The cryptocurrency market has over the course of week suffered a sharp loss over the course of its steep declines earlier this week. However, bears have hit the bottom and major cryptocurrencies have slightly rebounded supported by momentum from developments in the cryptocurrency community across the globe. Today, major crypto coins are seeing consolidative price action near rebound highs scaled during yesterday and early trading session today. Comments from US representative stating that Bitcoin can’t be killed and Indian government’s decision to hold back from passing a blanket ban on cryptocurrencies in its recent draft are some of the notable events which led to this positive development in the cryptocurrency market. The overall market capitalization of the cryptocurrency market is currently back above US$280 billion reversing the loss of US$20 billion incurred during recent mid-week declines.
Bitcoin: Bitcoin price has moved back above 10K mark and as of writing this article, BTC/USD pair is trading at $10328 well above psychological hurdles found near $10000 and $10300 mark. For now, Bitcoin has entered a phase of consolidation near $10300 handle after a recent bout of price volatility, but Bitcoin is still not out of the woods yet. Bitcoin failure to recover above $10500 could mean that yearly highs scaled in recent past will remain out of reach for quite a while in recent future. Further, another bearish bout during the weekend could lead the pair to scale fresh monthly lows. In case bears fail to gain momentum, the pair is likely to move trapped in-between $10500 to $10100 during the weekend trading session.
Ethereum: Ethereum is also seeing positive price activity today having recovered significantly above $200 mark post hitting new monthly lows at $192.14 earlier this week. The ETHUSD pair is currently trading at $220 handle, but strong resistance looms around said price level preventing further gains in immediate future. One of the major reasons for today’s sharp upside move news of crypto whale purchasing nearly 20,000 ETH worth nearly $70 million USD in single trade order. However, the price is still well below $225.53 where the pair opened for the week. In immediate future, the pair needs to scale hurdles at $235 and $255 handles for bulls to gain dominance and aim for rescaling $300 handle but the scenario is highly unlikely which suggests that the pair is likely to trade range bound between $220 to $200 price range.
Ripple: Ripple’s recovery rally which saw price scale above 0.31 handle is a major positive cue for traders. Despite declining as low as 0.2855 during steep declines which occurred earlier this week, XRPUSD pair has managed to scale back above 0.31 handle breaching hurdles at 0.229 & 0.30 handles. This is a clear and strong sign that broad market investor sentiment and fundamentals surrounding Ripple favor continued bullish price action. As of writing, this article Ripple is trading at 0.3135 handle which can be viewed as an early precursor for a bullish breakout. Moving forwards the pair is likely to trade trapped in-between 0.3100 handle and 0.3250 handle over the course of the weekend. The pair needs to breach resistance at 0.3300 and 0.3500 handle for Ripple to aim at rescaling monthly highs.
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