This week has seen a tepid recovery in the cryptocurrency market, but the fundamentals underlying the most important digital assets have not changed significantly. In expectation of fresh drivers of volatility, liquidity has not improved and continues to be low.
The total capitalization of the market reached $1.18 trillion by the end of the week, up from $1.17 trillion the previous week. During this period, the value of Bitcoin and Ethereum has increased by approximately 1%, while the value of Litecoin has declined by 3% and Ripple has lost more than 5%.
Bitcoin
Bitcoin pulled back up from the support level of the sideways range between 28,790 and 30,973. On the other hand, the primary cryptocurrency has not been able to establish a stable price above $30,000 as of yet.
In light of the aforementioned circumstances, the subsequent movement of BTC/USD will be determined by whether or not the price is able to surpass the psychological level of 30,000. If this is the case, then it might continue to recover until it reaches the resistance in the corridor between 28,790 and 30,973, but if not, then it will return to its support.
Ripple
Ripple plummeted, including coming under pressure after the announcement that the SEC intends to appeal the court ruling, in which the Commission lost.
XRP/USD quotations have confirmed level 0.6600 as a resistance level. Once the price breaks this level out, it will open the door to the support level of 0.5513.
Ethereum
Both the technical picture and the price benchmarks have remained unchanged on the chart for Ethereum for the past few weeks.
The price of the second cryptocurrency is now stable in the middle of the range between 1784.02 and 1896.78, while it has the potential to move to either of the range's boundaries.
Litecoin
Litecoin still remains under pressure, which is putting the strength of the support level of the sideways range between 82.90 and 91.12 to the test. The price of LTC/USD may either recover within the range, maintaining its position above its support level, or it will continue south toward the 73.43 target if it consolidates below the lows seen on August 7. Both outcomes are dependent on the overall tone of the market.
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