Bitcoin, Ether, and XRP Weekly Market Update September 28, 2020
The total crypto market cap added $0.6 billion to its value for the last seven days and now stands at $345.3 billion. The top 10 currencies showed mixed results for the same period with Cardano (ADA) adding 17.3 percent to its value while Polkadot (DOT) lost 8.4. By the time of writing bitcoin is trading at $10,881, ether (ETH) moved up to $358. Ripple (XRP) raised to $0.243.
Bitcoin was rejected at the horizontal resistance near $11,100 on Sunday, September 20, and fell down to $10,930 after staying four consecutive days above $10,700.
Still, the coin added 5.8 percent to its value for the seven-day period and avoided further decrease at least temporarily.
The BTC/USD pair opened the new trading period on Monday by forming a huge red candle. It dropped all the way down to $10,407, hitting the 100-day EMA. The leading cryptocurrency hit a daily low at $10,280 and erased 4.7 percent of its value as the short-term bullish reversal came to an end.
Most importantly, BTC lost the monthly support area between $10,600-$10,700.
The Tuesday session found bulls struggling to regain positions as they failed to break above the $10,600 line. Bitcoin closed the day at $10,530.
The mid-week session on Wednesday, however, was not that good as the buying momentum was not strong enough. The coin fell below the mentioned EMA and closed the day with a big loss to $10,233, not before touching $10,100 during intraday.
The BTC/USD pair skyrocketed all the way up to $10,747 surpassing both the 100 and 26-day EMAs. The coin grew by 5 percent in value and once again found itself above the important $10,700 level.
On Friday, September 25, it continued to gravitate around the mentioned support area and although it fell to $10,554 during intraday, remained stable at the end of the session.
The first day of the weekend came with yet another calm trading session. BTC was hovering near $10,700, probably entering a consolidation phase before the next leg.
On Sunday, it temporarily fell down below the support zone, but recovered later in the trading day and closed at $10,782.
The Ethereum project token ETH continued to slide on Sunday, September 20 and closed the day and the week at $371, or in the middle of the support zone. The coin lost $13 from its value but registered a 1.5 percent increase for the seven-day period.
The first day of the new trading week found the ether dropping further down to $340. The move resulted in an 8.3 percent price correction and a drop below the $350-$360 support zone.
On Tuesday, September 22 the biggest altcoin stabilized near $344 and avoided further losses after trading near the last visited low of $334 (September 5). The level provided the required support in the early hours of trading.
The Wednesday session was quite bad for buyers. The ETH/USD pair followed the example of BTC and dropped down heavily. It stooped at $320, hitting $310 late in the evening.
Then on Thursday, September 24, the ether suddenly changed its direction and climbed up to $348, erasing all losses from the previous day. The weekly support at $315 provided the required stability and the coin successfully rebounded from that level. The move resulted in an 8.7 percent of price increase.
The last day of the workweek came with a short green candle to $350. The ETH token was moving in the $338 -$358 range throughout the day.
On Saturday, September 26, it continued to gravitate near the last reached local high and added a few more dollars to the price.
The last session of the week came with a brake into the daily resistance zone and closed at $257.
The Ripple company token XRP started to lose momentum on Sunday, September 20, and dropped down to $0.246 after 14-days spent in an upward movement. The coin was rejected at the horizontal resistance at $0.25 but still closed the week 2 percent higher.
The XRP/USD pair opened the new trading period on Monday by forming a huge red candle on the daily chart. Bears took over control and pushed the price below the 100-day EMA right to the next support at $0.23. The move resulted in a 6.5 percent pullback.
On Tuesday, one of the leading altcoins stabilized above the mentioned support line in a low volatility session.
The mid-week session on Wednesday though brought more troubles for the XRP bulls. They saw another leg down, this time to $0.221, and the first close below the $0.23-$0.225 support zone since July 28.
On Thursday, September 24, the coin formed the exact same candle, but in the opposite direction, erasing all losses from the previous day by climbing up to $0.232.
The last day of the workweek came with a second consecutive day of gains for XRP. It moved up to $0.241 and added another 3.8 percent to its value.
The weekend of September 26-27 started with a relatively calm session on Saturday, during which the coin continued to hover around $0.240.
On Sunday it climbed further to $0.242, caught between the 26 and 100-day EMA.
Altcoin of the week
Our Altcoin of the week is Celsius Network (CEL). The native token of the Celsius network crypto lending and staking project was one of the very few to register positive results in the last seven days.
CEL added 23.7 percent to its value for the period, making it a total of 72 percent of increase for the last two weeks. It peaked at $0.944 on Saturday, September 26, and reached #48 on the CoinGecko’s Top 100 list with a market capitalization of approximately $326 million. Celsius continues to be relatively uncorrelated with the general crypto market trend.
As of the time of writing, the coin is trading at 0.000085 against BTC on HitBTC.