Bitcoin, Ether, and XRP Weekly Market Update April 20, 2020
The total crypto market cap added $12.6 billion to its value in the last seven days and now stands at $208.1 billion. The top 10 currencies were all in green for the same time period with Ether (ETH) and Tezos (XTZ) leading the pack with 17 and 15 percent of gains respectively. By the time of writing Bitcoin (BTC) is trading at $7,170 while ether (ETH) climbed up to $182. Ripple’s XRP reached $0.193.
Bitcoin remained flat on Sunday, April 12 even though it was trading in the wide range between $7,216 and $6,790. It closed the seven-day period with less than 2 percent of gains.
The BTC/USD pair opened the new week by dropping to $6,535 in the early hours of trading on Monday. It managed to stabilize in the zone around $6,700 before stopping at $6,852 at the end of the session. Bears were successful in pushing the price back below the $6,900-$7,000 S/R area.
On Tuesday, April 14 BTC was less volatile as buyers avoided further losses by fighting back of $6,770. The coin ended the day with a small increase to $6,881 with its price even touching $7,000 during intraday before suffering a rejection there.
The mid-week session on Wednesday was somehow different as the leading cryptocurrency started to lose ground. It erased 3.7 percent of its value and dropped to $6,608. The weak resistance around the $6,700 line was finally broken by sellers and they continued their way towards the next obvious target – $6,400.
We witnessed a sharp reversal to the upside on Thursday as BTC formed a huge green candle to $7,095 and added 7.5 percent.
On Friday, April 17, it corrected its price to $7,026 in a suspected profit-taking activity after the significant increase during the previous day.
The first day of the weekend saw BTC move up to $7,266, confirming the uptrend as the coin successfully escaped from the resistance zone and broke above the short-term downtrend line.
On Sunday, April 19, however it made one step down and closed the day and the week at $7,125
Trading volumes were relatively stable in the $37-$40 billion area on the first day of the week then dropped back down to $32-$33 on Tuesday afternoon before climbing to $45 billion on Thursday afternoon. They remained stable around $31 billion in the last three days of trading.
The Ethereum Project token ETH did not experience any significant changes in price during the trading sessions on Saturday and Sunday and ended the week with a 10 percent increase.
It opened the new period on Monday, April 13 by dropping to $156. The coin was seeing some serious volatility compared to the previous two sessions and was moving in the $148-$160 range.
On Tuesday, bulls made an attempt to break above the $160 line but only managed to register a small increase to $158 at the end of the day.
The third day of the workweek was very similar to the one Bitcoin was having. The leading altcoin fell down to $152 and lost 3.8 percent of its value. Naturally, the next fighting zone between buyers and sellers was the area around the psychological level of $150.
Surprisingly or not, the coin found immediate support at the above-mentioned level and climbed up to at $172 or 13 percent higher on Thursday.
The trading day of the workweek came with a small correction to $170, which was followed by a continuation of the upward movement on Saturday. The ETH/USD pair reached $188 and added another 10 percent to its value.
On the second day of the weekend, the ETH experienced a short sell of and a drop to $180. It closed the week with a 14 percent increase.
The Ripple company token XRP remained flat below the 50-day EMA on Sunday, April 12 and closed the week at $0.189 with 5.6 percent of increase for the period.
The coin started trading on Monday by moving down to $0.187. It was seen as low as $0.18 during intraday but found its bottom at the mentioned line, which is also a major zone of support.
If we zoom out though we can still clearly see the XRP/USD pair is moving in a very well-defined downtrend channel initiated in July 2019.
On Tuesday, April 14 the major altcoin continued to slide and dropped further to $0.186. The move was followed by a third consecutive red candle on the daily chart on Wednesday and another visit of $0.18, which resulted in a 3.2 percent loss.
The Thursday session was a surprise for most of the analysts as the whole crypto market was in green, registering some serious gains. The “ripple was no exception as it rebounded from $0.18, once again moved above the 50-day EMA and ended the day at $0.19 adding 5.5 percent to its value.
The last day of the workweek came with a small correction to $0.188.
The weekend of April 18-19 started positively for bulls and their favorite coin climbed up to $0.195. Their next target up was naturally the $0.20-$0.215 zone, which already proofed to be a strong resistance earlier this month.
On Sunday, the “ripple” formed a similar candle, but in the opposite direction, closing the week at $0.188.
Altcoin of the Week
It peaked at $48.57 on Sunday, April 19 and moved up to the #26 spot on the CoinGecko’s Top 100 chart with a market capitalization of approximately $430 million.
As of the time of writing, ZEC is trading at $48.14 against USD on the Kraken Exchange.