A miracle did not happen and after Monday’s growth – sellers have activated their positions.
If yesterday Ethereum was the biggest gainer among the top 3 coins, today it is the biggest loser, as its rate dropped by 3.79% over the last 24 hours.
On the background of the correction, BTC’s domination rate increased up to 52.1%.
Currently, the main cryptocurrency is following the moving patterns of the previous week when BTC could not consolidate and corrected to its support levels. According to the 4-hour chart, an important support area still remains at the psychological mark of $5,000, while the resistance zone is at $5,200.
Since the asset is not supported by large volumes, it is too early to talk about steady growth.
If the trade volume increases today, then a breakthrough of 50% Fibo resistance and consolidation of the price at the borders of the green corridor is possible.
The price of BTC is trading at $5,078.86 at the time of writing.
The second most popular cryptocurrency is following the example of BTC, however, moving down even faster. On the 4-hour chart, one can see a possible formation of the “Head and Shoulders” pattern.
Based on this figure, a rebound is likely to happen to the resistance level at $180. However, this scenario will occur only in the case of high trade volume and general growth on the market.
At the moment, Ethereum continues its long bullish trend, as its rate is still above $155, which is a key support zone.
The price of ETH is trading at $163.03 at the time of writing.
Ripple, after having reached a resistance level of $0.33, bounced back to the positions of the previous week trading at $0.31-$0.32. In order to go up again, XRP needs to rise above the 38% Fibo resistance.
Currently, there is no signal for panic, as the coin still remains above $0.31, which serves as a strong support level.
The asset continues to consolidate near its minimum values, and therefore, the assumption that in the near future we will see a growth in quotes remains questionable.
The price of XRP is trading at $0.3202 at the time of writing.
Image by U.Today image archive.