Cryptocurrency Market Analysis as of 5.01.2023


Due to the weak interest in digital assets amid against the backdrop of bear market, volatility in the cryptocurrency market remains pretty low. Over the past 24 hours, capitalization has dropped by 0.02%. That being said, Bitcoin went up by 1.33% over the past seven days, while Ripple lost 1.19%, and Ethereum gained 4.44%. At the same time, Litecoin was the leader, demonstrating 12.21% in gains.

Technical Analysis


Bitcoin is trading in a narrow sideways range between the 16,701 support and the 16,941 local dotted resistance. If the price manages to exit the flat, the 17.241 level will serve as the next growth target. In contrast, if the cryptocurrency drops below the current support, this will unlock the way to the 16.337 level.



Ripple is trading in the 0.3339 - 0.3532 sideways range, as it is approaching its support. The movement range remained small with a likelihood of an upward reversal from 0.3339 and continued consolidation of XRP/USD.



Ethereum went up, breaking out the 1240.08 level, whereupon it consolidated above it. The 1279.70 resistance remains to be the nearest growth target. If the price manages to overcome it, the next growth target should be at around 1309.69.



Litecoin kicked off the new year with a local strengthening and consolidated above the 73.43 support level. The upper boundary of the consolidation range is 77.57 which is a local dotted resistance level.

From its current technical position near the support of the 73.43 - 77.57 sideways trend, the LTC/USD may reverse upwards and keep consolidating. A breakout of the 77.57 level will unlock the way to the next target at 82.90.


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