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Momentum Shifts as Crypto Bulls Wrestle Back Control
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The cryptocurrency market flipped bullish this past weekend with many aseets registering double-digit gains.
Bitcoin (BTC) saw a 10% rally up to USD3,710, while Ethereum (ETH) continued to outperform with a gain of 22% up to USD125.
XRP, which has been comparatively bearish as of late, also registered 10% gains, but has since made a major retracement down to the 0.618 level of its initial upward rally.
At the moment, BTC appears to be losing momentum as the EMA20 (yellow) and EMA40 (red) lines on the hourly chart have shifted into resistance mode.
If this trend continues, we may see a drop to test the EMA200 (green) on the BTC/USD pair.
Ethereum and Litecoin rally
ETH has been comparatively bullish. After dropping through the EMA20 and EMA40 lines, ETH made a swift recovery to the upside and has since found support on the EMA20 on the hourly chart – a sign that the bulls are still in control for the moment on the ETH/USD pair.
Litecoin (LTC) has been in the spotlight since the Litecoin Foundation’s announcement regarding a collaboration with Beam to implement Mimblewimble as an extension block to Litecoin.
From a branding perspective, many see Litecoin as the “silver to Bitcoin’s gold”. While Litecoin has made several moves in the past to differentiate itself from Bitcoin, the implementation of privacy via MimbleWimble is perhaps the most important yet.
With MimbleWimble, LTC will give users fungibility – a crucial aspect of physical cash that isn’t present in most cryptocurrencies.
Fungibility ensures that a coin’s past transaction history will not affect its present value.
If LTC turns anonymous and fungible in the near future, other privacy-oriented cryptocurrencies like Monero and ZCash will be subject to yet another competitor in the privacy space.
Over the past few days, speculations around LTC’s privacy implementation contributed to a 45% rally, which resulted in LTC overtaking EOS.
TRX steamrolls ahead
TRON (TRX) has been taking a breather the last few days – something that it hasn’t really done recently.
In mid-December, TRX began a monster rally that resulted in 200% gains within the span of one month.
Since then, TRX has been consolidating into a triangle that may actually be part of a bull pennant.
Whatever comes next, TRX has seen its fair share of the spotlight after TRON acquired BitTorrent for USD140 million and launched an ICO for the BitTorrent Token (BTT).
TRX is always a coin to keep an eye on.