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You are here: Home / News / Bitcoin News / Bitcoin, Ethereum, XRP Technical Analysis On 28th October 2020
Bitcoin, Ethereum, XRP Technical Analysis On 28th October 2020

Bitcoin, Ethereum, XRP Technical Analysis On 28th October 2020

October 28, 2020 by Chayanika Deka

Bitcoin is riding high as it recently breached a level not seen in nearly three years. This has triggered an increase in its dominance over the crypto market which currently stood at 62.7%. The latest price action of Bitcoin has also prompted a surge in terms of the global cryptocurrency market which rose to a whopping $401 billion, at press time.

Bitcoin [BTC]:

BTC 7 e1603882054968

Over the past 24-hours, Bitcoin [BTC] was up by 3.26% and was priced at $13,558. It held a market cap of $251 billion and a 24-hour trading volume of $37.96 billion. The green closing bars depicted a strong bullish momentum in the coin’s price movement. Additionally, the Chaikin Money Flow was well above the zero-line depicting a massive inflow of capital into the BTC market.

Bitcoin was now nearing $14,000 which happens to be an important resistance level. If a breach above this level materializes, it could target yet its ATH level close to $20,000. Its price was supported at $10,211.

Ethereum [ETH]:

ETH 6 e1603883088112

Ethereum [ETH] has been hovering below its resistance level of $400 after sustaining a pullback of 0.28% over the last 24-hours. It was priced at $392 as it registered a market cap of $44.4 billion and 24-hours of trading volume of $15.94 billion.

The Klinger Oscillator appeared to be heading for s bearish crossover. In addition, the MACD appeared to be generating a strong sell signal as it formed a bearish crossover above zero. A move by the MACD into the bearish region can confirm that ETH was heading to an extended pullback.

If the bears gain hold of the coin’s price, ETH could take a plunge near its immediate support level of $316.

XRP: 

XRP 6 e1603883651162

XRP also registered a minor decline of 0.33% over the past day and was priced at $0.248 while recording a market cap of $11.2 billion and a 24-hour trading volume of $2.44 billion.

The dotted markers of Parabolic SAR continued to support XRP price candles from a market downturn. The RSI, on the other hand, dropped below the 50-median line depicting a decreasing sentiment of buying pressure among the market participants.

A crucial level of resistance for the coin stood at $0.257, if breached could potentially boost the coin to target its local top of $0.294. XRP’s support level was found to be at $0.221

Filed Under: Bitcoin News, Altcoin News, News Tagged With: Ethereum (ETH), Ripple (XRP)

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