After almost an entire week of bearish pressure, the crypto market has started to rise again bringing back the greens for both Bitcoin and altcoins.
The market capitalization has blossomed overnight and added $5 Billion to its coffers rising from $215 Billion to $220 Billion. The trading volume has grown $2 billion from yesterdays $15 Billion.
The Bitcoin price has surged to $6700 starting at $6400 and pushing as high as $6800 before falling back. As a result, it set an example for the altcoins and the crypto market has made a strong rebound. If the upward trend continues, the next resistance would be at $6840. On the downside, the support level is at $6640. Currently, the chart is showing the MACD on the green and strongly on the bullish side. The S/RSI and Money Flow Index are both coming down from the overbought and might push for correction in the short term.
Ethereum is also breaking out of its shell after briefly touching $204 yesterday. It has grown 4.65% on the day, Currently, it is on a strong surge above $220 analysts are saying that it might continue forwards above $230. Currently, it is exchanging hands at $226, a welcome news after several days of playing on the downside. On the chart, it is also well placed above the bullish MACD but S/RSI and MFI are starting to go downwards signaling appearance of bears in the short term.
The rest of the Top 10 shows XRP and Tether lagging behind but overall, we’re seeing a better day today than yesterdays lackluster performance. Litecoin leads the pack and has brought 8.41% for its treasure chest. It is trading at $62.16, about on the same level as its price on the same day last weekend before it got roasted by the bears this week. EOS follows with 6.51% and trading at $5.83. Cardano, which was performing better earlier on the Asian market is making a small pullback and is now at 4.94% gain. The rest is also on the green with gains between 1-2%.
Ontology is making a comeback on the strong performers of the day at the Top 25. It has 14.82% gains and trading at $2.09. Bytecoin is also a double-digit gainer today at 10.03%. NEO made a strong case today after a supposed whale bought a big amount of its Gas and has increased by 9.48% today. On the other side is Tezos at -0.75% loss which is still not feeling better from yesterdays dump. The rest are more or less performing better with 1-4% gain.
Further down below the Top 100, Gas is pumping (no pun intended) at 57.19% (which as I mentioned earlier is getting attention from a big whale who was able to jack up the price). Eternal Token, we are humbled to report, is still on its extended pump at 42.14%. This has been ongoing throughout the week. Electroneum as well is on its extended pump at 32.56%. Apart from those, GXChain caught up with the double-digit ride at 10.01%, and Populous seems to be doing well at 8.78%. On the other side, STEEM went on a downward slope after its good performance yesterday.
This close to the weekend, it still might be possible for Bitcoins momentum to push the entire altcoin and crypto markets to a more positive direction but on the short term, technicals might win and we might be in for more correction.
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