The cryptocurrency market calms down after major turbulence
- Bitcoin (BTC) has settled above $9,000 on Sunday
- Altcoins are directionless, most of the coins are moving in tight ranges with a bearish bias.
The cryptocurrency market has been range-bound after a strong growth on Friday and Saturday. Bitcoin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Sunday; the majority of altcoins are directionless except for NEO that has been growing strongly. At the time of writing, the total cryptocurrency market capitalization is $246 billion from $243 billion the day before; an average daily trading volume dropped to $99 billion from $145 this time on Saturday; Bitcoin's market share stayed at 68.4%.
Top-3 coins price overview
BTC/USD has retreated from the intraday high of $9,658 to trade at $9,270 at the time of writing. The first digital asset has gained 1.1% on a day-to-day basis and stayed unchanged since the beginning of the day. The price is supported by $9,000. Once it is out if the way the sell-off may continue towards $8,800 (SMA50 (Simple Moving Average) on a daily chart). The upside momentum is capped by SMA100 daily at $9,650.
Ethereum, the second-largest digital asset with the current market capitalization of $19.5 billion, has stayed mostly unchanged in recent 24 hours. At the time of writing, ETH/USD is changing hands at $179.80, off the intraday high of $185.04. Looking technically, ETH/USD needs to recover above $180.00 to regain the bullish bias. Otherwise, the selloff may continue towards $177.00 (an intraday low and a confluence of SMA100 (Simple Moving Average) and SMA200 on a four-hour chart).
Ripple’s XRP is hovering inside $0.2900-$0.3000 range, unchanged both on a day-to-day basis and since the beginning of Sunday. The third digital coin with the current market value failed to hold the ground above $0.3000, which makes it vulnerable to further losses.
Author
Tanya Abrosimova
Independent Analyst
