The cryptocurrency market is in neutral mode on the last day of the week, with neither bulls nor bears in charge of the situation. Is this the calm before the storm, or is the market getting ready for a big rally?
Bitcoin price fell below $45,000 for the first time in nearly three months after Tesla’s billionaire owner seemed to have stopped backing bitcoin payments. Anyways the price has bounced back from it. Nowadays, bulls are appearing in control, which suggests that short-term development may happen within another week. If that happens, the closest resistance at $53,500 may well be achieved in no time. But there are lesser chances for bulls to break it as the rise isn’t backed by huge exchanging volume. Bitcoin is currently trading at $45316
Following Bitcoin, Ethereum is the second-largest cryptocurrency in the world. Ethereum price, like Bitcoin, has lost 15.25% in the last 24 hours. The number, on the other hand, has increased by 8.51%. The buyers have failed to keep the price levels at a peak and thus this creates bearish scenarios for Ethereum. The coin has tested the support at $3,610 several times, which justifies the weakness of bulls.
Furthermore, the selling trading volume is low, assuming a bounceback to the area around the MA 50 ($4,000) before a further decline. ETH price is currently trading at $3547.
XRP price is barely drawing near the resistance of $1.66 at the everyday chart. However, buying and selling volume remains low, because those bulls have not yet accumulated sufficient stability yet to set new peaks. But in the course of time if they succeed to restore above $1.66, the subsequent resistance at $1.88 is probably without problems attained.
At the time of writing XRP was trading at $1.45.
Cardano (ADA) is no exception to the law, with a 3% price rise. Cardano Price has already shown its growth potential, and it will need to gain more power by trading sideways in order to maintain that growth. On the regular time frame, the coin has made a false breakout of the $2.46 mark, indicating that a potential drop to the $2.20-$2.30 area is imminent. Card and is currently trading at $2.20.
Binance Coin (BNB) is trading in a broad sideways range after bouncing back several times from the $562 mark. The bullish scenario will remain active until the native exchange coin trades above it. At the time of writing, Binance Coin was trading at $538.