Cryptocurrency market over the weekend saw sharp declines as strong resistance near key resistance levels capped further gains. However, there is also an equally strong supply in the downside preventing declines below psychological levels keeping price trapped within familiar levels over the weekend. In Asian market hours today, top cryptocoins saw a sharp rebound from weekend lows with crypto market bulls managing to tease resistance levels for a brief instant. However, resistance found near resistance levels remain strong and firm preventing an upside breakout. Significant levels of limit orders found near resistance levels continue to remain a big hurdle causing price to decline from intra-day highs. But price of top crypto coins still remain near Friday’s highs while bulls await for yet another opportunity to retake intra-day highs. The overall cryptocurrency market capitalization is currently at US$273 Billion down by nearly US$ 23 Billion over the weekend.
Bitcoin: The progenitor of cryptocurrencies is all set to make yet another attempt to re-scale intra-day highs. Bitcoin is currently trading at $10330 up by 1.92% on the day having scaled an intra-day high of $10654.02 earlier in the day. The market capitalization of Bitcoin is currently at US$186.17 billion as of writing this article. When looking at technical picture, the Bulls still seem to hold an upward an upper hand. The decline from intra-day highs was capped well near Friday’s highs. The SMA’s which are used as an indication of ongoing market trend is clearly suggesting the emergence of an upward bias in price action. Price is moving well above all three SMA’s – 9, 50 and 100 in intra-day and daily charts. RSI indicator used to measure price momentum and considered as leading indicator that could act as precursor to indicate a change in price dynamics also paints a clear bullish picture. The signal line of RSI indicator is moving slightly above neutral levels with an upward incline in intra-day charts in range of 52-57 levels. The BTC/USD pair is likely to trade positive in near future trading sessions and make yet another attempt to breach key hurdles on the upside with strong level of support and resistance found at 10295, 10230, 10200 and 10380, 10430, 10500 handles respectively.
Ethereum: Ethereum, the second most valued crypto coin in terms of market cap is seeing price action very similar to Bitcoin. The most valued altcoins has managed to find strong support above $190 handle today and is still on path to re-scale $200 handle. However, unlike Bitcoin which has managed to move above $10600 at least for a brief period of time, Ethereum is yet to breach major hurdle of $195 handle which stands in its way to re-scale $200 handle. ETHUSD pair is trading at $90.19 up by 1.15% on the day with a market cap of US$ 20.64 Billion. When looking from technical perspective, ETH bulls still remain supported fundamentally and are poised for making another attempt to scaling key hurdles to the upside. In intra-day chart, the price is moving well above all three key SMA’s – 9, 50 and 100 hinting at prevalent bullish influence on price action and a clear sign that positive price trend is currently in progress. The RSI indicator used to measure price momentum and considered as leading indicator that could act as precursor to indicate a change in price dynamics also paints a clear bullish picture. The signal line of RSI indicator is moving parallel to neutral level (50-53) leaning slightly towards the overbought region. Expected support and resistance for the pair are at 188.93, 189.65, 190 and 191.15, 192.28, 193.58 handles respectively.
Ripple: Ripple, unlike the other two most valued cryptocurrencies is barely managing to hold its fort near key support level. Ripple over the weekend saw relatively limited declines compared to Bitcoin and Ethereum. While XRPUSD pair also saw a sharp upward spike in price action during Asian market hours, the pair failed to reach key psychological level of 0.28 handle and fell from intra-day highs all the way till 0.2707 handle reversing most gains made in early trading session. As of writing this article, XRPUSD is trading at $0.2729 up by 0.85% on the day with a market cap of US$ 11.76 Billion USD. When looking from technical perspective, the price action paints a clouded picture given the fact that price has declined below all three key SMA’s – 9, 50 and 100 SMA’s before its rebound from intra-day lows. For now, the price has managed to move back above the key SMA’s in intra-day chart indicating strong grip of market bulls on price momentum. However, the fundamental support comes from news driven momentum on Ripple’s deal with Xendpay payment service provider which broadens its reach to five Asian countries. Once the fundamental support evaporates the pair is likely to remain highly susceptible to bears unless it managed to regain foothold above 0.28 handle. RSI indicator used to measure price momentum is seeing signal line remain near neutral level with no inclinations towards either direction. The pair lacks a strong fundamental support to influence a clear directional bias in immediate future. Expected support and resistance for the pair are at 0.2673, 0.2687, 0.2700 and 0.2740, 0.2760, 0.2796 respectively.
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