Tanya Abrosimova
Independent Analyst
- Bitcoin (BTC) returned to the previous range after a failed recovery attempt.
- Altcoins are moving in sync with the first digital currency.
The cryptocurrency market is flashing red again. Bitcoin and all major altcoins are nursing losses on a day-to-day basis with the notable exception of Chainlink (LINK). The coin has gained over 9% amid the bearish market. Tezos, Monday's growth leader, now leading the decline with nearly 7% of on day-to-day losses.
The total cryptocurrency market capitalization settled at $200 billion; an average daily trading volume stayed retreated to $59 billion. Bitcoin's market share settled at 66.9%.
Top-3 coins price overview
BTC/USD is hovering around $7,350 during Asian hours; This area is reinforced with technical levels, which make it hard to break. Once it happens, the sell-off may be extended towards the lowest level of the previous week at $7,080. On the upside, the local resistance is created by a combination of SMA200 (Simple Moving Average) and the middle line of the Bollinger Band on the 1-hour chart.
BTC/USD, 1-hour chart
Ethereum is struggling to settle above $148.00; Early Asian growth to $148,30 was reversed as ETH/USDD is now trading at $147.23, which is 1.5% lower from this time on Monday and unchanged since the beginning of Tuesday. The initial support awaits us at the intraday low of $146.60. Once it is out of the way, the next support of $145.90 ( the lower line of 1-hour Bollinger Band) will come into focus.
ETH/USD, 1-hour chart
Ripple's XRP tested area above $0.2300 on Monday but returned to $0.2228 by the time of writing. XRP/USD has lost nearly 2% since this time on Monday amid global sell-off on the cryptocurrency market. The initial support is created by psychological $0.2200 reinforced by the lower line of 1-hour Bollinger Band. On the upside, we will need to see a sustainable move above $0.2300 for the bullish momentum to gain traction.
XRP/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Base attracts Lion’s share of Ethereum deposits among Layer 2 chains, beats Optimism in TVL
Base, Coinbase’s Ethereum Layer 2 chain, has noted a spike in inflows to its blockchain this week. Nearly $20 million in Ether flowed into Base since Monday, nearly two times that of Arbitrum and five times as much as Optimism, its competitors in the scaling ecosystem.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple lawsuit develops further as redacted version of SEC filing goes public. Ripple, SEC and related parties will file motions to seal material from the remedies-related filings by May 13.
FET suffers 2% decline as whales deposit Fetch.AI tokens to exchanges
Fetch.AI (FET) token will be the reserve currency of the Superintelligence Alliance (ASI), a merge of three Artificial Intelligence (AI) projects: Fetch.AI, Ocean protocol and SingularityNET.
Ethereum resume sideways move as Grayscale files to withdraw Ethereum futures ETF application with the SEC
Grayscale has withdrawn its 19b-4 application for an Ethereum futures ETF. SEC Chair Gensler says several crypto assets are securities as he waives off ETH classification question.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.