Bitcoin, Ethereum, Litecoin, Ripple’s XRP, Chainlink – Daily Analysis – October 28th, 2020

• The bears continue to provide significant price damage to the majority of cryptoassets on Wednesday’s trading session
• The overall market volume is currently at $103.22B having an increase of 8.60% over the day
• The overall market capitalization stands at $406.26B resulting in an increase of 2.90% over the day 
• The dominance of the crypto king is currently at 62.16% resulting in an increase of 0.36% over the day

Bears Continue To Sustain In The Overall Market Conditions 

As the overview of the crypto market indicates, major digital assets like bitcoin, ethereum, ripple, litecoin, chainlink, etc. are facing significant negative momentum. Bitcoin after testing the major resistance level of $13800.00 faced negative reversals which have brought up negative sentiments in the overall market conditions. Ether has broken below the crucial mark of $400.00 again which has certainly put doubts on its sustainability. Other altcoins are also facing negative momentum which is gradually increased from the past few days.  

Bitcoin (BTC) 

The world’s largest asset was on gaining new levels for the year until it reached the major resistance level of $13800. The level provided significant negative reversals resulting in the CMP reaching $13,316.87. The market capitalization has decreased by -2.4% and currently at $246,740,585,831. The 24-hour volume traded is at $28,649,005,922. However, the crypto asset should be able to sustain the price levels above the crucial mark of $13k. 

Ethereum (ETH)

Ether is unable to sustain the price levels above the crucial mark of $400 as the bears strike back again in the overall market conditions. The CMP has slipped to $289.28 with a loss of -3.18%. The ETH/BTC pair is also facing significant negative momentum with a loss of -2.21% bringing the current level to 0.02933132 BTC. Ether’s price movement has been highly volatile from the past few days and mostly on the downside. The world’s second-largest crypto asset hasn’t been able to capitalize on the past bullish sentiment that prevailed in the market. 

Litecoin (LTC) 

Litecoin price levels couldn’t tackle the major resistance level of $60.00 in a positive manner resulted in negative reversals. The cryptoasset is down by -1.49% bringing the CMP to $56.81. The market capitalization stands at $3,375,700,753 with a 24-hour volume traded of $3,769,315,564. The LTC/BTC pair is also performing negative with a marginal loss of -0.46% bringing the current level to 0.00428326 BTC. The ongoing downtrend won’t harm the sentiments built by the digital asset from the past few days negatively until it breaks below $50.00. 

Ripple (XRP)

The ongoing consolidation for XRP is now resulting in a negative momentum for the price levels. The crypto asset is facing an overall loss of -1.66% resulting in the CMP to break below $0.25. The XRP/BTC pair is also performing negative with a loss of -0.37 bringing the current level to 0.00001874 BTC. The pair is currently sustaining on its support level of 0.00001800 BTC and is expected to provide a positive push in the levels further ahead in the market. On the downside, the coin is having a major support level of $0.22. 

Chainlink (LINK) 

Beaten by the resistance mark of $13.00, Chainlink is currently showing no signs of recovery in the price levels. In fact, due to the weak sentiments in the overall market conditions, the coin is now looking for sustainability above the crucial price mark of $11.00. The CMP is placed at $11.44 facing an overall loss of -5.85%. The LINK/BTC pair is also performing significantly negative with a loss of 0.00086866 BTC. The market capitalization stands at $4,454,252,488 with the 24-hour volume trade of $1,486,371,354. A break below $11.00 can provide more price damage to the crypto asset further ahead in the market.