- Ripple and Bitcoin Cash spike ahead of Bitcoin and Ethereum; BTC is down 0.44% on the day and ETH 0.15%.
- Ripple steps above $0.1950 resistance for the first time since the crash to $0.1850 on Monday.
- Bitcoin Cash recovers above $240; setting the groundwork for gains above $250.
The majority of cryptoassets are facing increased selling pressure, especially Bitcoin and Ethereum. Some selected digital assets such as IOTA and Bitcoin Gold are leading with the biggest single-digit gains. IOTA is up 2.81% to trade at $0.2259 while Bitcoin Gold is trading at $8.67 following a 2% surge on the day.
Among the major cryptocurrencies, Ripple and Bitcoin Cash are the most improved. XRP is flying the bullish flag 1.57% higher on the day. Bitcoin Cash has added over 1.3% in gains on the day to exchange hands at $240. Intriguingly, XRP/USD is trading above $0.1950 since the drop to $0.1850 on Monday. All eyes are set on $0.20; a move that will bring XRP back to levels seen in the first week of June.
Bitcoin Cash, on the other hand, has stepped above the resistance at $240. If BCH establishes support above $240 then there is a chance that buyers will shift their focus to $250. It is important that the price is not allowed to slip back under $240. Such a move could see Bitcoin Cash tumble towards the recent support at $230.
The largest cryptocurrency, Bitcoin is currently trading 0.44% lower from its opening value ($9,527.63). An intraday high at $9,534.27 put an end to the recovery on the day. On the downside, losses have tested the support at $9,400. BTC/USD has since adjusted upwards to $9,505. Higher support above $9,500 would open the door for gains targeting $9,600 and $10,000.
The largest altcoin, Ethereum is still grappling with an increase in the selling activity. Gains continue to fall short of $240 as $235 proves impenetrable. Support at $230 is key for initially anticipated consolidation and the next significant spike above $240.
Related content: Cryptocurrency Market News: Is another Bitcoin massacre brewing?
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
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.