New Delhi: The cryptocurrency market saw a flash dump last week due to several reasons but the major factor affecting was China financial market instability. Bears are exerting pressure on the market which is leading to increases selling pressure with all the top coins bleeding with the red indexes.
Bitcoin
King of cryptocurrency tried to recover and come above the $47,745 price level. BTC managed to fix above this level by the end of the week with sideways consolidation on Saturday.
As per experts, the upper borderline of the side channel is the resistance level of $49,8000 which buyers have to test and if in the coming days BTC can keep up with the 61.8% Fibonacci level then the coin can recover in the area of $53,400 by this week.
Bitcoin is trading at $50,972 at press time.
Etherium
Ethereum showed an early recovery as on Saturday the coin went above the psychological level of $4,000. This recovery continued to take ETH above the $4,300 price level. Till Tuesday morning, the buyers were not being able to test the green resistance of $4,300 but buyers came in full force to break this barrier.
As per experts, If bulls manage to maintain the price above $4,300 at the beginning of this week then investors can expect an increase in the area of $4,500 by the end of this week.
Ethereum is trading at $4,344.08 at press time.
XRP
Ripple’s XRP price recovered above the $0.80 resistance level over the last weekend and marked a local high of $0.864. Over the weekend, XRP tried to hold above the $0.80 price level trying to find the support but was forced to roll back to the lower support zone.
As per the experts, lateral consolidation of the coin continued until Tuesday morning and if it keeps falling then it may continue to the area of $0.90 by the mid-week.
XRP is trading at $0.8332 at press time.
