Cryptocurrency market update: Green shoots sprouting as Bitcoin, Ripple and Ethereum find stability

The crypto market spent most of yesterday navigating the sea of red. Bitcoin had just recovered from the testing the key support at $5,000 last week but the upside was capped under $5,200. However, at press time we see the market fighting to get back in the green. Besides, green shoots can be seen sprouting every especially when looking at the intraday rates for the top 20 cryptocurrencies.

The market capitalization has in the past few days thinned significantly from areas around $180 billion to the current $169 billion. However, it good to note that there has been a rise from Yesterday’s $168 billion.

Bitcoin price update

As mentioned, Bitcoin flash drop on Thursday last week purged it from a bullish zone that had been established between $5,400 - $5,500. While a correction took place from the support at $5,000, BTC/USD ended in a narrow range with resistance at $5,200 and at $5,050. The upside is immediately limited by both the 50 SMA and the 100 SMA. Bitcoin is trading at $5,153.67 amid a continuing sideways trend.

Ethereum price update

ETH/USD, on the other hand, is trading at $159.54 unable to break above the Bollinger Band 1-hour upper. The price is also below the EMA100 to show that bear pressure is significantly present compare to buying pressure. Below the current price, the 100 SMA will provide support at $157.50 while the next support is observed at $155.00 and $150.00.

Ripple price update

Ripple has been pivotal at $0.3000 over the last few days unable to make headway towards $0.3100. The price continues to trade lower highs and lower lows within the descending channel. However, initial support is seen at $0.2900 while the next support levels are $0.2800 and $0.2600.