The cryptocurrency market has regained some ground lost last week, buoyed by improved risk appetite and reduced concerns about a US recession.
Market capitalization has risen from $2.01 trillion to $2.14 trillion over the past week. During this period, Bitcoin is up 5.78%, Litecoin has climbed 8.49%, Ripple has surged 11.61%, and Ethereum has advanced 7.62%.
Bitcoin
Bitcoin has maintained its position above the key $50,000 mark and is currently navigating within a gradual downward channel. This trend suggests a medium-term recovery potential that could see BTC/USD moving beyond $65,000.
At present, the cryptocurrency's price has risen above the support level of $57,686, providing a potential upward movement toward the resistance level of $64,522.
Ripple
Ripple has climbed towards the 0.5865 level from below, and it may continue to advance toward the resistance at 0.6729. If it fails to overcome the current resistance and reverses, the next target for a decline would be the support level at 0.5089.
Ethereum
Ethereum has rebounded to the resistance level of 2780.86. If it manages to stay above this level, further growth to the target of 2927.91 is feasible. Alternatively, if it pulls back, the support level to watch would be 2456.85.
Litecoin
Litecoin has remained above the support level of 57.91, leaving some potential for LTC/USD to move toward the resistance at 68.80. Alternatively, if the price retreats to the support level of 57.91 and breaks it out, it could fall to the horizontal support at 49.12.
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