On Thursday, the cryptocurrency market started correcting higher. Ether’s price was up by 3% after starting the week bleeding around $500. The Bulls managed to push back a little after being battered by the bears for weeks. Ether was able to go above the 23.6% Fib level from the $604 high and the $506 low.
Ethereum Price Analysis
All attempts to break above $590 failed and there was another lower correction wave slightly above $540 from the $50 SMA. At the time of writing, Ethereum was trading at $572 with upside movements limited at the $580 resistance.
Cardano (ADA) Price Analysis
ADA has recorded the most significant gains over the past 48 hours. In 24 hours, it has shown an increase of 10%. It is currently trading in higher highs and lower lows. There is a bullish flag on the 1 hour chart and the moving averages are closing in signaling an upside breakout.
Nano (NANO) Price Analysis
Nano is trading a double top in the 1 hour chart after it recovered from testing the 0.0073ETH support area. The coin is exchanging hands at 0.0073ETH with buyers looking forward to 0.0076ETH. For this to happen, it must cross the 0.0075ETH selling pressure.
There is currently bullish trend on the charts and the gap between both moving averages is going down confirming that an uptrend is imminent. Also, the relative strength index is pointing upwards above the 60 mark. This indicates that the bulls are gaining control in the market. From the downside, there are many support zones. One is at 0.0072ETH and another is at 0.00700ETH. Traders should look out for $0.0068 as the major support level.
There is a bullish trend in the market and if it lasts longer, the cryptocurrency industry might bounce back stronger than ever. The next few trading sessions will determine the short term fate of the cryptocurrency market. Traders need to be alert.