Posted 2 years ago | by Ben Armstrong
Crypto Markets Fade Bounce, XRP Holds Weekly Gains
The crypto markets are under pressure on the last weekday of the trading week. The CCI30, a measure of the 30 most valuable tokens, has fallen by nearly 100 points over the last few hours of trading. It had been trading above the 2,850 level, but is currently selling at 2,765.
Bitcoin (BTC), the worlds most valuable crypto by market cap, has fallen below the $8,000 USD level, and is currently trading at $7,915 USD. BTC has traded below $7,900 USD in the last few hours, but has since risen from that level by a small amount. BTC prices are now trading down by more than 7% over the last 7 days, and appear to be making a series of lower highs, and lower lows.
If we look at a 30 day chart for BTC, we are able to see how important the current level is from the bull's perspective. BTC has bounced off the $7,800 USD level three times over the last four weeks, and a fall below $7,600 USD would smash out a resistance line that would mark a new low in the retrenchment that started a few months ago.
Ethereum (ETH), the second most valuable token in the world, has also fallen on both a daily, and weekly basis. ETH is currently trading at $171.83 USD, which is nearly a 3% drop over the last 24 hours, and a 10% decline over the past 7 trading days.
Much like BTC, ETH is trading near critical support levels. The $150 USD level has been important to ETH bulls, and if we see a drop near this support zone, it could mean a consolidation in the $120-150 USD level over the medium-term. A falling BTC price would likely create negative market sentiment, and this could spill over into other popular tokens, like ETH.
The only token to show any resistance to the ongoing crypto market selling is Ripple (XRP), which is still up by 6%+ on a weekly basis. XRP has fallen by more than 2% from the same time yesterday, and is presently trading at $0.2886 USD.
The crypto markets are trading at, or near, critical support levels. There are a few tokens that have been able to resist the selling pressure, but overall, tokens look like they have been set up for a longer period of consolidation before any substantially prices can happen.