Crypto Market Still in Correction Phase with Top Coins in Red

  • Yesterday, XRP was aiming to break over the $0.80 barrier. 
  • BTC might recover to $42,447 by the end of the week.

Bulls couldn’t sustain the bears’ pressure, and the top 10 cryptocurrencies fell with Bitcoin (BTC). Only Solana (SOL) rose 0.30 percent.

Bitcoin (BTC)

Yesterday, Bitcoin (BTC) price traded mostly in a side-channel and is near the $49k level. During the day, the price broke through this barrier, but only recently did it hold. A mild bullish momentum developed around the two-hour EMA55.

BTC/USDT: Source: TradingView

Bulls have been unable to generate traction above this level of average pricing for almost a month. Each time, the bears retake control and push the BTC price down below the EMA55. The two seemed to have solidified their position above average at the end of November. Early this month, a powerful negative trend pulled the price back to the September lows—to $42,447. If the pair’s average price level reverses, BTC might recover to $42,447 by the end of the week.

According to CoinMarketCap, the Bitcoin price today is $48,933.07 USD with a 24-hour trading volume of $36,222,481,423 USD.

Ethereum (ETH)

The Ethereum (ETH) price rose over $3,800 yesterday and has breached the $4000 psychological barrier although it is still below the two-hour EMA55. Volumes do not suggest a poor rebound. If the bulls fail to breach above the average price level, the Ether price may drop below $3,400 by the end of the week. 

ETH/USDT: Source: TradingView

According to CoinMarketCap, the Ethereum price today is $4,017.20 USD with a 24-hour trading volume of $26,656,926,880 USD. 

XRP (XRP)

Yesterday, XRP was aiming to break over the $0.80 barrier and finally broke it. Moreover,  the price breached the two-hour EMA55, locking the pair in a month-long local downturn.

XRP/USDT: Source: TradingView

If the XRP price returns above the average level with substantial buyer support, a rise above $0.90 is feasible. If buyers fail to establish traction over the EMA55, the monthly slump may extend below $0.70. According to CoinMarketCap, the XRP price today is $0.826443 USD with a 24-hour trading volume of $2,958,134,349 USD.

The post has appeared first on thenewscrypto.com

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