The end of the last week was extremely volatile for the cryptocurrency market as Bitcoin (BTC), the most popular crypto, crashed by about $400 in just a matter of hours. However, the altcoins did not follow BTC’s trend. Currently, the top 10 coins are located in the red.
Below is the key data for Bitcoin, Ethereum, and XRP has changed the following way over the last day.
|
Name |
Ticker |
Market Cap |
Price |
Volume (24H) |
Change (24H) |
|
Bitcoin |
BTC |
$157,790,994,536 |
$8,746.17 |
$22,644,934,647 |
-1.64% |
|
Ethereum |
ETH |
$20,270,299,136 |
$186.80 |
$8,603,961,374 |
-0.38% |
|
XRP |
XRP |
$11,869,525,095 |
$0.274133 |
$1,574,356,506 |
-2.85% |
BTC/USD
BTC has followed our earlier scenario, having dropped in price to the $8,600 mark. While the general trend has not switched to a bullish one, the price may shoot back up to the $9,000 mark.
Analyzing the 1H chart, the relative strength index (RSI) indicator shows that BTC is oversold. This means that the price of BTC may rocket upwards in the near future. The Fibonacci retracement is another strong signal that favors an upwards swing in the price. In this particular case, $8,933 (61.8%) is a crucial resistance level that might be achieved soon.
Last but not least, the trading volume index shows a significant dominance by buyers against the ongoing drop.
At press time, BTC is trading at $8,711.
ETH/USD
ETH is the only other top 3 coin whose rate has increased over the last 7 days. While BTC and XRP have declined by 5.70% and 6.80% respectively, the price of ETH has increased around 1%.
The chief altcoin is showing significantly better price dynamics than BTC. Looking at the hourly chart, one can observe the shadow of a long bearish candle. This usually means an upcoming bullish wave. The trading volume is also at a relatively high level, confirming that bears are running out of steam. In this particular case, traders might expect ETH to hit a price of $188 by the end of the week.
At press time, Ethereum is trading at $186.15.
XRP/USD
XRP has not show growth or even slight growth against the downfall of the general market. Since yesterday, the coin has lost 2.73%.
Even with the sharp upswings and downswings, XRP is the only coin whose trading volume has not declined. On November 8th, the price left its support level to a price of around $0.27.
Currently, the situation is almost identical, with the RSI indicator located in the oversold zone. Based on these factors, one might conclude that a resistance level of $0.2750 might be reached shortly.
At press time, XRP is trading at $0.2716.
