Cryptocurrency volumes have dipped to a two-month low, with levels resembling those seen earlier this year during April’s downtrend. But what does this mean for the market in general?
Bitcoin price is still struggling to gain pace above $6,600 against the US Dollar. BTC/USD is likely to hold the $6,325 and $6,230 support levels in the near term.
Cardano price failed to move higher and declined against the US Dollar and Bitcoin. ADA/USD is likely to extend the current decline towards the $0.1505 level.
Ripple price is trading with a negative bias against the US Dollar and Bitcoin. XRP/USD could extend declines if there is a break below the $0.5200 support.
Ethereum price is currently in a bearish zone against the US Dollar and Bitcoin. ETH/USD could decline further towards $475 level in the near term.
Bitcoin cash price started a downside move after it was rejected from $900 against the US Dollar. BCH/USD must stay above $825 to avoid a bearish break.
Bitcoin price is stable above the $6,400 level against the US Dollar. BTC/USD must gain momentum above $6,600 and $6,800 to move into a bullish zone.
Ethereum price is slowly moving lower versus the US Dollar and Bitcoin. ETH/USD could decline further if sellers remain in control below $500.
Cryptocurrency markets are still in the red nurturing losses between 1–3 percent and a few are in the green by a few percentages. At the time of publication, the price of bitcoin cash (BCH) is hovering around $857 per coin.
Some cryptocurrency community members believe that a piece of historical technical analysis indicates that Bitcoin price could be headed upwards real soon.