Bitcoin, Ether, and XRP Weekly Market Update May 04, 2020
The total crypto market cap added $19.7 billion to its value for the last seven days and now stands at $243 billion. The top 10 currencies showed mixed results for the same time period with bitcoin (BTC) gaining 12.5 percent while Tezos (XTZ) lost 5.5 percent. By the time of writing Bitcoin (BTC) is trading at $8,621 while Ether (ETH) is hovering around $196. Ripple’s XRP reached $0.209.
Bitcoin ended the previous seven-days reaching $7,700 after six consecutive green candles on the daily chart. The coin added 8.5 percent to its value for the period.
The BTC/USD pair opened the new week by continuing its good performance. It climbed up to $7,787 and confirmed its position above this important S/R line.
On Tuesday, April 28, the leading cryptocurrency made a short pullback, which can be attributed to price-taking activities and corrected its price down to $7,756 after falling as low as $7,638 during intraday.
The mid-week trading session on Wednesday was simply put one of the biggest one-day jumps for BTC in the recent months. It skyrocketed all the way up to $8,787, which resulted in a 13 percent increase. What’s more, we saw the coin breaking above the 100 and 200-day Exponential Moving Averages and the horizontal resistances around $8,000/$8,100 and $8,700.
On Thursday, April 30, the BTC /USD pair almost hit the long-term downtrend (diagonal resistance coming down from the all-time high from January 2018) suffering an immediate rejection there, which dragged it down to $8,631 at the end of this highly volatile session. A break above the mentioned downtrend would provide a significant boost from a psychological point of view in coming months and especially before the halving.
Bitcoin ended the month of April 34 percent higher compared to March.
On the last day of the workweek, it erased all loses from the previous session and moved back up to $8,845.
The weekend of May 2-3 started with another test of the $9,000 line as the coin closed just few dollars below that price line.
On Sunday, May 3, it moved South to $8,912 after another failed attempt on the already-mentioned S/R line. It registered a 15.7 increase for the week.
In terms of trading volumes, they dropped to $31-$33 billion from Monday to Tuesday and stayed in that range until Wednesday morning. Volumes started to pick up pace quite fast during that day and hit $73 billion at noon on Thursday. The rapid increase was followed by a gradual decrease to $38-$40 billion on Saturday.
The Ethereum Project token ETH, just like Bitcoin, closed the previous week with some solid gains. It moved up to $198 on Sunday, April 26 and registered 10.6 percent of increase for the whole period. It surpassed both the horizontal and diagonal resistances.
On Monday, April 27, the ether made a small correction, but found stability around the already-mentioned resistances turned support now. It lost $2 and closed the day at $196.
The Tuesday session was low volatility one as the ETH/USD pair remained flat for the day.
The third day of the workweek was quite positive for bulls. The leading altcoin followed the general crypto market trend and smashed through $200 do reach $215. The move resulted in a 9.6 percent increase.
On April 30, the last day of the month, the ETH token peaked at $228, but turned red in the evening hours of trading and closed with a loss to $206. The coin registered 54 percent of increase on monthly basis.
The Friday session on May 1 was once again positive and we saw the price reaching $212.
The weekend trading started positively for bulls they moved up to $214 on Saturday in a low volatility day.
On Sunday, May 3, the coin was rejected at $220, which is the upper end of our next targeted zone, and moved down to $209. It was 5.5 percent up for the week.
The Ripple company token XRP climbed up to $0.196 on Sunday, April 26 and closed the week 4.2 percent up thanks to the six consecutive days in green.
It started trading on Monday by hitting the $0.20 mark. Still, bulls could not break above that important level and ended the session with a small gain to $0.197.
On Tuesday, April 28, the “ripple” skyrocketed all the way up to $0.215 reaching the upped end of the $0.20-$0.215 S/R zone. The move resulted in a 9.1 percent increase.
The mid-week trading on Wednesday was seen a continuation of the uptrend. The XRP/USD pair climbed up to $0.226, surpassing the 100-day EMA and also hitting $0.23 during intraday. A potential break here would open the doors in front of buyers for an attack of the $0.25 line and the diagonal resistance, which was situated near $0.29.
On Thursday, April 30, however, we saw a correction down to $0.211 after the price was rejected at the 200-day EMA. The coin ended the month of April 22 percent up.
The last trading day of the workweek found the major altcoin recovering to $0.217. This was followed by another positive session on Saturday, during which it reached $0.223.
On Sunday, May 3, the XRP token made a step down and closed the week at $0.218 after finding stability at the long-term average. It added 11.2 percent for the week.
Altcoin of the Week
Our Altcoin of the week is Siacoin (SC). A very well-known altcoin especially among miners, Siacoin is a blockchain-based cloud storage platform. It added 44 percent to its value for last seven days and is 50 percent up for the last two weeks.
The coin peaked at $0.0023 on Thursday, April 30 and reached #60 on the CoinGecko’s Top 100 list with a market capitalization of approximately $94 million.
As of the time of writing, SC is trading at $0.00199 against USD on the Kraken exchange.