For the last couple of days, the market is finding it difficult to keep going in an upward direction as the leading crypto coins are meeting drastic changes in their prices. At present, while overall circumstances are not in favor of bulls, the recovery largely depends upon Bitcoin’s price trend.
Over a day, BTC has managed to climb up by 1.73% as it has reached above $6700 already. Meanwhile, both the altcoins are yet to attain a whole 1% rebound. XRP, which went above $0.17 around 5-6 days ago, is now struggling to clear resistance above $0.1660. It was yesterday when it faced rejection at the above-mentioned resistance level.
Ripple has maintained its consolidating spree except for yesterday’s plunge. The coin is above the 61.80% fib level since the last two days, and now the coin may look for a robust support level to strike a bullish breakout above its upper limit of the current price range.
The support line of the coin is at $0.1480, which is above the 100% fib level. The 1-week price trend of the coin depicts volatility while the coin is above the 200-day EMA line. Here, moving averages are also in the positive zone. Meanwhile, the MACD chart has just formed a bearish crossover.
Another prominent altcoin, Ethereum, is performing a little better than XRP. The coin has witnessed a bit more elaborated consolidation period recently; however, after yesterday’s plunge, ETH price has declined below $140.
ETH price is pretty much above its support line near $122; the support line has been tested after the coin pulled back with a decline of 19.54%. Before that, Ethereum had attempted to clear the resistance at $151, but the 29.78% hike went futile.
ETH, too is a little above its EMA line while holding a positive picture regarding its moving averages. On the other hand, MACD has just entered a bearish zone with its MACD line on the downside.
If we examine the path of these two coins in the context of Bitcoin, they both seem to be standing still. ETH and XRP have been continuously declining against Bitcoin since March 20. However, the coins have started to flatten out the downward rally with consolidation. Against BTC, the price of Ethereum is at $0.020, and XRP is at $0.000024.
