How long is the market going to remain trading sideways?
The cryptocurrency market is trading sideways today as some coins are going up, while the rates of others are falling.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) is the only coin from the list today that is falling, declining by 0.90%.
BTC/USD chart by TradingView
On the daily chart, nothing has changed as the price keeps trading in a wide channel. In addition, the volume is going down, which means that none of the sides has accumulated enough power for a sharp move. In this case, trading in the range of $38,000-$40,000 is the more likely price action until the end of the week.
Bitcoin is trading at $38,279 at press time.
ETH/USD
Unlike Bitcoin (BTC), Ethereum (ETH) is showing power, rising by 0.19% since yesterday.
ETH/USD chart by TradingView
Despite slight growth, Ethereum (ETH) is still trading below the vital $3,000 mark. If today's candle fixes near $2,780, there is a high possibility to expect a breakout of the red line soon, followed by a continued price drop.
Ethereum is trading at $2,823 at press time.
XRP/USD
XRP is the biggest gainer from the list today, rising by 0.70%.
XRP/USD chart by TradingView
XRP remains bearish despite the rise, approaching the $0.5461 level. If bears' pressure continues, the decline may lead to a further decrease to the zone around $0.55 until mid-May.
XRP is trading at $0.6150 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
