The cryptocurrency market slightly slowed down the overall growth rate on July 28, as the main coins reached important resistance zones. As a result, the total capitalization of the crypto market increased by a symbolic 0.7%. Over the previous day, almost all assets have shown significant growth, but the dynamics of the last few hours indicate a local lull in the market. The growth leader was the XRP token, which rose by 11%. With a result of +32%, the Ripple coin took the lead in the weekly growth of Bitcoin. Meanwhile, altcoin Polkadot shows excellent dynamics of on-chain indicators and social activity, which has increased in price by 29%, that is, to $ 14.39 over the past week.
Ethereum started the trading day very confidently and showed strong upward movement dynamics. However, the cryptocurrency faced a powerful resistance around the $ 2,300 mark and pulled back to $2,285. In addition, the two-hour dynamics of Ethereum's price change became negative (-0.5%), which indicates a local correction and increased selling pressure. This is also proven by the local indicators of the main technical indicators of the cryptocurrency. The MACD is gradually falling to zero, but the stochastic oscillator is close to forming a bullish intersection, and the RSI is at 70. There is also a tendency to increase the number of unique addresses interacting with the ETH network, but at the same time, the number of users giving coins has also risen. At the same time, the institutionalization of the asset is growing, due to which the quotes of the EUR/USD pair will encounter an impending strong level above $ 3 thousand.
The greatest commotion in the cryptocurrency market was made by the XRP token. Over the past day, the price of the asset has risen by 18.5%, but due to a pullback for the last few hours, the growth dynamics have slowed down. As of 14:00 Universal time, the coin managed to break through the difficult resistance zone of $ 0.7 and consolidate above it. At the moment, the coin is trying to consolidate the price to move further towards the $ 0.8 mark, where the next level of pressure is concentrated, opening the way to $ 1. After a strong surge, the main technical indicators of the cryptocurrency took a pause: MACD begins to move towards the zero mark, the stochastic is close to the formation of a bullish crossover, and the RSI is at 60.
Technical analysis indicates that the crypto asset will resume growth in the near future and has every chance to retest the line at $ 0.8. The main reason for such a strong breakthrough in XRP/USD was the announcement by the coin issuer of a new money route between the Philippines and Japan. This will significantly increase the speed of transferring funds between countries, and the cost will begin to fall. The market took this news very positively, which caused a significant surge in transactions in the token network, which increased to $ 143 million. This is the best indicator of the asset for the month of July. In addition, the powerful pump of XRP quotes proved that the market is ready to respond to positive news regarding the cryptocurrency, even despite the proceedings with the SEC.
LTC indicators also managed to approach an important level in the area of $ 140. The asset tried to break through this level, but it did not succeed. As of 14:00 Universal time, the cryptocurrency is quoted around $ 135 and is trying to consolidate the price for another retest of a complex resistance level. And despite the fact that LTC technical indicators do not show a confident bullish mood on the four-hour chart, on-chain indicators continue to indicate a growing demand for the altcoin. The cryptocurrency has already successfully broken through the bearish wedge and consolidate above $ 130. In the next few hours, the asset will continue to consolidate the price and increase momentum for another $ 140 assault. However, the current indicators indicate the weakness of the asset at the end of the trading day, which may mean testing the support zone at around $130. In this scenario, Litecoin needs to hold the $ 130 mark in order to start a new trading day at a position acceptable for the breakdown of $ 140.
In general, the situation in the cryptocurrency market remains positive. However, there is a clear discrepancy between the current value of assets and their on-chain indicators. Due to too much rapid growth, the market simply does not have time to accumulate the volumes necessary for a systematic upward movement. This promises to be a hassle near difficult psychological marks, which can be aggravated by a correction and overturn coin quotes to key support zones. However, the news background allows the cryptocurrency market to maintain the current pace of the set of quotes, so large players have enough time to accumulate the necessary volumes of coins.
The material has been provided by InstaForex Company - www.instaforex.com