Market review, May 7, 2019

2019-05-07 13:01:56

The Malaysian city of Malacca plans to be the first in the world to receive the title of “crypto city”. The authorities of Malacca intend to attract up to 3 million tourists a year to the state capital of the same name.

It is reported that visitors to the city will be able to use cryptocurrency to pay for hotels and restaurants. It will be possible to exchange fiat currencies for digital immediately upon arrival in the city. In addition, tourists can exchange their cryptocurrencies for DMI Coin - Malacca's own token.

The Chinese government has expressed interest in the development of the city and plans to make it a “blockchain-capital for tourists”. Now the project “crypto city” is at an early stage of development, but its founders expect to raise $120 million at the initial stage.

Malacca is not the only city betting on cryptocurrencies. For example, the Norwegian city of Liberstad began the development of its own payment-based ecosystem based on the blockchain. At the same time, city residents use their own City Coin cryptocurrency to pay for daily purchases. Dubai also plans to use the blockchain and cryptocurrencies – by 2021, the government intends to transfer up to 50% of transactions to the blockchain.

Now, let's move to the technical analysis of Bitcoin (BTC):

Over the past day, bitcoin rose to the resistance level of $5,957, this movement completely coincided with our yesterday's forecast. Apparently, bitcoin will go to the technical correction after such rapid growth. Now, the price is at around $5,915. The nearest resistance levels are $5,957, $6,000, $6,100. The nearest support levels are $5,875, $5,828.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum increased, broke through the resistance levels of $165 and $170 and reached $179.5. This growth fully confirms the viability of our yesterday's forecast. Now, the price of ethereum is $174.5. We expect a technical correction downwards. The nearest resistance levels are $176.5, $179.5. The nearest support levels are $172.5, $168.5.

Technical analysis of Ripple (XRP):

Over the past day, ripple grew and reached a resistance level of $0.3010. Our yesterday’s forecast was successfully implemented. Now, ripple is traded at $0.2975. We expect the continuation of the global growth. The nearest resistance levels are $0.2990, $0.30, $0.3080. The nearest support levels are $0.2980, $0.2910.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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