Cryptocurrency market update: Cryptos are in weekend tailspin as Bitcoin eyes $ 11k, Ripple looks to $ 0.3180
|- Crypto markets see no weekend love, a sea of red persists.
- Ripple weakest among top 4 widely traded cryptocurrencies.
Top 4 coins’ price overview
- Bitcoin (BTC/USD) returned to the negative territory on Saturday, reversing a part of Friday’s rebound, in the wake of a rising wedge breakdown on the hourly chart. The prices faded a tepid bounce below the 200-hourly Simple moving average (HMA), as widely expected. The bears regained control to now test the next horizontal support near 11,100 levels while Friday’s low of 10,968 returns on the sellers’ radar. The most widely traded cryptocurrency lost over 1% over the last 24 hours, with its market capitalization standing at $205.54 billion.
- Ethereum, the second-largest digital asset with the current market capitalization of $29.02 billion, also follows suit and remains heavy, as the sellers now look to test the Friday’s low of 262, below which the 260 mark will come into play. The coin is down -2.45% over the last 24 hours, with no reprieve seen in the near-term.
- Ripple (XRP) got sold into the crypto selling-wave and wiped-off nearly 4% of its value to reach daily lows of 0.3299 following a symmetrical triangle breakdown spotted on the hourly chart earlier today. The third-largest coin now trades around 0.3320 levels, with bears now eyeing a test of the next support near 0.3180 region. The current market capitalization of the coin is seen at $14.15 billion.
- Litecoin (LTC/USD): The bears are on its way to the 100 support, as the fourth most widely traded cryptocurrency breached the 50% Fibonacci Retracement (Fib) of the latest recovery at 101.16. Over the last hour, the digital currency has accelerated the declines (-4%), having met stiff resistances ahead of the 103 handle.
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