- XRP looks to post daily gains for fourth straight time.
- Bitcoin continues to move sideways above the $7,500 mark.
- ETH adds around 2% on Sunday following the Istanbul hard fork.
After staying relatively quiet on Saturday, major cryptocurrencies are posting modest gains on Sunday but they continue to have a hard time gathering enough momentum to move out of their recent ranges.
Top-three coins price overview
Bitcoin (BTC/USD) erased 0.5% on Saturday and was last seen adding 0.5% on Sunday at $7,550. For the week, the pair remains on track to post gains for the second straight week. Despite today's recovery, technical indicators don't suggest that the pair has started to gather bullish momentum. The Relative Strength Index (RSI) on the daily chart stays flat near the 50 mark. Supports for BTC are located at $7,450 (20-day MA), $7,080 (December low) and $6,500 (Nov. 25 low). The initial hurdle aligns at $8,000 (Fibonacci 38.2% retracement of October 25- November 25 drop) ahead of $8,500 (Fibonacci 50% retracement of October 25- November 25 drop) and $8,750 (100-day MA).
Although Ethereum (ETH/USD) stayed surprisingly quiet following the highly-anticipated Istanbul hard fork, the second-largest cryptocurrency gained traction in the second half of the day and was last seen trading at $151, up 2.4% on the day. With today's rebound, the daily RSI moved above the 40 mark for the first time in December, suggesting that buyers are looking to take control of the price action. $154 (20-day moving average) could be seen as the first resistance before $160 (former static support/November 29 high) and $175 (100-day moving average). On the downside, supports are located at $143 (December 4 low) ahead of $132 (November 25 low) and $124 (March 4 low).
Ripple (XRP/USD) seems to be taking advantage of the upbeat mood surrounding the cryptocurrencies on Sunday. At the moment, the pair is trading at its highest level since November 29 at $0.2330 and is looking to close the fourth straight day higher while adding around 3% on a weekly basis. On the upside, $0.24 (Fibonacci 23.6% retracement of September 16 - September 23 drop) could be the first resistance ahead of $0.2500 (psychological level) and $0.2560 (Fibonacci 38.2% retracement of September 16 - September 23 drop). Supports could be seen at $0.2290 (20-day MA), $0.2110 (December 4 low) and $0.2025 (2-year low/November 25 low).
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.