Bitcoin, Ethereum, Ripple overview: Cryptocurrency market activity ground to a halt
|- All major coins are hibernating in narrow ranges on Tuesday.
- Mixed market expectations weigh on investor sentiments.
Cryptocurrency market used to be notoriously volatile. However, these days, trading digital coins is like watching paint dry. Bitcoin and major altcoins are stuck in tight ranges with no signs of life.
While some financial experts are skeptical about Bitcoin’s future, many cryptocurrency enthusiasts believe that it will have its moment of glory.
Thus, Twitter CEO said recently that Bitcoin would become the currency of the Internet, While Michael Novogratz from Galaxy Digital forecasted a turnaround in a few months.
However, this Tuesday the total value of digital assets in circulation is registered at $113.5 unchanged from Monday.
Bitcoin (BTC) stays unchanged both on a day-over-day basis and since the beginning of Tuesday. The first digital coin is changing hands at $3,413 at the time of writing. The first short-term barrier is created by a confluence of SMA levels (1-hour chart) on approach to $3,430. It is closely followed by the next congestion area $3,450-$3,460.
Ripple’s XRP slipped under $0.30 handle to trade at $0.2975 by press time. The second largest coin by market value is down nearly 1% since this time of Tuesday. The short-term technical picture implies that the downside may be extended towards $0.2900 with the lower boundary of the daily Bollinger Band located on the approach to the above-said handle.
Ethereum (ETH) is hovering at $107.30, slightly down from this time on Monday. The coin’s recovery attempts are limited by strong resistance at $107.50 created by a confluence of critical technical indicators, including 23.6% Fibo retracement level daily and SMA50 4-hour.
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