Market review, April 24, 2020

2020-24-04 10:05:32

Yesterday’s rise in the price of Bitcoin was preceded by increased activity in the network. According to Glassnode, the number of active addresses rose to the figures recorded in July 2019, when the market was booming.

Market review, April 24, 2020

Wallets with multiple addresses belonging to the same users are not taken into account in this analysis. It should give a more complete picture of network activity.

Let us recall that in July 2019, bitcoin rose above $13,000.

According to Glassnode analysts, the current growth in activity may indicate that new investors are entering the market. Traditional markets are still uncertain, and Bitcoin, as a hedge against falling oil prices and other classic assets, is becoming more attractive. Let us recall that the day before the price of bitcoin reached $7,750, which was a 100% increase from the minimum figures recorded on March 13.

Technical analysis of Bitcoin (BTC):

Market review, April 24, 2020

Over the past day, the price of bitcoin rose to the resistance level of $7,775. Then it fell to the support level of $7,400. Now, the price of bitcoin is $7,610. In the future, we predict the continuation of the positive movement. The nearest resistance levels are $7,780, $8,000, $8,020, $8,140, $8,400. The nearest support levels are $7,450, $7,200, $7,000, $6,770, $6,400, $6,100, $6,000, $5,780.

Technical analysis of Ethereum (ETH):

Market review, April 24, 2020

Over the past day, the price of ethereum rose to the resistance level of $193. Then it fell to the support level of $183. Now, the price of ethereum is $188. In the future, we predict the continuation of the positive movement. The nearest resistance levels are $189, $193, $200, $210, $215. The nearest support levels are $ $186, $183, $178, $174, $169, $166, $157, $161.

Technical analysis of Ripple (XRP):

Market review, April 24, 2020

Over the past day, the price of ripple rose to the resistance level of $0.2. Then it fell to the support level of $0.19. Now, the price of ripple is $0.1960. In the future, we predict the continuation of the positive movement. The nearest resistance levels are $0.1960, $0.2050, $0.21, $0.22, $0.23. The nearest support levels are $0.19, $0.1820, $0.1770, $0.1750, $0.1680, $0.1570.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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