Tanya Abrosimova
Independent Analyst
- Bitcoin (BTC) has reached a strong resistance area.
- Altcoins are range-bound in Asian. in green on a day-to-day basis.
The cryptocurrency market has recovered from the recent sell-off; however, the further upside in major coins looks to be limited in the short run Bitcoin and all major altcoins are mostly range-bound during early Asian hours, with marginal gains registered on a day-to-day basis. The total cryptocurrency market capitalization increased to $201 billion from $196 billion this time on Thursday; 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 $7,400 during early Asian hours; This area is packed with technical levels, which makes it hard to break. Once it happens, the upside may gain traction with the next focus on $7,700 and the recent high of $7,700. On the downside, thee coin is supported by a confluence of SMA50 (Simple Moving Average), SMA100 and the lower line of the Bollinger Band 1-hour clustered on approach to $7,300.
BTC/USD, 1-hour chart
Ethereum is struggling to settle above $148.00; however, with little success so far. At the time of writing, ETHUSD is changing hands at $147.98, which is 2% higher from this time on Thursday and unchanged since the beginning of the day. The initial support awaits us at $147.00. It is reinforced by SMA50 1-hour and the lower line of 1-hour Bollinger Band. The upside is limited by $148.00 and $148.70 (the upper border of 4-hour Bollinger Band). Once it is out of the way, $150.00 will come back into focus.
ETH/USD, 1-hour chart
Ripple's XRP topped at $0.2268 late on Thursday but failed to hold the ground. At the time of writing, XRP/USD is changing hands at $0.2210, unchanged since the beginning of Friday, with over 3.5% gains on a day-to-day basis. The initial support is created by a psychological $0.2200. However, we will need to see a sustainable move below $0.2170 (SMA200 1-hour) for the sell-off to gain traction. The resistance is created by a $0.2260-0.2270 area that includes the recent high and the upper line of 1-hour Bollinger Band.
XRP/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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.