Bitcoin, Ether, and XRP Weekly Market Update April 27, 2020
The total crypto market cap added $15.1 billion to its value in the last seven days and now stands at $223.4 billion. The top 10 currencies were all in green for the same time period with Tezos (XTZ) and Ether (ETH) leading the pack with 22.1 and 9.5 percent of gains respectively. By the time of writing Bitcoin (BTC) is trading at $7,743 while Ether (ETH) climbed up to $197. Ripple’s XRP reached $0.198.
Bitcoin was rejected near $7,300 on Sunday, April 19 and moved down to $7,125, closing the week with a 3.2 percent increase.
The new trading period started with a continuation of the downward movement. The BTC/USD pair dropped down to $6,825 and erased another 4 percent of its value. The $6,900 – $7,000 support zone was broken, but the leading cryptocurrency found stability around the meeting point of the 26-day and 50-day EMAs.
The Tuesday session was relatively calm as bitcoin was trading in the $6,943 – $6,730 zone without registering any major price changes at the end of the day.
The RSI index could not make a secondary break above the downtrend line and in combination with the non-moving volumes resulted in a slow momentum.
On the other hand, bulls were successfully defending their position in the uptrend corridor, that was formed month and a half ago.
The mid-week trading on Wednesday was slightly different and we witnessed the formation of a solid green candle to $7,136 even though there was a clear rising wedge formation on the 1-h chart, which is in general a bearish signal. Bitcoin gained 4 percent and climbed back above the upper S/R zone.
On Thursday, April 23, the BTC/USD pair extended its gains and moved up into the $7,400-$7,500 support zone, adding 5 percent to its value. The coin peaked at $7,700 during intraday, reaching the next projected target up.
The last day of the workweek was a stabilizing one for buyers as BTC remained flat near $7,500.
The trading day on Saturday was the fifth consecutive in the green zone for bitcoin and it climbed further to $7,556, again hitting $7,700 during intraday.
On Sunday, April 26 BTC made another leg up and finally managed to close at $7,700.
The Ethereum Project token ETH experienced a short sell off on the second day of the weekend and dropped down to $180 on Sunday, April 19. It closed the week with a 14 percent increase.
The ETH/USD pair was trading in the $187-$167 range on the first day of the new week, but a hard rejection near the 100-day EMA resulted in some heavy losses for the coin. It closed at $170 erasing another 5.5. Still, the support zone around that level proofed to be strong enough to not allow further decrease.
On Tuesday, April 21 the ether remained flat, adding less than a dollar for the day.
The third session for the workweek, however, was quite positive for bulls as they moved 7.5 percent up and reached $183 and once again hitting the 100-day EMA.
On Thursday, April 213, the ETH climbed up to $185 in a highly volatile session, during which we saw the coin trading in the $177 -$195 range.
The last day of the workweek came with another step up, this time to $188, which resulted in a break above the already-mentioned moving average.
The ETH/USD pair bulls were looking for an entry point to the next major S/R area around $190. On Saturday, April 25, they finally reached it by extending the winning streak to $194. What’s more important is that the coin hit the upper end of the big falling wedge formation that was in the making since February this year.
On Sunday, April 26, it moved above that diagonal line and closed at $198.
The Ripple company token XRP was rejected at $0.196 on Sunday, April 19 and closed the day with a loss to $0.188, still remaining flat for the seven-day period.
It started trading on Monday by forming another red candle on the daily chart, this time to $0.181. The coin lost 3.7 percent of its value and was seen as low as $0.177 during intraday thus suggesting a high bear pressure was in place.
The Tuesday session on April 21 brought some stability to the XRP/USD pair. It found support at the 50-day EMA and closed with a small gain to $0.183.
The mid-week trading day was again positive for bulls as they regained positions around $0.188. The next step for the “ripple” was to attempt an attack on the downtrend line coming down from April 8.
On Thursday, April 23, one of the leading cryptocurrencies continued with its good performance and climbed up to $0.193, right below the already-mentioned diagonal resistance.
The last day of the workweek was relatively calm and XRP remained flat even though it was trading as high as $0.197 in the early hours of the day.
The weekend of April 25-26 started with an upward move to $0.194 on Saturday as the coin finally broke above the resistance and was already looking at the important $0.20-0.215 zone. It extended the winning streak on Sunday closing at $0.196.
Altcoin of the Week
Our Altcoin of the week is Enjin Coin (ENJ).The project’s goal is to create an easy to use blockchain environment that will enable anyone to easily create or integrate blockchain assets. It is primarily focused on reshaping the gaming industry.
The ENJ token added 46 percent to its value for the last seven days and is already 73 percent up for the two-week period. The Enjin Network coin peaked at $0.155 on Sunday, April 26 and reached #47 on the CoinGecko Top 100 chart with a market capitalization of approximately $132 million.
On April 15 the company rolled out a new update of its official wallet software and announced its launch in China. Additionally, the Enjin Network saw a series of upgrades to the already existing gaming projects.
As of the time of writing, ENJ is trading at $0.159 against USD on the Bitfinex platform.