NEW YORK – Increased scrutiny for cryptocurrencies has recently affected the daily price analysis for digital currencies like Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, and EOS. In China, the possible prohibition in crypto trading contributed to this slump, though hopes are up with Yi Gang, the new governor of the People’s Bank of China (PBoC).
In South Korea, a polarized approach to cryptocurrencies prevails. With an emphasis on taxing virtual currencies, regulation is under way and is expected to come in full circle by mid-June. Alternatively, the Seoul mayor, a Blockchain technology supporter, has introduced the capital’s very own cryptocurrency — the “S coin.”
Investors can refer to this daily price analysis for possible buy setups.
1. Bitcoin (BTC/USD)
After its meteoric rise in 2017, Bitcoin’s price has persistently nosedived, from last year’s $20,000 down to $7,000. Aggressive buying alleviated this price to $7,372.18. However, buying for a long position is not advised with the current downward trend.
2. Ethereum (ETH/USD)
Lack of investors has weakened Ethereum. Bulls are struggling to defend it at $355 to $385, while bears will continue to celebrate with $300 to 355 levels. It’s recommended to buy Ethereum at its current higher price of $398.
3. Bitcoin Cash (BCH/USD)
Bitcoin Cash is strained with attempts to pull back from its $653 close on April 1. With its price at $686.94, buying is not suggested until a higher close.
4. Ripple (XRP/USD)
As the first quarter culminated, Ripple trading has been dismal. In this daily price analysis, a nosedive continues after breaking below $0.56270. If it goes up to $0.57, buying is suggested.
5. Stellar (XLM/USD)
Stellar is attempting to hurdle the downtrend dash. A long position is suggested when its price crosses north of $0.27.
6. LITECOIN (LTC/USD)
Litecoin is currently priced at $122.70. For the past three days, it has been trading in a tight range. A buy setup is suggested before trading on the LTC/USD pair.
7. Cardano (ADA/BTC)
Cardano has entered the supported range of 0.00001690 and resistance at 0.00002460 after an extended downtrend. If Cardano remains within the range for an extended period, its breakout will be much stronger. A long position is recommended on a close north of 0.00002460 levels.
8. Neo (NEO/USD)
Currently trading at $51.38, Neo was on a bearish $49.04 in March. Sustained buying at above $65 levels is needed before trading.
9. EOS (EOS/USD)
EOS has been trading between $5.1 and $6.2 since the start of April, with stiff resistance from the 20-day EMA. Positive territory will be reached once EOS crosses EMA. With the objective of EOS rallying to $11 level, it is recommended to buy it at $7.5.
Regulation and lack of investors may have contributed to the decrease in cryptocurrency prices. Increased institutional investment and investors can make positive differentials in the daily price analysis and cryptocurrency investing attractive again.