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Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation

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Over the past day, the crypto market recovered from its previous position and reached $123 billion as Bitcoin also managed to avoid another drop below the $3,600 mark. In the latest crypto news, we take a look at some analysis from multiple crypto technical analysts.

Some analysts think that because of the high sell-off intensity in the previous period, there is a strong chance for the price of BTC and other altcoins to drop even further below their support levels in the short-term. Also, they believe that Bitcoin will even decline as low as $3,100 by the end of the bear market before recovering by the end of 2019.

Crypto technical analyst Eric Thies said that Bitcoin might start a strong movement upwards by the end of 2019:

 “Similar to 2015, 2019 may be the year of accumulation.’’

Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:

‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’

Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.

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Crypto Market Adds $8 Billion But Litecoin Is Struggling To Gain Momentum

According to the latest price movements on the crypto market that we take a closer look into today’s altcoin news, the investors could see a green wave around the market. The crypto market increased along with Bitcoin increasing by 4.75% reaching the $3,800 price point. Despite the fact that almost all cryptocurrencies showed massive gains, Litecoin seems to be struggling to gain momentum despite the fact that is up by 7.23% over the past 24 hours. The altcoin is up only by 3% for the week. Most of the analysts think that Litecoin is struggling because the cryptocurrency did a great job outperforming its competitors last week after it traded between $40-$50. Currently, Litecoin is trading at $48 and if this trend continues, the altcoin is expected to reach $50 and remain on that position for quite a while. It seems weird that despite the partnership with Beam as previously reported, the price isn’t maintaining momentum. Also, as previously reported, the hash rate of Litecoin increased and last time Litecoin’s hash rate was close to this new high was in April 2018 when Litecoin’s price increased up to $120. The value of this altcoin dropped quite a lot which caused miners to drop out of the mining activities and start opting for more profitable coins. Litecoin lost its position as the fourth largest cryptocurrency after it was surpassed by EOS. EOS increased massively, by more than 13.80% and is the best gainer among the top ten cryptocurrencies. The entire crypto market is up by 6.2% and according to analysts, the market is expected to increase up by 10%.
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Altcoin News

Crypto Market Adds $10 Billion, Currently With $134bn. In Circulation

Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX) and Stellar (XLM) were the highest earners in the new surge that led the cryptocurrency market to add new $10 billion - coming closer to the $135 billion gap. In the daily news of our DC Forecasts crypto news site, this surge came with bullish moves in Bitcoin and Ethereum as well, which dominated the market. However, in this piece, we are focusing on the altcoin traction which started with a solid upward move by Bitcoin Cash (BCH) which broke the $130 resistance against the US Dollar. The BCH/USD pair gained traction and surpassed the $140 and $145 resistance levels, shooting up by about 15% and testing the $150 resistance level on the upside. Litecoin (LTC) also pushed high and broke the $45 resistance area, trading up by around 7% and breaking the $47 resistance as of recently. It seems like with the positive price action recently, the chances for LTC are of more upsides above the $48 and $50 resistance levels. Tron's price, on the other hand, formed a support base near the $0.0240 level. TRX later started a correction and moved above the $0.0250 resistance, opening the doors for a decent recovery. Looking at the total market cap, buyers gained control above the $130 billion resistance levels where the high is right now set at $136-7 billion. However, the possibility of dips is still present.
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Altcoin News

EOS Skyrockets By 30% In 24 Hours: How Far Can This Altcoin Go?

The Enterprise Operating System, known as the cryptocurrency EOS, is in the latest crypto news because of its huge increase which made the coin push more than double compared to the growth of Bitcoin in only a few days. The base token EOS had been pushing the $3 mark while Bitcoin was trading in the $4,600 range. However, when BTC broke upwards and went above $3,750, EOS went along with it and followed the rise. As the one-day charts show, EOS is far above the $3 mark and is resting comfortably at $3.62 at press time, demonstrating an even higher surge than the one the altcoin did yesterday. When it comes to the total markets, EOS gained more than 35% in the 5-day period, increasing its price by more than a third. The total market cap of EOS is still a net loss from the amount raised for its ICO ($4 billion). The market cap right now is coming closer to the ICO amount and sits at $3.28 billion. EOS doesn't have far to go in this manner - all it needs is another $1 rise and it is even with the ICO prices. What's interesting is that of all the smart contract platforms, EOS has some of the highest usages. For all of this, it is hard not to note that EOS is taking some time to pick up real steam when it comes to widespread notoriety.
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Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?

Over the past 24 hours, the price of Ethereum has increased up to $141 which is a 13 percent increase against the US dollar according to the altcoin news and analysis we have for today. Many of the analysts see a short-term recovery in the near future as the market gains momentum. The increase in price shows a pretty gloomy performance for some of the coins such as EOS, Bitcoin Cash, Binance Coin, and Ethereum and the sentiment of the market is overall gloomy as well. Before the crypto market rally, a popular crypto trader named ‘’Mayne’’ said that the investors cannot still be bear-biased based on the last performance of the market. He said:
 “We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’
Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
 “Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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