Cryptocurrency Market Analysis as of 29.09.2023


The cryptocurrency market is cautiously rebounding, with its total capitalization climbing from $1.05 trillion to $1.08 trillion this week.
Bitcoin and Litecoin have inched up around 1% over the past seven days, while Ripple has experienced a minor dip, shedding just under 1%. Ethereum emerged as the frontrunner in these gains, surging by over 4%.

Technical Analysis


Bitcoin demonstrated a late-week recovery, finding itself in the range between 26,480 and 28,790. The cryptocurrency's price is attempting to establish a foothold above the 27,000 mark, and should it succeed, we might witness further growth toward the area of $28,000 per coin.
That being said, it's crucial to keep an eye on the emerging downtrend pattern on the chart. Failure to break out above it could potentially lead BTC/USD back to the $24,000 per coin range.



Ripple is embarking on a cautious recovery, edging closer to the level of 0.5097 from below. A successful breakout followed by consolidation above this level could pave the way for XRP/USD to reach 0.5513.

Now should the 0.5097 horizontal line hold the ground as resistance, XRP/USD may proceed to decline within the range between 0.4828 and 0.5097.



Ethereum, riding the coattails of the main cryptocurrency's uptrend, has surged toward the resistance at 1678.21. From a technical standpoint, this juncture presents two potential scenarios: either a bearish reversal with a retreat to previous lows, or an attempt to consolidate above 1678.21, which could clear a path for ETH/USD to target the next target at 1784.02.



Litecoin is currently putting the 64.70 level to the test as part of a new local recovery upswing. Should consolidation above this point prove successful, the immediate target for this rally will be to revisit the September 19 highs, and subsequently, the resistance at 73.43.

However, an alternative scenario may unfold if quotes remain below 64.70. In this case, LTC/USD may retrace back to the support at 57.68 marked with dotted lines.


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