The cryptocurrency continues to lose its value this week, the price of Bitcoin went below $30000 this Friday, and the risk of further declines is not over yet. Monero, Waves, and Tron’s price is also under pressure, but these three cryptocurrencies still remain in a bull market.
If the price of Bitcoin falls again below the $30000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market. The positive news is that Joe Biden’s Treasury Secretary Janet Yellen said this week that she considers the benefits of cryptocurrencies and other digital assets.
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Janet Yellen said that we should use the potential of cryptocurrencies to improve the financial system’s efficiency.
“I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations,” said Mrs. Janet Yellen, President Joe Biden’s secretary treasury nominee.
Monero (XMR) is trading again above the $130 support level
Monero has been moving in an uptrend since the middle of March, and for now, there is no signal of the trend reversal.
On this chart, I marked significant resistance and support levels. The critical support levels are $130 and $110; $150 and $170 represent the resistance levels.
If the price jumps above $150, it would be a signal to buy Monero (XMR), and we have the open way to $160 or even $170. On the other side, if the price falls below $110, it would be a firm “sell” signal and probably a trend reversal sign.
Waves (WAVES) remains in a bull market
Waves (WAVES) price has advanced from $3.17 above $9 since the beginning of November, and the current price stands around $6.6. The critical support levels are $6 and $5, $7 and $8 represent the resistance levels.
There are some obvious risks when it comes to buying Waves (Waves) this January, but if the price jumps above $7, it will probably reach again $8 resistance level.
Tron (TRX) remains in a buy zone
According to the rules of technical analysis, the main trend of this cryptocurrency remains bullish. The important resistance levels are $0.035 and $0.040; $0.025 and $0.020 represent the important support levels.
If the price jumps above $0.035, it would be a signal to buy Tron (TRX), but if the price falls below $0.025, it would be a strong “sell” signal.
Summary
The cryptocurrency continues to lose its value this week, but the price of Monero, Waves, and Tron still remains in the bull market. If the price of Bitcoin falls again below the $30000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market.