Have coins declined enough to start returning to previous levels?
|Neither bulls nor bears are dominating at the moment on the cryptocurrency market.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) is almost unchanged since yesterday.
BTC/USD chart by TradingView
After the breakout of the purple level at $53,300, Bitcoin (BTC) is located in the wide channel where the nearest support is located at the level of $41,967.
If bulls cannot hold this area, there is a chance to see a sharp drop below the vital zone of $40,000.
Bitcoin is trading at $47,607 at press time.
ETH/USD
Over the weekend, the Ethereum (ETH) price held in a sideways consolidation with support at the psychological level of $4,000. On Sunday evening, buyers made a weak attempt to break above the average price level but failed to gain a foothold above the $4,100 mark.
By the beginning of this week, the price again rolled back to the support area of $4,000.
ETH/USD chart by TradingView
Today, the breakout could be repeated, and if buyers overcome the resistance of the two-hour EMA55, then the Ether price could test the resistance of $4,300.
Ethereum is trading at $3,880 at press time.
XRP/USD
At the end of last week, the XRP price failed to gain a foothold above the two-hour EMA55 level. On the weekend, the local maximum was set around the $0.857 mark, but currently the pair is still below the average price level.
XRP/USD chart by TradingView
If the next attempt by the bulls is more successful, and the XRP price comes back above the EMA55, then the growth can continue to the resistance area of $0.96.
XRP is trading at $0.7955 at press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.