The Cryptocurrency Market Update: Bitcoin cannot escape the range, drags the market down
- Bitcoin (BTC) returned to the previous range after a failed recovery attempt.
- Altcoins are moving in sync with the first digital currency.
The cryptocurrency market is flashing red again. Bitcoin and all major altcoins are nursing losses on a day-to-day basis with the notable exception of Chainlink (LINK). The coin has gained over 9% amid the bearish market. Tezos, Monday's growth leader, now leading the decline with nearly 7% of on day-to-day losses.
The total cryptocurrency market capitalization settled at $200 billion; an average daily trading volume stayed retreated to $59 billion. Bitcoin's market share settled at 66.9%.
Top-3 coins price overview
BTC/USD is hovering around $7,350 during Asian hours; This area is reinforced with technical levels, which make it hard to break. Once it happens, the sell-off may be extended towards the lowest level of the previous week at $7,080. On the upside, the local resistance is created by a combination of SMA200 (Simple Moving Average) and the middle line of the Bollinger Band on the 1-hour chart.
BTC/USD, 1-hour chart
Ethereum is struggling to settle above $148.00; Early Asian growth to $148,30 was reversed as ETH/USDD is now trading at $147.23, which is 1.5% lower from this time on Monday and unchanged since the beginning of Tuesday. The initial support awaits us at the intraday low of $146.60. Once it is out of the way, the next support of $145.90 ( the lower line of 1-hour Bollinger Band) will come into focus.
ETH/USD, 1-hour chart
Ripple's XRP tested area above $0.2300 on Monday but returned to $0.2228 by the time of writing. XRP/USD has lost nearly 2% since this time on Monday amid global sell-off on the cryptocurrency market. The initial support is created by psychological $0.2200 reinforced by the lower line of 1-hour Bollinger Band. On the upside, we will need to see a sustainable move above $0.2300 for the bullish momentum to gain traction.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
