The cryptocurrency market is trading sideways today as some coins are going up, while the rates of others are falling.
BTC/USD
Bitcoin (BTC) is the only coin from the list today that is falling, declining by 0.90%.
On the daily chart, nothing has changed as the price keeps trading in a wide channel. In addition, the volume is going down, which means that none of the sides has accumulated enough power for a sharp move. In this case, trading in the range of $38,000-$40,000 is the more likely price action until the end of the week.
Bitcoin is trading at $38,279 at press time.
ETH/USD
Unlike Bitcoin (BTC), Ethereum (ETH) is showing power, rising by 0.19% since yesterday.
Despite slight growth, Ethereum (ETH) is still trading below the vital $3,000 mark. If today's candle fixes near $2,780, there is a high possibility to expect a breakout of the red line soon, followed by a continued price drop.
Ethereum is trading at $2,823 at press time.
XRP/USD
XRP is the biggest gainer from the list today, rising by 0.70%.
XRP remains bearish despite the rise, approaching the $0.5461 level. If bears' pressure continues, the decline may lead to a further decrease to the zone around $0.55 until mid-May.
XRP is trading at $0.6150 at press time.
Vladislav Sopov
Tomiwabold Olajide
Godfrey Benjamin