New Delhi: The cryptocurrency market experienced a sudden turnaround last week due to various reasons, but the main factor affecting it was the instability of China's financial market. The bears are putting pressure on the market, leading to increased selling pressure with all major currencies bleeding from the red indices.
Bitcoin
The king of cryptocurrencies tried to rally and surpass the $ 47,745 price level. BTC managed to fix above this level at the end of the week with a sideways consolidation on Saturday.
According to experts, the upper limit of the side channel is the resistance level of $ 49,8000 that buyers should test and if in the next few days BTC can keep up with the Fibonacci level of 61.8%, then the currency can rally. in the area of โโ$ 53,400. for this week.
Bitcoin is trading at $ 50,972 at press time.
Etherium
Ethereum showed an early recovery as the coin surpassed the psychological level of $ 4,000 on Saturday. This rally continued to push ETH above the $ 4,300 price level. As of Tuesday morning, buyers were unable to test the $ 4,300 green resistance, but buyers entered in full force to break this barrier.
According to experts, if the bulls manage to hold the price above $ 4,300 at the beginning of this week, investors can expect a rise in the $ 4,500 area by the end of this week.
Ethereum is trading at $ 4,344.08 at press time.
XRP
Ripple's XRP price rallied above the $ 0.80 resistance level over the past weekend and marked a local high of $ 0.864. Over the weekend, XRP tried to hold above the $ 0.80 price level trying to find support, but was forced to pull back to the lower support zone.
According to experts, the sideways consolidation of the currency continued through Tuesday morning and if it continues to decline, it may continue to the $ 0.90 area mid-week.
XRP is trading at $ 0.8332 at press time.
