Cryptocurrency market update: Crypto bulls take a breather after Friday’s solid rebound
- Weekend love for the crypto markets prevails, but for how long?
- Range play seems to be the story for top 3 most favorite crypto coins so far.
Top 3 coins’ price overview
- Bitcoin (BTC/USD) sustains the recent recovery mode above the 7,300 level, wavering in a rising channel formation on the hourly sticks. The upside attempts continue to face rejection near 7.4k region while the bears continue to guard the 7,323 level, as the coin consolidates Friday’s solid comeback. The most widely traded cryptocurrency is little changed on a daily basis, with its market capitalization close to $134 billion.
- Ethereum (ETH/USD), the second widely traded digital asset, with the current market capitalization of $14.63 billion, posts small losses near $134 handle. The recovery from weekly lows of $125.81 stalled overnight just ahead of the 135 level. Since then, the price traverses in a $1.5 narrow range, still gaining 1.20% over the last 24 hours and remains on track to book a 5% weekly gain.
- Ripple (XRP/USD) trades listless this Saturday, as quiet trading persists across the crypto space while the XRP bulls consolidate Friday’s recovery rally from two-week lows of 0.1846. The No. 3 coin continues to trade below the 0.1950 supply zone while trapped within a symmetrical triangle formation on the 1-hour chart. As explained here, the path of least resistance appears to the upside, as the buyers find a cluster of support capping any downside attempts.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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