Ripple breaks above $0.20 as Cryptocurrency buyers hold the bullish pressure
|Cryptocurrencies have been producing a trading range since Sunday evening, but are gaining impulse today, as Ripple(+4.22%) had a strong push in the last hour that moved its price above $0.2. Bitcoin (+1.07%) and Ethereum( +0.75%) are still stuck below at their resistance levels. The best performer in the last 24 hours is Stellar Lumens( +13%), followed by Tezos (+4.34%) and Cardano (+4.41%).
Among the Ethereum-based projects, the best gainer today is XIN (+237.8%), followed by LEND (+25.2%), and UTC(+20%).
The total market cap daily chart shows it is currently $220.01 billion worth, and we see it moves in an ascending wedge that touches a resistance region that marked the beginning of the bit crash made in March. The prices are making small bodies lately. Thus, it may signal a top, at least short-term. The 24H volume has decreased to $36.190 billion (-2.,74%), and Bitcoin dominance descended slightly to 63-98 percent.
Hot news
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Technical Analysis - Bitcoin
Bitcoin has not changed much in the last 24 hours. It is still moving inside an ascending wedge making higher highs but constrained below the $7,770 level. The MACD is still bearish, and the RSI is falling and making a bearish divergence. Thus, traders should wait for the resolution to this pattern. The bias is bullish, and only the divergence and the wedge warn of a possible top. Aggressive traders may buy on retracements while expecting the $7,770 breakout, whereas cautious traders should wait for a breakout of that level.
Standard Pivot levels
|
Support |
Pivot Point |
Resistance |
|
7,050 |
7,411
|
8,064 |
|
6,405 |
8,425 |
|
|
6,043 |
9,067 |
Ethereum
On Monday, Ethereum sellers managed to drive its price momentarily below $190, but soon buyers came in and moved it above that level. Now the price is still moving near the +1SD line, although the Bollinger bands are shrinking, meaning it may be entering in a ranging pattern. The MACD and RSI moving south may confirm it. We see ETH is having trouble with the $200 resistance, but also we can see strength in the buyers as the last candles show good buying volume.
The overall trend is positive, as seen by the linear regression channel, and the price is not overbought. Thus Ether may be preparing the final assault fo the $200 range.
Standard Pivot levels
|
Support |
Pivot Point |
Resistance |
|
176.5 |
188
|
210 |
|
155 |
222 |
|
|
143 |
243 |
Ripple
Ripple has left the market behind and made a large 5% candle that broke through $0.20 and $0.205, creating a new higher high above its recent top made on April 07. This movement went on strong volume, and it moved its price directly into the overbought territory. Thus, Buyers should wait for a consolidation and break of the $0.21 level.
Standard Pivot levels
|
Support |
Pivot Point |
Resistance |
|
0.1830 |
0.1915
|
0.2050 |
|
0.1695 |
0.2134 |
|
|
0.1610 |
0.2269 |
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