Tanya Abrosimova
Independent Analyst
- Major cryptocurrencies are rangebound with a bearish bias.
- Bitcoin is mostly unchanged in recent 24 hours.
- BNB is the best performing cryptocurrency of the day.
The cryptocurrency market is a mixed picture today with major coins hopping in and out of the red zone amid profit taking and speculative positioning. While this development is typical after a strong rally, we should keep an eye on critical support levels that separate a natural correction from a continuation of a bear trend.
Bitcoin (BTC) stalled on approach to $4,000, and that may be an issue as we need to see a sustainable move higher for the recovery to gain traction. Otherwise, Bitcoin bears might snatch the initiative once again. BTC/USD is changing hands at $3,898 at the time of writing, mostly unchanged in recent 24 hours. The first digital coin touched $3,995 on Tuesday and even hit the area above $4,000 at some exchanges, but no confirmed breakthrough has taken place as of yet.
Ethereum (ETH) has been less lucky as the second largest coin lost nearly 2/5% since this time on Tuesday to trade at $143.65 at the time of writing. ETH/USD has one of the biggest winners lately. The coin touched $151.00 handle on Tuesday amid sharp coins production decrease. However, the growth proved to be unsustainable. Constantinople update scheduled on February 28 makes people nervous, which means the coin may experience bouts of volatility.
Ripple’s XRP, the third largest coin, gave up all Tuesday’s gains. XRP/USD explode the area above $0.3505, but now it is changing hands at $0.3273. The critical support lies with $0.3250, and once it is cleared, the sell-off is likely to gain traction with the next focus on $0.30 handle.
Binance Coin (BNB) stands apart with its 13% gains. It is on fire, being supported by the upcoming DEX launch and a scheduled ICO on Binance Launchpad. BNB now takes the 10th place in global cryptocurrency market rating, changing hands at $10.94.
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