Price recovery is underway as many cryptocurrencies are on the rise. However, most coins are trading within a stable price region after rising to various heights.
Here is the market outlook for today:
The last 24 hours saw the king coin trade surge above $54k. Bitcoin saw an increase of 3.3% during the last 24 hours thanks to the increased trading volume it enjoyed during this time.
All eyes will be on bitcoin as it could tell with its price actions what will happen in the crypto market. The next will present another battle for dominance between the bears and the bulls.
Prices are steady above $54,500. The $54,500 is the main level to watch as the bears will try to flip it. After a flip and an extended dip below the $54,500 mark, BTC may have a hard time returning to that level.
Binance Coin (BNB)
Binance coin will look to break the $550 deadlock during the next 24 hours. The last 24 hours were filled with a lot of trading actions as BNB recorded a loss of 0.3%.
The right-wing traders will have to hold prices above $540 to guarantee a break above $550. The $550 mark is important to price surge above $600 as is used as the main support to test this critical level.
Ripple stands as one of the top gainers in the top 100 as it gained more than 24% in the last 24 hours. A price hike from below $1 to above $1.4 sealed the gain for XRP.
Buyers will look to push prices as high as $1.7. In the bid to achieve this, the bull must defend the $1.39 support level and start a price rally. A strong price rally will ensure XRP trades above $1.7 before the end of the next 24 hours.
Both factions of traders have set their expectations for various cryptocurrencies market performance during the next 24 hours. Fingers crossed, as we expect, who will prevail.
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