Cryptocurrency market update: Bears dominate quiet Saturday trading
|- Bearish momentum extends on Saturday across the crypto space.
- Bitcoin is the top weekly loser among five dominant cryptocurrencies.
Top 5 coins’ price overview
- Bitcoin (BTC/USD) is seen fading its recovery from below 10,100 region, as sellers remain in control following a symmetrical triangle breakdown witnessed on the hourly chart earlier on Saturday. The price now looks to test the daily lows of 9,960, below which the bears are likely to test 9,800 levels. The most widely traded cryptocurrency lost nearly 1% over the last 24 hours, with its market capitalization standing at $ 180.84 billion.
- Ethereum (ETH/USD), the second-largest digital asset with the current market capitalization of $23.32 billion, failed once again to sustain above the 220 level, as the bears fought back control amid a broader market sell-off. The coin looks set to test the downside near 211-210 levels. At the press time, ETC/USD exchanges hands around 215.50, down 0.50% over the last 24 hours but up nearly 20% on the week so far.
- Ripple (XRP/USD) extends its corrective slide from six-week tops into a third straight day today, as the sellers lurked near 29.50 following the overnight recovery. The cryptocurrency slipped below the 0.29 handle to now trades near the lower levels so far around 0.2885 region. Should the renewed weakness extend, the spot could test the immediate support near 0.2850/35 levels. The current market capitalization of the coin is seen at $12.52 billion.
- Bitcoin Cash (BCH/USD) reversed the overnight recovery and now meanders in the lower bound of today’s trading range so far, around 311 levels. Despite the latest leg down, the No. 4 coin still trades well above Thursday’s low of 302.41. The sellers now target the 3-week long rising trendline support at 306.71, as the price loses 1.50% in the last 24 hours, still enjoying a market capitalization of $ 5.63 billion.
- Litecoin (LTC/USD): The fifth most widely traded cryptocurrency by market value is the main laggard amongst the heavily traded five coins so far this Saturday. The descending triangle formation spotted on the hourly sticks points towards further declines, with the test of the 73.00 support likely. The coin currently tests the 74 handle, with a market capitalization of $ 4.71 billion, and down about 1.75% over the last 24 hours.
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