.

Likewise, the presentation of exceptional advanced monetary standards by prominent organizations will impact the market decidedly soon. For example, in June 2021, Facebook, Inc. declared the dispatch of advanced money named Libra. Libra will empower clients to purchase things or send cash to other people and money out Libra on the web or at basic food item shops.

Regional Insights:

Existential Players to Promote Growth in North America

The market in North America remained at USD 250.9 million out of 2021 and is anticipated to multiply in the approaching years. The development in the district is credited to the rising fame of bitcoins in the US. The presence of major famous players will cultivate development in the locale during the conjecture time frame. The Asia Pacific is required to observe critical development during the figure time frame attributable to the innovative turns of events and acknowledgment of virtual money in Japan. The developing joint efforts among central members will fundamentally support the digital money market development in the Asia Pacific. For example, in January 2021, Z Corporation, Inc. also, TaoTao, Inc. declared a joint endeavor with the monetary help office to grow its essence by affirming administrative consistency in the Japanese market.

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Competitive Landscape:

Acquisitions and New Product Launches to Intensify Market Growth

The global market consists of several key players operating at regional and global levels. These giants focus on enhancing their platforms by acquisitions, partnerships, and expanding their digital infrastructures. For instance, Binance.com introduced the ‘binance cloud’ to offer digital asset exchange with security and liquidity in February 2019.

Industry Developments-

April 2020: Bitcoin.com announced a partnership with the Bit Mining company to expand its services across Japan.
November 2019: Binance.com acquired WazirX. The acquisition has enabled the adoption and production of new financial technologies to simplify access to cryptocurrency.
Key Players in the Global Cryptocurrency Market are:

BitGo Inc. (U.S.)
Binance, com (Malta)
Bitfury Group Limited (The Netherlands)
Coinbase (U.S.)
Coindesk.com (U.S.)
Intel Corporation (U.S.)
Ripple Labs Inc. (U.S.)
Xilinx (U.S.)
Bitmain Technologies Ltd. (Saint Bitts LLC) (China)
Quick Buy- Cryptocurrency Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100149

LTC/USD Keeps Position Close to $150 Level

Litecoin Price Keeps Position Close to $150 Level – June 30
The LTC/USD market keeps its position close to $150 after a smaller line of successive upswings. The market’s worth now trades around the value of 139 at a percentage rate of about -3.34.

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Price Keeps Position Close to $150 Level: LTC Market
Key Levels:
Resistance levels: $180, $230, $280
Support levels: $110, $100, $90

LTC/USD – Daily Chart
On the LTC/USD daily chart, the crypto economy now keeps its position closer to the value of $150. The bearish trend-line drew downward across the bigger SMA to join the smaller SMA at the market’s point earlier mentioned. The 50-day SMA indicator is located over the 14-day SMA trend-line. The Stochastic Oscillators have briefly swerved the blue line into the overbought region. That signals a less impulsive motion in the recent notable rebounding movement of the crypto market.

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Will there be a breakout at the level of $150 as the LTC/USD market keeps its position close to it?
It now appears that there is no stronger signal backing the breakout of the level of $150 as the LTC/USD market keeps its position close to it. A line of variant barriers is built up around that point so that price could see resistance. The market may also start a range-bound moving style around the level in no time. In the meantime, what is technically accepted is that points underneath the trade level earlier mentioned are the support base zones that bulls may reliably get buying entries while price pushes downward.

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As to the downside of this crypto economy, bears needed to heighten pressures around the level of $150 in the subsequent trading days’ sessions. The pathway to the south following the current bearish trend lies around the point. A sudden hike at that point may potentially invalidate the trading psyche of getting a return of downward motion. Therefore, bears should be cautious of exerting a sell order now in the market.

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LTC/BTC Price Analysis
The trending capability of Litecoin as compared with that of Bitcoin appears to be in a motion of gradual recovery. The base crypto keeps its position close to the smaller SMA from underneath. The 50-day SMA indicator is above the 14-day SMA trend-line. The Stochastic Oscillators have freshly moved into the overbought region to suggest that the base instrument is on the verge of relaxing in its active movement to the north.

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Pune, India, July 01, 2021 (GLOBE NEWSWIRE) — The worldwide cryptocurrency market size is anticipated to arrive at USD 1,758.0 million by 2027, displaying a CAGR of 11.2% during the estimated time frame. Cryptocurrency is a system of virtual currency exchange that is aimed to eliminate financial intermediaries. The developing tendency of people in created nations towards virtual cash trade strategies will immensely affect the market during the gauge time frame. The joining of blockchain innovation in cryptographic money for quick, secure, and compelling exchanges will reinforce sound development of the market in the impending years, referenced in a report, titled “Cryptocurrency Market Size, Share and COVID-19 Impact Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, Others), By End-use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2021 – 2027 ”, the market size stood at USD 754.0 million in 2021.

Daily Tech Analysis – July 1st, 2021

Ethereum rose by 5.13% on Wednesday. Following on from a 3.94% gain on Tuesday, Ethereum ended the day at $2,276.72.

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A mixed start to the day saw Ethereum fall to an early morning intraday low $2,089.16 before making a move.

Steering clear of the first major support level at $2,078, Ethereum rallied to a late intraday high $2,288.00.

Ethereum broke through the first major resistance level at $2,251 to end the day at $2,270 levels.

At the time of writing, Ethereum was down by 1.70% to $2,237.91. A mixed start to the day saw Ethereum rise to an early morning high $2,277.44 before falling to a low $2,235.25.

Ethereum left the major support and resistance levels untested early on.

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For the day ahead
Ethereum would need to avoid the $2,218 pivot to bring the first major resistance level at $2,347 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $2,288.00.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $2,500. The second major resistance level sits at $2,417.

A fall through the $2,218 pivot would bring the first major support level at $2,148 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,019 should limit the downside.

Looking at the Technical Indicators
First Major Support Level: $2,148

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Pivot Level: $2,218

First Major Resistance Level: $2,347

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin
Litecoin rose by 0.12% on Wednesday. Following a 4.70% gain on Tuesday, Litecoin ended the day at $144.36.

A mixed start to the day saw Litecoin rise to an early morning intraday high $146.94 before hitting reverse.

Falling short of the first major resistance level at $150, Litecoin fell to a late afternoon intraday low $136.09.

Litecoin fell through the first major support level at $138 before a late move back through to $144 levels.

At the time of writing, Litecoin was by 1.24% to $142.57. A bearish start to the day saw Litecoin fall from an early morning high $144.43 to a low $142.18.

Litecoin left the major support and resistance levels untested early on.

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For the day ahead
Litecoin would need to move back through the $143 pivot to bring the first major resistance level at $149 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $146.94.

Barring an extended crypto rally, the first major resistance level and resistance at $150 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $160. The second major resistance level sits at $153.

Failure to move back through the $143 pivot would bring the first major support level at $138 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$130 levels. The second major support level at $132 should limit the downside.

Looking at the Technical Indicators
First Major Support Level: $138

Pivot Level: $143

First Major Resistance Level: $149

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP
Ripple’s XRP fell by 0.60% on Wednesday. Partially reversing a 9.51% rally from Tuesday, Ripple’s XRP ended the day at $0.70304.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.71322 before hitting reverse.

Falling short of the first major resistance level at $0.7443, Ripple’s XRP slid to a late afternoon intraday low $0.64855.

Ripple’s XRP fell through the first major support level at $0.6546 before a partial recovery to $0.70 levels.

At the time of writing, Ripple’s XRP was down by 1.48% to $0.69262. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.70433 to a low $0.69236.

Ripple’s XRP left the major support and resistance levels untested early on.

Why LTC stands out

Why it stands out: Coinbase offers more than 50 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Ripple. The exchange also offers multiple investment options for individual and institutional clients. Some of its account features include staking rewards, iOS and Android mobile apps, and a Coinbase Earn account option that pays you in crypto assets for watching educational videos.

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Coinbase also offers two other options: Coinbase Pro for advanced traders and Coinbase Prime for institutions and high-net-worth clients (individuals with at least $1 million). Coinbase Pro users get access to more advanced features like secure trading bots, charting tools, and real-time order books.

In addition to the Prime cryptocurrency trading platform, institutional clients can utilize commerce services, cold storage (offline storage for crypto assets), and an Asset Hub that allows issuers to list and grow their products on the platform.

What to look out for: If you regularly use margin accounts to trade, Coinbase isn’t the best choice. The exchange doesn’t let you temporarily borrow money to trade crypto assets, nor does it offer futures (legal contracts that give you the choice to exchange a security at a specific price on a forthcoming date).

Visit the Coinbase website »

Best for low fees: Binance
BinanceUS Logo
Binance.US
Account minimum $10
Fees 0.1% spot trading fee; 0.5% instant buy/sell fee (4.5% fee for deposits with US debit card)
Features Automated recurring buys, over-the-counter trading, staking rewards, crypto pairs, institutional trading services

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Why it stands out: Binance.US was formed in 2019 after Binance halted its services to US traders. The exchange primarily caters to US investors, and it supports more than 50 cryptocurrencies. Like Coinbase, it offers investment options for both individuals and institutions.

Some of its account perks include staking rewards, recurring buys (an automated feature that gives you the option to automatically invest on a set schedule), OTC trading, crypto trading pairs, and Stablecoins (assets that are backed by US dollars).

When it comes to staking rewards, you can earn from 1-10% for holding different crypto assets over a period of time. For instance, if you held 20 QTUM, you’d earn 1-2% back as an annual reward. If, however, you instead purchased and held at least 0.5 ATOM, you’d be eligible for an estimated annual reward of 6-9%.

Binance.US also offers a wide range of features for institutional clients. These include its Websocket feed that produces real-time market data, a trading API, OTC trading portal, institutional monthly staking rewards, and 24/7 customer service.

It also offers mobile access for iOS and Android devices.

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What to look out for: Though Binance.US solely serves US clients, it has a few geographic limitations. For example, you won’t be able to use its services if you’re a resident of Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont. In addition, Binance.US may not be the best choice for beginner traders since its educational offerings are limited.

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Best for futures and margin traders: Kraken
Kraken investing Logo
Kraken
Account minimum Depends on type of cryptocurrency
Fees 0% – 0.26%
Features Nearly 60 cryptocurrencies, margin and futures trading, OTC trading; account management for high-net-worth individuals and institutional clients; multiple trading platforms, educational resources, and staking rewards
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Why it stands out: Like the exchanges above, Kraken has 50+ cryptocurrencies with an array of options both for retail investors and institutional investors. But when it comes to global support, Kraken has a bit more reach than Binance.US. The exchange currently supports traders in nearly 200 countries.

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Kraken also offers margin trading and futures trading. With its margin accounts, you can borrow up to five times your account balance to trade crypto assets. Futures trading — contracts which allow you to buy or sell an asset at a set price on an upcoming date — is available for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.

The exchange also offers its own futures trading platforms. But institutional clients can take advantage of expert insights, one-on-one consultations, account management support, and more.

All clients can utilize Kraken’s staking rewards, iOS and Android mobile app access, and educational resources.

What to look out for: Kraken’s futures mobile platform isn’t currently available to US traders. In addition, only institutional and high-net-worth clients can utilize the exchange’s consultation and account management services.

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Best cryptocurrency selection: CEX.IO
CEX.IO
Cex.io
Account minimum $20 minimum daily deposit
Fees 0.16% – 0.25% maker/taker transaction fees (2.99% deposit)
Features More than 80 cryptocurrencies, margin trading, staking rewards, crypto-backed loans, institutional services

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Why it stands out: Based in London, CEX.IO is a global crypto exchange supporting traders in more than 99% of countries worldwide, including 48 US states, according to its website. The exchange also gives you access to Bitcoin and more than 80 other crypto assets.

All users can access CEX.IO’s instant buy feature (this is only for credit and debit card purchases), mobile app, staking rewards, and crypto-backed loans. But more advanced traders might prefer CEX.IO’s spot trading feature (this option lets you place different types of crypto market orders) and margin trading accounts. Institutions and businesses can use its aggregator and payment management services.

It’s also important to point out CEX.IO’s fee schedule. The exchange has a maker/taker schedule that’s based on your 30-day trading volume. Maker orders can’t be executed immediately since there are no other orders to match with them; however, taker orders match immediately, according to CEX.IO.

Its maker fees range from 0-.016%, and its taker fees span from 0.1-0.25%. You can also access CEX.IO on iOS or Android devices.

What to look out for: Transactions with debit or credit cards can be pricey at CEX.IO. For deposits, you’ll be have to pay a 2.99% fee. Withdrawals for US residents using a Visa card include a service charge up to 3% plus an additional $1.20 and commission up to $3.80. Mastercard users can expect a service charge up to 1.8% plus an additional $1.20. There’s also a commission up to 1.2% plus $3.80.