The crypto market has been immersed by the bear in recent days due to the generalized uncertainty that was largely driven by China’s explicit banalization towards cryptocurrencies in an attempt to monopolize the market and technology behind the assets.
In addition to the above, false rumors against major exchanges such as Binance and Bithumb increased the negative outlook and the consequences were visibly harmful to the emerging market, sending Bitcoin and the main cryptos down the valley over the weekend.
Now, as if it were a planned strategy, a report by the People’s Bank of China posted by a user on Twitter indicates that the 173 digital trading platforms in the Asian nation have come out without risk during 2019. The news has run like a powder and some altcoins already begin to show signs of recovery. Let’s see the highlights of the top 30 most important in the market.
Just in: "The 173 Chinese virtual-currency trading and token issuing platforms have all exited without risk", from PBoC's newly released China Financial Stability Report (2019).
— cnLedger (@cnLedger) November 25, 2019
Ontology (ONT) Price Analysis
Ontology, the cryptocurrency-focused on distributed registries and smart-contracts, has gained + 5.08% in the last 24 hours and priced at USD 0.618926 according to the CoinMarketCap price indicator. Ontology has a market capitalization of almost four hundred million dollars that allows the digital currency to sit on the position 25 of the general market ranking.
The altcoin, as well as the rest of the market, saw price fall fifteen days ago after testing Fibonacci levels at 78.6% that allowed it to be priced at ninety cents a unit.
In the last 24 hours, ONT has been testing levels near its immediate resistance USD 0.6358. This allows it to reverse the downward trend and everything seems to indicate that the inverted wedge will soon be broken successfully to enter the Fb zone at 23.6%, and this would mean the return of the altcoin to the bullish green zone at USD 0.70.
In that sense, the indicators for the ONT/USD pair in Binance for 4H indicate that:
Aroon has decided to reverse the downward trend that has dominated the chart in the last seven days, with a bullish signal at the top.
RSI has left the oversold zone and is at optimal levels of purchase in the equilibrium limit zone, synonymous with confidence returning to the ONT market.
In line with the above, CMF tells us that the signal of capital inflow into the ONT market has begun to increase.
Cosmos (ATOM) Intraday Price Analysis
So far, Cosmos project leads the bull run of the altcoins among the top 30 cryptocurrencies with a recovery of + 5.75% and a market capitalization of about USD 645 million dollars that place it on position 18 of the general ranking.
In recent weeks, ATOM has seen tremendous growth in its price, and part of it comes from the news related to its use cases in fields such as Web 3.0. For now, the project has seen price rise from USD 3.03 in the lower Fibonacci zone to 23.6% to test up to 50% Fb levels in the last two candles for the 4H chart of the ATOM/USD pair on Binance Exchange.
Now its support rests on the cross of EMA 9 and 21 at USD 3,164 and following its projected upstream channel we could see the token reach levels of Fb at USD 3.70.
In that sense, RSI shows that the buying pressure has increased to optimal levels by locating an upward trajectory that is expected to be achieved up to RSI 60 values for this week.
Bitcoin SV (BSV) Intraday Price Analysis
At the time of writing, BSV presents a spot price of USD 107.37 per unit with a growth of + 3.57% in the last 24 hours, placing it as the third best-performing cryptocurrency.
Craig Wright’s cryptocurrency has done very well in the market. It has generated yields in the recession, handing it the right to advance to the top ten of the market, surpassing longer-term projects in space such as Tron (TRX). BSV has spent in the last 72 hours moving from USD 88.52 to USD 107 in a spring caused by the breakdown of its bearish flag.
Now BSV struggles to break its immediate resistance in the upper Bollinger Band at USD 111.84 as its support is set at the limit of one hundred dollars. Its positive change in the last 24 hours has been the result of a momentum generated at dawn on Monday, just at the end of the geometric figure mentioned above.
In addition to BSV presenting a fairly stable bollinger cloud, the RSI indicator shows purchase symptoms by averaging values close to 54.08
On the other hand, Awesome Oscillator shows a positive slope, after the last red histograms were not strong enough to maintain the bearish momentum in the domestic BSV market.