The cryptocurrency market has been consolidating this week while falling and regaining ground against the backdrop of news that U.S. regulators have gone to war on cryptocurrency exchanges.
Over the week, the cryptocurrency market capitalization went up from $1.16 trillion to $1.19 trillion. In course of seven days, Bitcoin rose almost 4%, Ethereum added nearly 3%, Ripple became the record-holder gaining over 20%, while Litecoin fell by more than 1%.
Bitcoin
All week, Bitcoin has been trading in the sideways range between support at 26,480 and resistance at 28,790, whose strength is being put to the test.
If the basic cryptocurrency manages to overcome 28,790 and consolidate above it, the BTC/USD may continue to climb to the next target at 30,973.
Ripple
Ripple rose to the resistance of 0.5573 and is putting its strength to the test. If the price fails to break out this level and consolidate above it, the XRP/USD may continue to grow to the resistance at 0.6201. The relevant support level for the price is currently 0.5097.
Ethereum
Ethereum has been consolidating in a narrow range between 1,678.21 and 1,784.02 since last week, putting its resistance’s strength to the test.
From this point on, prices may either pull back to the support at 1,678.21 or continue to rise to the next target at 1,896.78.
Litecoin
Litecoin continues to trade at 91.12, creating local technical uncertainty.
Against this backdrop, one of the scenarios of how things may unfold next can include an increase to the next resistance at 97.17. If the price fails to consolidate below 91.12, it may pull back to the support at 82.90.
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