Cryptocurrency market update: Major cryptos register modest losses on Saturday

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  • Bitcoin retraces part of Friday’s rally, holds above $8000.
  • Ethereum erases more than 1% after gaining 5% on Friday.
  • XRP’s correction finds support near critical $0.20 handle. 

After registering decisive gains on Friday, major cryptocurrencies are staging a technical correction on Saturday. Reflecting this sentiment, the total market capitalization of all cryptocurrencies fell to $215 billion on Saturday from $220 billion recorded earlier this week.

Top-three coins price overview

Bitcoin (BTC/USD) broke above $8000 on Friday and closed at $8200 before going into a consolidation phase. As of writing, the pair was down 1.35% on the day at $8100. As long as the corrective slide finds support at $8000 (Fibonacci 50% retracement of October 26 – December 17 drop/100-day moving average), the pair could regain bullish momentum. On the upside, $8400-8500 area could be the first target ahead of $8900-9000 area (Fibonacci 61.8% retracement of October 26 – December 17 drop/psychological level).

Ethereum (ETH/USD) posted losses for three straight days but found support at $135 on Friday and gained more than 5% to close at $144.70. As of writing, the pair was staying relatively quiet near $143, erasing 1.22% on the day. The initial resistance for the pair could be seen at $148 (January 8 high) ahead of $152 (December 8, December 9 high). On the downside, $135 could be seen as the first support followed by $132 (20-day moving average).

Ripple (XRP/USD) gained nearly 15% on January 6th and retraced the majority of these gains in the next three days. However, the pair found support near the critical $0.20 handle (former horizontal resistance, 20-day moving average, psychological level) and added more than 4% on Friday to close at $0.2112. As of writing, the pair was virtually unchanged on the day at $0.2114. With a daily close above $0.2250 (January 6, January 7 high) the pair could stretch higher toward $0.2350 (November 29, December 6 high). On the downside, a decisive break below $0.20 could drag the pair to $0.1850 (January 3 low).

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