The cryptocurrency market is vulnerable to further losses
- Bitcoin (BTC) has retreated from SMA100 daily amid short-term downside correction.
- Altcoins are directionless with some of the coins showing gains on a day-to-day basis.
The cryptocurrency market has resumed the sell-off after a short period of range-bound trading that took. At the time of writing, Bitcoin stays down 2% since this time on Tuesday, while the majority of altcoins out of top-20 have are a mixed picture ranging from -4% to +2.5%. The total cryptocurrency market capitalization is registered at $248, unchanged from the day before; an average daily trading volume settled at $98 billion from $97 this time on Tuesday; Bitcoin's market share decreased to 67.2%.
Read also: Bitcoin price analysis: BTC/USD extends the decline, $9,000 within reach
Top-3 coins price overview
BTC/USD bottomed at $9,139 during early Asian hours and recovered to $9,170 by the time of writing. A confluence of SMA100 (Simple Moving Average) and the upper line of the Bollinger Band on a daily chart located above psychological $9,600, limits BTC/USD recovery. The critical support is created by SMA200 at $9,000.
Ethereum, the second-largest digital asset with the current market capitalization of $20.2 billion, has stayed unchanged a day-to-day basis and lost approximately 3.5% since the beginning of Wednesday. At the time of writing, ETH/USD is changing hands at $184.60, off the recent high of $192.23 touched during early Asian hours. Looking technically, ETH/USD recovery is capped by SMA100 daily, though the longer-term forecast remains bullish as long as it stays above $180.00.
Ripple’s XRP ha settled marginally $0.3000 after a strong recovery on Tuesday. The third digital coin with the current market value of $13.1 has gained over 2% of its value on a day-to-day basis and stayed unchanged since the beginning of the day.
Author
Tanya Abrosimova
Independent Analyst
