• The cryptocurrency market is directionless during early Asian hours on Sunday.
  • Bitcoin and all major altcoins are trapped in tight ranges.

The cryptocurrency market has been moving sideways with bullish bias during early Asian hours on Sunday. Saturday's sell-off did not yield into a big move and several altcoins reversed from support levels and attempted recovery. The cryptocurrency market capitalization edged to $230 billion, while an average daily trading volume dropped to $72 billion. Bitcoin's market dominance settled at 66.1%.

Read also:

Bitcoin may be ready for recovery as the Chinese New Year is behind us

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization has settled above $8,300 after a short-lived sell-off to $8,217 On January 24. At the time of writing, BTC/USD is changing hands at $8,350, mostly unchanged since the beginning of the day. We will need to see a sustainable move above $8,450 created by SMA100 1-hour and 50% Fibo retracement for the upside move from December 2018 low to July 2019 high for the upside to gain traction.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum settled above to $160.00 during early Asian hours after a move tot $159.22 during early Asian hours. The second-largest coin with the current market value of $17.4 billion is moving within the short-term bearish trend amid expanding volatility. ETH/USD has gained about 1.0%  on a day-to-day basis and stayed unchanged since the beginning of Sunday. The local resistance is created by SMA100 1-hour at $162.40.

ETH/USD 1-hour chart

Ripple's XRP price update

Ripple settled at $0.2206 after a move to $0.2136 on January 24. XRP/USD is locked in a tight range, moving with short-term bearish bias. The critical support is located at $0.2200. recovery may be limited by SMA50 1-hour at $0.2235.

Read also:
Ripple CEO: Bitcoin a store of value, not suitable for transactions

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Is there more upside to Dogecoin-killer Shiba Inu’s rally after 100% gain in 90 days?

Is there more upside to Dogecoin-killer Shiba Inu’s rally after 100% gain in 90 days?

Shiba Inu token burn rate climbed by 67% since February 4. A total of 13,518,918 SHIB tokens have been burned according to the Shibburn portal. The meme coin gained 100% against competitor Dogecoin in the last 90 days. 

More Shiba Inu News

Why Bitcoin is still in a bear market and what this means for BTC price?

Why Bitcoin is still in a bear market and what this means for BTC price?

Bitcoin is currently in a bear market, according to analysts despite the massive rally of January. The selling pressure on the asset has reduced with miner inflow to exchanges declining to multi-year lows. 

More Bitcoin News

Here's what the new Dogecoin fork means for DOGE hodlers

Here's what the new Dogecoin fork means for DOGE hodlers

EthereumFair, the project that brands itself as the world’s first Ethereum fork is in talks with the Dogecoin community for a fork. The team proposes retaining DOGE’s consensus algorithm and changing the mining algorithm to make it compatible with Ethereum graphics card mining. 

More Dogecoin News

What to expect from US CFTC’s landmark crypto enforcement in 2023

What to expect from US CFTC’s landmark crypto enforcement in 2023

United States Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam has said he will be continuing efforts for the agency to regulate cryptocurrencies, that is non-security tokens. In his remarks at the American Bar Association, Behnam said that the CFTC is well positioned to address regulatory gaps in crypto. 

More Crypto News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP