Bitcoin, Ether, and XRP Weekly Market Update October 5, 2020
The total crypto market cap lost $6.7 billion of its value for the last seven days and now stands at $339.8 billion. The top 10 currencies are mostly in red for the same period with ChainLink (LINK) loosing 12.5 percent while Binance Coin (BNB) added 10.8 percent. By the time of writing bitcoin is trading at $10,673, ether (ETH) is hovering around $351. Ripple (XRP) moved up to $0.248.
Bitcoin moved above the $10,700 resistance zone on Sunday, September 27, and closed the week with a 1.3 percent loss. The coin was on its way up ever since it touched the $10,100 horizontal support on the daily timeframe on September 23 and successfully surpassed both the 100-day and 26-day EMAs.
The BTC/USD pair opened the new trading period on Monday by forming a short red candle to $10,680. Buyers even managed to push the price up to $10,943 during intraday, but the momentum was not strong enough to fuel a run towards the next resistance at $11,000.
On Tuesday, September 29 the leading cryptocurrency once again changed direction. It moved up to $10,840 as the monthly close was fast approaching. A close above $10,700 would keep the bullish case intact.
The mid-week session on Wednesday saw a break below the above-mentioned line in the early hours of trading. In the evening BTC managed to recover and closed the month at $10,771 thus keeping the uptrend alive.
The coin was 7.5 percent down on a monthly basis.
On Thursday, October 1, the BTC/USD pair climbed up to $10,940 during intraday, but then started to drop and eventually closed the day with a loss to $10,619. We even saw bears pushing the price below the support line and then all the way down to $10,430.
The Friday session found BTC hitting the next horizontal support, the monthly one near $10,360 in the early hours of trading. It formed a short red candle to $10,575.
The weekend of October 3-4 started with a fourth-straight losing session for bitcoin on Saturday as it touched the 100-day EMA at $10,550.
On Sunday, it slightly recovered and closed the week at $10,673, re-entering the resistance area.
The Ethereum Project token ETH was on its way up since it hit the weekly support zone near $315 on September 23. The coin formed its fourth consecutive green candle on the daily chart on Sunday, September 27, and closed the seven-day period at $357, right in the middle of the $360-$350 resistance area.
The ether was still 3.6 percent down for the week.
On Monday, the ETH/USD pair fell down to $353, but not before reaching $370 during intraday. Bulls were attempting to break above the daily resistance, but it proofed to be a solid one.
On Tuesday, September 29 they were once again rejected at $360 as the lack of momentum combined with the flat trading volumes could not trigger a new uptrend movement.
The Wednesday session, which was also the last for September, was a low volatility one and the ETH token remained flat. It registered a 16.8 loss on a monthly basis.
The leading altcoin saw some great instability on Thursday, October 1. It was trading in the wide range between $370-$344 before closing with a loss to $252 thus erasing 2.2 percent of its value.
The ether continued to slide on Friday, ending the workweek at $345. The bear pressure was increasing and sellers succeeded in dragging the price down to the local horizontal support near $335 at some point during the day.
The ETH token started the weekend with a low volatility session on Saturday, during which it remained flat. Then on Sunday it started moving up and ended the seven-day period with a green candle to $352.
The Ripple company token XRP climbed up to $0.243 on Sunday, September 27, and hit the 26-day EMA after successfully confirming its presence above the 100-day one. It closed the seven-day period 1.2 percent lower.
The XRP/USD pair started trading on Monday by moving all the way up to $0.248 during intraday. Bulls, however, were not able to keep up the pace and started to lose moment, closing the session at $0.241 and with a small loss.
On Tuesday, September 29, one of the leading altcoins was trading in the $0.238-$0.246 once again forming a green candle on the daily chart. The “ripple” coin was now caught in a local consolidation.
The mid-week session on Wednesday found XRP dropping down to $0.237 in the morning before recovering to $0.241 in the second part of the trading day. The coin closed the month of September with a 14.2 percent loss.
On Thursday, October 1, the 26 and 100-day EMAs crossed at $0.241, which served as a resistance point for the XRP/USD pair. It dropped down to $0.238 and erased yet another 1.5 percent of its value.
XRP continued to slide on the last day of the workweek ending the session at $0.234, but not before breaking below the $0.23 horizontal support during intraday.
The first day of the weekend came with a continuation of the downtrend, this time to $0.23.
On Sunday, October 4, however, we saw a big reversal in the current direction as bulls formed a solid green candle to $0.248, which resulted in a 7.8 percent increase.
Altcoin of the Week
Our Altcoin of the week is Arweave (AR). One of the few altcoins to close the week on green territory, this little-known cryptocurrency grew by 24.2 percent for the last seven days and is also 14.8 percent up for the two-week period.
Arweave is a new type of decentralized storage, which uses the blockchain technology to preserve customer data in a more effective way. It reached a high of $5.27 on Monday, September 28, and moved up to #69 on the CoinGecko’s Top 100 list with a total market capitalization of approximately $182 million.
As of the time of writing, AR is trading at 0.000390 against BTC on Bittrex: