Bitcoin, Ether, and XRP Weekly Market Update September 07, 2020
The total crypto market cap lost $48.5 billion of its value for the last seven days and now stands at $323,7 billion. The top 10 currencies were all in red for the same period with Polkadot (DOT) and ChainLink (LINK) being the worst performers with 26 and 26.2 percent of losses respectively. By the time of writing bitcoin (BTC) is trading at $10,080 while ether (ETH) dropped to $340. Ripple’s XRP moved down to $0.235.
Bitcoin moved up to $11,706 on Sunday, August 30 and hit the 26-day EMA on the daily chart. The coin successfully rebounded from the horizontal support at $11,500 and closed the seven-day period with a 0.5 percent loss.
The BTC/USD pair started trading on Monday by hitting $11,770 during intraday. The level was a stable resistance in the beginning of August and was seen by many as the next target in front of bulls in order to re-ignite the upward movement. Still, the momentum was not strong enough and the price was rejected, falling to $11,650.
Bitcoin closed the month of August with a 2.5 percent increase.
The trading session on Tuesday, September 1 was a positive one for the most popular cryptocurrency. It skyrocketed to $11,930, smashed through the horizontal resistance and even hit $12,000 during intraday. The coin added 2.4 percent to its value.
The third day of the week came with a solid correction. Bitcoin fell down to $11,393, which resulted in a 4.5 percent pullback. The major horizontal support at $11,500 was broken which opened the door for a test of the $11,150 – $11,100 area.
On Thursday, September 3, the BTC/USD pair entered a freefall mode. It dropped to $10,153, broke below both the 50 and 100-day EMAs and erased 10 percent of its value – its biggest single-day loss since March 12.
The Friday session was a good one for bulls as they pushed the price up to $10,445. During intraday, bears made an attempt to break below the psychological level at $10,000.
The weekend of September 4-5 started with a similar candle, but in the opposite direction. BTC once again closed at $10,150 and even entered the four-digit zone ($9,860 to be more precise) in the early hours.
On Sunday, the leading cryptocurrency climbed up to $10,262 and reached the 100-day EMA.
The Ethereum Project token ETH moved up to $429 on Sunday, August 30 after trading below the $415 line for ten days straight. It added 7.7 percent to its value and closed the week 5 percent higher.
The leading altcoin continued to raise on Monday, August 31 and reached the monthly resistance line at $434. The coin was 25 percent up on a monthly basis as bulls were already looking to registered a new year to date high.
On Tuesday, the ETH/USD pair formed a big green candle and closed at $476 for the first time since July 2018. The price broke right above the solid high timeframe resistance zone between $470-$460.
The mid-week session on Wednesday, however, proved that bulls were already losing momentum due to the rapid increase and the profit-taking activities combined with the strong technical resistances resulted in a heavy drop. ETH dropped to $439 and erased 7.7 percent of its value for the day. Bears were even able to push the price down to $416 during intraday – the next stop downwards if the monthly resistance at $434 fails to turn into support.
On Thursday, September 3, we witnessed how both the $434 and $416 lines were broken by the huge selloff that hit the crypto market. The ether fell down to $381 and erased 13 percent of its value.
The Friday session was highly volatile. The ETH/USD pair was moving in the $401-$360 range before closing with a short green candle to $385.
The first day of the workweek came with yet another wave of sell orders. The ETH dropped down to $336 and almost hit the 100-day EMA on the daily chart during intraday ($304).
On Sunday, September 6, the biggest altcoin climbed up to $351 and reached the next resistance area.
The Ripple company token XRP rebounded from the horizontal support at $0.275 on Sunday, August 30 and reached $0.282 after forming its third consecutive green candle on the daily chart. It closed the previous week almost flat and still above its monthly support line.
The XRP/USD pair started trading on Monday by making an unnoticeable drop to $0.281. Still, the coin was 8 percent up on a 30-day basis.
On Tuesday, September 1, bulls managed to push the price to the upper limit of the monthly and weekly resistance cluster in the $0.29-$0.295 zone. The move resulted in a 5 percent increase.
The mid-week session on Wednesday, however, was the beginning of a major correction of the crypto market. The “ripple coin, in particular, erased 6.4 percent of its value and once again hit the $0.275 line. Its price fluctuated in the $0.304-$0.263 range during intraday
On Thursday, September 3 the XRP continued to slide. It lost another 11.4 percent and closed the session at $0.245.
The last day of the workweek came with a short green candle to $0.254. The “ripple” hit the 50-day EMA in the early hours of trading, but could not surpass it.
The weekend of September 5-6 started with another drop- this time to $0.237 on Saturday. The bear pressure was steadily increasing as we saw the price hitting the $0.23 support line at some point during the day.
Then on Sunday, XRP moved up to $0.24 after sellers were once again rejected near the above-mentioned horizontal line.
Altcoin of the Week
Our altcoin of the week is TRON (TRX). One of the biggest platforms for decentralized applications added 25 percent to its value for the last seven days. Actually, TRX was the only cryptocurrency in the top 20 list that registered a price increase for the period. It was also 53 percent up on a monthly basis.
The coin peaked at $0.0477 on Thursday, September 3, reaching #14 on the CoinGecko’ s top 100 chart with a market capitalization of approximately $2.24 billion.
As of the time of writing, Tron is trading at 0.00000301 against BTC on Binance