After an initial impulse drop, the cryptocurrency market's volatility has subsided but the market's pressure from last week's plunge persists.
The overall market capitalization declined from $1.13 trillion to $1.05. During this period, Bitcoin and Ethereum each lost around 2%, while Litecoin and Ripple each dropped around 1%.
Bitcoin
Last week, the price of a bitcoin dropped below $25,000 per coin. After a brief upswing, the main cryptocurrency's price is once again trading below the resistance of the 25,201–26,480 range. BTC/USD quotes are expected to continue consolidating inside these boundaries if no fresh volatility factors emerge. If the main cryptocurrency manages to consolidate above 26,480, it will be able to continue its upward trend toward the $28,000 per coin range.
Ripple
In the midst of a declining market, Ripple reached the 0.4200 area before recovering some of its losses. Currently, XRP/USD is consolidating at the support of the corridor between 0.5097 and 0.5513. If the price excites it downward, 0.4828 will serve as the next target to the south.
Ethereum
Ethereum fell to the support of the sideways range between 1484.77 and 1678.21, and after recovering, it is now settling under its resistance.
If the market continues to be under pressure, the price has the potential to fall below the lower boundary of the corridor from where it is currently trading.
Litecoin
Litecoin was able to recover and reach the support at 64.70 during the decline, and it is currently consolidating on this horizontal line. A consolidation below it will open the door for LTC/USD to move lower, to the level of 50.83, if it can be achieved. 73.43, which currently serves as resistance, will serve as the objective for the recovery.
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