Cryptocurrency market update: Trading action remains subdued on Saturday
- Major cryptocurrencies fluctuate in their recent ranges on Saturday.
- Bitcoin posts modest gains after closing the previous two days in red.
The cryptocurrency market is staying relatively calm at the start of the weekend with major coins struggling to pull away from Friday's closing levels. The total market capitalization of all cryptos, according to the latest available data on coinmarketcap.com, sits around $322 billion compared to $313 billion seen on Friday.
Top-3 coins price overview
After finding support near $11,000, Bitcoin (BTC/USD) staged a modest rebound and was last seen trading at $11,400, adding 3.5% on a daily basis. For the week, Bitcoin will post a more-than-5% gain if it were to close it near its current price. The 38.2% and the 50% Fibonacci retracement levels of the June rally at $11,500 and $10,750, respectively, could be seen as the near-term technical levels that could trigger the next move if broken.
Ethereum (ETH/USD) lost more than 6% on Thursday and retraced a portion of that drop on Friday. Today, the ETH/USD pair looks to extend its rebound but seems to be having a difficult time gathering momentum. At the moment, Ethereum is trading at $290, rising a little more than 1% on the day. On the upside, $300 psychological level sits as the first critical resistance after the 20-day MA at $295. On the downside, the 50-day MA at $270 aligns as the first technical support.
Ripple (XRP/USD) slumped to its lowest level since early June at $0.3740 on Friday and is now posting small recovery gains at $0.3830. With the sharp fall witnessed on Thursday and Friday, the pair turned red for the week. Ripple's market cap, which rose above $20 billion in late June, lost nearly $4 billion and was last around $16 billion. $0.3680 (May 17 low) could be seen as the next critical support. On the upside, $0.40 psychological level is the initial resistance ahead of the 50day MA at $0.4160.
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.
