As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen more than my fair share of volatility and unexpected price movements. Today’s trends are no exception.
As a crypto investor, I’ve noticed that the values of certain digital currencies are steadily climbing higher, while others seem to have retreated back into the ‘red zone’, as per my CoinStats app.
BTC/USD
The rate of Bitcoin has declined by almost 2% since yesterday.
The cost of Bitcoin continues to build momentum for potential future increases. This upward trend is supported by a decrease in trading volume, suggesting that a horizontal trade within the $58,000 to $60,000 range might be probable until the end of this week.
Bitcoin is trading at $58,624 at press time.
ETH/USD
Ethereum (ETH) has followed the drop of BTC, going down by 3%.
On the daily chart, the rate of ETH is closer to the support than to the resistance.
As a researcher, if the current downtrend persists, I anticipate that we might approach the $2,400 region in the coming days.
Ethereum is trading at $2,584 at press time.
XRP/USD
XRP is the exception to the rule, rising by 1.48%.
The current cost of XRP is attempting to surpass the resistance point at $0.5834. Should it manage to do so, there could be sufficient momentum for further progress towards the $0.60 price range.
XRP is trading at $0.5813 at press time.
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2024-08-19 18:45