dollar and used as a digital dollar to facilitate transactions between cryptocurrencies. The coin was created by Reeve Collins, Craig Sellars, and the 2020 US presidential election candidate Brock Pierce, who called it a successful experiment of putting fiat currency on a blockchain.

Tether claims that it issues new coins in response to need, but critics argue that the token is used in an elaborate scam to buy and ramp up the price of Bitcoin.

In a 2018 study, researchers from the University of Texas concluded that Tether appears to have been used to stabilize and manipulate the price of Bitcoin, but Bitfinex executives deny the claims. 

In a new interview with What Bitcoin Did host Peter McCormack, Bitfinex CTO Paolo Ardoino and general counsel Stuart Hoegner again pushed back on the allegations.

They acknowledged that the flagship cryptocurrency is among the reserve assets that Bitfinex uses to back USDT. Still, they dismissed the idea that Tether is issued only to buy Bitcoin. Ardoino reasoned that Bitfinex can use the fiat money it has to buy BTC.

Hoegner also claims that the stablecoin is fully backed by assets that include cash, cash equivalents, and BTC amid reports that only 74 percent of USDT is backed. Ardoino and Hoegner refused to reveal the exact makeup of Bitfinex’s reserve assets, though. 

As to why Bitfinex is not hiring outside auditors to conduct a full audit, Hoegner justified this with consulting reports from an accounting firm and a law firm, and a report from Btifinex bankers.

Listen to the full interview below:

significant volatility, with its charts seeing very dull price movement. Despite its strong bond with Bitcoin, Litecoin has been consolidating on the charts, with LTC yet to see strong price movement. At the time of writing. the price of LTC was $127 while noting the emergence of strong selling pressure.

Litecoin one-hour chart

According to the attached chart, Litecoin’s market has been consolidating between $123.67 and $132.62. However, since the coin has been moving within this range for a while now, the chances of a drastic price swing have been low. The cryptocurrency’s price was moving lower towards the support at $123.67, and traders may want to mitigate some losses by shorting this position.

Reasoning

The Bollinger Bands were indicative of the reduced volatility in the market. However, as such an erratic price movement has been witnessed before, the sudden selling pressure could increase the volatility briefly. The Relative Strength Index, while once close to the equilibrium zone, was pointing lower, signaling the emergence of selling pressure.

As previously noticed, the $123-level has been a strong support level, with the price reverting from this point. Even if the price continued to fall beyond this level, it may not drop to a great extent. The MACD line suggested an indecisive market, as the bars had also reduced. This affirmed the sideways movement of the digital asset.

Conclusion

Litecoin’s market did not witness a strong price swing and looking at the short-term market, a price swing may not be in the picture yet. As the selling pressure increases, given the downward trending price, the traders may be able to make a meager profit, but not a significant one. However, given its strong correlation with BTC, a fall might be imminent in the longer-term.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Litecoin Price Analysis: 03 January

Litecoin Price Analysis: 26 December

Litecoin Price Analysis: 22 December

Litecoin Price Analysis: 20 December

Litecoin Price Analysis: 15 December

Litecoin price analysis: 13 December

24-hours as Bitcoin surged past key levels of resistance around the $33,000 price level.

At press time, Litecoin was being traded at $140, with a market cap of $9.2 billion. The coin has registered a 24-hour trading volume of over $11 billion with its price appreciating by close to 4 percent in the past week.

Litecoin 4-hour chart 

Litecoin’s price has seen a strong consolidation phase since the 25th of December. During the past week, the price of Litecoin has mostly moved sideways trading between a narrow channel between the $143 and $121 price levels.

Bitcoin’s momentum seems to have helped Litecoin as it now tests its immediate resistance at $143. However, if a price correction were to take place, the coin’s next support lies at $122. Taking the past month’s price action into account, one can see that Litecoin has relied on supports at $115 and $109 and the same levels may be of help if we were to see a reversal in the coin’s price trend.

Reasoning

Litecoin’s price is likely to rise on the charts as long as Bitcoin’s bullish momentum remains unhindered. If Litecoin is able to breach the current resistance, its price can see a steady uptrend develop. This is supported by Litecoin’s technical indicators at the moment.

The MACD indicator for Litecoin underwent a bullish crossover close to a day ago and shows no sign of a trend reversal as the MACD line continues to remain over the signal line. The RSI indicator echoes a similar sentiment as it continues to remain in the overbought zone, a common signal indicating that the value of the asset is likely to appreciate.

Conclusion

Taking into consideration Litecoin’s technical indicators and Bitcoin’s influence on LTC’s price action, it is likely that LTC will be able to go past its present level of resistance and register gains in the coming days. However, if a price drop were to take place, LTC may see a dip of around 13 percent, bringing its price all the way down to its immediate support at $121.

Chainlink Price Analysis: 03 January

Ethereum, Stellar Lumens, FTX Token Price Analysis: 03 January

Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.

Litecoin Price Analysis: 31 December

Litecoin Price Analysis: 26 December

Litecoin Price Analysis: 22 December

Litecoin Price Analysis: 20 December

Litecoin Price Analysis: 15 December

Litecoin price analysis: 13 December

cryptocurrency, climbing to touch one ATH after another, the alt season may have finally kicked off. With the BTC market hitting new peaks every day, the altcoin market has started to mirror its profits too. Polkadot [DOT] has been one of the market’s most prominent projects in the last 6 months or so, with DOT surging to touch an ATH of its own on the 7th of January.

In fact, the alt rallied to a value of $11.08, before registering some corrections. At press time, DOT was being traded at $10.10.

Polkadot four-hour chart

DOT’s 4-hour chart outlined the cryptocurrency’s growing price within an ascending channel. This ascending channel surpassed various levels of resistances and fueled DOT’s price rise to new ATHs. While the cryptocurrency’s trading price was noting a lot of sellers’ pressure at press time, the crypto-asset might not drop extensively on the charts. Ergo, this might be a good opportunity to long the digital asset.

Reasoning

Momentum in the cryptocurrency market has been rising for a while now. The Bitcoin market, at press time, showed the asset trying to reach $38k, and it might do so before the day ends. However, this would also result in the price of the market’s altcoins surging, hence, DOT may just register yet another ATH. The Awesome Oscillator was an indicator of this rising momentum as it was noting strong buyers’ momentum on the charts.

On the contrary, the Relative Strength Index remained over and close to the overbought zone. This did not suggest the crypto-asset was going to drop due to the bullish momentum in the altcoin market.

Position

Entry: $10.50 Stop-Loss: $9.87 Take-Profit: $11.46 Risk-to-Reward: 1.03

Conclusion

The aforementioned analysis paints a bullish picture for DOT, one wherein the cryptocurrency’s traders can long the digital asset and see the price re-visit its ATH, if not mark a new one.

XRP, Tron, Zcash Price Analysis: 07 January

Litecoin, ETC, Neo Price Analysis: 07 January

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Polkadot Price Analysis: 11 January

Polkadot Price Analysis: 29 December

Polkadot Price Analysis: 17 December

Polkadot Price Analysis: 14 December

Polkadot short-term Price Analysis: 08 December

unseen price levels off-late owing to Bitcoin’s surging price. Despite the rallying market, downwards pressure has put the LTC market in an indecisive position in the short-term.

LTC was being traded at $172.09, while the hourly candle appeared to be a long wick with minimal volume.

Litecoin one-hour chart

The Litecoin market was noting an active crypto market with the price rising higher within an ascending channel. This ascending price has followed a strong sell-off witnessed from $176 to $149, after which the price bounced back. The price zoomed past all the resistance levels visible for the digital asset and has been trading above $170.

However, this erratic movement of the token did not display a clear picture for the digital asset in the short term.

Reasoning

The indecisiveness in the market was visible as the Relative Strength Index was bouncing between the overbought and oversold zone over the past days. The value of RSI has been once again heading towards the overbought zone, but the selling pressure has kept it close to the equilibrium zone.

Whereas, the Awesome Oscillator has been indicating the rise of buying pressure in the short term as the value of the indicator was pushed above the zero-line. Even though it indicated that the short-term momentum was rising faster than the long term momentum.

Whereas the 50 moving average has been indicating a bullish market, but traders are moving to sell the digital asset. This could briefly push LTC into the sell zone, but there was no clear indication of a definitive short-term move.

Conclusion

The short-term momentum of Litecoin’s price has been undecided as most cryptos have remained in unchartered territory. While Bitcoin has also been moving in new price-levels, a sudden selling-pressure could impact the altcoin market too quite significantly.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Litecoin Price Analysis: 03 January

Litecoin Price Analysis: 31 December

Litecoin Price Analysis: 26 December

Litecoin Price Analysis: 22 December

Litecoin Price Analysis: 20 December

Litecoin Price Analysis: 15 December

large price swing yesterday. As the value of the largest digital asset, Bitcoin fell from $40k to $35k, and the overall altcoin market fell. The price of Polkadot has been noting strong downward momentum and the price has once again touched the support at $6.97.

At the time of writing, the price of DOT was at $7.77 and the selling pressure in the market may signal a short trade.

DOT one day chart

The daily chart shows the various levels of resistance the price of DOT has surpassed to peak at $11.99. Although the market appeared bullish, the price swing is likely to change this trend. The chart indicated two consecutive red candles noting strong downward pressure. This indicated that the price of the digital asset may plunge further.

Reasoning

The Bitcoin market has also been awaiting a large correction and as the price fell by almost $5k within hours, this could be a possible correction. As BTC’s price continued to sink, DOT’s price may also be pulled down along with it due to the correlation between Bitcoin and altcoin.

Meanwhile, the relative strength index, which remained in the overbought zone, has fallen to the equilibrium level. At this point, the selling and buying pressures were equal, which meant the traders were actively participating in the DOT market.

The Awesome Oscillator also indicated the falling of bullish momentum in the market as the selling increases.

Important Levels

Entry: $7.98 Stop-Loss: $8.77 Take-Profit: $5.72 Risk-to-Reward: 2.89

Conclusion

Polkadot’s price has been hit with bearish sentiment and has been spiraling down. The coin may continue to descend as the pressure from the Bitcoin market is also likely to influence it. The traders might be able to take a profit as the coin slips closer to its support at $5.71.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Polkadot Price Analysis: 07 January

Polkadot Price Analysis: 29 December

Polkadot Price Analysis: 17 December

Polkadot Price Analysis: 14 December

Polkadot short-term Price Analysis: 08 December

breached the $40,000 level to register a high of $41,986. Ethereum was also trading above $1,200 and the altcoin market saw many coins, large-cap or otherwise, register good gains.

XRP had a rather unclear picture. Further bearish news or a correction across the market could easily see XRP lose the important $0.3 level to the bears.

We know how XRP’s surge to $0.78 turned out. What is important to consider is the fact that, prior to the breakout, XRP was trading within a range from $0.17 to $0.3 since July 2019.

In the long-term, $0.3 is a very important level indeed. That is why the move above this level over the past few days gave some hope to XRP bulls.

Even though XRP has a low correlation of +0.3 to BTC, it remains a fact that XRP has not seen anywhere near the expected appreciation while Bitcoin and Ether multiplied in value over the past few months. A deep correction in the crypto market will see XRP face intense selling pressure as well.

Hence, for XRP, a short position is likely to turn out to be the profitable bet over the coming weeks, provided $0.3 is ceded to the bears.

The RSI showed that the bearish momentum which seized XRP has given way to a more neutral outlook. The defense of the $0.3 level is of vital importance over the coming weeks.

A daily close beneath this level is very likely to see XRP register further losses, with the mid-point of the range at $0.23 likely to be tested in that case.

The RSI has not yet risen past neutral 50, and could be poised to test that value before heading downward once more alongside the price. The 100 day moving average (pink) can also be expected to offer resistance to XRP.

Note that this trade requires $0.3 to be lost and retested as resistance to enter a short position.

Stop-loss: $0.345

Take-profit: $0.23

Risk-to-reward: 1.56

In the scenario that XRP loses the $0.3 level to selling pressure, a short position is recommended. A consolidation above this level over the next few days does not necessarily mean that XRP is on the road to recovery, but a move above $0.36 would indicate bullish strength for XRP.

Cardano, Cosmos, FTX Token Price Analysis: 09 January

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

XRP, Monero, Dogecoin Price Analysis: 11 January

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between the $40k and $42k range for the past couple of days. This hinted at the possible beginning of the consolidation of the digital asset, which has also led to altcoins like Tezos to witness a change in trend. Tezos [XTZ], a popular mid-cap crypto, has climbed higher on the price ladder but its future moves are unclear.

At the time of writing, the price of XTZ has been at $2.823 with a market cap of $2.111 Billion.

Tezos one-hour chart

The hourly chart of XTZ has been indicating the rising price of the digital asset from $2.297 to $2.8582. However, given the long appreciating price of the digital asset, the value of XTZ may encounter sellers’ pressure going forward.

This could pose a good opportunity for traders to short the token.

Reasoning

The Relative Strength Index has also been indicating that the buying of the digital asset has been rising lately. XTZ has been close to being overbought has been frequented this level for a while now.

Whereas, the Awesome Oscillator also indicated that the buyer’s momentum was being replaced by a sellers’ momentum as the price was noting a minor downward shift. As the market decided upon the future of the coin, a selling pressure at this stage could push the value of the digital asset under the $2.7137 support.

Important Positions

Entry: $2.75 Stop-Loss: $2.8168 Take-Profit: $2.6189 Risk-to-Reward: 1.96

Conclusion

The changing market dynamic has been indicating that a price swing was making its way into the Tezos market. The indicators have been primed to introduce selling pressure in the market and the traders may be able to take a profit at $2.6189.

Bitcoin: As Coinbase outflows increase, how has it impacted price?

Ethereum, Bitcoin SV, FTX Token Price Analysis: 10 January

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

benefited greatly from Bitcoin’s bull run. Over the past week, the cryptocurrency’s price saw a whopping 88 percent hike. Even in the short-term, i.e. in the past 24-hours, such strong bullish sentiment was evident, one that propelled the cryptocurrency’s price to its press time valuation. However, taking a look at Cardano’s price action suggested that a correction seemed imminent. 

At press time, ADA was trading at $0.319, with the crypto having a market capitalization of close to $10.5 billion. With the price of the coin rising by over 17 percent in a day’s time, ADA also registered a 24-hour trading volume of $6.7 billion, according to CoinMarketCap.

Cardano 1-hour chart

According to Cardano’s 1-hour price chart, a price correction seemed to be already in the works. The past few trading sessions saw red candles and the price seemed to have failed to breach the resistance at $0.34 too. 

While the cryptocurrency had found a bit of support around its press time trading price, a further decline in price would send ADA’s valuation all the way down to its clear support at $0.28. In the short-term, unless there is immense bearish pressure, it is unlikely that ADA will need the assistance of its second support level at $0.22.

Reasoning 

The dip in ADA’s price over the last few hours seemed to be in accordance with what its technical indicators were highlighting. The RSI fell steadily on the charts, moving away from the overbought zone. In fact, at press time, it was heading closer to the neutral zone, highlighting a clear dip in bullish sentiment for the coin. The MACD indicator also looked bearish as its signal line had gone past the MACD line, forming a bearish crossover.

Important levels 

Resistance: $0.342

Support: $0.28, $0.22

Entry: $0.316

Take Profit: $0.29

Stop Loss: $0.33

Risk/Reward: 1.38

Conclusion

After having posted significant gains on the charts, Cardano’s price seemed to be undergoing a minor correction after having failed to overcome its immediate resistance at $0.342. This may end with ADA’s price dropping to its immediate support in the short-term, with this possibility backed up also by its technical indicators.

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Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.

Cardano Price Analysis: 10 January

Cardano Price Analysis: 31 December

Cardano Price Analysis: 30 December

Cardano Price Analysis: 28 December

Cardano Price Analysis: 23 December

Cardano Price Analysis: 21 December

altcoins has been mirroring the price movement of the Bitcoin market. Tezos [XTZ], for the past few days, was noting a downward trend as the price tried to stabilize after a sudden surge, with the crypto breaching the support at $2.10. With the price trying to find stable ground on the charts, XTZ was being traded at $1.97 with a market cap of $1.512 billion, at press time.

XTZ four-hour chart

XTZ’s attached charts noted its price falling within a descending channel. This channel was formed from the peak at $2.24 and extended till the low at $1.90. However, since then, the price has been trying to push up and this could be an opportunity for the market’s traders to go long on the digital asset.

Reasoning

The 50 moving average, although twisted into the price bars, remained above the price candles. This could be a bearish sign, but the gap has been closing and this could be seen as a sign of price reversal.

The Relative Strength Index was observed to have reached a point of near equilibrium, a finding that meant that XTZ was being equally bought and sold. However, there was also an upward spike, meaning that the buyers were gaining more momentum. This could push the coin’s value higher on the charts.

On the contrary, the Awesome Oscillator highlighted bearish momentum prevailing in the XTZ market. However, the length of the red bars did not suggest that the momentum was strong. This could change as the coin’s market bulls take over the market.

Position

Entry: $1.98 Stop-Loss: $1.92 Take-Profit: $2.07 Risk-to-Reward: 1.82

Conclusion

At the time of writing, XTZ’s market had reached a decisive state, one wherein its price might break out of the falling pattern and travel higher. The market’s traders can go long on the digital asset and take profits in the long-term at $2.07, a level which was close to the immediate resistance at $2.10. XTZ may require more than one chance to breach this resistance again, however.

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Tron, Synthetix, DigiByte Price Analysis: 31 December

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

all-time high but ever since has been witnessing a strong downward pull. At the time of writing, the BTC’s price was under $40k, while Stellar [XLM] was also witnessing mild selling pressure.

At the time of writing, the value of XLM was $0.2841 while trading close to support at $0.2744.

Stellar one-hour chart

The XLM chart has been noting the price falling within a descending channel. XLM’s trading price was $0.4131 when it began its descent. It slipped through levels of support at $0.3616 and $0.3252. At the time of writing, the price was close to the last level of strong support at $0.2744.

Although the market was slipping and a bearish trend was evident a strong selling pressure in the market was not evident.

Reasoning

The 50 moving average was under the price bars as the price was surging in the short-term. However, as the price began to slip down, the moving average crossed over the price bars, indicating a rise of bearish pressure in the market.

The Relative Strength Index has been also moving from the overbought zone to the oversold zone. At the time of writing, the value has been moving close to the equilibrium zone but is hinting towards the consolidation phase.

Whereas the Awesome Oscillator has already dropped under the zero-line. The chart indicated the decreasing momentum in the market, which was not only a bearish sign but also signaled the rising long-term momentum compared to the short-term.

Conclusion

The XLM market appeared to be consolidating, despite selling pressure in the Bitcoin market. The current price has been close to the support at $0.2744 but has not reached this level and the market is likely to move sideways until signs of a price swing are visible.

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Binance Coin, Synthetix, Decred Price Analysis: 09 January

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

market is also marching along. However, the pace at which the altcoin market rallies is not the same as Bitcoin’s. With peaks noted recently, the Litecoin [LTC] chart was witnessing a falling price. At press time, the value of the digital asset was $126.8. This has been a point of consolidation and a price swing could be expected once again.

Litecoin one-hour chart

The above chart of LTC has been descending over the past couple of days. The value of the digital asset noted a local peak on 27 December at $139.84. After a wave-like movement, it touched $135 and dropped from this point. Given the current momentum in the market, there could be a brief upwards pull, but the selling-pressure could emerge and induce another fall. This could be an opportunity for a short position.

Reasoning

The price of the digital asset has been moving sideways along the $126 price level. The Relative Strength Index has been close to the oversold zone and has been trying to move towards equilibrium to stabilize the price. Selling pressure could push the price of LTC under $122.

The Chaikin Money Flow has been under the zero-line, which indicated that the money was flowing out of the market. As the digital asset has been under the zero-level, the selling pressure has continued in the market.

Positions

Entry: $125 Stop-Loss: $126.76 Take-Profit: $120 Risk-to-Reward: 2.33

Conclusion

The Litecoin market has been seeing a temporary selling pressure force its price under the $130-level. The downwards trending price may witness added pressure from sellers as the market appeared bearish. This could pose a shorting opportunity for traders to take a profit at $120. However, this position may take a little longer to realize, after a brief spurt in value.

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Bitcoin Cash, IOTA, Zcash Price Analysis: 29 December

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

billion. At press time, bitcoin is testing the support at $33,900 while also being in a state of limbo.

The 4-hour chart shows the recent drop came after bitcoin broke the support at $38,633. Since this breach, the sellers have managed to push bitcoin past the short-length EMA [orange] and the mid-length EMA [purple]. While the selling pressure has reduced, the price is using the long-length EMA [blue] as support. A bounce from this level is likely, however, not guaranteed.

Considering the overhead resistance, it is not completely unlikely for buyers to push through the short and mid-length EMAs. However, a rejection here would push the price down.

The RSI indicator seems to indicate the bounce just before the oversold zone confirming the buying pressure at the current support level. Moreover, the bullish divergence between the price and RSI shows that buyers might not just be able to hold this level, but even push the price higher.

The OBV doesn’t show a large volume drop off during the recent crash, indicating that a recovery is likely to be swift.

The MACD indicator showed a dip of the fast-moving line [blue] below the zero-level. The same was observed with the Stochastic indicator which has multiple failed reversals in the oversold zone, where it still stands.

Although it looks bearish, the surge in bitcoin’s price in the last few days is not just FOMO but backed by real investors pumping cash. Hence, even with the parabolic ascent in price, this recent crash is just a correction with prices expected to rise higher without any doubt.

Litecoin, Synthetix, Ethereum Classic Price Analysis: 11 January

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

likelihood of facing stiff resistance at $0.03 and was poised to lose another level of support. Algorand could drop as low as $0.38 due to the bearish pressure, although $0.39 can be expected to stall the bears.

The OBV noted quite a bullish development for BCH – the past few hours of selling saw nowhere near the amount of selling volume on BCH, in comparison to the buying volume over the past two weeks.

The OBV was still in an uptrend and, once the large-cap correction is over, BCH can be expected to move upward once more.

Until such a time, the Fibonacci retracement levels can be expected to serve as support levels. The confluence between the 38.2% level and horizontal support, both in the vicinity of $450, makes this area a strong region of support.

The Gann fan lines from $0.0237 swing low highlighted lines of potential support and resistance for TRX. The 2:1 line, alongside $0.03 and $0.0287 horizontal levels, are important to the price over the next few hours.

The RSI sank below neutral 50 to indicate bearish pressure. This presented a move beneath the 2:1 line for TRX as a likely scenario.

This means that $0.03 would become a strong region of resistance, which could push TRX to test $0.0287 and possibly cede it to the bears.

ALGO saw a double top pattern form for ALGO (white) as it was unable to push past resistance at $0.5. The valley of the pattern sat at $0.43, and the price moved with strong momentum beneath this mark.

The pattern projects a target of $0.38 over the next few trading sessions, and it is possible that heightened selling pressure would push ALGO back beneath the $0.375 level it broke out of recently.

The MACD showed strong bearish pressure as it moved beneath the zero line. The $0.39 level can offer some support to ALGO but is likely to be lost to the bears soon. Whether the bulls can mount a recovery quickly remains to be seen.

Stellar Lumens, Maker, FTX Token Price Analysis: 11 January

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

Two reasons why it was wrong to write off Litecoin, Bitcoin Cash

Bitcoin Cash Price Analysis: 23 December

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This article takes a look at Bitcoin Cash in both short and long-term time frames to determine if things have changed or whether it will.

It is advised to read a previous article before getting into this article.

On the 1-hour chart, BCH is respecting the rounded bottom support as it has tested it more than thrice in the last month. Moreover, the buying pressure pushed the price by $100 from $260 to $360 in 4 days. Currently, the price is near the local top, and is looking to take a jab at it again, especially after two failed attempts, both in the last two weeks of December.

With bitcoin surging higher, things seem to be both in a bull run and not, since some altcoins are doing well while others are struggling. One common theme across most altcoins is that their value in terms of BTC is reducing at a faster pace with every step that bitcoin takes.

Perhaps the most that BCH can do now is try to overcome the local top that ranges from $373 to $383, a $10 barrier. So, on a short-term time frame, the chances to scalp are looking good.

The one-day chart shows a clear picture of the multi-year rounded bottom pattern that has been holding up since mid-2019. As mentioned in a previous article, a good time to enter a long trade would be in the range of $309 to $328. This assumes that there will be a retracement from BCH soon, which will depreciate the price by 9% to 14%. This makes sense considering the aforementioned local top that has prevented the price thrice on the daily time frame from breaking out.

In an extremely bearish scenario, we can expect BCH to retest the rounded bottom and then proceed with breaking the local top and head higher. On a lower level, BCH is looking good for scalps, however, on the higher time frame, one needs to be cautious as to where BCH might go. There are equal chances of retracement to the aforementioned range or a breakout of the local top.

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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