Daily Times

The cryptocurrency market remained mixed on Sunday, with the market capitalisation losing 0.4 percent to reach $2.4 trillion as of 1325 hours GMT.

Bitcoin, the largest cryptocurrency, which hit the highest level since May 12 of $56,100 on Friday last, gained 0.31 percent to reach $55,259. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.04 trillion.

However, ether (ETH) price shed 1.52 percent to reach $3,560. With this decrease in price, the market capitalisation of ETH has reached $417.9 billion.

However, XRP price jumped by 7.02 percent to reach $1.19. The market capitalisation of XRP stands at $119 billion after this increase. On the other hand, cardano (ADA) price shed 0.93 percent to reach $2.26. Its market capitalisation has decreased to $73 billion after this decrease.

Similarly, dogecoin (Doge) price went down by 1.40 percent to reach $0.244. With this decrease in price, the market capitalisation of doge has reached $32.1 billion.

According to experts, bitcoin price appears to have hit a minor top, with selling pressure pouring in during the trade session. A bearish hammer candlestick pattern is developing, indicating a high is likely in. If the Relative Strength Index returns below the 65 level, a continuation move towards south for bitcoin may extend beyond $48,000.

Likewise, ether shows some mixed behaviour on its chart. Despite having an extremely bullish Ichimoku chart, buyers are not pursuing any follow-through to propel ether price higher. If sellers take control, then bears will most likely retest the $3,000 level. However, if buyers continue pushing ether higher and beyond the all-time high, nothing stops it from rallying to the $6,200 value area, they said.

On the other hand, XRP price remains in a very stagnate position, they opined. XRP price remains constricted inside the Ichimoku Cloud and continues to experience very choppy trading conditions. XRP will be in danger of further sell-side pressure if it closes below the Cloud at $0.99. From there, bears may push XRP to test prior support near $0.84. If a breakout above the Cloud occurs, then the path to $3.00 should be relatively smooth, they opined.