Published: Fri, August 10, 2018
Business | By Tara Barton

BR Analysis. The most popular cryptocurrencies on August 8

BR Analysis. The most popular cryptocurrencies on August 8

Until now, payments could be made in Bitcoin, Bitcoin Cash and Ethereum, giving Coins 5 million customers access to some FIAT-alternative payment methods. With the help of coin.ph, this water bill can be easily and conveniently paid for with cryptocurrencies and very soon the native cryptocurrency of Ripple, XRP can also be used for the same goal. NY time, trading at just under $6,500, according to data from CoinDesk. The price for one XLM was Dollars 0.22.

Of course, there are a couple of traders calling for lower prices & most cryptocurrencies are nearing near to the bottoms they touched several times already. The general sentiment in the market is that the lack of a Bitcoin ETF leaves many unanswered questions as to the future of the cryptocurrency industry.

The 24-hour trading volume now stands at $320 million, higher than the $256 million recorded yesterday. More importantly, there is a new contracting triangle forming with resistance near $608 on the hourly chart of the BCH/USD pair.

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The Bitcoin price lost over $500 over the past few hours, plummeting from $7,000 to its current level just above $6,500. Looking ahead at order books, BCH bulls need to surpass mega-resistance from now until $640 and after that, it may be easier to move northbound. ETH/USD tumbled by more than $50 this week and traded below the $400 and $380 support levels. "I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets". Later, the price started an upside correction and traded above the $580 level. It represents the 38.2% Fib retracement level of the recent decline from the $712 high to $565 low.

At the outset, the price remains in a downtrend and if sellers push the price below the recent low of $346, there could be another sharp drop.

It opened the doors for more declines and BTC price traded below the $7,000 support and settled below the 100-day simple moving average. Now there is a slight fear that XRP may take a while to push through to $0.360, yet there is little worry of XRP slipping down to lower prices. Should the price break the triangle resistance, it could move towards the 38.2% Fib retracement level of the last drop from the $0.4624 high to $0.3198 low. The price per one EOS was United States dollars 6.17.

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