It is just hours before the last weekend to Christmas starts and the cryptocurrency market is relatively stable. The stability is more of a consolidation period after an action-filled week. The high volatility on the market has seen major cryptoassets test new 2019 lows while some have contained gains above crucial support areas.<\/p>\n
According to the data CoinMarketCap, the entire market capitalization is also stable, although a $3 billion loss recorded was posted between the close of the session on Thursday and the time of writing. In other words, the crypto market is valued at $190 billion, down from $193 billion. As stability kicks in, the volume exchanged has also gone down from $103 billion to $80 billion in the same period.<\/p>\n
Bitcoin shot up marvelously on Wednesday, testing the critical resistance area at $7,500. The upside was a reflex action after the price touched the recent November lows around $6,500. While a correction ensued immediately after, Bitcoin has been intentional on sustain gains above $7,000.<\/p>\n
In the meantime, Bitcoin is trading at $7,126 but the immediate upside is capped under $7,200. The RSI suggests that price action in the coming sessions will stay confined in a narrow range between the 61.87% Fibo and $7,200. On the brighter side, the 50 SMA has crossed above the 100 SMA on the 1-hour chart, signaling the presence of the bulls.<\/p>\n
Ethereum plunged below $120 earlier this week. The recovery that followed the drop shot above $130 but could not sustain gains towards $140, forming a high around $133. At the time of writing, Ethereum is exchanging hands at $127 after a subtle 0.95% loss. Although the trend is bearish, the shrinking volatility hints that downside action will staylimited in the coming sessions.<\/p>\n
Ripple, on the other hand, is holding ground at $0.1867 after losing 0.6% of its value on the day. Movement north are limited under $0.20 since yesterday and $0.1750 has established a a vital support area.<\/p>\n<\/p>\n
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The Cryptocurrency Market Update: Bitcoin stagnates above $7,000 after an action-filled week - FXStreet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" It is just hours before the last weekend to Christmas starts and the cryptocurrency market is relatively stable. Continue reading