Cryptocurrency market update: Major cryptocurrencies post modest losses on Sunday
- Bitcoin erases Saturday's gains, continues to trade above $9,000.
- Ethereum stays directionless in a tight range below $200.
Major cryptocurrencies continue to stay calm this weekend in the absence of significant macroeconomic drivers that could potentially impact the cryptocurrency market sentiment.
Top-3 coins price overview
Bitcoin (BTC/USD) added 0.6% on Saturday but struggled to gather further bullish momentum and reversed its direction on Sunday. As of writing, the pair was down 0.8% on the day at $9,235. After registering an impressive 16% increase last week, the pair remains on track to erase more than 3% this week.
Reflecting the neutral outlook, the Relative Strength Index (RSI) on the daily chart is edging lower toward the 50 mark. On the upside, the pair could face the initial resistance at $10,000 (psychological level/Fibonacci 61.8% retracement of June rally/October 28th high) ahead of $10,540 (October 26th high) and $10,750 (Fibonacci 50% retracement of June rally). Supports, on the other hand, are located at $9,070 (200-day MA), $8,500 (20-day MA) and $7,350 (October 24th low).
Ethereum (ETH/USD) continues to move up and down in an extremely narrow band near $180 for the second straight day on Sunday and waits for the next significant driver. On the weekly chart, the pair looks to close flat. With a decisive break above $200 (October 26th high/psychological level), the pair could target $210/$215 (200-day MA/20-week MA). $178 (20-day MA) aligns as the first near-term support followed by $160 (October 25th low) and $150 (September 26th, October 23rd low).
Ripple (XRP/USD), the third-largest cryptocurrency with a market capitalization of $12.7 billion, is down more than 2% on a weekly basis and is likely to snap its four-week winning streak. As of writing, the pair was down 1% on the day at $0.2923. The initial hurdle for the pair is located at $0.3 (psychological level) before $0.3150 (October 26th high) and $0.3265 (200-day MA). On the downside, supports could be seen at $0.2860 (November 1st low) and $0.2750 (Fibonacci 61.8% retracement of the fall September 18-24 drop).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
