There has been a $25 billion increase in the cryptocurrency market since the 29th of May. Analysts believe that investors have been attracted to cryptocurrencies by the Italian political crisis. The founder of the Pantera Capital Management, Dan Morehead, says that he believes Bitcoin has made a bottom this year and he encouraged traders to purchase Bitcoin now that the price is still low. He believes that a corrective rally will start in the next few months. Main while, let’s see how the top cryptocurrencies are doing today:
Ethereum to USD Price Analysis
Ether’s price is rising gradually towards the 20-day EMA. When it gets there, it will face resistance above the line. From the downside, Ether is facing an intraday low at $492.5 from May 28. If it doesn’t hold, it may fall to $464.65.
Bitcoin to USD Price Analysis
Bitcoin is trading between the ranges of $6,075.04 and $12,172.43. Traders are encouraged to buy near the bottom and sell near the top. The Bitcoin to USD pair is facing some resistance at the downtrend line. Even if it crosses this level, it will face another resistance near the 20-day EMA.
Bitcoin Cash to USD Price Analysis
BCH hasn’t been able to find buyers after moving above the downtrend line. On the 30th of May, if formed a doji which was followed by an inside day. It will most likely form another doji today. The pair might trade in a tight range within the coming days before any move can be made. From the upside, there is a resistance at the 20-day EMA. Anything above this will spark a rally to the 50-day SMA. From the downside, the support levels are $878 and $750. Wait till the price is firmly above the 20-day EMA before you initiate any long term position.
Ripple to USD Price Analysis
XRP has formed a doji candlestick pattern on the 30th of May which was followed by an inside day pattern on the 31st of May. The digital currency is currently on track to form another doji which shows uncertainty for traders. If the next drop holds above $0.54, traders can buy at lower levels. Otherwise, waiting for a rebound will be more reasonable.
The market is facing some difficulties now but after this point, a corrective rally might bring the coins to their former glory.