The prices of the main cryptocurrencies try to find a point where to anchor the levels and understand if the bottom has been touched or if the decline suffered between Wednesday and Thursday night was only a warning of a more important drop.
In a context of generalized weakness, the only positive sign is seeing the capitalization resist above 200 billion dollars, with bitcoin trying to regain 55% of the market share.
The balance of the last week is in red. Ripple (XRP) suffers most, with a loss of about 20% from last Friday’s levels, failing the attempt to hold the 50 cents of the dollar. Prices are now testing the $0.40 area, a delicate technical level that if violated might totally cancel the rise of the end of September.
In the Top 25, the only two cryptocurrencies worth mentioning are Maker (MKR) and 0x (ZRX) with increases of more than 20%. The latter benefits from the listing on Coinbase, a rumour that we had already anticipated on the 1st of September.
The price drop started last night and has continued throughout the day stopping just above 6200 dollars, from this level purchases have returned to reject prices over the 6300 area. The short-term technical structure remains weak. It is necessary to recover the 6500 dollars to see the return of new purchases.
The return below $200 is not a good sign. For recent buyers, it remains important to defend the $190 threshold. Below this level, the chances of revising the September lows increase. The bull is waiting for the breaking of the 250 dollars: below this level, every support is fragile.