The excitement around the crypto markets has gradually subsided with trader activity also declining today compared to last week, after the market showed a consolidation instead of blowing north like most analysts and commentators believed it would.
Various cryptos maybe on a range but they are still holding higher than they did on April 1. This serves as a consolation but also makes a lot of traders nervous about making moves in the market. Some of the pairs that are currently battling to breach key resistance levels include;
An increase above the $180 was witnessed on Tuesday, though the pair struggled to maintain bullish momentum and later corrected to fall below that level. To add to that the Fibonacci level of 61.8% of the last wave from a minimum of $175 to a maximum of $185 served as support. The pair has been struggling at the $181.5 resistance level and went on to retrace back to $177.02 as of the time of writing
XRP is currently floating around the range between the $0.375 resistance level and the $0.345 support level. XRP has however attempted to challenge the $0.365 resistance level three times in recent days which speaks to a presence of buy pressure. The pair is expected to break through soon since it is in an uptrend. When it does breach the resistance level, it is expected to rise to the $0.40 level.
Litecoin overcome the $90 resistance level on Monday before failing to advance further and consolidating. It retraced slightly below the $87 support level on Tuesday morning, reducing its market capitalization to $5.3 billion. If the price falls further it could end up at lows of around $80.
The pair is currently trying to maintain at around $90 and breach through to a $100.
Bitcoin cash keeps fighting Litecoin for that number four spot though it fell by more than 6% to $300 and may soon drop back to the $280 dollar zone. If this happens we can expect the price to rise back to $400 sometime soon.
If you take a hard look at the charts, the pairs all look like they are on the ascendancy. It is therefore not far-fetched to expect all these pairs to blow north in the coming weeks. Time will tell though as various pairs struggle to break through key resistance levels.
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