New Delhi: Bitcoin prices continue to be in the red zone where it is trying to find out a stable ground for a trend reversal. This condition has sent many altcoins into a momentary downtrend swing but investors can expect this to transform into an upswing soon.
The global cryptocurrency market cap stands at $1.93 trillion which is almost 2% increase over the last day, on the other hand, total crypto market volume stands at $109.97 billion which makes a it 12% increase.
BTC looks for resurgence of buyers
Bitcoin is currently trading in the major demand zone which ranges from $43,150 to $45,791. If this continues then BTC may slide by 5% and have to retest the $42,451 price level. This range can kick up a new uptrend towards $49,024.
If this happens then a path will open to the $50,958 supply area and in a high bull trend this can make a run upto $55,210.
Things can get ugly is $42,451 support level is shattered which will cinfirm the panic among the buyers and open the path for further slide.
ETH fighting around a critical level
Ethereum went down by roughly 11% in the last 2 days and is currentle trading around $3,000 psychological level. Looks like that ETH is stuck between a importand and critical support level of $3000 with a supple range of $3,201 to $3,559.
Looking at recent sell-off, it is likely to continue with the downward trend to find support around the $2,893.
In this case, ETH can go down to either $2,742 or $2,514 based on the intensity of the bearish momentum.
But, a potential upward trend can take it to the free space to move to the $3,716 and $4,071.
Ripple’s XRP can get a reversal
Ripple is being setting up higher high from the past few weeks and this trends lines shows the formation of an ascending parallel channel. XRP price bounced off the lower trend line and jumped roughly 161%, on July 22.
The rally since then retraced 20% and is currently trading around the $1.09 demand barrier which shows signs of uptrend. If it fails to hold $1.09 then XRP might crash by 14% to the next support level at $0.964 where buyers can make a good comeback.
A good upswing can shatter the midpoint and take the price at the $1.70 resistance barrier.
