Bitcoin and Other Cryptocurrencies Test Crucial Supports
Before Bitcoin can hit the target price most cryptocurrency analysts have predicted, a lot of ups and downs will be involved. For starter’s, its price trend which has revolved around the $3,800 and $3,900 levels may be one way that these predictions will be attained. However, yesterday March 11, the virtual asset declined below the $3,900 and $3,850 supports.
Bitcoin May Have Revolved Around its Price Level for Too Long
Many may assume that the most popular virtual currency has revolved around its current price level for too long, while others may be thankful that it is where it is instead of declining lower than $3,000. Yesterday, Bitcoin found support around $3,825 before rebounding to $3,850. As at press time, it is trading at $3,918 and it may retest a resistance of $3,980 and $4,000.
As is usually the case, other virtual currencies in the market were affected by this price volatility. Ethereum, for instance, which is currently priced at $134.64 traded below the $132 support, yesterday. It could be purchased at a price that is slightly higher than $130. The asset could test resistance levels of $135 and $136, for it to move onwards.
XRP’s Price Increments After Finding Support at $0.306
The same can be said about Ripple’s XRP, the third most popular virtual currency based on its market cap. The asset was sold for less than $0.310 and tested its support at $0.306 before correcting and trading above $0.308. It is also worthy to note that XRP, like the first other 10 cryptocurrencies asides from Bitcoin cash is slightly bearish. Its price as at the time of press is $0.311 which may likely draw in more buyers.
EOS is another virtual currency that is worth mentioning and it is ranked fifth on Coinmarketcap’s platform. Its price of $3.66 is expected to increment and test the resistance of $3.70. Hours ago, it found its support level at 3.50, before breaking beyond $3.55 to the 3.60 level which it is valued at.
Bitcoin Cash’s Price Increments and May Test Resistance of $132
Bitcoin cash which is currently the sixth most popular cryptocurrency today by its market capitalization is valued at $128. Yesterday, it has declined below the $128 support to rade at around $126. Consequently, predictions have been made that the asset may correct itself to trade as high as $130 to $132.
These market prices may be on an hourly basis, but it sets the trend of what is to come in the near future. Many like Tim Draper have predicted that its price will gradually increment and $8,000 is what can be expected this year. Others have chosen to base their predictions on two to three years from now and in the long run.
By Grace Joseph
March 13, 2019
Alan Zibluk Markethive Founding Member