bears are back behind the driving wheel

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  • Major cryptocurrencies are sliding down.
  • Litecoin and EOS are the biggest losers.

Cryptocurrency market has lost the positive momentum, driven mostly by technical factors and short-term speculative sentiments. The weekend recovery failed to yield to significant gains as Bitcoin and major altcoins reversed from strong resistance levels. Litecoin and EOS are the biggest losers out of top-20. Both coins are down nearly 5% since this time on Monday. Cardano (ADA) is in better shape as the coin is mostly unchanged d/d.

The total capitalization of all digital assets in circulation slipped from $135.2B on Monday to $132B at the time of writing. 

What’s going on on

Bitcoin (BTC) is sliding down the third day in a row. An unsuccessful attempt to clear the $3,900 barrier pushed the coin back into the short-term range with its lower boundary $3,800 now under threat. With no significant fundamental developments, the first digital asset is dominated by speculative sentiments. BTC/USD has lost nearly 2% in recent 24 hours to trade at $3,811 at the time of writing.

Ethereum, the second largest coin by market value, is changing hands at $131.53, down 3% in recent 24 hours. ETH/USD is trading within a short-term bearish trend amid growing volatility. A sustainable move below $135.00 handle created additional downside pressure and brought $130.00 into focus.

Ripple’s XRP, the third largest coin, slipped below $0.3100 to trade at $0.3089 by press time. The coin has been creeping lower after a failed attempt to move above $0.3200. The next significant support lies with $0.3000.
 
 

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