CryptoComes Original Article
The cryptocurrency market are facing a correction as the majority of the coins are following the drop of Bitcoin (BTC) after it reached the $12,000 mark. However, Ethereum (ETH) and XRP continue to trade in the green.
Below are the key statistics for Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and EOS:
|
Name |
Ticker |
Market Cap |
Price |
Volume (24H) |
Change (24H) |
|
Bitcoin |
BTC |
$207,669,876,035 | $11,256.32 | $30,134,223,033 | -3.31% |
|
Ethereum |
ETH |
$42,119,075,300 | $376.02 | $18,819,816,965 | 5.58% |
|
XRP |
XRP |
$13,281,033,514 | $0.296038 | $4,852,488,881 | 10.51% |
|
Cardano |
ADA |
$3,544,597,575 | $0.136714 | $500,563,876 | -2.56% |
|
EOS |
EOS |
$2,824,316,442 | $3.02 | $3,553,670,988 | -5.18% |
BTC/USD
Bitcoin (BTC) touched the $12,000 mark; however, it could not fix at that price and dropped to the $10,500 mark. Currently, the leading crypto is trading around the $11,300 mark.
Looking at the daily chart, Bitcoin (BTC) is about to enter a correction phase after rising from $9,000. The bears have shown their strength and have not allowed BTC fix above $12,000.
The selling volume remains high, which means that the bears are not going away. In case the buyers cannot maintain the $11,000 level, then the next stop may be $10,000 before a further rise occurs.
At press time, Bitcoin was trading at $11,265.
ETH/USD
Even though Ethereum (ETH) is growing faster than Bitcoin (BTC), it is still located in the bullish wave from the previous 24 hours.
Ethereum (ETH) has entered a correction phase after settling down at the local peak of $400, which has been the all-time high for 2020. The decline stopped to a certain extent; however, there is not enough liquidity to maintain growth. Respectively, the bears may continue to push the price of altcoin down to $310.
At press time, Ethereum was trading at $363.10.
XRP/USD
XRP is another exception to the rule. It has not just stayed in the green but has risen 10% since yesterday. Meanwhile, its rate has increased by +26.58% since last week.
Looking at the weekly chart, XRP has confirmed a long-term bullish trend; however, it failed to fix above $0.30 for the first time. This is why the most likely scenario is a retest of the support level at $0.2414 by the end of summer, followed by continuous growth to the $0.3468 mark by the end of the year.
At press time, XRP was trading at $0.2787.
ADA/USD
Cardano (ADA) has not shown any growth since last week. Moreover, its rate has significantly dropped by almost 10%.
Looking at the daily chart, Cardano (ADA) is showing signs of weakness as the bulls are out of 'fuel' to maintain growth. A bearish divergence has also formed, which confirms pressure from sellers. The closest area where buyers may resist is at the $0.1280 mark, which might be attained by the end of August.
At press time, Cardano was trading at $0.1336.
EOS/USD
EOS is following the trend of Bitcoin (BTC) today. The price of the altcoin has declined by 8.20% since yesterday.
Buyers could not push the rate of EOS to $3.5, and the bears have seized on the initiative as a short-term prospect. At the moment, there is nothing to worry about as the long-term trend remains bullish. EOS may continue to decrease to the $2.83 mark in order to obtain liquidity for a continuous rise.
At press time, EOS was trading at $2.94 at press time.
