As an experienced financial analyst, I’ve seen my fair share of market fluctuations, and today’s cryptocurrency market update is a reminder that volatility is a constant companion in this space. According to CoinMarketCap, the rates of coins are setting new local lows, with Bitcoin (BTC) and Ethereum (ETH) leading the way.
The rates of the coins keep setting new local lows, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has dropped by 2.71% over the last 24 hours.
In the day-to-day price chart, Bitcoin’s trend appears more bearish than bullish. It’s important to note, though, that the immediate resistance level hovers around $56,500.
If the candle finishes just below or above this level, bulls could take control momentarily, potentially pushing the price towards the $57,000 mark for a test.
Bitcoin is trading at $56,246 at press time.
ETH/USD
Ethereum (ETH) has followed the drop of BTC, going down by 2.58%.
Based on a technical perspective, the cost of Ethereum (ETH) appears more optimistic than Bitcoin (BTC). If the daily bar concludes noticeably above the support level of $2,817 without an extended wick, the bullish trend could advance towards $3,100 in the near term.
Ethereum is trading at $2,984 at press time.
XRP/USD
XRP is not an exception to the rule, falling by 3.27%.
The price of XRP on the daily chart maintains a downtrend and stays bearish as long as it falls below the $0.46 threshold. Consequently, trading volume remains light due to insufficient buying power among bulls to take control of the market.
XRP is trading at $0.4327 at press time.
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2024-07-08 12:59