Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
Following Sunday’s sudden rally and retracement, most leading crypto assets have produced sideways consolidation just below the support ranges established during the previous week. The major exceptions to the trend are XRP and ONT, both of which appear to have held above last week’s support zones.
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BTC Consolidates Below $4,000
BTC has traded between approximately $3,800 and $3,900 since Sunday’s nearly 10% retracement, with current prices sitting at roughly $3,800 on Bitstamp and $3,900 on Bitfinex.
Sunday’s bearish momentum saw the stochastic RSI of BTC fall below the 20 threshold for the first time since the start of the month. Despite the pullback, the stochastic RSI remains above the 80 threshold across both three-day and weekly timescales as of this writing.
BTC currently has a market capitalization of $67.6 billion and a dominance of 52%.
Prior BCH Support Level Turns Into Resistance
Bitcoin cash has failed to break back above $140 since Sunday’s crash, with BCH currently trading for approximately $132.
When measured against BTC, BCH has produced very similar price action, with last week’s support level of 0.036 BTC appearing to now comprise resistance.
Bitcoin cash is the sixth largest cryptocurrency with a market capitalization of $2.37 billion and a dominance of 1.81%.
ETH Consolidates Between $140 and $145
Ethereum has also seen last week’s support zone converted to resistance, with ETH failing to break back above $145 since Sunday’s dump. As of this writing, ETH is trading for approximately $140.
When measured against BTC, ETH has similarly failed to retake its previous support zone, trading between 0.0355 BTC and 0.037 BTC over the past 30 hours.
Ethereum is currently the second largest crypto asset with a market cap of $14.5 billion and a dominance of 11.15%.
XRP Recovers Sunday’s Losses
XRP has defied the cryptocurrency meta-trend in recent days, with XRP posting a near-full recovery from Sunday’s losses on Feb. 25, aided by news of ripple being listed on Coinbase Pro, and then retracing by a further 3% today. XRP is trading for $0.325 as of this writing.
When measured against BTC, XRP produced a 7.75% gain on Feb. 25, bouncing from 0.000079 BTC to 0.000085 BTC. Since then, ripple has fallen 2.5% to trade above 0.000083 BTC.
XRP is the third largest cryptocurrency with a capitalization of $13.19 billion and a dominance of 10.15%.
ONT Ranks Among the Week’s Top Gainers
As of this writing, ONT has produced a seven-day price increase of 36%, ranking it as the 26th-strongest gaining crypto asset of the past week. ONT is currently trading for 0.94 USDT, up 83% since Feb. 8.
When measured against BTC, ONT is currently trading for nearly 0.00025, up 56.5% in approximately one week.
ONT is currently ranked 21st by market cap with a capitalization of $309 million and dominance of nearly 0.24%.
Do you think the leading markets will trend up or down this week? Share your thoughts in the comments section below!
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