The crypto market spent the day in the reds marked by occasional upstarts. Across the crypto-board, assets are beginning to close lower while some are hugging their supports. By all accounts, everything seems to be ready for a drop and trip to the downside may be the path of least resistance.
The market capitalization spent most of the Asian trading session below $170 Billion and has only gotten back to $170.3 Billion during the past hours as the bulls fight to widen their influence and regain lost ground. The trading volume for the past 24 hours has gone up to $46.3 Billion but the rise may be attributed to short-term traders cashing in gains. The Bitcoin dominance is still steady at 54.6%.
Bitcoin is going up and looks ready to test the $5300 resistance again. It is trading at $5260 at the time of this writing with a small loss at -0.30%. After almost 3 days of a continuing sideways trend, the 1st coin needs to get over the hump at $5300 in order to reestablish the bullish zone at $5400. There are several strong resistance on this area and Bitcoin might have a hard time gathering momentum. The market is still waiting for a bullish confirmation as the bears lie in wait for what some analyst predict to be a drop below $5k.
Technically, Ethereum has moved back to the green for the first time in days. Earlier, it touched as high as $162 before it got reigned in at its current price $158.65 with a 1.61% gain. If Bitcoin continues its small uptrend, Ethereum can get back to $160 soon after its huge fall to $148 last week. This is a good signal for its continued recovery and once this area is cleared, the next target is at $166. On the downside, the support at $155 is weak and if this hits, the second coin might need to get ready for more losses. Meanwhile, XRP was able to wake up out of its torpor with a triumphant return to $0.305 at the time of this writing. It has earned 2.65% on the day and currently has $12.8 Billion capitalization, less than $4 Billion away from Ethereum.
The rest of the Top 10 is mixed with some reds and greens although green candles seem to be shooting up as I write the market recap. Litecoin is leading with a 2.63% gain on the day to trade at $70.98. Bitcoin Cash follows with a 0.62% gain. It has recovered its position on the 4th spot against EOS. The rest are minimally green/red with Binance Coin as the biggest loser at -2.26% loss on the day.
There’s more of the same story on the Top 25. Ethereum Classic is its biggest performer with a 2.40% gain, followed by VeChain and Ontology at 1.66% and 1.47% gains consecutively. IOTA has lost -5.79% to trade at $0.292 after a big day yesterday. NEM is another loser with a drop of -3.09% on the day.
Down the Top 100, not much is happening in the pumps section. Only Elastos is positively green at a small pump of 5.80%. The rest of the altcoins are barely protecting their gains with a mixed red/green within the 5% boundaries. The only double-digit loser is MaidSafeCoin with a loss of -11.37% after a small pump yesterday.