fxs_header_sponsor_anchor

The cryptocurrency market tries to get back on recovery track

  • Bitcoin (BTC) has settled at $9,400 after a sell-off on Monday.
  • Altcoins are moving inside the recent ranges, despite the recovery attempts.

The cryptocurrency market is recovering after a sell-off during late New York hours on Monday. At the time of writing, Bitcoin and all major altcoins are in a green zone since the beginning of the day, though the majority of coins are still nursing losses on a day-to-day basis. The total cryptocurrency market capitalization is registered at $249 billion from $253 billion the day before; an average daily  trading volume decreased to $97 billion from $116 this time on Sunday; Bitcoin's market share decreased to 67.7%.

Top-3 coins price overview 

BTC/USD bottomed at $9,187 during late trading hours on Monday before retreating to $9,400 by the time of writing. Despite the recovery, the first digital coin is still down 3% from this time on Monday, moving within a short-term bearish trend amid decreasing volatility. Notably, the upper line of the Bollinger Band on a daily chart ($9,500) limits BTC/USD recovery. However, the ulimate resistance is located above $9,600 and created by SMA100 (Simple Moving Average) on a daily chart. 
 
Ethereum, the second-largest digital asset with the current market capitalization of $20 billion, has stayed mostly unchanged both on a day-to-day basis and gained 1.6% since the beginning of Monday. At the time of writing, ETH/USD is changing hands at $185.00, off the recent low of $181.08 touched on Monday. Looking technically, ETH/USD is well-positioned to continue the recovery as long as it stays above $180.00. The next bullish target of $190.00 is created by SMA100 daily. 
  
Ripple’s XRP failed to hold thee ground above $0.3000 and retreated to $0.2970 by the time of writing. The third digital coin with the current market value of $12.8 has lost 1% of its value on a day-to-day basis, while a failure to stay above $0.3000 worsened the short-term technical picture and pushed the price inside the previous range.

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.