The last 24 hours brought a different vibe to the start of the week. Defying all odds, most cryptocurrencies went bullish and recorded significant gains in the last 24 hours. Now, the market is a little more stable with no clear breakout either to the top or down.
Here is the crypto market outlook for today.
A surge that ran through the weekend and extended to the beginning of the new week saw BTC crushing resistance from $56k to $58k. The price hike also signified a change in the rough start to the week bitcoin faces.
The bears also had their time but couldn’t make it count as the right-wing traders had the upper hand. The collective effort of the right-wing traders saw the king coin record a gain of 3.5% in the last 24 hours.
The next 24 hours may not be as interesting as the last as prices may continue to trade within the $58,500 and $57,000. The two factions of traders will try all they can to topple each other’s dominance and the price may test $59 or dip below $57,000.
Cardano still has its general market sentiment resistance. While some cryptocurrencies are soaring and increasing in value per unit, ADA had a price dip during the last 24 hours. The fifth coin by market cap recorded a loss of more than 3% these last hours.
ADA is recovering from price retracement and, as a result, is on the rise. It is hard to see any price breakout soon as it seems that they equal numbers of the bulls and bears. For now, prices will continue to trade between $1.19 and $1.22 until one of the factions wins the struggle.
Polkadot had a very interesting 24 hours as the battle for dominance raged on. DOT saw prices drop and increase, making it so thrilling for both buyers and sellers.
On average, the last 24 hours were boring as there was no clear surge able to break the $35 resistance and dip low to flip the $33 support. DOT will continue to trade within these price regions until a clear breakout is above them.
Ripple flows with the king coin as it recorded significant gains during the last 24 hours. XRP enjoyed a price hike as it crushed the $0.56 and went above it.
A few hours before press time, the cryptocurrency saw another surge that saw it cross $0.57 and above. At the time of writing, Ripple is experiencing a downward price retracement and the buyers must take care to avoid prices flipping $0.57 support.
The last 24 hours left a blurry message for traders with regards to how prices will be for the rest of the week. The message will get clearer in the next 24 hours.