• The cryptocurrency market has recovered from the recent lows.
  • The short-term momentum remains bearish as the coins are moving inside recent ranges.

The cryptocurrency market has been flashing red colors during early Asian hours with Bitcoin and all major altcoins nursing small losses within the current ranges. The cryptocurrency market capitalization settled at $229 billion, while an average daily trading volume recovered to $89 billion. Bitcoin's market dominance settled at 66.2%.

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Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization recovered above $8,300 after a short-lived sell-off to the intraday low of $8,217. However, the further upside may be limited by the local resistance created by SMA50 1-hour at $8,370. At the time of writing, BTC/USD is changing hands at at $8,360, down nearly 1% since the beginning of the day.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum dropped to $157.22 during early Asian hours. The second-largest is changing hands at $160.30, amid short-term recovery. ETH/USD has lost about 1.2%  since the beginning of the day.  From the short-term perspective, the coin is moving within a strong bearish trend tend amid expanding low. The nearest support is created at $164.00 (SMA100 1-hour and the upper line of 1-hour Bollinger Band).

ETH/USD 1-hour chart

Ripple's XRP price update

Ripple retreated to $0.2206 after a move to $0.2136 on Friday. XRP/USD's short-term recovery may be limited by SMA50 1-hour at $0.2235 The short-term trend is bearish.

Read also:
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XRP/USD 1-hour chart


 

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Editors’ Picks

XRP drops below $0.3000, ETH at risk of an extended correction

BTC/USD hit the intraday low at $11,086 during early Asian hours and recovered to $11,226 by press time. The first digital coin has stayed mostly unchanged on a day-to-day basis and since the beginning of the day, moving within a short-term bullish trend amid shrinking volatility.

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XRP/USD under $0.3000 after Ripple announces the investment in XRPL Lab

Ripple's XRP dropped below $0.30 after a failed attempt to settle above $0.3200 during early Asian hours. The coin has lost over 4% in the recent 24 hours and stayed mostly unchanged since the beginning of the day. 

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Leading blockchain auditing firm predicts Cardano will outperform Tezos

ADA/USD bulls remained in control for the third straight day and the price is consolidating in a pennant formation. It’s current priced at $0.1443. The Elliott Oscillator has had seven straight red sessions.

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Altcoin Market Update: ETC and XLM face continual bearish correction

ETC/USD bears stayed in control for the fourth straight day. ETC/USD is currently priced at $7.13. The sellers are looking to get the price below the $7-level.The RSI is trending horizontally around 59.46.

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Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

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