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Cryptocurrencies Bounce Back But Struggle With Key Resistance Levels

BTC

Bitcoin price attacked the resistance level at $7,600, but the upside was limited below $7,650. The 200 SMA offered resistance leading to a trend reversal that has seen BTC/USD break below $7,500 and is currently testing the short-term support level at $7,400.

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. Moreover, the 100 SMA is offering resistance to the upside, while the gap between the moving averages is widening to signal that the sellers have the upper hand.

The RSI on the 15’ timeframe chart has retracted below the 30 mark, while the Stochastic is way deep in the oversold region which could mean that the sellers are nearing exhaustion and the buyers could find an entry. An upside breakout past the 100 SMA ($7,500) could test the key resistance at $7,600 (200 SMA). However, BTC/USD could still be in the danger of another slide and this time the target on the downside would be $7,200.

The CEO of Deutsche Boerse, Jeffrey Tessler is considering adopting digital assets. The German bank becomes one among the many financial institutions interested in cryptocurrencies and the blockchain technology. The digital assets offer lower cost of transacting while still maintaining a peer-to-peer platform. Tessler said in an event held in London:

“Before we move towards the Bitcoin market, we want to make sure we understand the underlying transaction which isn’t the easiest thing to do.” He added, “We want to understand the volatility and make sure clients are in line and make sure regulators are in line.”

The cryptocurrency market is volatile at the moment but having banking institution with interest in the space speaks a lot about how far the market has come. Moreover, it could mean more growth for the virtual currencies especially when it comes to adoption into the financial sector.

BTC/USD 15’ chart

(Click to enlarge)

Monero price has settled at $173.30, having recovered from Thursday's low at $160.30. Monero is currently the 13th largest coin with a total market value of $2.7B and trading volume over $40M. Monero is most actively traded at HitBTC. Japanese Coincheck and Korean Korbit delisted Monero due to privacy issues.

Monero, infamous for its popularity among hackers who use other people's devices to mine virtual coins for them, made headlines again. A new type of malicious software hijacks Apple's Macs to mine Monero.

Researchers from cybersecurity firm Malwarebytes discovered that virus abuses innocuous Mac process called "mshelper" to mine Monero for the benefit of an unknown hacker.  Virus utilizes a lot of CPU power, but it is not dangerous to Macs. Related: Apple Doubles Down On Data Privacy

"Affected users saw their fans whirring out of control and a process named 'mshelper' gobbling up CPU time like Cookie Monster. Fortunately, this malware is not very sophisticated and is easy to remove," the company wrote in its blog.

Monero technical picture

XMR/USD peaked at $298 on April 24 and has been sliding ever since. A break below $215 support created by 50-DMA worsens the technical picture significantly. Bears are behind the driving wheel as long as the price stays below the said level. On the downside, the support is seen at $160.00

XMR/USD, the daily chart

(Click to enlarge)

IOTA recovered from Thursday's low to trade at $1.5250. The 10th largest cryptocurrency with the market capitalization $4.2B registered trading value $68M.

IOTA announced the launch of three testnets: Spamnet, Canarynet ? Testnet1. The decisions is explained by the desire to simplify the procedure of testing different functions.

"We hope that these testnets will provide a better R&D experience for everyone — we will certainly be making good use of them ourselves! While simulations and local testing have worked in the past, they are far from ideal when we need concrete research results based on real-world data," company writes on the official blog.

IOTA technical picture

On the longer-term timeframe, IOT/USD recovery is capped by a host of moving averages. The first barrier comes at $1.6416, it is created by 100-DMA and followed $1.7974 (50-DMA). Once it is cleared, the recovery may be extended towards critical $2.0 handle. On the downside, a sustainable move below $1.500 will open the way to $1.3 and, potentially, $1.0

IOT/USD, the daily chart


(Click to enlarge)

By John Isige via FX Street 

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