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Saturday, 24 October 11:48 (GMT -05:00)



Foreign exchange market

Cryptocurrencies On Sale: ChainLink and TRON Go Down, Bitcoin Is Stable


Wednesday's session is bringing a retracement in the market of digital assets, which is affecting the entire crypto market cap. Chainlink (LINK), TRON (TRX), and Tezos (XTZ) have been the biggest losers over the last 24 hours. They lost 9,7%, 8,7%, and 5,5% respectively. Bitcoins remains stable and one of the very few tokens among the top 20 that are still showing some gains, though modest ones.
 
Is Bitcoin between a rock and a hard place?
 
The intraday H1 chart of Bitcoin shows us that after leaving the September price range and consolidating for a while, BTC is still staying close to its upper boundary. In particular, the world's first and biggest cryptocurrency is currently going flat within a pretty narrow price range (around 240 dollars or 2,5% wide) between 10.900 and 10.660 dollars per coin, NordFX experts report.
 
On top of that, D1 shows that the rally is blocked by the level matching EMA50. So the price is locked inside the narrowing range made by EMAs - EMAs 50 and 200. EMA200 is currently located around 9.700 dollars per coin.
 
TRON is retracing after a strong rally, losing the 5th session in a row.
 
TRX has already lost over 46% of the value since September 3rd. Tuesday was another losing day, the 5th day in a row, as well. So, the coin is nearing 2,5 cents after peaking at around 5 cents per coin. The closest level of support is located around the lows set in the second half of August.
 
When looking at the bigger picture drawn by the cryptocurrency market, we can see that the bears are currently dominating, with most of the major tokens losing value, except Bitcoin and some other altcoins. Even such popular cryptocurrencies as ETH, XRP, BCH, and BSV, have already lost 2-3%. Binance Coin (BNB) has losest over 6% over the same reporting period.

 

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Publication date: 09 August 11:06 AM

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