Bitcoin, Ripple & Monero - American Wrap: 5/7/2020
Ahead of the big halving event next week the bitcoin bulls are out in full force. The price is trading 7% higher on the session and a stone's throw away from the 10K level.
Looking closer at the chart we can see that the black trendline has been taken out in a very classic technical move. It could be retested in the medium term if the 10K level acts as a resistance zone but only time will tell.
Ripple trades higher on the session but is seriously lagging behind the digital gold that is bitcoin. There is now a chart pattern that has developed on the hourly chart below and a break of this pattern could help us determine the future path of XRP.
The pattern has a flat bottom which is now a support zone at 0.2079. If this level breaks the price could hit lower level and the next meaningful support lies at the psychological 0.20 level. On the topside, the price will need to break the patterns trendline to move higher and the next target would be the wave high of 0.2361.
Monero (XMR) is one of the best-performing cryptocurrencies out of top-20 on Thursday. The coin has gained 6% since the beginning of the day and hit the intraday high at $61.61. Monero is the 14th largest digital asset with the market capitalization of $1 billion and an average daily trading volume of $117 million.
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