Traders are breathing a sigh of relief as the price of most cryptocurrencies starts to rebound. The blood on the crypto street is already wiped, and everything looks set for the bullish market to continue.
In the late hours of yesterday, all cryptocurrencies started to consolidate following Bitcoin. The round of profit-taking looks completed, and even news that Square bought $170 million worth of bitcoin above the $50k mark was something to cheer on.
Here is the market outlook for today.
As noted in our earlier coverage of Bitcoin’s recent correction, the market consolidated with the $45k-$48k range but needed a clean break above $49,000 to get back on track.
On-chain data shows an equal amount of the bulls and bears at the time of writing. An equal amount of these two means that prices will be steady pending when either the bulls or bears edge. With the bullish market back on track, traders must defend the $50k support and flip some resistance to see the price close above the $53,850 pivot point.
One of the worst-hit coins during the deadly drop is BNB. BNB lost 25% of its value yesterday. At the time of writing, the Binance coin is trading at $271, and an indication of its recovery.
On-chain data shows more bulls than bears. If all conditions remain the same, prices will continue to climb. Traders will defend the $240 support level and break more resistance to see prices close at the $260 pivot point.
Cardano is not exempted from yesterday’s bearish reign. ADA lost 20% of its value yesterday but started to consolidate shortly. Today is beginning to look different as on-chain data shows more bulls than bears.
ADA is also trading above the $0.994 pivot point, an indication of the bullish retracement. Traders will test the $1.05 resistance to guarantee a stay above the $1 mark.
The 9th coin by market capitalization, Chainlink is back to winning ways after surging from $23.7 (yesterday’s low) to $28.2 this morning. Unfortunately, on-chain analysis shows more bears than bulls.
At the time of writing, LINK is trading way below the $32.8 pivot point. To edge closer to the pivot point, traders must flip the $28.3 support and defend it afterward. It will take more bulls for Chainlink to close at the pivot point.
A strong performance in the next 24 hours for the crypto market would comprehensively result in a bear capitulation, and confirm that the correction is over.
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