Cryptocurrency markets have taken a beating in the past few months. While we can point to a number of causes, including the ban on ICOs in China and the subsequent ban on cryptocurrency exchanges in China, the recent hack of the Japanese cryptocurrency exchange Coincheck , and rumors about the South Korean government possibly banning cryptocurrency trading, the root cause is the same: cryptocurrency markets are unregulated, and cryptocurrency markets are experiencing the bubble pop that occurs whenever an asset class or asset market is fueled by speculation.
Cryptocurrency prices are finding support at key moving averages. XRP, IOTA and XEM could suffer more losses if these averages continue to act as strong support. As with any other professional service, the ability to write well is essential to the success of the content marketer. An article needs to be well-written to stand out from other similar articles, but it also needs to be persuasive to entice the reader to click through to the advertiser’s site. The quality of article writing is determined by the quality of the research and the skill of the writing. The researcher should ensure that all of the facts are checked before being incorporated into the article. The writer should use the facts that are gathered to write a concise
XRP prices extended losses and traded below $0.3200 against the US Dollar. (…) The second largest cryptocurrency by market capitalization could test the $0.3000 support area (…)Ripple, IOTA and NEM could continue their losing streak this weekend. The huge cryptocurrency market suffered huge losses this week, with the price of bitcoin falling to the $30,000 mark. The entire crypto-currency market has fallen below the $2 trillion mark for the first time since it reached that level a few weeks ago. XRP, IOTA and XEM are still trading in the red and could lose more as the weekend approaches. However, some analysts believe that the bull market cycle is not yet over and that prices will continue to rise for the foreseeable future. Time to go after the #cryptocurrency and #bitcoin bull market. This cycle is not over yet. – Michaël van de Poppe (@CryptoMichNL) 20. May 2021
XRP price forecast
The XRP has lost 7% of its value in the past 24 hours. The XRP/USD pair pulled back from $1.47 yesterday and is currently trading above $1.10. Bulls are struggling to gain traction and the crypto-currency could lose support at $1.08 if the current trend continues. If this happens, the XRP will drop below $1 for the first time in months. 4 hour chart of the XRP/USD. Source Coinalyze However, the XRP could reach its 100-day simple moving average ($1,445) over the weekend if the general market starts moving higher. If the XRP breaks through this support, it could spur an attempt to recapture the one-month high at $1.70.
Like XRP, IOTA is currently in a downward trend. The IOTA/USD pair has lost 3.9% in the past 24 hours and 33% over the course of the week. IOTA has managed to keep its price above strong support at $1.11. If the cryptocurrency manages to get a foothold on this support, it will move back up and cross the $1.42 support level by the end of the week. However, any near-term recovery of IOTA will need help from the overall crypto-currency market. IOTA/USD 4 hour chart. Source: Coincide On the other hand, if sellers outnumber buyers, IOTA could lose support at $1.11 and the cryptocurrency’s price could fall below $1, paving the way for further losses in the coming days.
Of the three crypto-currencies discussed in this post, XEM is the only one that has performed well in recent hours. The XEM/USDT pair is up 3% in 24 hours, despite a 10% loss over the past seven days. If buyers continue to flock to the XEM market, it could break through key resistance at $0.2549 as early as this weekend. Further bullish sentiment could see XEM break through the $0.30 level as early as next week. Four-hour chart of the XEM/USDT. Source: Coincide However, the broader market is still in a downtrend, meaning the decline could resume. If this happens, XEM could lose its immediate base support at $0.19, giving bears the opportunity to push the price lower in the coming days.All eyes will be on the top 10 cryptocurrencies by market capitalization as we enter a new week. For the past few days, some of the top coins have been mainly trading with a sideways bias. This is not a positive sign, especially when looking at the bigger picture. If the current trend remains in place, we may see all of the top coins lose value over the next few days. As a result, it may be wise to prepare for the worst.. Read more about nem news today and let us know what you think.
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