For the past few days we experienced a bloodbath in the crypto world seeing most of the cryptocurrency decline losing nearly $150 billion. This happened due to fundamental factor(news) of South Korea planing to ban cryptocurrency activities in the country, something similar happened when China banned cryptocurrency activities in its country which saw coins like bitcoin plummet to a very low level. China Was the highest cryptocurrency exchange in the world coupled up with the population in China,immediately it was announced that crypto currency was banned we noticed a huge declination from certain coins like bitcoin but it soon gain its strength and even surpass the previous highs as at then even when China was no longer involved in the market. Technically these coins have found a strong support where it should reverse and create new highs. No need to panic because we will see some of these coins gain a whole lot of strength from this day. Here is an update on my analysis of Ripple, Electroneum,SBD and Steem.
•Steem/BTC
This is the Steem/BTC chart analysis carried out by me. In my previous post I did mention that we might likely get a positive reaction from the deep Fibonacci retracement which is currently happening right now. A breakout is about to occur at 0.0004500 level, if this price level gets broken to we will see Steem/Btc move to the upside which will be a great news for us steemians.
•SBD/BTC
SBD/BTC also settled at a significant level. Price is currently bouncing from the 61.8 and 78.6 fibonnacci retracement and we have price breaking out of the descending trendline which happens to be a signal that we might likely see SBD gain strength from the current price. Overall bias for this coin is the first target at $8 whilst the second target at $12 and third target at $15-$20. For those who are willing to buy Steem or sbd in order to grow your accounts especially the minnows I suggest this is a good time to buy these coins as we may not get that opportunity again. From this level we should see a steady growth of the coin.
•Electroneum
ETN or Electroneum is a coin I personally invested on due to the fact that it has a lot of potentials and great features. There has been speculations that this altcoin will touch $10 for one Electroneum in few years to come. Currently this coin is very cheap trading at $0.1 and it has a long way to go before we get to $1 which might actually happen this year. Investing in this coin right now puts you in a very good buy entry. From the above chart we have a strong candle rejection or a reversal candle stick rejection from the last fibonnacci support of 78.6. Price rejected from that area multiple times giving us a clue that there’s a strong barrier within that region, However a good buy position will be great as from here we will see price skyrocket.
•Xrp/usd
Ripple is the third altcoin on market cap, this coin has a lot of potential and has even gone further to gain media attention which is usually a good thing for any coin. So many investors are keeping tabs on Ripple for a good buy and a lot of investors believe in this coin. Currently Ripple is trading at $1.57. In my previous blog I did post and explained about getting a breakout soon on Ripple which we did get that and my first projection is at $3.5, second target at $4.00 which I strongly believe it will be achieved. A lot of people see this coin go to $15 which is very possible however I suggest a good buy position will be great from the current price as we will see this coin gain a whole lot of strength.
Check out my previous post on these coins
https://steemit.com/cryptocurrencies/@vellzz/ripple-electronuem-steem-and-sbd-ready-for-new-highs