The cryptocurrencies are still grappling with the bear markets. The altcoins have all exhausted selling pressure but the bulls lack buying power to come out of the downtrend. The coins are in a downward correction.
On April 10, HTC disclosed a plan to support its flagship blockchain phone, EXODUS 1s, with a Monero mining feature. This signifies a start of mobile mining, which holds a promise to bring power costs down and make cryptocurrency mining more decentralized.
Last week, the bears pushed Ethereum to the bottom of the chart. Ethereum nosedived to the low of $101 but pulled back above $120 to resume a sideways trend. The bulls could not push price above $140 resistance. Ether is also repelled each time price tested the resistance level. This also explains that ETH lacks buying power at a higher level.
Surprisingly, Bitcoin has plunged below $8,000 after failing to break above the $9,200 resistance. The bulls have earlier broken the price range of $8,400 and $8,800 and push above $9,000. Bitcoin faces intense selling pressure at $9,200 as the market nosedived to the low of $7,822. On the downside, as the bears broke $8,400 support, the next support ought to be at $7,800.
The outbreak of the new coronavirus in China has halted economic activities in the mainland which is the key producer of Bitcoin mining Hardware. As fewer mining machines are added to mine Bitcoin, the difficulty algorithm is relaxed as the competition between miners reduces. The Universal hashing power towards the Bitcoin network is somewhat constant.