Crypto Market Review, October 3rd

Despite ending the last week in the red, altcoins are showing some positive momentum at the beginning of this week as most assets are showing mild gains. However, the low volatility and trading volume are indicative of the weakness of bulls, and any negativity will most likely push the market into a correction.

One of the strongest winners in the market today is Cosmos (ATOM), with a price increase of more than 2% in the last 24 hours. However, the positivity on the asset does not come without negativity as it broke below the important support level of the 50-day moving average. The lack of a foundation below ATOM could be a worrying sign as the asset’s downtrend movement could accelerate from here.

Unlike ATOM, Shiba Inu is struggling with a 50-day moving average resistance level and trying to break through with poor support from SHIB bulls. The low trading volume and the lack of inflows will most likely lead to a continuation of the consolidation around the current rate. A breakout is still possible, but will most likely have no effect on the token’s volatility.

Bitcoin moves on a strong foundation

The $18,000 support appears to be one of the strongest levels Bitcoin has faced recently, as bulls have been unable to push the price of the first cryptocurrency below the fundamental threshold for nearly a month now.

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The current price level of the first cryptocurrency appears to be the lower limit of the consolidation channel Bitcoin has moved into in recent months. The upper limit, according to the performance of the first asset, is approximately $24,000.

However, the lack of trading volume and inflows to the asset shows that it will most likely continue to move sideways, as there are no major events going on in the cryptocurrency or the financial market in general.

The only thing that could shake up both markets is the potential default of one of the biggest investment banks in the world, Credit Suisse. The story behind the potential $1.5 trillion market crash has been covered by U.Today.

XRP is recharged

Success in court was the main fuel for XRP’s unusual 55% rally, but as the dust settled, the cryptocurrency quickly reversed course, losing nearly 50% of what it previously gained. However, the bulls managed to push it back up.

For now, XRP’s price performance is forming something akin to a symmetrical triangle – a common indicator of volatile assets going through short-term and volatile rallies. After the asset peaks and consolidates, bulls and bears begin to push the asset in their own ways, which then creates a volatility spike in both directions.

It is difficult to say which way XRP will go after it reaches the end of the triangle, but the declining volume suggests that the cryptocurrency will most likely continue to fall further unless unusual buying activity appears in the market, following Ripple’s success in court against the SEC.