Cryptocurrency market update: Hopes of recovery thwarted as Bitcoin, Ethereum and Ripple stay in the red
|- Bitcoin cleared the critical resistance at $4,000 but the buyers failed to sustain growth towards $4,200.
- ETH/USD is trading at $139 and is between the 50 SMA resistance and the important 100 SMA support.
- XRP/USD must break above $0.32 and sustain growth past $0.33 for gains heading to $0.35.
Towards the end of last week, we saw the bulls on the crypto market revive the uptrend. A bullish wave swept across the market on Friday where Bitcoin closed in on the $4,000 level while other cryptocurrencies recorded gains heading to key resistance levels. Although the trend finally broke the critical resistance at $4,000, the buyers failed to sustain growth towards $4,200 opening the gate for a reversal.
Bitcoin price overview
It appears that altcoins are gaining traction fast against the largest cryptocurrency by market capitalization. Bitcoin dominance on CoinMarketCap has thinned to 50.07%. Moreover, the rising trading volumes we discussed last week have begun decreasing from the levels above $10 billion to the current $8.6 billion. At press time, Bitcoin's market cap stands at $70 billion.
According to the FXStreet’s cryptocurrency live rates, Bitcoin is trending 0.31% lower on Monday. The digital asset is changing hands at $3,957 following a -8 daily change in price. The 4-hour chart shows that BTC/USD has initial support at the 50 SMA close to $3,900. The second support coincides with the rising trendline and the 100 SMA 4-hour. On the upside, $4,000 remains a key resistance zone.
Ethereum price overview
On the other hand, Ethereum like Bitcoin is struggling to shake off the bear pressure. However, the failure to sustain growth above $140 has given the sellers confidence to push the price back in the zone close to $130. Meanwhile, ETH/USD is trading at $139 and is between the 50 SMA resistance and the important 100 SMA support. It is essential the bulls send Bitcoin above $140 and target $150 to avoid declines in the short-term.
Ripple price overview
XRP/USD is still holding ground above $0.31. Attempts to correct towards $0.33 over the weekend sessions failed and XRP had to seek balance at $0.3160 before making another attempt. In fact, the price is below the Simple Moving Averages on the 15-minutes chart to show that the bears’ control has gone up a notch higher. While the support at $0.31 is likely to be the line drawn in the sand, XRP/USD must break above $0.32 and sustain growth above $0.33 for gains heading towards $0.35.
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