Crypto newsletter: Upside momentum fades away

11:52 AM March 27, 2020
• Major Cryptocurrencies are trading in consolidation after unsuccessful attempts to break through key resistance levels
• The new Cardano Ouroboros Hydra protocol can theoretically scale to one million transactions per second, which exceeds current global payment systems such as VISA.

The week nears its end but cryptocurrency investors are still looking for hints on what comes next. Most of the major cryptocurrencies are trading sideways, waiting for a potential trigger that would move the crypto market. This week we take a look at Bitcoin and Dash.

Bitcoin has made another failed attempt to break above $7,000 level. Ethereum and Ripple both made a similar movement and are trading in consolidation. Dash bounced of the key resistance level at $76.50 and is moving sideways. Monero (XMR), the best performer in the last seven days has declined by 3% today morning however price managed to recover early losses. XMR/USD soared more than 11% in the last seven days.

The entire cryptocurrency market increased slightly and is now worth $184.446 billion (+0.65%), whereas the traded volume lowered to $33.270 billion (-22.04%). Bitcoin maintains a dominant market position of 66.48 percent.

On Wednesday Cardano (ADA) announced that after five years it has completed work on its new Ouroboros Hydra protocol which may significantly increase scalability as well as latency for the blockchain while ensuring that the least storage on the network nodes is utilized. IOHK which was responsible for development of the new protocol believes that it can scale to 1 million transactions per second. Worth noticing, that none of the current payment systems in the world have ever achieved a similar number of transactions.

One of the largest cryptocurrency exchange in Poland, BitBay, went offline on Thursday due to connectivity problems. The company has partially managed to restore functionality to allow customers to cancel orders. The company said that this was due to the problems of an external service provider, while denying rumors about a possible hacker attack.

Bitcoin and Dash price update
BITCOIN is trading around $6,650 level and began to move sideways. Price action on this market eased and the pair is swinging around this major resistance level. Once it is out of the way, the upside is likely to gain traction with the next focus on $7,000 and $10,000. However if the if bears take control of the market then the price could retest support at $3,950. Source: xStation

DASH pulled back after failed attempt to clear the resistance at $76.50. Currently the price stabilized around $65.00 level. If the upward move continues then price may retest the key resistance level at $ 76.50 again. However if disturbing information hits the market, the coin may be heading towards support level at $ 38.00. Source: xStation5

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