In a move led by Bitcoin price and, the cryptocurrency market is seeing a lot of green across the board.
Bitcoin Price, Ethereum, Bitcoin Cash and other digital assets have shown strength in the prevailing uptrend across the cryptocurrency market. This bullish run which saw the leading cryptocurrency break the $5,000 barrier for the first time since November 2018 may signify an end to the protracted downtrend that began after Bitcoin price reached its all time high of almost $20,000 in January 2019.
In a mirror performance, while Bitcoin price dropped from almost $20,000 to trade below the $4,200 resistance region, other cryptocurrencies followed suit with most of them losing over 80% of their highest value in the process.
Let’s look at the impacts to 3 popular cryptocurrencies:
Ethereum at the time of writing trades at $168.30, representing over 7% increase in price in the last 24hrs. Despite how significant this may seem, of more concern is the strong resistance that has been overcome by the Altcoin in the process. These include the 150, 152 and 155 technical resistance regions where some pull back was at least expected. This is the kind of behaviour exhibited by these assets during the sustained uptrend of 2017.
A similar scenario occurred with Ripple (XRP) as the cryptocurrency which trades at over $0.3598 at press time signifies a 6.54% climb in the last 24hrs. Key resistances for XRP upon clearing of which has initiated an uptrend include the $0.3180 and $0.3200 price regions. The trend behaviour of XRP eventually created a strong support around the $0.3155 price region, changing the whole technical view into an uptrend.
One of the biggest winners of the day among the top cryptocurrencies is Bitcoin Cash. A market price of $279.29 as at the time of writing means that BCH has gained over 40% in the last 24hrs. In this particular move, this most valuable fork of Bitcoin smashed through a cluster of resistances between the $180 and $185 price region. This leap singles BCH as a significant earner in a market where almost everything is turning green.
The behaviour of Bitcoin price and Altcoins in the past few days is reminiscent of what happened in Q2/Q3 2017 that kicked off the extended uptrend which saw Bitcoin and Altcoin prices achieve their all time high values.
With the present turn of events, there is technical evidence that the market is turning into an upward trend already, probably the perfect time to stock up on digital assets and build one’s portfolio.
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