Lack of fundamental and regulatory support continued to roil the crypto market. Bitcoin and other leading cryptocurrencies continued to experience the extreme selling pressure, breaking down to the yearly low levels. The overall market cap of the crypto market reached down to $104 billion level, but the late recovery in the market helped it to avoid breaching the $100 billion level and added $10 billion to its valuations.
In the list of top five cryptocurrencies according to market cap, Tether has become the fifth largest cryptocurrency with near $19 million valuations, taking away the position from Bitcoin Cash ABC. Over the weekend, the rank has seen many claimants, with Bitcoin Cash SV struggling to stay ahead of Bitcoin Cash ABC.
Over the weekend, the Bitcoin prices have recovered over 12 per cent from its yearly low of $3210 level. The dominance level has also reached 55% level and the market cap is now currently hovering around the $62 billion mark. I think the $3,600 level is continuing to attract a lot of attention in the market.
The 50 Day EMA level is offering a good support to Bitcoin prices but 200 Day EMA level above is proving to be extremely resistive. A break below the 50 Day EMA is likely to break the BTC prices further towards the $3200 level.
Ripple has been consolidating for the past few session, between a wedge-like pattern on the hourly chart. The price is currently hugging the lower line of the wedge, and if it stays below this line for next couple of hours, then it is likely to break down to the $0.29 level, which is its next major support level. The 50 Day EMA line has also turned out to be resistive and is likely to be a bit difficult to cross over.
Selling pressure continued in the Ethereum throughout the last week, with price hitting the $80 region, wiping out the entire gains from mid-2017 range. It has also been the worst performing leading crypto of the past week with over 20 per cent loss.
The 50 Day EMA line is attracting a lot of attention in the market and is continuing to hover around that region. The $82 level underneath is a major support level and $97 level above is proving to be extremely resistive.
XLM failed to hold on the gains over the past week and has broken down significantly losing over 20 per cent of its value. The 50 Day EMA slope in the hourly chart is providing strong support to the XLM/USD pair. The $0.1281 level above will be the providing strong resistance that extends up to the $0.1390 level.
Bitcoin Cash ABC
The Bitcoin Cash price looks stabilized just above the $100 level, as the market is successfully holding on to the levels. The Bitcoin Cash price has corrected over 35 per cent in the last week, falling from $167 level to $95 level, but has recovered from there and is currently trading just above the $100 level. The market is likely to be rangebound between the $95 level and $110 level and will be difficult to break above due to weak sentiments.
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