{"id":354529,"date":"2020-06-02T07:02:21","date_gmt":"2020-06-02T05:02:21","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=354529"},"modified":"2020-06-02T07:03:43","modified_gmt":"2020-06-02T05:03:43","slug":"crypto-markets-face-make-or-break-moment","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/354529-crypto-markets-face-make-or-break-moment.html","title":{"rendered":"Crypto markets face make-or-break moment"},"content":{"rendered":"

Major cryptocurrencies including Bitcoin and Ether have surged over the past week, but technical indicators show they\u2019re butting up against a key\u00a0resistance<\/span>\u00a0level.<\/p>\n

The Bloomberg Galaxy Crypto Index, which includes most of the largest digital tokens, is nearing a critical juncture at the 400 mark, which has acted as both a support and a\u00a0resistance<\/span>\u00a0line since March. A break below it led to one of its largest-ever selloffs earlier this year, but technical analysis now suggests a break higher could presage a rally that potentially takes the gauge to an annual high.<\/p>\n

In addition, the index\u2019s MACD — or the moving average convergence divergence gauge — shows a positive trend could be formed as soon as this week.<\/p>\n

The index has gained more than 11% since last Tuesday and is trading at its highest level since early March. Bitcoin has advanced near 8% in the same period, while Ether is up more than 17% — the two tokens make up 60% of the index, according to\u00a0Bloomberg data<\/span>.<\/p>\n

Cryptocurrencies, which sold off precipitously at the onset of the coronavirus-induced crash earlier this year, have regained their footing in recent weeks. A\u00a0warning\u00a0from Goldman Sachs Group Inc. last week about crypto assets did little to dent optimism.<\/p>\n

Fans have instead been buoyed by an embrace from some of Wall Street\u2019s most famed investors, including Paul Tudor Jones,\u00a0who is buying\u00a0Bitcoin as a hedge against the inflation he sees coming from central bank money-printing.<\/p>\n

\u201cCryptocurrencies have weathered the panic-selling storm that took place in March and seem poised to benefit from a wide-range of growing institutional interest,\u201d said Edward Moya, senior market analyst at Oanda.<\/p>\n

\u201cIt is not just Bitcoin that is attracting interest — alternative coins such as Ether and Bitcoin Cash seem to have bigger upside potential.\u201d<\/p>\n

\"Crypto<\/a><\/p>\n

Now read: Reddit to launch its own cryptocurrency<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Major cryptocurrencies including Bitcoin and Ether have surged over the past week, but technical indicators show they\u2019re butting up against a key\u00a0resistance\u00a0level.<\/p>\n","protected":false},"author":341034,"featured_media":225478,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,43338],"class_list":["post-354529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-ether"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/354529"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=354529"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/354529\/revisions"}],"predecessor-version":[{"id":354535,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/354529\/revisions\/354535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/225478"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=354529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=354529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=354529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}