“Cryptocurrencies are also currently facing tougher oversight from several world governments and central banks, not to mention Facebook and Twitter’s bans on ads promoting them—obstacles they didn’t have to contend with back in 2011 and 2012,” Frank Holmes contributor at Forbes comments.
The current the 50-day MA is set to move to a death cross
– a bearish crossover between the 50-day MA and 200-day MA – but sell-off is likely to run out of steam in the range of $6,600-$6,000, according to analysis from Coindesk, resulting in a bounce as the cryptocurrency hits bottom and reverses.
“Cryptocurrencies are still in their very early stages. To return to the comparison with tech stocks, we don’t know at this point which digital coins will be tomorrow’s equivalent of Amazon, Google, Apple and Facebook. A long-term view is key.”