Altcoin market + XRPUSD - let's have a quick look
Hello all,
We are seeing really nice progress not only from Bitcoin but also from the major alts. Looking at the total market capitalization (excluding BTC) it currently stands at $74.6 or 18 percent up on weekly basis (btw the total market cap including BTC surpassed the psychological level of $200 billion yesterday, which is a very bullish sign in the midterm).
As you can see on the chart representing the consolidated value of the Top 10 major altcoins excluding BTC and USDT, we are very close to reaching our goal of $730, which was a major resistance line in the last few months.
XRPUSD
After 6 consecutive green sessions on the daily chart, the XRPUSD pair made a small correction to $0.179 on Sunday, April 5 and closed the week with a 10.4 percent increase. It started the new trading period on Monday by adding yet another close to 10 percent in a single-session, following the great example set by BTC.
As of the time of writing this the coin is trading at $0.20. A close above this psychological level on the 1d timeframe will set the ground for an attack of $0.23, which is the next major resistance in our way.
The general downtrend, though, will be fully invalidated once we surmount the last reached high at $0.337.
24h- trading volumes started to go up from $1.6 billion on Monday morning and reached $2.6 billion by the time of posting this update, which is okay as long as we don't find ourselves in another trap set by big stakes. I would like to see volumes that remain high throughout the whole week and not just go up sporadically.
Today, we need to pay attention to the $0.20-$0.215 area where a potential pullback might be triggered
We are seeing really nice progress not only from Bitcoin but also from the major alts. Looking at the total market capitalization (excluding BTC) it currently stands at $74.6 or 18 percent up on weekly basis (btw the total market cap including BTC surpassed the psychological level of $200 billion yesterday, which is a very bullish sign in the midterm).
As you can see on the chart representing the consolidated value of the Top 10 major altcoins excluding BTC and USDT, we are very close to reaching our goal of $730, which was a major resistance line in the last few months.
XRPUSD
After 6 consecutive green sessions on the daily chart, the XRPUSD pair made a small correction to $0.179 on Sunday, April 5 and closed the week with a 10.4 percent increase. It started the new trading period on Monday by adding yet another close to 10 percent in a single-session, following the great example set by BTC.
As of the time of writing this the coin is trading at $0.20. A close above this psychological level on the 1d timeframe will set the ground for an attack of $0.23, which is the next major resistance in our way.
The general downtrend, though, will be fully invalidated once we surmount the last reached high at $0.337.
24h- trading volumes started to go up from $1.6 billion on Monday morning and reached $2.6 billion by the time of posting this update, which is okay as long as we don't find ourselves in another trap set by big stakes. I would like to see volumes that remain high throughout the whole week and not just go up sporadically.
Today, we need to pay attention to the $0.20-$0.215 area where a potential pullback might be triggered
Comment:
So, XRPUSD was stopped in the $0.20-$0.215 zone as commented on the 1h chart analysis. I'm expecting a short pullback and continuation of trend
Comment:
The Top 10 crypto (excluding BTC and USDT) index hit the resistance at $730 just as predicted. I think we can expect one more attempt there in the coming days, so buckle up...
Comment:
As for XRP, the $0.20-$0.215 zone is unbreakable for the moment. Looks a little bearish to me to be honest.
