Bitcoin, Ether, and XRP Weekly Market Update April 6, 2020
The total crypto market cap added $22.2 billion to its value for the last seven days and now stands at $194.7 billion. The top 10 currencies were all in green for the same time frame with Binance Coin (BNB) and OKB (OKB) being the best performing assets with 22.5 and 21.3 percent of gains respectively. By the time of writing Bitcoin (BTC) is trading at $6,962 while Ether (ETH) climbed to $148. Ripple’s XRP moved up to $0.183.
Bitcoin formed its third consecutive red candle on the daily chart on Sunday, March 29 and closed at $5,865. The coin was 1 percent up on weekly basis.
The leading cryptocurrency avoided a drop to $5,500 on Monday and successfully recovered its position above $6,000, also breaking above the fast 20-day EMA. Bulls managed to push the price all the way up to $6,393 in the evening, which resulted in a 9 percent increase for the day.
The BTC/USD pair was trading right below the major S/R line at $6,400 and was ready to once again test it. The level was surpassed on Tuesday, March 31, but the low volatility session was only enough to ensure a small gain to $6,420.
Bitcoin closed the month of March with a 25 percent loss.
The mid-week session on Wednesday was again a good one for buyers. Their favorite coin stormed pass $6,400 and stopped at $6,642 in its third straight winning session this week.
On Thursday, April 2, BTC finally broke up from the $6,900-$7,000 zone and peaked at $7,235. In the later hours of trading, though, it lost momentum and dropped back to $6,811 closing with 2.5 percent increase.
The last day of the workweek came with a less volatile, but interesting session during which the coin was trading in the $6,580 – $7,050 area before closing with a small loss to $6,746.
The weekend of April 4-5 started with another stable increase to $6,890 as BTC bulls were ready to once again test the critical support zone around $6,900 – $7,000.
On Sunday, however, they suffered one more rejection there and the price of Bitcoin fell down to $6,770, closing the week 15.5 percent up.
The Ethereum Project token ETH made another step down on Sunday, March 29 and closed the week at $123 with a 1.6 percent increase for the period.
The ETH/USD pair opened trading on Monday by forming a similar candle on the daily chart, but in the opposite direction. It recovered its position near $132 and added 7.3 percent to its value. What we saw was a perfect rebound from the lower end of the short-term uptrend channel, which also resulted in a move above the fast 20-day EMA.
On Tuesday, March 31, the leading altcoin continued with its good performance and climbed up to $133. The ether bulls were already looking for a breakout of the $120 -$150 zone they’ve been stuck in for more than 3 weeks.
The third day of the workweek was yet another successfully session for the ether. It reached $136, confirming the short-term upward movement.
On Thursday, April 2, it added another 3.6 percent or $5 after climbing to $141. Buyers were even able to push price up to the psychological level of $150 during intraday, but were not able to keep up with the momentum and started losing ground in the evening hours.
On Friday, the ETHUSD pair remained stable around $141 even though it was trading in the $138-$147 zone during intraday.
The first day of the weekend saw the coin forming its sixth consecutive green candle on the daily chart touching the low-end of our next resistance zone as seen on the chart.
On Sunday, it made slight correction and closed the week at $142 with 13.7 percent increase.
The Ripple company token XRP experienced a drop to $0.162 on Sunday, March 29, but still ended the seven-day period 10 percent higher.
The XRP/USD pair opened the new trading week on Monday by climbing up to $0.172 or right to the middle line of the uptrend corridor.
Bulls were successful in keeping the price floating above $0.16 and were now targeting a move to the $0.18 – $0.185 zone that would set the ground for an attack of $0.23.
On Tuesday, March 31, the coin continued to impress and extended gains to $0.174 closing the month of March with a 23 percent loss.
The mid-week session on Wednesday was once again positive for the XRP token as it formed its third consecutive green candle on the daily chart and reached $0.175. The major altcoin was able to break the correlation it had with BTC and was now following its own path.
On Thursday, it managed to temporary surmount the key horizontal level at $0.18 by peaking at $0.187 during intraday. Then on the last day of the workweek the “ripple” confirmed its presence in that zone and closed at $0.18.
The weekend of April 4-5 started with sixth straight winning session on Saturday and a price increase to $0.182.
On Sunday, though, it made a small correction to $0.179 and closed the week with 10.4 percent increase.
Altcoin of the Week
Our Altcoin of the week is Quant (QNT). This less known cryptocurrency project claims to have created the “world’s first blockchain operating system (OS)” that helps interconnect different blockchain environments and also facilitates the communication between legacy networks and blockchain-based applications.
QNT registered a 40 percent increase for the last seven days and more than doubled in price for the two-week period. It is currently ranked at #81 on CoinGecko’s Top 100 list with a market capitalization of $48 million.
The surge can be attributed to the recent developments around the company’s new Overledger Network project including the addition of a whitepaper and Treasury design paper documents on GitHub.
The coin peaked at $5.35 on Saturday, April 4 and as of the time of writing on Monday it is trading at $4.73 against the TradingView-calculated USD on Bittrex.