Consolidation is ongoing in the cryptocurrency market. When news broke this week that the US Securities and Exchange Commission (SEC) had sued the two largest cryptocurrency exchanges, Binance and Coinbase, digital assets took a nosedive. Some of the money lost was recovered, though.
The market cap for all cryptocurrencies fell from $1.14 trillion last week to $1.10 trillion this week. Bitcoin lost almost 2% of its value at that time, Ethereum about 1.2 %, Ripple about 2.76 %, and Litecoin more than 5%.
Bitcoin
In the course of this week’s decline, Bitcoin held above the support at 25,201. The primary cryptocurrency has reached the next level at 26,480 which is currently being tested.
BTC/USD has two possible targets from here: the recovery in the 26,480 - 30,973 sideways range, or return to the support at 25,201 if there is a consolidation below 26,480.
Ripple
Currently, Ripple is testing the intermediate level at 0.5097 while trading in a relatively narrow range of 0.4828 to 0.5513.
If the XRP/USD pair can stay above its current level, a rally to the 0.5513 target is possible. Otherwise, quotes may move back down from their current levels toward the support at 0.4828.
Ethereum
This week, the price of Ethereum has been rather stable between the levels of 1784.02 and 1896.78. From this area, the second cryptocurrency has enough room to move toward support at 1784.02.
ETH/USD is expected to stay between current technical ranges for the next month, and only a significant fundamental trigger can cause an exit in either direction.
Litecoin
The price of Litecoin has returned back into the 82.90 - 91.12 USD range. After bouncing off its resistance, LTC/USD has room to move toward the local support at 85.54 marked with dotted lines and then to the level of 82.90 once it is overcome.
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