Cryptocurrency market update: Death to digital dystonia dystopia – Bitcoin, Ripple, and Ethereum fired up
|- Cryptocurrencies usher in the weekend session in style: gains galore.
- Bitcoin breaks above $3,450 while eyes are set on $3,500.
- Ripple reclaims position above $0.30: rough waters lie ahead.
- Ethereum adds 7.4% on the day and zooms above $110 resistance level.
The cryptocurrency market has been lethargic in the past 6 weeks. There was a significant correction in the period leading to 2018’s Christmas celebrations. However, most assets lost balance culminating in declines that spilled into 2019. Attempts to make higher corrections have been thwarted by selling pressure.
Crypto market reversal
The market is currently painted green everywhere as bulls return to usher in the weekend trading in style. Litecoin is the biggest double-digit gainer. LTC/USD is up more than 20% on the day and has claimed a position among the top five digital assets. Litecoin currently sits in the 4th spot with a market cap of $2.24 billion.
Bitcoin price overview
Bitcoin price is in a ballistic motion at the time of press. It has corrected higher above $3,400 as discussed in the price analysis earlier today. In fact, it has cleared the resistance we anticipated at $3,420 and $3,430 and is exchanging hands at $3,450. All eyes are currently set on $3,500. Besides, the technical levels are strongly bullish. Therefore, I expect Bitcoin to close the trading today closer to $3,500 as long as support is established above $3,450.
Ripple price overview
Ripple, on the other hand, has not been left behind. It has reversed the trend upwards and even stepped above $0.30. The gains come after the losses mid-week sent the asset below $0.29 where XRP formed a low at $0.2878. XRP/USD is trading at $0.3045 at press time. The immediate support is the hourly 50-day Simple Moving Average (SMA) at $0.301032. It is vital that bulls keep the price above the moving average to avoid declines that could send XRP back to the drawing board.
Ethereum price overview
Ethereum has corrected higher by 7.4% to trade at $112.14. It tested lows close to $100 this week. However, the bullish pressure on Friday 8 has pulled it above the resistance at $110. Further movement upwards will be limited at $115, $118 and $120 resistance levels. On the flipside, the 4-hour 100-day SMA is positioned to offer support in case of a dip below $110. The next support lies at the 4-hour 50-day SMA, $105 and $100.
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