Tanya Abrosimova
Independent Analyst
- Bitcoin (BTC) recovered from the intraday low, further upside is limited.
- Altcoins are moving in sync with the first digital currency.
The cryptocurrency market is mostly directionless on Thursday. Bitcoin and major altcoins are range-bound with bearish bias; however, the critical support levels are still intact.
The total cryptocurrency market capitalization settled at $196 billion; an average daily trading volume increased t0 $60 billion. Bitcoin's market share is registered at 66.6%.
What's going on in the market
Tezos (XTZ) continues its winning streak with nearly 4% of gains on a day-to-day basis. The US-based cryptocurrency exchange Kraken announced Tezos staking support that will bring the coin holders 6% of annual return. The news had a positive impact on the market and supported the price increase.
Meanwhile, Stellar Foundation decided to stop its 20-month airdrop ahead of schedule due to a flood of fake accounts. The team explained that giving money to crooks was at par with the initial purpose of the airdrop.
Also, Twitter is said to finance the development of standards for decentralized social media. The head of the company Jack Dorsey mentioned on Twitter that he was ready to fund a small independent team for that purpose. Twitter will put its weight behind the standard and, potentially, become one of its adopters.
Top-3 coins price overview
On the intraday charts, BTC/USD has attempted a recovery above $7,200; but SMA50 (Simple Moving Average) 1-hour located on the approach to this resistance limited the upside and used the price back inside the previous range. At the time of writing, BTC/USD is changing hands at $7,184, mostly unchanged since the beginning of the day.
BTC/USD, 1-hour chart
Ethereum hit $144.80 before retreating to $144.28 by the time of writing. The coin has recovered from the intraday low of $139.80; however, the further recovery may be limited by $145.00. This resistance area is followed by SMA100 at $146.50.
ETH/USD, 1-hour chart
Ripple's XRP has settled above $0.2200 after a move towards $0.2169 during early Asian hours. The coin has recovered the intraday losses, though it is still locked within the downside trend. The upside may be limited by SMA200 1-hour at $0.2230.
XRP/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?