So much good news for the bulls as almost all the coins in the top 100 by market cap is on the green. Leading the charge is BTC as it gained 8% in the last four hours and Ether as they both attained a new high in days.
The largest coin by market cap almost hit the $40,000 mark in a quick surge that took place around 01:00 (UTC). The price surge came as no surprise to Coinfomania as the most recent analysis predicted the move.
In that analysis, the analyst pointed to the impending flipping of the 50-days EMA. The analysis stated that BTC price as of the time of writing was an indication that the coin is edging closer to testing the 50-days EMA. At that time in the market, across 0f the 50-days EMA could mean a lot for the market.
Stating the results of this cross the analysis added that a cross of the highlighted EMA could mean the start of another massive rally. A price rally will also reverse the death cross BTC experienced earlier and we may see a golden cross that will signal the end of the bearish dominance.
True to the predictions, BTC intercepted the EMA and started a surge that saw it hit $39,800 but fell short of $40k. The current high is another milestone as the king coin have not hit such a level in the past 40 days.
The second coin by market cap was not left out of the whole bullish saga. Ether was quicker than BTC to recover from its price dip as it was on its sixth day of the consecutive surge. The last 7 hours saw the largest alt hit its 20-days high of $2,356.
As of the time of writing, ETH is trading above its 50-days EMA. The current trading pattern indicates that the coin is on a bullish path in the long term. Ether will exceed its all-time high if it continues to enjoy price rallies like the previous.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!