‘Stable’ and ‘boring’ are the two words to describe the state of the crypto market in the past 24 hours. When there is a pump, it is easy to know what happens next, a price retracement that will bring prices down to where they started from or close.
With the above statement in mind, here is the crypto market outlook for today:
With the current tussle in the market between the bears and bulls for dominance, the market is experiencing high volatility. For BTC, the battle for dominance rages on between the $60k region and $56k.
The last 24 hours have seen almost equal dominance from both sides of the battle. The intraday high of $60,315 and a low of $56,487 proves the preceding sentence true. The only indication that BTC is bullish is that it is trading above its pivot point.
In the same spirit of equal dominance, the bears will bring prices down to $56k or below as the bulls will propel prices to $59,000 or higher.
The last 24 hours was pretty good for the sixth coin by market capitalisation. Polkadot reached a new high since the beginning of this week; $37.1. The new high was welcomed by a price correction but price consolidation is underway a few hours to press time.
Before the end of the day, DOT may test $37 again. To make the predictions come true, DOT must remain above $36. The $36 mark will serve as the needed support to the $37 resistance.
Following the same pattern as DOT, the last 24 hours were filled with enough volatility for LTC. Litecoin reached a high of $208.7 and a low of $195.9.
The ninth coin by market cap will look to revisit the previous 24 hours high. To do that, traders must rally the market to prices to as high as the previous high. The battle starts once the coin hits $210.
The tenth coin by market cap has been trading between $28.7 and $30.6 for the past 24 hours. During the last 24 hours, chain link tried testing $31 but fell short by $0.4.
Today, traders will likely see a repeat of what happened during the last 24 hours. This time traders will improve the prices from the last one and possibly pump LINK until it hits $31.
From all indications, an improvement from the last 24 hours is what the market needs, and traders are looking forward to it.
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