The cryptocurrency market is again bearish on the opening day of this week. Bitcoin has tested $40,500 in the last 24-hour period sustainability issues arise as high volatility strikes again at the doorsteps of Cryptocurrency investors. The cryptocurrency market is well known for its highly volatile nature all over different cryptocurrencies. The effect of BTC’s faltering stability and sustainability can be observed on the other altcoins. Crypto investors await hopes of recovery as BTC still struggles to sustain above the $40,000 mark. The market capitalization of Bitcoin has dropped by 2.32% in the last 24-hour period.
The daily cryptocurrency market performance chart is blood red and bleeding unstability concerns all over again. Last week was great for cryptocurrency investors as Bitcoin succeeded to sustain above the $40,000 psychological barrier. However, Bitcoin has gained 3.10% in the past week. It is a matter of time to see if BTC investors manage to keep the token above the barrier or it get buried again.
The above heat map shows the market dominance of BTC standing at 41.46%. The other altcoins can be seen bleeding in the very start of this week’s trading session. A roller coaster ride can be expected throughout the week by the cryptocurrency market. Moving on to the technical analysis of different cryptocurrencies with their chart and pattern of movement.
BTC/USD Chart Analysis
Bitcoin (BTC) price is currently bearish over the daily chart. BTC is again getting buried inside the symmetrical triangle pattern it has traded in the past few weeks. Bitcoin is experiencing peer selling from yesterday’s trading session and opened up this week by testing the $40,500 mark. BTC investors need to regain their pace of buying to help the token sustain out of the symmetrical triangle pattern to avoid falling below $40,000.
Bitcoin price is presently CMP at $40,900 and has lost 2.32% of its market capitalization in the last 24-hour period. However, trading volume is up by 7.54% in the intraday trading session. This signifies BTC investor’s hopes to recover the token and maintain its dignity at a respectable level. Buyers are still in the game and this short selling may stop as soon as buyers get the situation under their control.
Volume to market cap ratio is 0.02753. Bitcoin price has successfully recovered above 20 and 50 SMA in the prior sessions but unfortunately fell again at the 20 SMA and now struggles for their existence above $40,000 mark. If BTC investors succeed in standing the token above the $40,000 psychological mark then it may aim to touch $45,000 to recover ahead in the coming trading sessions.
ETH/USD Chart Analysis
Ethereum (ETH) Coin price is above the symmetrical triangle pattern over the daily chart. ETH coin experienced a little selloff after a strong bullish rally which helped it to recover out of the pattern. The token is still bullish and trying to regain its pace to be completely bullish again to break out of the $3000 mark.
ETH coin price is presently CMP at $2868 and has lost 2.17% of mits market capitalization in the last 24-hour period. However, the trading volume has increased by 10.73% in the intraday trading session. ETH coin investors are looking for the coin to regain its strong uptrend momentum. However, bears trying their way hard to make ETH return to the symmetrical triangle pattern over the daily chart.
Volume to market cap ratio is 0.03786. ETh coin has successfully recovered above 20 and 50 SMA whereas it’s still struggling to break out of the 100 and 200-days Daily Moving Average. Meanwhile, volume change over the daily chart is below average and needs to grow. Buyers involvement must be increased for ETH to stay out of the symmetrical triangle pattern and break out of the $3000 mark shortly.
XRP/USD Chart Analysis
Ripple (XRP) coin price is still stuck consolidating inside a horizontal range-bound area over the daily chart. A single news of ongoing Ripple vs. SEC case can affect the movement of the XRP coin dramatically. XRP investors have been trying for a long time to let XRP escape from the horizontal consolidating region.
XRP coin price is presently CMP at $0.81 and has lost 0.19% of its market capitalization in the last 24-hour period. Trading volume has also decreased by 0.08% in the intraday trading session. The XRP coin needs to attract more buyers to escape from the consolidation phase. XRP coin is all set to move out of the sideways momentum and has to be completely bullish over the daily chart.
Volume to market cap ratio is 0.04404. XRp coin has successfully recovered above 20, 50 and 100-days Daily Moving Average and now aims for 200 DMA to skip consolidating and be completely bullish. XRP investors are ready to witness a bullish rally out of the consolidation phase. However, XRP has to attract more buyers as volume change is below average and needs to increase for XRP to escape from the consolidation phase in the range. XRP investors need to wait until any directional change over the daily chart.
ADA/USD Chart Analysis
Cardano (ADA) coin price has moved out of the falling wedge pattern over the daily chart. ADA investors tried and succeeded in sustaining at the verge of falling wedge. ADA coin has been trading inside a falling wedge for a long time and ADA investors tried many times to break out of it but failed to sustain. However, ADA managed to attract the desired level of buyers to escape from the pattern and survived.
ADA Coin is presently CMP at $0.89 and has lost 1.40% of its market capitalization in the last 24-hour period. Trading volume has also fallen down by 17.11% in the intraday trading session. ADA coin has successfully moved out of the falling wedge whereas it still struggles to stand at the current level.
ADA coin trembles out of the wedge and still didn’t get utmost support of the buyers as it’s currently experiencing short-selling.
Volume to market cap ratio is 0.03124. ADA coin has successfully recovered above 20 SMA and aims for 50, 100 and 200-days Daily Moving Average. ADA coin investors still hope and try to maintain the ADA coin price above the falling wedge pattern. However, volume change is below average and needs to grow which signifies ADA need to attract more buyers to stay away from the short sellers clutch.
LTC/USD Chart Analysis
Litecoin (LTC) price is trading inside of a symmetrical triangle pattern over the daily chart. LTC investors are trying to sustain at the upper level to move LTC out of the trap of the symmetrical triangle.
LTC price is presently CMP at $115 and has lost 0.15% of its market capitalization in the last 24-hour period. However, trading volume stays up by 1.23% in the intraday trading session. LTC investors are trying to sustain the symmetrical triangle pattern over the daily chart. The highest and lowest hits by LTC in the last 24-hour period are $116.65 and $113.18 respectively.
Volume to market cap ratio is 0.1054. LTC crypto price has recovered above 20 and 50 SMA, meanwhile aims to recover till 100 and 200-days Daily Moving Average. Volume change over the chart is below average and needs to grow for LTC to skip trading inside of the symmetrical triangle pattern.
LTC needs to attract more buyers to be completely bullish over the daily chart and to sustain at the neckline it has been trading at. LTC investors need to wait for any directional change over the daily chart as beras are currently over powering the situation and bulls need to tighten their grip.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.