Cryptocurrency market begins sluggish recovery, upside seems limited for now
- 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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
