How long is the market going to remain trading sideways?
|The cryptocurrency market is trading sideways today as some coins are going up, while the rates of others are falling.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) is the only coin from the list today that is falling, declining by 0.90%.
BTC/USD chart by TradingView
On the daily chart, nothing has changed as the price keeps trading in a wide channel. In addition, the volume is going down, which means that none of the sides has accumulated enough power for a sharp move. In this case, trading in the range of $38,000-$40,000 is the more likely price action until the end of the week.
Bitcoin is trading at $38,279 at press time.
ETH/USD
Unlike Bitcoin (BTC), Ethereum (ETH) is showing power, rising by 0.19% since yesterday.
ETH/USD chart by TradingView
Despite slight growth, Ethereum (ETH) is still trading below the vital $3,000 mark. If today's candle fixes near $2,780, there is a high possibility to expect a breakout of the red line soon, followed by a continued price drop.
Ethereum is trading at $2,823 at press time.
XRP/USD
XRP is the biggest gainer from the list today, rising by 0.70%.
XRP/USD chart by TradingView
XRP remains bearish despite the rise, approaching the $0.5461 level. If bears' pressure continues, the decline may lead to a further decrease to the zone around $0.55 until mid-May.
XRP is trading at $0.6150 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.