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Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
By: news.bitcoin.com Posted On: February 26, 2019 View: 7

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies

Following Sunday’s sudden rally and retracement, most leading crypto assets have produced sideways consolidation just below the support ranges established during the previous week. The major exceptions to the trend are XRP and ONT, both of which appear to have held above last week’s support zones.

Also Read: Bitcoin Whales Have Accumulated Thousands of Coins in the Last 2 Months

BTC Consolidates Below $4,000

BTC has traded between approximately $3,800 and $3,900 since Sunday’s nearly 10% retracement, with current prices sitting at roughly $3,800 on Bitstamp and $3,900 on Bitfinex.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
BTC/USD – Bitfinex – 1HR

Sunday’s bearish momentum saw the stochastic RSI of BTC fall below the 20 threshold for the first time since the start of the month. Despite the pullback, the stochastic RSI remains above the 80 threshold across both three-day and weekly timescales as of this writing.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
BTC/USD – Bitfinex – 3D

BTC currently has a market capitalization of $67.6 billion and a dominance of 52%.

Prior BCH Support Level Turns Into Resistance

Bitcoin cash has failed to break back above $140 since Sunday’s crash, with BCH currently trading for approximately $132.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
BCH/USD – Kraken – 1HR

When measured against BTC, BCH has produced very similar price action, with last week’s support level of 0.036 BTC appearing to now comprise resistance.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
BCH/BTC – Bittrex – 1HR

Bitcoin cash is the sixth largest cryptocurrency with a market capitalization of $2.37 billion and a dominance of 1.81%.

ETH Consolidates Between $140 and $145

Ethereum has also seen last week’s support zone converted to resistance, with ETH failing to break back above $145 since Sunday’s dump. As of this writing, ETH is trading for approximately $140.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
ETH/USD – Bitfinex – 1HR

When measured against BTC, ETH has similarly failed to retake its previous support zone, trading between 0.0355 BTC and 0.037 BTC over the past 30 hours.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
ETH/BTC – Bitfinex – 1HR

Ethereum is currently the second largest crypto asset with a market cap of $14.5 billion and a dominance of 11.15%.

XRP Recovers Sunday’s Losses

XRP has defied the cryptocurrency meta-trend in recent days, with XRP posting a near-full recovery from Sunday’s losses on Feb. 25, aided by news of ripple being listed on Coinbase Pro, and then retracing by a further 3% today. XRP is trading for $0.325 as of this writing.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
XRP/USD – Poloniex – 1HR

When measured against BTC, XRP produced a 7.75% gain on Feb. 25, bouncing from 0.000079 BTC to 0.000085 BTC. Since then, ripple has fallen 2.5% to trade above 0.000083 BTC.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
XRP/BTC – Poloniex – 1HR

XRP is the third largest cryptocurrency with a capitalization of $13.19 billion and a dominance of 10.15%.

ONT Ranks Among the Week’s Top Gainers

As of this writing, ONT has produced a seven-day price increase of 36%, ranking it as the 26th-strongest gaining crypto asset of the past week. ONT is currently trading for 0.94 USDT, up 83% since Feb. 8.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
ONT/USDT – Binance – 1D

When measured against BTC, ONT is currently trading for nearly 0.00025, up 56.5% in approximately one week.

Markets Update: Support Turns Into Resistance for Leading Cryptocurrencies
ONT/BTC – Binance – 1D

ONT is currently ranked 21st by market cap with a capitalization of $309 million and dominance of nearly 0.24%.

Do you think the leading markets will trend up or down this week? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Tags in this story
Bitcoin, bitcoin cash, Bitcoin Core, BTC, ETH, Ethereum, for Leading Cryptocurrencies, Markets, N-Markets and Prices, ont, Ontology, resistance, support, Turned, update, XRP
Samuel Haig

Samuel Haig is a journalist who has been completely obsessed with bitcoin and cryptocurrency since 2012. Samuel lives in Tasmania, Australia, where he attended the University of Tasmania and majored in Political Science, and Journalism, Media & Communications. Samuel has written about the dialectics of decentralization, and is also a musician and kangaroo riding enthusiast.

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