Bitcoin, Ether, and XRP Weekly Market Update March 30, 2020
The total crypto market cap added $7 billion to its value for the last seven days and now stands at $174 billion. The top 10 currencies were all in green for the same time frame with XRP and Litecoin (LTC) being the best performing assets with 13.3 and 7.9 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $6,300 while ether (ETH) climbed to $130. Ripple’s XRP moved up to $0.173.
Bitcoin suffered a drop to $5,812 on Sunday, March 22 after it was rejected at $6,400 once again. It closed the seven-day period 8.2 percent up.
The BTC/USD pair started trading on Monday by drawing a huge green candle to $6,500 on the daily chart. The coin added 12 percent to its value and successfully closed above the important $6,400 S/R line after four consecutive failed attempts.
On Tuesday, March 24, the most popular cryptocurrency continued with its good performance and climbed further to $6,774. Naturally, the next target for buyers was to move above the $6,900-$7,000 zone on its way to $7,700.
The mid-week session on Wednesday was a volatile one. Bitcoin was trading between $7,000 – $6,400 during intraday. The leading cryptocurrency failed to break the $7,000 line and was forced to close with a loss to $6,684.
The BTC/USD pair continued to trade in the mentioned zone on Thursday, March 26 and made a small step up to $6,750.
The Friday session brought some serious troubles for buyers. The coin erased 5.6 percent and dropped down to $6,383. The bear flat that was in the making since March 12 resulted in a heavy correction. The ever-declining volumes in combination with the stability of the $6,900-$7,000 resistance zone made it impossible for Bitcoin to progress further.
The first day of the weekend came with a second consecutive red candle. BTC lost even more ground and closed the day at $6,257 after touching $6,032 during intraday.
On Sunday, March 29, it continued the freefall reaching $5,865. The coin was 1 percent up for the week.
The Ethereum Project token ETH made a step back to $120 on Sunday, March 22, erasing 9 percent of its value. The coin remained flat for the week.
What we saw on Monday, March 23 was a confirmation of the current short-term uptrend, started on March 16. The ETH/USD pair rebounded from the horizontal support at $120 and preserved the upward movement by climbing up to $136.
On Tuesday, March 24, the ether continued with its good performance and moved up to $139 after trading in the $144-$132 range during the day.
The third day of the workweek came with the exact same candle being formed on the daily chart, however, in the opposite direction as the ETH token erased all gains from the previous session and moved back down to $136.
The Thursday session was the third consecutive in the tight range between $138-$135. Neither bulls nor bears were able to establish a trend and the coin closed with a small gain to $138.
On Friday, March 27, the ETH/USD pair registered a drop to $131, following the example of bitcoin that suffered a major correction the same day. Buyers were still unable to initiate a move towards the important psychological level at $150 and bears were ready to exploit their weakness by making another attempt on the $120 line.
The weekend started with a relatively calm session on Saturday. The ETH token continued to hover around $131.
On Sunday, March 29, it made one step down and closed the week at $123 with 1.6 percent of price increase for the period.
The Ripple company token XRP returned back to the zone below $0.15 on Sunday, March 22 after suffering a rejection near $0.147. It closed the week with a 3.2 percent loss.
The start of the new week was quite positive for the major altcoin as it followed the general crypto market trend and moved up to $0.158. It extended the good performance on Tuesday, March 24 and formed a second consecutive green candle on the daily chart by climbing up to $0.163.
The mid-week session on Wednesday was less volatile and with no major price changes. The coin managed to stay above the $0.16 line.
On Thursday, March 26, the XRP/USD pair skyrocketed all the way up to $0.176 and added another 8.6 percent to its value. Bulls were successful in establishing a short-term trend and broke above the 20-day EMA. Next target up was the $0.19-$0.20 zone.
The last day of the workweek came with a small correction to $0.172 after buyers failed to capitalize on their attack of the $0.19 and were brought back down at the end of the session.
The weekend of March 28-29 started with a similar move, but in the opposite direction and the “ripple” regained its position around $0.175.
On Sunday, it experienced a hard drop to $0.162 and closed the seven-day period 10 percent higher.
Altcoin of the Week
Many are attributing the recent surge to the global search for telecommunication tools and stocks in these turbulent times when remote communication is becoming more and more important for the day to day activities.
The SNT token is currently ranked at #55 on GoinGecko’s Top 100 list with total market capitalization of approximately $72 million.
It peaked at $0.0192 on Sunday, March 29 and is currently trading at $0.0183 against USD on the Bitfinex platform.