Over the weekend, bitcoin tested the $11k level but the rally faltered as fast as it had started. This plunge in bitcoin price was accompanied by a brutal clobbering of altcoins.
XRP, the 3rd largest cryptocurrency by market cap had soared to hit as high as $0.39. It has since corrected downwards to trade above $0.31. On the other hand, ETH seems to have found some footing above $200.
Bitcoin Is Still Trading At 4-Digits
As we reported earlier, bitcoin slid below the $10k level. The bears are still in control as the price struggles to rise above $9,850. Timothy Peterson, a bitcoin enthusiast, believes that this bitcoin price plunge is in tandem with a decline in bitcoin fundamentals.
As aforementioned, Bitcoin tested $11,000 but was unable to hold the position. Bitcoin is currently struggling for air as the selling pressure mounts. Many believe a further correction is imminent. Josh Rager, popular trader, and crypto-analyst spoke on this suggesting that bitcoin could soon hit $8,975. He tweeted;
“#BTC looks to be creating lower-highs and lower-lows on the daily chart. Marked are the open and support areas based on the weekly chart with previous support possibly flipping to resistance. If confirmed, watching the next weekly support at $8,975 as a potential target.”
XRP Is In The Green, For Now
After a huge tumble following Libra’s congressional hearings, the aggregate crypto market experienced unpleasant dips. As of now, the crypto market is attempting recovery with the bears at the wheel.
XRP has been a laggard in the recent recovery, breaking below the key support area $0.32. The good news is, if XRP breaks the $0.32 resistance area, a break out could follow. However, if the downward correction continues and price slumps below $0.30 level, price carnage will ensue.
As ZyCrypto reported earlier, one analyst, Livercoin, predicts a dead-cat bounce where XRP will dip by 60% before a “mega pump”. At press time, however, XRP is recording slight gains of 0.09% and is trading at $0.312.
Ethereum Is Trading Above $200
The second-largest coin by market cap has managed to stay afloat above key $200 area; therefore, a bullish bias remains as long as the price doesn’t dip below this key support level. As bitcoin tested the $11K level last week, ETH hit $240 before succumbing to selling pressure. At press time, ETH is trading at $211.40, recording 0.66% losses in the last 24 hours.
Other altcoins in the top 10 are recording moderate losses as well. EOS is the top performer with 6% gains in the last 24 hours to trade at $4.39, followed by Litecoin (LTC) with 1.35% gains and changing hands at $92.43. Stellar has usurped the 10th position from TRON (TRX).