Cryptocurrency is increasingly gaining traction in the global market as more and more individuals, organizations and corporate entities are investing in digital currencies. This Tuesday morning is no different and cryptocurrency are facing bearish pressure at the start of the new week. Bitcoin (BTC) has decreased by 0.49%, Ethereum (ETH) by 0.53% and XRP by 0.75%, as per CoinMarketCap ranking.

Analyzing the technical chart of Bitcoin (BTC) reveals that the price is trading within a wide range without either buyers or sellers having significant control over each other. This signifies that bitcoin is currently in a period of consolidation, with the price staying around the $27,500 to $28,500 region.

Ethereum (ETH) is also trading along similar lines with a low trading volume and hence it is predicted to stay in its sideways range of $1,800 to $1,900 till the buyers can breakout and take the initiative.

XRP is the only cryptocurrency amongst these three which has shown an increase in its values, although it is still far from its key levels. To further ascend, its rate needs to stay above the $0.55 level.

It is evident that the cryptocurrency market have immense potential as more and more people are keen to invest in digital currencies. Each coin is fighting for its own spot in the market, but in order to identify a clear winner, the technical chart needs to be carefully followed and monitored.

Cryptocurrency has been making huge strides in the financial world and has become the most profitable way to invest in the market. Though bearish pressure continues to hit the crypto market in the start of the new week, the ongoing sideways trading of bitcoins and its peers indicate a certain opportunity for further price hikes. The wide range of bitcoin is also expected to remain stable and inflated in the upcoming weeks as long as the buyers and sellers can protect the $27,500 to $28,500 region.

The technical chart of Ethereum (ETH) hasn’t fared well in the face of bitcoin’s slump and hence needs buyers to control the rates and take it back to the $1,800 to $1,900 range. Lastly, XRP has shown a slight uptick, though it is still far away from its key levels. To further strengthen its move upwards, it needs to maintain its rate above the $0.55 mark.

With the cryptocurrency market having made unprecedented progress, investors are seeking more and more ways to tap into its potential. As the market moves forward, it is expected that the major coins being traded in the market are likely to make further increasing trends if investors can manage to break out of their current sideways trading patterns.



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