The market struggle continues today, initiated by Bitcoin’s constant up-and-down moments which make the total crypto market cap face a strong resistance near the $218 billion and $220 billion levels.
As we can see in the altcoin news today, the Litecoin (LTC) price is still trading well below the main $60 resistance area, while the Bitcoin Cash (BCH) price is correcting gains and could test the $220 support line.
In our Bitcoin Cash news, it is noticeable that the BCH price faces resistance as we speak and is somewhere near the $235 and $240 levels in that manner.
The BCH/USD pair is correcting lower towards the $225 level now and it seems like the price could also test the $220 support area in the near term. The struggle continues as the main supports on the downside are near the $205 level. On the upside, it is evident that a clear break above $240 is needed for more gains towards the $250 and $265 levels.
On the other hand, the Litecoin news now show that LTC recovered above the $55 level and struggled to gain momentum above $58.50, remaining well below the key $60 resistance area. The price is currently correcting lower and may soon test the $55 support area.
EOS is part of the weak coins as the struggle continues. After it climbed higher recently and tested the $3.25 resistance area, the sellers appeared and brought the coin back to the $3.20 level. If there are more downsides soon, the price could test the $3.05 support area in the near term.
Stellar (XLM) meanwhile climbed higher positively above the $0.0620 level. The Stellar Lumens news are actually the only bright side right now and it seems like the price could test higher levels soon.
When looking at the total cryptocurrency market cap in the daily and weekly charts, we can see that the struggle continues. The total crypto market cap is facing strong resistance near the $218 and $220 billion levels – and the 100 SMA is also acting as crucial resistance point. A clear break above the $220 billion resistance and close above the 100 SMA is right now needed for an upside acceleration in the short term.
Bitcoin Cash Supporters Prepare For The Upcoming Upgrade Features
‘’The goal of Bitcoin ABC is to help create sound money that is used globally in order to drive freedom and prosperity for everyone. Bitcoin ABC continues to be a driving force in executing the roadmap for Bitcoin Cash.’’The upgrades extend the support to OP_Checkmultisigand after this upgrade, all of the signature checking operations will support Schnorr signatures. The software engineer Mark Lundeberg explained that the developers did a successful preliminary test of bringing the signatures to the platform based on these specs. Additionally, the Bitcoin Cash supporters are looking forward to the enforced Minimaldata in script application the BCHchain. The addition has excited a lot of proponents as we can see in the altcoin news, and the completion of the malleability fix unlocks another ability for Canonical Transaction Ordering. The upgrade will enable the SPV wallets to know whether or not a particular transaction was mined in a particular block.
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BCH Network Stumbles On New Problems After $290 Attack
‘’It is important to note that persistent backlogs are a death-blow to the zero-conf concept, which requires predictable next block inclusion1. As long as there is no backlog, then a recipient can know that any transaction that pays the minfee will be accepted. Under conditions of backlog, this predictability is degraded, possibly fatally.’’In other words, this will impact the production of the future blocks and could even bring the system to a halt. The things got back to normal after the spurious activity but some other questions were raised. The low-fee transactions which were broadcasted could have been a part of the dusting attack which targeted the remnants of the crypto coins left in the accounts as the Litecoin wallets suffered a similar attack last month. Aside from the unexplained spike, the transactions on the Bitcoin Cash network have actually stagnated this year and the hash rate as well. The Mempool activity may have been an effort to inflate but there could be a slight gain expected since the trend is pretty clear. As per the latest cryptocurrency news, the price of Bitcoin Cash was not affected by the blockage but has been in decline ever since.
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