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In the report of yesterday NCC noted that Aelf, the Decentralized cloud computing blockchain network developed by a team of Chinese developers, grew by more than 17 percent against bitcoin. Today, May 20, the price of Aelf has increased by 10%, becoming the second best performing cryptocurrency on the market for two consecutive days.
Trend of tokens
Throughout the month of May, tokens showed an increased movement both upward and downward, following the price movement of bitcoin. As the price of the decline has dropped, the value of the chips has decreased due to substantially higher margins and, as the price of bitcoin has increased, the value of chips has increased significantly more than that of bitcoin.
Essentially, investing in tokens in a recovery period with extreme volatility and uncertainty is similar to the leverage and depends on the price trend of bitcoin, the value of the chips can either dive or to leap by important margins.
On May 17, the price of bitcoin reached its lowest level in two months at $ 7,925 and, with the price of bitcoin falling, Aelf (ELF) and 0x (ZRX) also fell their lowest monthly. However, as the bitcoin price rebounded from $ 7,925 to $ 8,300, ELF went from 0.00014 BTC to 0.000162 BTC and ZRX went from 0.00015 to 0.000174 BTC, both of which recorded significant gains against bitcoin.
Despite their gains of 20% over the last 48 hours, the relative strength index (ELR) of both ELF and ZRX is about 55, which means a neutral zone for the two tokens. ELF and ZRX are still in an ideal position to record a short-term rally, as the exponential and simple moving averages of both chips demonstrate a positive price trend in the coming days.
At the present time, because the price of most alternative cryptocurrencies (altcoins) and tokens strongly depends on the trend of short-term prices of bitcoin, investors must focus on the bitcoin movements over the next few days.
If the price of bitcoin can maintain momentum in the region of $ 8,400 and surpass the support level of $ 8,800, it could reach the region of $ 9,000 fairly quickly and get a chance to overtake the support level of $ 10,000. However, if the price of bitcoin falls below the resistance level of $ 8,200, it is possible that the bitcoin price will return to the region of $ 7,900, which is unlikely given the price stability of bitcoin since May 18th.
The price of bitcoin has not been stable enough to test the $ 8,800 level of support, which could eventually drive the price of bitcoin to the $ 10,000 region in the near term. The bitcoin fight may be attributed to investor concerns in major markets like Bitfinex that began asking users to give up their tax identification and social security numbers, possibly due to increasing pressure from governments.
Although Bitfinex is not the largest cryptocurrency exchange in the world, it is considered one of the most important cryptocurrency exchanges and the new tax policy of the stock market has caused panic among investors. the financial authorities of their countries.
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