The start of a new month ushers in another day for the bears as major cryptocurrencies are on the rise. Damage control will be the next line of action as the bulls were able to push the price of various cryptocurrencies to almost test their various all-time highs.
Here is the crypto market outlook for today.
The buyers took BTC on a joy ride to the top. BTC got as high as $60,323 a few hours before the time of writing. The most active time of the surge was when Bitcoin started the surge. The price hike was so fast that in one hour, BTC rose by almost $1,000.
More bad news for the bears as BTC recorded gains of 1.3% in the last 24 hours. The current price range is pointing to a shift in the balance of dominance as the sellers seem to be edging.
With the bears edging, prices may revert to as low as $58k before the bulls will have full control of the market. There is also a chance that the $58k support may flip if nothing is done to the bearish movement the market is experiencing and more possibility that the bulls will regain control before that price mark.
It is funny how the Cardano chart resembles a seismograph reading. ADA gives off the scent of high volatility as it sees more price action than more coins in the top 10.
The last 24 hours saw ADA get closer to its all-time high as it got as high as $1.20. The last 24 hours saw a low of 1.18 as Cardano recorded gains of more than 1%.
Following the same price actions as the previous, traders can expect to see ADA trade within $1.18 and $1.20. If the momentary bullish surge that Cardano experienced during the last 24 hours increase, a breakout above the price region statement is inevitable.
Polkadot also enjoyed its fair of tremendous price actions but not as high as ADA. As with most coins in the top 10, DOT also edged closer to its ATH during another massive surge in the last 24 hours.
Prices may hit $39 if the bulls can rally the market. It is also important for the buyers to keep an eye on the $37 support as it will come under constant attack by the bears and will flip if nothing is done by the right-wing traders.
It is easy to conclude that the next 24 hours will provide another interesting trading experience. The best way to enjoy the thrill is to trade.
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