Bitcoin, Ethereum, Ripple overview: Major coins switch to the recovery mode, BTC tests critical resistance
|- Dominant cryptocurrencies are gaining ground on Monday.
- BTC/USD attempts to break above $3,700.
- Ethereum beats the market with 11% growth.
The cryptocurrency market is green this Monday morning. All top-20 coins are on the positive territory, gaining from 0.6% to 11% of their respective value in recent 24 hours. The total capitalization of all digital assets in circulation reached $126B during early Asian hours, which is the best value in more than a month.
Bitcoin is changing hands at $3,675 after a short-lived attempt to break above $3,700 handle. The most significant digital asset has gained 2.6% since this time on Sunday amid global cryptocurrency market recovery. The bullish momentum in BTC/USD started gaining traction after the price broke above $3,650 resistance. Now the focus has shifted onto $3,700 barrier that stopped the recovery during the previous bullish episode.
Ethereum is the growth leader today. The coin has gained over 11% and came close to a critical $140.00 before retracing to $138.34. The sell-off fits the definition of a healthy correction from an overbought territory as long as the price stays above $130.00. However, the really critical support lies at $125.00-$124.50. This area contains DMA50, SMA100 1-hour, and 23.6% Fibo retracement weekly.
Ripple’s XRP is trading at $0.3114, close to intraday high. XRP’s recovery is capped by the sloping trend line from November 6 high at $0.5668. Once it is cleared, the upside will gain traction with the next aim at the congestion zone $0.3240 and DMA50 at $0.3350.
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