The cryptocurrency market keeps setting new heights in 2020. If, earlier, Bitcoin grew against the decline of altcoins, now, the situation is completely different. All top 10 coins are in the green zone and some crypto, such as Bitcoin Cash and Bitcoin SV, are showing even better price dynamics.
Keep an eye on the key data of Bitcoin, Ethereum, and XRP.
|Name||Ticker||Market Cap||Price||Volume (24h)||Change (24h)|
|Bitcoin||BTC||$155 548 251 461||$8 565,47||$30 206 826 429||2,25%|
|Ethereum||ETH||$16 603 686 984||$151,95||$10 556 380 442||5,24%|
|XRP||XRP||$9 603 283 325||$0,221446||$1 710 364 945||4,74%|
Our weekly price prediction has come true as the price of Bitcoin has surpassed the $8,400 mark.
On the daily time frame, one can see how the pulse broke through the upper border of the descending blue channel. In this channel, the price of Bitcoin has been declining for six months, after the annual maximum of 2019, which was established on June 26, at around $14,000.
Today, BTC is likely to re-test the resistance of $8,800. If, after a rollback from the maximum zone, the upper border of the channel supports the pair, then traders will witness a price exit from the semi-annual downtrend.MUST READUpdated: Bitcoin (BTC) Price Blasts Past $8,500 While Bitcoin SV (BSV), Dash (DASH), and Zcash (ZEC) Skyrocket More Than 20 Percent –
If the price returns to the channel, then it is too early to talk about a trend change.
Bitcoin is trading at $8,490 at press time.
Yesterday, the price of Ethereum stayed in the area of the hourly moving average EMA55. At the end of the day, there was a weak attempt by buyers to overcome the resistance of $144, but it ended with a pullback to the level of average prices.
Tonight, a strong bullish impulse knocked the price out of its sideways trend and broke the maximum of last week at around $150. During the day, Ethereum could reach $152; however, this is unlikely as the coin is already overbought. In this regard, the more likely scenario is a correction to $148.
Ethereum is trading at $151.97 at press time.
Yesterday, buyers were able to gain a foothold above the average price level and stayed there until the end of the day. Tonight, a bullish impulse broke through the resistance of $0.215 and set a maximum of around $0.2250. The price of XRP has not yet broke the annual maximum, which it already managed to set on January 7 in the area of $0.226.
In terms of the short-term price projection, XRP might face a rollback as one of the last bullish candles was closed with a long wick. Respectively, the closest stop is the support zone at $0.22.
XRP is trading at $0.2212 at press time.