Rajarshi Mitra
Independent Analyst
- Bitcoin is the only coin among the top three to have had a bearish start to the day.
- Ethereum and Ripple bulls are attempting to recover the price but lack momentum.
The cryptocurrency market is mostly bearish in the early hours of Saturday. The total market capitalization recovered to $219.64 billion towards the end of Friday before dipping a bit to $219 billion as of press time. BTC dominance currently lies at 67.2%. Let’s look at how the top three coins have been performing.
Top three coins overview
BTC/USD has dropped slightly from $8,156 to $8,140 in the early hours of Saturday. The hourly breakdown shows us that BTC/USD fell from $8,156 to $8,120.40 within three the first three hours of the day. The buyers then stepped back in and took the price back up to $8,149.15 before correcting itself around $8,140.
ETH/USD has managed to have two straight bullish days so far. ETH/USD has presently gone up from $176.20 to $177.15. Looking at the hourly price chart, we can see that the price fell to $175.10 before bouncing back up to $177.15. The buyers need to overcome resistance levels at $177.50 and $178.25 to get back into the $180-zone.
XRP/USD went up from $0.253 to $0.255 and is currently consolidating in a flag pattern. The flag pattern means that the price is trending in a narrow range, getting primed for a potential breakout. The hourly breakdown shows us that the price fell to $0.251 before the buyers stepped back in and took ETH/USD up to $0.255.
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
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin
Dogecoin eyes February lows after nearly 23% decline in the past seven days. Shiba Inu could plummet another 13% amid the broader crypto market correction. Bonk price is likely to regain lost ground as technical indicators point at recovery.
XRP sustains above $0.50 as traders digest news of Ripple XRP Ledger entry in the Japanese market
Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February.
Optimism OP struggles to gain momentum despite alleged $90 million OP purchase by a16z
Venture capital firm a16z has purchased $90 million in OP tokens under a two-year vesting period, Unchained crypto reports. Sources told Unchained Crypto that Optimism has done well and the project is still doing airdrops.
Sei price action forecasts an opportunity to accumulate SEI Premium
Sei (SEI) price is at a crossroads and could trigger a steep correction or potential bounce after setting up an all-time high (ATH) of $1.145 roughly a month ago. Based on the Bitcoin price action, a potential bounce will likely occur anytime now.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.