Cryptocurrency Market Analysis as of 8.09.2023


Cryptocurrencies continue to trade in narrow ranges, and the dynamics of the market are slow.
The total capitalization of the market reached $1.04 trillion by the end of the week, which is a tiny decline from the previous level of $1.05 trillion. In the past week, Bitcoin, Ethereum, and Ripple have each lost approximately 5% of their value, while Litecoin has dropped by more than 7%.

Technical Analysis


Bitcoin has continued to consolidate at the support level that lies within the range of 25,201 to 26,480 after having declined to that level. From a technical standpoint, the quotes of the main cryptocurrency can either climb back up to the level of 26,480 or break out the support level of 25,201 and settle lower. In the second scenario, the price decline will continue until it reaches 23,830, marked with green dotted lines.



Ripple quotes are currently trading under pressure and have settled into a narrow range of 0.4828 to 0.5097. In the event that the lower boundary of the sideways range is broken out at the end of the consolidation, the support at 0.4397 will serve as the next target to the south.



Following the decline, Ethereum proceeded to consolidate in the sideways range between the support level of 1606.16 marked with dotted lines, and the resistance level of 1678.21. The second cryptocurrency has traded almost in the same spot for the past four trading sessions in a row; an exit from the said range may not happen unless strong volatility catalysts emerge.



Litecoin's price has dropped below the 64.70 mark and is currently consolidating below it. At the same time, the price did not go lower than it had been on August 18 at any point. These boundaries are to be factored in as LTC/USD's technical benchmarks.
In the event that the price consolidates below the lows seen on August 18 (59.62), the support at 50.83 will serve as the next target to the south.


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