In the past week, the declines have stopped. Since our last market update, the bitcoin has been on a positive uptrend of about 2%, but still looks fragile. Apparently, the floor was found at a price of around $3,000 per bitcoin. In the past week, the market has been relatively calm after the storm we’ve suffered in recent weeks. There were fewer news but more rumors. For example, it has been rumored that the online giant Amazon plans to support payments through Bitcoin. Some of the alts have risen and some are in stable accumulation phase.
No new announcements from China, and the hype around the cryptocurrencies market continues for now. With regard to ICOs, we may be experiencing a decline in interest from investors. Nevertheless, ICOs continue as usual (except for the Chinese ICOs, of course). Due to the large amount of ICOs and the fact that some of them are scams or exaggerated ICOs, investors are gradually becoming more cautious and analytic in this field. It is recommended to read our site’s guide about how to choose whether to invest or not in an ICO. A large proportion of the newly raised ICOs are traded at a lower price than they were at the time of their ICO. Another reason is that investors do not rush to invest in any ICO and are more considerate than what they were before.
Kyber Network is an example of a successful ICO. Kyber, which started trading today, was conducted in a slightly different model than the common model. Kyber Network’s model, which is similar to the ICO model of 0x crowdsale, was more rigid in the aspect of identity verification (KYC), which included advanced validation, and also granted an individual cap for each investor to a relatively small amount of 3.6 ETH per investor. This registration process, which limited the number of investors, prevented large crypto whales from buying the entire coin supply and created an extensive community around the project. Kyber is currently trading at a price of times 3 to 5 higher than the ICO price.
This week, the price of ZCash rose by 17%, Dash’s price rose by 13% and Ethereum’s by 14%. These rises refer to the price of Bitcoin. This trend indicates on the strength of the biggest altcoins, which are going to stay with us for some time.
Keep in mind – the market is still at a very high risk. These are the time points where experienced traders are looking for opportunities. There is no certainty about the continued decline, and it is difficult to know if we are actually in the middle of a wave of upward movement towards November. On November, another split will take place and may cause the market to act the opposite way expected, as happened during the split with Bitcoin Cash in early August. This period is similar to the period before August, but at that time, the Bitcoin price was around $ 1,800.
As mentioned above, the support around $3000 has been confirmed strong and we are currently moving on the Fibonacci level which has supports around the $3600 level. Leakage to the $3450 areas may occur, where support have increased there. The trend is positive but fragile, the market may need to gain a little more trading volume until the next move up. Currently, the resistance is around the price of $3900.
An increase of 14% in price compared to Bitcoin. Since our previous market update, the price seems to be taking off from the support areas that have accumulated around 0.07BTC, with slight swings down to the area around 0.067BTC. The trend is now positive, hence the next resistance resides in the 0.083BTC area, a target that from here does not seem too far.
The coin is traded against the dollar around the price of $280, with an increase of $80 since touching low at $200, affected by the decline of Bitcoin one week ago.
Against Bitcoin, this week we saw a nice 17% rise, but the price is still in its lower areas. The coin is currently in accumulation phase. A visit to the support areas at 0.047BTC did not hold much, and low volume demand was enough in order to send the price back to 0.057BTC. The strong resistance remained around 0.07BTC, where the previous breakout attempts were. Currently trading around 0.054BTC.
Against the dollar, the graph looks completely different, there is high demand around the price of $140, the coin is currently traded around the $200 price and the nearest resistance is around $ 260-280.
A correction to 0.024BTC levels has recently taken place, a five-week correction which does not take us back to the prices we saw before the rise to 0.035BTC and appears to be a stable and healthy correction.
Against the dollar, XMR is traded around the price levels of $90, at its recent low it reached $75 and for a very short while even down to $50 in early August, now these levels look like history.
The ICO Section
An interesting ICO that will take place soon, BitIndia, is based on the Ethereum blockchain (ERC-20). Led by senior advisor John McAfee. The ICO aims to create a unique trading platform for India, a huge market as we all know. Obviously, the fact that China has quit the game, at least for now, may place India as a leading crypto empire.