Weekly Cryptocurrency Update (September 18 – 24) – Top 5 Cryptocurrency Coins to Watch
Arslan Butt • 4 min read
Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
There was a break below the $44,500 and $44,400 levels. Immediate resistance can be found near the $44,800 level. The first major resistance is near the $45,000 level. A clear break above the $44,800 and $45,000 levels could start another increase. The next significant resistance is near the $46,200 zone, above which the price could rise towards the $47,000 resistance.
On the negative side, Bitcoin could start a fresh decline if it fails to clear the $45,000 resistance zone. Immediate support to the downside can be found near the $44,300 level. The next major support is near the $44,250 zone and the channel trend line.
In the meantime, Twitter, the most popular social network among cryptocurrency fans, has just stated that it will let its users send BTC to any account with a BTC wallet. This also raised support for Bitcoin. On the contrary, the sharp buying bias in the broad-based US dollar kept a lid on any additional gains in the BTC coin.
Weekly Cryptocurrency Summary – Ethereum (ETH/USD)
The ETH/USD coin has started a substantial increase above $3,050 against the USD. The ETH price could correct lower, but the buyers might remain active around $3,000 and $2,950. Ethereum extended its increase above the $3,100 and $3,150 levels, even breaking the $3,150 level and settling above the 100 hourly simple moving average. It has traded as high as $3,173 and recently, it corrected lower. There was a break below the $3,150 level, and it is now trading near $3,068.34, close to the 100 hourly simple moving average. It is still trading well above the 23.6% Fib retracement level of the upward move from the $2,651 swing down, to the high of $3,173. Immediate resistance on the upside is near the $3,150 level.
The ETH could start a downside correction if it fails to continue higher, above the $3,150 and $3,200 resistance levels. Initial support on the downside is near the $3,050 level. The next significant support seems to be forming near the $2,950 level. Further declines might call for a test of the 50% Fib retracement level of the upward move. A downside break below the $2,900 support zone could put much pressure on the bulls.
However, the buying bias surrounding the world’s largest cryptocurrency, Bitcoin, was considered one of the critical reasons for Ethereum’s bullish bias. On the other hand, the buying bias surrounding the ETH prices could be attributed to the reports suggesting that the Golem Network has launched an app that allows traders to mine Ethereum on their laptops. This development has had a positive impact on the ETH price.In contrast to this, the sharp buying bias in the US dollar was seen as one of the key factors that kept a lid on any additional gains in the ETH coin. The broad-based dollar was up in Asia on Friday morning, but it remained near its lowest level in a week. An upbeat market sentiment, on the back of concerns about contagion from a potential China Evergrande Group default, eased moderately, erasing the recent gains in the American currency. The US Dollar Index, which tracks the greenback against a bucket of other currencies, rose by 0.08% to 93.105, according to the data released at 11:11 PM ET (3:11 AM GMT).
Weekly Cryptocurrency Summary – Litecoin (USD/LTC)
The reason behind this downward rally could be the stronger US dollar, which pushed the LTC/USD pair lower. But the declines in LTC could be short-lived, as the world’s largest cryptocurrency, Bitcoin, managed to extend its increase above the $44,000 level against the US Dollar. BTC was trading close to $45,000, and it might correct lower in the short-term.
Weekly Cryptocurrency Summary – Ripple Coin (XRP/USD)
The XRP/USD crypto coin has extended its early-day declining rally, taking some further offers around the 0.98654 level. The losses in Ripple have appeared, even considering the bullish crypto market. The upticks in the world’s largest cryptocurrency, Bitcoin, highlights the upbeat mood in the crypto market.
At this time, the XRP is trading near $0.98376, with a 24-hour trading volume of $2,083,161,056. Ripple has dropped by 0.73% in the last twenty-four hours. The current market ranking is #6, with a live market cap of $50,905,412,993. It has a circulating supply of 46,622,239,005 XRP coins and a max. supply of 100,000,000,000 XRP coins.Despite the various positive headlines regarding cryptocurrencies, the XRP/USD pair failed to gain any positive traction on the day, possibly due to the upticks in the US dollar. As we know, the correlation between the dollar and cryptocurrencies has been inversely proportional. If the dollar drew strong bids, the cryptocurrency would probably make some losses.
Weekly Cryptocurrency Summary – DOGE Coin (DOGE/USD)
The DOGE/USD coin pair failed to stop its early-day losing streak and has been flashing red signals since the day started. The Dogecoin is currently trading at $0.222130, with a 24-hour trading volume of $1,353,853,481. Dogecoin has dropped by 1.20% in the last twenty-four hours. The current market ranking is #8, with a live market cap of $38,384,210,776. Furthermore, it has a circulating supply of 131,128,539,044 DOGE coins and no max. supply.
On the other hand, the dollar was primarily responsible for the selling bias in Dogecoin. The broad-based US dollar picked up strong bids on the day, as the downbeat market sentiment tends to underpin safe-haven assets.
Dogecoin transactions have fallen to the lowest levels since 2017, with DOGE, losing 30% of its value over the past month. As per the latest data, the daily transaction count in this crypto has declined to just 16,441, a value that the coin hasn’t seen since 2017. The daily transaction count metric measures the number of movements happening on the DOGE blockchain per day. With the help of the indicator, you can tell how active the network has been recently. In that state, the delineations in Dogecoin could be long-term.