The mixed market sentiments in the crypto market are very hard to ignore. The good news about the current market sentiment is that both the bulls and the bears have an almost equal share of dominance.
With both factions of traders looking to increase their stake in the market, here is the market outlook for today.
After the bulls failed to keep prices above $54k, prices started to freefall to as low as $52,500. A little price rally started afterwards that saw a climb as high as $54,299.
Bitcoin gained 0.5% in the last 24 hours but failed to keep the excitement as it lost 0.2% in the last hour. BTC promises another interesting trading day.
To the top, the first target is $56,000. With bitcoin trading above $54,500, the first major obstacle lies at $55,500. It is also important to note that BTC has been in a sideways market for some time and the price may revert to $52,000.
Ethereum has had one of its most bullish weeks. Ethereum smashed its all-time high more than thrice in the last seven days. The last 24 hours is no different as Ether gained 1.3%.
ETH is not slowing down as it gained 0.3% during the past one hour. In the spirit of breaking all-time highs, ether may break out above $2,800. A change in market sentiment may see ETH revert to $2,600.
Cardano is yet to return to its normal price range before a “bloody Sunday.” For the past few hours, ADA has been trading around $1 and $1.3.
The cryptocurrency may break this trading pattern in the next 24 hours as it may break out above $1.4. The buyers will have will look to build on the $1.35 support and flip $1.4 resistance.
The highlighted cryptocurrencies are gearing up for another intriguing trading day. A new seven-day high may be attained today as the market looks more bullish at the time of writing.