- Cryptocurrencies usher in the weekend session in style: gains galore.
- Bitcoin breaks above $3,450 while eyes are set on $3,500.
- Ripple reclaims position above $0.30: rough waters lie ahead.
- Ethereum adds 7.4% on the day and zooms above $110 resistance level.
The cryptocurrency market has been lethargic in the past 6 weeks. There was a significant correction in the period leading to 2018’s Christmas celebrations. However, most assets lost balance culminating in declines that spilled into 2019. Attempts to make higher corrections have been thwarted by selling pressure.
Crypto market reversal
The market is currently painted green everywhere as bulls return to usher in the weekend trading in style. Litecoin is the biggest double-digit gainer. LTC/USD is up more than 20% on the day and has claimed a position among the top five digital assets. Litecoin currently sits in the 4th spot with a market cap of $2.24 billion.
Bitcoin price overview
Bitcoin price is in a ballistic motion at the time of press. It has corrected higher above $3,400 as discussed in the price analysis earlier today. In fact, it has cleared the resistance we anticipated at $3,420 and $3,430 and is exchanging hands at $3,450. All eyes are currently set on $3,500. Besides, the technical levels are strongly bullish. Therefore, I expect Bitcoin to close the trading today closer to $3,500 as long as support is established above $3,450.
Ripple price overview
Ripple, on the other hand, has not been left behind. It has reversed the trend upwards and even stepped above $0.30. The gains come after the losses mid-week sent the asset below $0.29 where XRP formed a low at $0.2878. XRP/USD is trading at $0.3045 at press time. The immediate support is the hourly 50-day Simple Moving Average (SMA) at $0.301032. It is vital that bulls keep the price above the moving average to avoid declines that could send XRP back to the drawing board.
Ethereum price overview
Ethereum has corrected higher by 7.4% to trade at $112.14. It tested lows close to $100 this week. However, the bullish pressure on Friday 8 has pulled it above the resistance at $110. Further movement upwards will be limited at $115, $118 and $120 resistance levels. On the flipside, the 4-hour 100-day SMA is positioned to offer support in case of a dip below $110. The next support lies at the 4-hour 50-day SMA, $105 and $100.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?