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Market Update: Key Support Level (Ripple, Bitcoin Cash, Dash Price Analysis)

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Today the value of the cryptocurrency market capitalization has fallen by $18,742 billion dollars from yesterday’s high at $226,2B.

This level served as resistance which was broken on 21st of September and the market is now back to retest it for support.

Cryptocurrency Price Market Watch

  • Market Cap: $207,575,427,462
  • 24h Vol: $14,518,364,873
  • BTC Dominance: 53.6%

The market is in red with an average percentage of change among top 100 coins being around 6%. The biggest loser is Ripple with a decrease of 20% from yesterday’s opening price at $0.58.

Bitcoin’s dominance increased bouncing from the 52.2% support, but we will see if this evaluation surpasses the prior high in the upcoming period or is this is corrective move after a straight decline.

News

There isn’t any significant news that is impacting the market, however, there are some headlines worth noting. First is the one coming from India.

As cointelegraph reports

India’s Supreme Court will listen to the final round of petitions against the country’s central bank banning cryptocurrency dealings. The hearing is set to happen today, September 25,

This headline related to the next which points out the correlation between the regulatory action with the market sentiment and the prices of cryptocurrencies in general.

A new report published by the Bank for International Settlements (BIS) has found a strong correlation between crypto prices and news of regulators’ interventions.

According to the report published September 23 by BIS – an organization based in Switzerland made up of 60 of the world’s central banks – cryptocurrencies retain close links to news of regulatory actions across different national jurisdictions.

This may imply that a favorable climate in India might bring more acceptance and openness to a whole new market, bringing in new capital which is why these are the only significant news headline that you should be watching out for,

Ripple Price XRP/USD

In the last 24 hours, the price of Ripple has declined by 13.76% from $0.532 to $0,458 where it’s currently trading.

Looking at the hourly chart you can see that after the last impulse a three wave correction occurred pushing the price back to the prior resistance level at $0.43 retesting it for support. In the upcoming period, I would be expecting a proper interaction with the mentioned level so another drop in price before a short-term recovery would be a likely scenario.

Market sentiment

Ripple is in the sell zone overall, but it looks more like a neutral.

Pivot points

S2 0.01913 
S1 0.29661 
P 0.54397 
R1 0.82145
R2 1.06881 
R3 1.59365

Bitcoin Cash Price BCH/USD

From yesterday’s open at $490 the price of Bitcoin Cash has declined by 10.56% and is currently trading at $435.6.

Looking at the hourly chart, you can see that the price action has bounced off of the descending channels resistance line once again, getting rejected at around $509. Price action is showing a similar pattern like that on the global chart – we have seen a breakout above the horizontal resistance and now a retracement to those levels retesting it for support. Is the price action points my target for the price of Bitcoin Cash remains the same and that is to $390.

Market sentiment

Bitcoin Cash is in the sell zone.

Pivot points 

S3 257.4
S2 363.3
S1 424.7
P 469.2
R1 530.6
R2 575.2
R3 681.1

Dash Price DASH/USD

From yesterday’s open at $203 the price of Dash was declined by 10,3% as its currently trading at $183.12.

Looking at the hourly chart you can see that my projected X wave target was validated. As the current structure looks corrective I am expecting another low. An alternative scenario would be that the correction ended on the Y wave and this current up move which I have labeled as the second X wave is actually the first impulse. If the price goes above the 0.382 Fibonacci level than the alternative scenario would be taken into consideration, until then we are counting primary in the trend direction.

Market sentiment 

Technical indicators are signaling a sell.

Pivot points 

S3 123.88
S2 161.49
S1 183.59
P 199.113
R1 221.21 
R2 236.72
R3 274.34

Conclusion

As you can see from the charts of the major cryptos that were analyzed in today’s market update and as well by the major indicators like the global chart and Bitcoins’s dominance, the market is in a neutral zone. This occurred after an upward momentum that was maybe the last exhaustion before another massive drop, or these current levels serve as support and the move gets prolonged. The current levels are key at the moment and any directional movement around them will indicate the upcoming direction of the market as a whole.

The post Market Update: Key Support Level (Ripple, Bitcoin Cash, Dash Price Analysis) appeared first on Blockonomi.