Bitcoin, Ether, and XRP Weekly Market Update October 19, 2020
The total crypto market cap lost $1.6 billion of its value for the last seven days and now stands at $359.2 billion. The top 10 currencies showed mixed results for the same period with Binance Coin (BNB) adding 5.5 percent to its value while Litecoin (LTC) lost 6.7 percent. By the time of writing bitcoin is trading at $11,460, ether (ETH) remains close to $375. Ripple (XRP) fell to $0.242.
Bitcoin formed its fifth consecutive green candle on the daily chart on Sunday, October 11, and closed the week at $11,368 or right below the horizontal weekly resistance at $11,500. The coin was 6.5 percent up for the seven-day period.
What is more important is that during the last few sessions, BTC was showing some strength in the trading volumes and rising momentum, which helped it maintain its positions above $11,100 and the diagonal resistance line coming down from the last registered high on August 12 (white-dotted line on our chart.
The BTC/USD pair climbed above the mentioned resistance zone on Monday and ended the day at $11,542. We saw some great volatility as the leading cryptocurrency was moving in the $11,730-$11,164 range during intraday. It’s worth noting that the levels around $11,150 will most probably serve as temporary local support if bulls remain strong.
On Tuesday, October 13, BTC made a short pullback to $11,430 and re-entered the weekly resistance zone.
The mid-week session on Wednesday was again dominated by high volatility, but neither bulls nor bears could take over control and the price remained closed to the above levels even though we saw it moving up and down in the $11,552-$11,270 range.
On Thursday, October 15, the BTC/USD pair continued to be unstable and lacking general direction. Still, it remained in the $11,400 – $11,500 area at close.
The last day of the workweek saw a break of that corridor. BTC fell down to $11,320 and hit the local support at $11,200 in the early hours of trading.
The weekend on October 17-18 started with a slight recovery. The biggest cryptocurrency climbed up to $11,360 on Saturday.
On Sunday it posted some solid gains and once again reached $11,500.
The Ethereum Project token ETH was on its way up ever since it found support at the 100-day EMA at $340 on October 7. The coin closed the previous seven-day period with a 5.6 percent increase after it climbed to $373 on Sunday, October 11.
It started trading on Monday by touching the monthly resistance at $395 during intraday. Bulls were rejected there but still managed to build a solid green candle to $285, adding another 3.2 percent to its value.
On Tuesday, October 13, it corrected the price down to $381, following BTC’s example. The coin fell a few dollars short of once again hitting the above-mentioned horizontal level.
The third session of the workweek brought another small loss for ETH, this time it fell to $378.
On Thursday, October 15, the ETH/USD pair continued to hover in that area and remained flat at the end of the day.
What we saw on Friday was a solid correction down to $365. The ether lost 3.4 percent of its value, moved below the 50-day EMA, and almost hit the previous daily resistance line at $360.
The first day of the weekend came with a reversal of the downtrend. The coin added a few dollars to its value and stopped at $368.
It continued with its good performance on Sunday by moving up to $378.
The Ripple company token XRP closed the trading day on Sunday, October 11 at $0.255. The coin formed its fifth consecutive green candle on the daily chart and hit the monthly resistance at $0.259 for the second day in a row, without being able to break above it. The price of XRP increased by 3.2 percent for the seven-day period.
On Monday, the bear started reminding of themselves. They managed to push the price down to the horizontal resistance at $0.25 during intraday but were not strong enough to keep up with the momentum. The XRP token closed with a short candle up to $0.256.
It remained unchanged in terms of price action at the end of the day on Tuesday, October 13. Still, it was quite a volatile session for traders, during which the XRP/USD pair was moving up and down in the $0.253-$0.26 zone.
The mid-week session on Wednesday was the beginning of the short-term (at least for the moment) reversal. XPR dropped down to $0.248 and closed below the horizontal support also erasing 3.1 percent.
On Thursday, October 15 it continued to slide reaching $0.246. The coin surpassed the 50 and 100-day EMAs.
The Friday session was a continuation of the downtrend as the “ripple” fell further to $0.239.
Bulls found temporal stability near the $0.235 area and on the first day of the weekend rebounded up from that level ending the day at $0.240.
On Sunday, October 18, they resumed the uptrend and closed the week at $0.242.
Altcoin of the Week
Our Altcoin of the week is Waves (WAVES). This decentralized open network platform is one of the best-known altcoins out there.
The WAVES protocol enables designers to develop and run their own Web 3.0 dApps by using purpose-designed tools and easy access to open-source blockchain technologies.
The altcoin added 28.1 percent to its value for the last seven days and is now 268 percent up on a yearly basis.
It peaked at #52 on the CoinGecko’s Top 100 list with a market capitalization of approximately $310 million after hitting a one-month high of $3.25 on Sunday, October 18.
On October 14, the company leaders announced the integration of the Solana protocol into Waves’ decentralized cross-chain platform Gravity.
As of the time of writing, WAVES is trading at 0.000255 against BTC on Binance.