Bitcoin, Ether, and XRP Weekly Market Update October 12, 2020
The total crypto market cap added $20.6 billion to its value for the last seven days and now stands at $360 billion. The top 10 currencies are all in green for the same period with ChainLink (LINK) and Cardano (ADA) being the best performers with 15.7 and 9.3 percent of gains respectively. By the time of writing bitcoin is trading at $11,403, ether (ETH) climbed to $374. Ripple (XRP) is at $0.255.
Bitcoin closed the trading session on Sunday, October 4 by rebounding from the 100-day EMA at $10,544. The coin moved up to $10,670, but still lost 1 percent of its value on a weekly basis. On the other hand, bulls managed to avoid a drop below the important $10,600-$10,700 S/R zone at the beginning of the new month.
On Monday, the BTC/USD pair extended its good performance and climbed to $10,795. The next resistance area in front of the leading cryptocurrency was situated in the $11,000-$11,100 range.
What we saw on Tuesday, October 6, however, was an unexpected pullback. BTC corrected its price down to $10,604 and erased 1.7 percent of its value. It was trading as low as $10,524 during intraday.
The mid-week session on Wednesday was a good one for buyers as their preferred cryptocurrency once again found support at the mid-term EMA and jumped up to the middle of the resistance zone, forming a short green candle to $10,666.
Bitcoin started to pick up the pace on Thursday, October 8. It formed a solid green candle to $10,930 and closed above all major EMAs, also leaving the $10,700 level behind. This resulted in a 2.4 percent increase.
On Friday, the BTC/USD pair surpassed the mid-term diagonal resistance and hit the $11,000 level.
The first day of the weekend brought the fourth consecutive green candle for BTC. It stopped at $11,310 on Saturday, but not before touching the weekly resistance at $11,500 during intraday.
On Sunday, October 11, the coin continued to print new local highs and ended the week at $11,384.
The 24-hour trading volumes jumped up from $16 to $19 billion in the three-day period from Monday to Wednesday, then dropped back down to $16 on Thursday. This was followed by another upward movement to the $20-21 billion area on Friday and Saturday and once again a decrease to $16 billion on the last day of the week.
The Ethereum project token ETH moved up to $352 on Sunday, October 4 closing the seven-day period with a 1.4 percent loss. Bulls were able to stabilize above the local horizontal support at $335.
On Monday, the ether was trading in the $348-$355 zone, but ended the session almost flat, with a negligible increase of a less than a dollar.
The ETH/USD pair was rejected at $355 on Tuesday, October 6, and fell all the way down to $340, which resulted in a 3.6 percent correction.
The third day of the workweek came with a temporary drop below the $335 support line during intraday. Still, the biggest altcoin found stability in the evening and closed the day at $342. This time though, the 100-day EMA served as dynamic resistance in front of buyers.
On Thursday, October 8, the ETH/USD pair climbed up to $350, adding 2.3 percent to its value.
The Friday session was the third straight in the green zone for ether as it broke above the daily resistance near $360. The move resulted in yet another 4.2 percent increase and the trader’s dreams for a short-term bullish reversal started to re-appear. The coin stopped at $365.
The weekend of October 10-11 started with one more day of gains for ETH on Saturday as it reached $370. Then on Sunday, it added $4 dollars the end of its most positive weeks in the last month and a half.
In terms of trading volumes, they were hovering around $9 billion on Monday and Tuesday then jumped up to $11.2 on Wednesday morning. They remained relatively stable in the $9.5-$10.5 billion range in the next four days.
The Ripple company token XRP climbed up to $0.248 on Sunday, October 4, and closed the previous week with a 2 percent increase after rebounding from the $0.23 horizontal support on the last trading day.
On Monday, the XRP/USD pair resumed the uptrend, but only managed to form a short green candle to the next major resistance line at $0.25.
The coin was quite volatile on Tuesday, October 6. It was moving between the monthly resistance at $0.26 and $0.24 during intraday before closing with a small loss to $0.245.
The mid-week session on Wednesday found the “ripple” establishing dynamic support at the 100-day EMA. It successfully regained positions near $0.25
On Thursday, October 8, it made another step up, this time to $0.251.
The last day of the workweek marked the third consecutive green candle on the daily chart. The XRP/USD pair extended its gains up to $0.253, also surpassing the short 50-day EMA.
The first day of the weekend came with a solid break above the monthly resistance in the early hours of trading. Still, buyers were only able to push the price to $0.254 at the end of the session.
On Sunday, October 11, the “ripple” continued to crawl up and ended the week at $0.255.
Altcoin of the Week
Our altcoin of the week is REN (REN). The idea behind this cryptocurrency project is to provide developers with a new type of cross-chain platform to work with. The RenVM enables full interoperability between the different blockchains, focusing on the DeFi solutions.
REN grew by 34 percent for the last seven days and added 44 percent to its value for the last two weeks. It reached a week high of $0.377 on Sunday, October 11, and moved up to #51 on the CoinGecko’s top 100 list with a market capitalization of approximately $322 million.
As of the time of writing, REN is trading at $0.398 against USDT on Binance.