In the cryptocurrency market, we are presently observing a dynamic that is moving downwards sideways, while the volatility continues to be quite moderate. The market capitalization decreased throughout the course of the week, moving back down to $1.10 trillion from $1.14 trillion. In the past week, the value of Bitcoin has decreased by 4%, Ethereum has decreased by 2%, Ripple has remained close to zero, and Litecoin has decreased by 9%.
Bitcoin
Bitcoin has been putting the strength of support at 26,480 to the test. So far, there needs to be more information to make any type of conclusion regarding whether or not this breakout is true.
From here, the events could play out according to one of two possible scenarios: either there will be a return to the range between 26,480 and 30,973, along with a recovery toward at least $27,000 per coin, or there will be a price drop to the next level of 25,201 if the breakout of the current support turns out to be false.
Ripple
Ripple has returned to support of the sideways range between 0.4397 and 0.4828. If this level holds, the XRP price may recover towards the middle of the corridor—previous highs—, or its resistance.
In the case of a breakout of support at 0.4397 and consolidation below it, a price decline toward 0.4169 marked with green dotted lines may serve as an alternative scenario.
Ethereum
After the recent increase, Ethereum has returned back to support at 1784.02 and is putting its strength to the test. If this horizontal line holds, ETH/USD may recover toward the resistance of 1896.78.
A consolidation below 1784.02 and further weakening towards the target of 1678.21 may serve as an alternative scenario.
Litecoin
The price of Litecoin has retraced virtually all of the gains it made over the past week and is now hovering near the 82.90 level. If it maintains its current position, the price may recover to the nearest resistance level at 91.12. Quotes for LTC/USD could fall to a level somewhere around the 73.43 mark if there is a successful breakout of the 82.90 level.
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