Cryptocurrencies on 14 Nov saw a constant bear attack, which
Cryptocurrencies on 14 Nov saw a constant bear attack, which brought down the prices of some of the significant cryptocurrencies to a yearly low. The total market capitalization of Cryptocurrencies also fell below 188 Billion. This is not a very optimistic sign, as it resonates with the lower trust in the crypto market. After continually trying to maintain a balance, the bear attack saw the prices of almost all the significant tokens fall by 9-18%. There was broad-selling all around, and sellers have the upper hand for sure.
The main cause of the issue has not been arrived upon, but it is being speculated that the fall could be because of uncertainty around the Bitcoin Cash (BTCH) Hard Fork. Let us look at some of the major Cryptocurrencies and how much they plundered last night.
Bitcoin (BTC)
After constantly struggling to break the $6,500 mark throughout this year, it stumbled to a yearly low of below $5,900. The trend saw sharp selling from the investors and even after Bull pushing the prices in upwards of $5,900, but every such push is met with a sharp rise in the sales. Last we checked. It was trading at $5,6001.
The Trade pundits believe, if the bulls cannot push the prices above $5,900 mark, then the next fall will bring down BTC prices to $5000. However, if the bulls can stage a pullback, chances of stabilizing the currency will be better.
Ethereum (ETH)
Ethereum saw a plunge of around 14% in the last 24 hours, bringing its price to $177. However, it still did not break its lower limit of September, $167.32. The Bulls are staging a comeback in case of ETH as they were able to push the prices above $183. This trend also shows that ETH is still in demand at lower levels.
Ripple (XRP)
The market value of Ripple fell by 10% in the last 24 hour, which saw the prices plunge to $0.40. The currency, however, showed some fight and climbed to $0.45 last we checked. The traders think the bulls will be able to make a comeback. Otherwise, there are chances that it might fall below the next support price at $0.24508.
Bitcoin Cash (BCH)
Bitcoin Cash was the worst performer last night and saw a plunge of around 17% in last 24%. The selling increased many folds when it broke the 61.8 percent Fibonacci retracement level of $500.3425. The fall created a panic which resulted in an intraday low of $423. The last we checked it was trading at around $430.
The drastic down whirl can be attributed to the Hard Fork on Nov 15. The position looks shaky, and we would recommend the traders from making any investments until the prices get stabilized
EOS
EOS last night fell to the Critical Support price ar $4.4390, a 12% fall in last 24 hours. However, the bulls are trying to stabilize the prices and bring it to the $5 mark. However, if the support does not hold, it might plunder to a low of $3.8723.
Stellar (XLM)
Stellar recorded a plunge of around 9% in the last 24 hours and currently trading at about $0.229. If the Bulls maintains an upper hand, chances are, it will break into $0,30 mark in some time. The lower support price is considered to be at $0.22
Litecoin (LTC)
Litecoin saw its value go down to a yearly low of $42.70 and plunged 14% in the last 24 hours. The selling was triggered as soon as it touched down the $50 mark. If the Bulls can stage a comeback, then LTC can expect an upward value of $49.46. However, if the Bear has the upper hand than the price might even go as low as $32
However, looking at the current tendency, we highly recommend avoiding any trades
Final Thoughts
The probable cause of this Bear attack is yet to be determined, but many are of the belief that the Hard fork for Bitcoin Cash could be one of the many probable reasons. The market is currently volatile, and almost all the currencies are either moving downward or trying to avoid the yearly low mark. We would recommend our readers to hold onto their cryptos tight and prevent any trade unless the market stabilizes.