The new trading week has set off with slight corrections recorded in the majority of the leading cryptocurrencies by market cap, as per CoinMarketCap. A review of the market shows intermittent bullish and bearish trends for each coin, with Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Dogecoin (DOGE) all seeing fluctuations in their rates. Below is a summarized outlook of the major coins:
1. Bitcoin (BTC)
- Over the last 24 hours, Bitcoin has experienced a minor decline of 0.22%.
- This brought its trading value down to $30,270 at press time.
Image by TradingView
In spite of this minor setback, Bitcoin’s daily chart shows that it is still accumulating strength. Even though it is yet early days, a reversal of the bearish trend might be expected if the rate can overcome resistance. Now, if the value of BTC manages to bounce back to the $31k zone, this could well pave the way for a potential push towards the $32k region.
2. Ethereum (ETH)
- Ethereum has shown a comparatively better performance than Bitcoin, with a rise of 0.08%.
- This minor upsurge takes its current trading price to $1,868.
Image by TradingView
Ethereum, from a technical analysis perspective, appears to be thriving towards the resistance mark of $1,877. Should the surge continue up to this point, a dramatic inflation in its price that could take it up to the $1,900 region is not far off.
3. Ripple (XRP)
- Over the last day, XRP’s rate has risen by 0.50%.
- This takes the current trading price of XRP to $0.4710.
Image by TradingView
Despite the consistent rise in Ripple’s rate, the current gain doesn’t seem to be significant enough to sustain its growth trajectory. Falling volumes seem to confirm this suspicion, but if the bar can manage to close around the $0.48 marker, that could potentially set off a leap to the $0.50 zone.
4. Bitcoin Cash (BCH)
- Bitcoin Cash, for its part, observed a significant climb with its rate rocketing by over 3%.
- This has raised the current trading price of BCH to $275.
Image by TradingView
Contrary to its name, the daily chart of Bitcoin Cash shows that it has not readily prepared for a sustained growth pattern. To break out of the bearish trend, it has to get back up to the $300 zone and maintain its momentum. If this happens, traders could anticipate a hike up to the $340 bracket.
5. Dogecoin (DOGE)
- Last on the list, DOGE registered a slight dip with a fall by 1.36%.
- This currently places Dogecoin’s trading price at $0.06467.
Image by TradingView
Due to continued low volatility on the daily chart, DOGE’s bullish impulse seems to be flatlining, hence a sideways trading scenario may persist for a couple more days. This makes any sudden moves pretty unlikely at this juncture, with the potential for consolidation around the $0.065 range being anticipated in the days ahead.
