After a nasty dip last week that wiped roughly $20 billion off cryptocurrency, the top three cryptos remain stable post recovery. The cryptocurrency market capitalization sits at $202 billion, which we first saw back in August. As long as the market cap can remain above the $200 billion level next week, the current support levels should hold.
Given that today is Sunday, it’s not surprising to see the markets stagnate. Trading volume is at a low, and it almost seems that the market is in a state of shock after its most recent dip. The good news is that not only the top three, but also the top 5 cryptocurrencies (BTC, ETH, XRP, BCH, and EOS) are all holding their support levels exceptionally well. In turn, giving hope for more bullish momentum next week.
Bitcoin
Bitcoin’s unwavering support at the $6,000 levels has proven itself to be unbreakable once again. Currently trading at $6,300, the price didn’t even touch $6,100 last week during the selloff. The current RSI sits at a neutral 43, confirming the lack of action. Since Bitcoin is essentially dictating most other cryptocurrencies’ prices at the moment, this stability is much needed.
The above chart shows that we should expect a breakout towards the end of November. While a continuation of the sideways market is not out of the question, I will remain hopeful that BTC can start its slow crawl upwards towards the end of the year.
Ethereum
Currently trading at $202 at the time of writing, Ethereum is struggling to keep its support above the $200 range. It almost seems ETHUSD is fighting the same battle as the overall cryptocurrency market cap, which has been hovering around the $200 billion level.
Unfortunately, Ethereum recently faced problems with its upcoming Constantinople fork. Scheduled to go live this weekend on the testnet, the upgrade ended up halting the Ethereum Ropsten network. The network has since resumed operation, but due to these complications we may not see the fork in 2018 after all.
Looking at the technicals, in a chart provided by TomProTrader from tradingview, he shared his opinions about Ethereum’s current market conditions:
“Ethereum came down nicely, breaking the sidewards support line EXACTLY AS PREDICTED :-). Anyway, price is having a minor recovery for the time being.”
Some traders agree with the sentiment that Ethereum could go as low as $140. A dip to those levels is definitely not out of the question, but in my opinion that would mean that Bitcoin would also have to dip below the $6,000 support – highly unlikely.
XRP
Not even Ripple could escape the bears last week. After more than doubling in price last month, most of those gains have been almost erased. Back in September, XRP rose from $0.32 to $0.60 in only 24 hours! Currently XRP’s price sits at $0.41, almost back down to September levels. This is a good opportunity to remind everyone not to trade based on emotions and not to succumb to FOMO.
Looking at the chart, unfortunately XRPUSD couldn’t hold the $0.45 level thus breaking down the support line. This means that the current support sits at the $0.30 range, which goes back to July. It seems that all eyes are on Bitcoin now so if BTCUSD remains stable next week, that can give XRP a chance to fight for the $0.45 support once again.
Out of these three currencies, which one do you think will perform the best next week? Let us know in the twitter poll below:
Which of these three cryptocurrencies do you think will perform the best next week? #bitcoin #ethereum #xrp
— Null TX 🕷 (@nulltxnews) October 14, 2018
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any crypotucrrency.
Cryptocurrency charts by Tradingview
Image(s): Shutterstock.com