The cryptocurrency market tries to get back on recovery track

  • Bitcoin (BTC) has settled at $9,400 after a sell-off on Monday.
  • Altcoins are moving inside the recent ranges, despite the recovery attempts.

The cryptocurrency market is recovering after a sell-off during late New York hours on Monday. At the time of writing, Bitcoin and all major altcoins are in a green zone since the beginning of the day, though the majority of coins are still nursing losses on a day-to-day basis. The total cryptocurrency market capitalization is registered at $249 billion from $253 billion the day before; an average daily  trading volume decreased to $97 billion from $116 this time on Sunday; Bitcoin’s market share decreased to 67.7%.

Top-3 coins price overview 

BTC/USD bottomed at $9,187 during late trading hours on Monday before retreating to $9,400 by the time of writing. Despite the recovery, the first digital coin is still down 3% from this time on Monday, moving within a short-term bearish trend amid decreasing volatility. Notably, the upper line of the Bollinger Band on a daily chart ($9,500) limits BTC/USD recovery. However, the ulimate resistance is located above $9,600 and created by SMA100 (Simple Moving Average) on a daily chart. 
Ethereum, the second-largest digital asset with the current market capitalization of $20 billion, has stayed mostly unchanged both on a day-to-day basis and gained 1.6% since the beginning of Monday. At the time of writing, ETH/USD is changing hands at $185.00, off the recent low of $181.08 touched on Monday. Looking technically, ETH/USD is well-positioned to continue the recovery as long as it stays above $180.00. The next bullish target of $190.00 is created by SMA100 daily. 
Ripple’s XRP failed to hold thee ground above $0.3000 and retreated to $0.2970 by the time of writing. The third digital coin with the current market value of $12.8 has lost 1% of its value on a day-to-day basis, while a failure to stay above $0.3000 worsened the short-term technical picture and pushed the price inside the previous range.

Get the 5 most predictable currency pairs

About Author

Comments are closed.