As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by this week’s market trends. The dance between buyers and sellers is a familiar one, but the rhythm seems to be changing.
At the start of the week, as reported by CoinMarketCap, it’s the buyers who are dictating the market trends.
BTC/USD
The rate of Bitcoin (BTC) has risen by 1.36% since yesterday.
On the day-to-day chart, keep an eye on the closest potential resistance at approximately $69,425. If the candlestick ends near this level without a long upper shadow, there might be a possibility of a breakout occurring, potentially pushing the price towards the $70,000 range.
Bitcoin is trading at $68,629 at press time.
ETH/USD
Ethereum (ETH) is less of a gainer than BTC, going up by 0.76%.
As a researcher examining Ethereum’s price dynamics, it appears we are some distance away from the resistance level at the moment. If current trends persist until the end of the day, it seems plausible that we might witness sideways trading within the range of $2,450 to $2,550 instead.
Ethereum is trading at $2,511 at press time.
XRP/USD
The price of XRP has gone up by 0.11%.
On the daily time frame, bears are more powerful than bulls.
Should the temporary zone at $0.50 undergo a breach, traders might observe a potential challenge to the support level of $0.4860 towards the end of the week.
XRP is trading at $0.5155 at press time.
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2024-10-28 18:55