Has the correction of the top coins on the market ended yet?
|March has begun with the continued growth of the cryptocurrency market as all coins from the top 10 list have come back to the green zone.
Top 10 coins by CoinMarketCap
BTC/USD
Last Saturday, the Bitcoin (BTC) price held in a fairly wide sideways range between the support of $46,000 and the resistance of $48,000. On Sunday, sellers knocked the pair out of the sideways channel and tested the $43,100 level, setting a weekly low at $43,021.
BTC/USD chart by TradingView
The pair managed to recover within the sideways range last night and, in the morning, the growth stopped in the area of the POC line ($47,037). In the first half of the day, buyers will try to break through to the upper border of the sideways range. But if the buying volumes are as modest as tonight, then bulls will not be able to gain a foothold above the resistance of $48,500, and movement in the sideways channel will continue until the end of the day.
It should also be said that another weak support area is seen in the area of $44,500, which today may limit the rollback if sellers begin to press and squeeze the pair out of the sideways range.
Bitcoin is trading at $48,615 at press time.
ETH/USD
Throughout the day on Saturday, buyers tried to gain a foothold above the resistance of $1,500, but they failed to form a powerful bullish impulse. On Sunday night, the bears pushed the pair below the weekly low, and at the end of the day pierced the level of $1,300, updating the local minimum to $1,293.
ETH/USD chart by TradingView
Over the past night, there has been increased demand for Ethereum on the market. As a result, the price crossed the POC indicator line ($1,345) and recovered to the $1,460 area in the morning. One believes that today the resistance of $1,600 will continue to restrain the growth of the ETH price. Only a strong bullish impulse will allow the pair to gain a foothold above the level of average prices.
Ethereum is trading at $1,555 at press time.
XRP/USD
Yesterday, the XRP price fell out of the blue sideways range and set a local minimum at $0.393. Over the past night, buyers tried to return the pair to the channel, but by morning they were unable to overcome the resistance of the lower border at the level of $0.430.
XRP/USD chart by TradingView
If bears resume the onslaught, the price will test the $0.350 level.
XRP is trading at $0.4468 at press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.