First it was South Korea who vowed to go after digital currency traders with an all-out ban on trading; now China is getting in on the act. A recent report on Bloomberg confirmed that Chinese authorities are planning to block domestic and offshore access to virtual currency platforms, a move which would further dampen the mood among traders and investors. The feeling among some analysts is that China and S. Korea are doing what they are doing purely out of fear. The thinking is that regulators in Asia haven’t got the mettle to see through all the volatility and uncertainty so they are just attacking the huge potential of cryptos with brute force.
Whatever the case some cryptos are making the headlines big time so let’s take a look at three real quick.
After hitting an YTD high of $3.13, Ripple (XRP) is once again in the news and seeing its fair share of attention from traders and investors alike. The virtual currency traded as high as $1.53 on Wednesday with a corresponding low of $0.85. This marked perhaps one of the smallest declines across virtual currencies all day and proved further, perhaps, that traders and investors, whilst cautious, still believe that XRP is a much sturdier proposition than its much more established and dearer cousins. Having said all that, XRP does have its 1st support level of $0.75 and is currently trading above that; it also has a 2nd support level of $0.46, a marker which the digital currency doesn’t look to be too eager to challenge. Traders will be very happy with this state of affairs, no doubt.
Cardano (ADA) has also been big in the news, attracting both coverage from analysts and attention from traders. In trading on Wednesday ADA dropped 17%, recording a low of $0.43 and a corresponding high of $0.61. This was more or less in line with the general trading of the day in virtual currencies. ADA did recover to consolidate at around $0.56. As momentum goes ADA is definitely very generic at the moment. That is to say that the general oversold sentiment in the larger markets, seem 0 be affecting the cryptocurrency. No surprises their given the developments mentioned at the start. Still, all eyes will be watching ADA for its upside potential should the market take another turn towards a breakout.
IOTA was one of the rare digital currencies trading up on Wednesday, though not by much. When most other virtual were tanking or barely struggling to keep their heads afloat, IOTA traded strong, inching up 5% to reach a high on Wednesday of $2.76. The low for the day was $1.93, a figure which acted also as the 1st level support for the digital currency that has been trending of late. 1st resistance stands at $3.30 while traders will have to break through 2nd level resistance of $4.19 if they want to take IOTA into new territory.
These are just a few of the virtual currencies worth keeping an eye on over the next days and coming weeks.