Digital Asset traders apparently breathed a sigh of relief during Monday’s trading session, as the entire market’s capitalisation saw an increase of about $9.3 billion, bringing the cryptocurrency markets to an intraday high of $177 billion. This marks a rise of a little over 10% since last Friday’s
$167.7 billion slumps.
The market is a mix of highs and lows, in terms of price movements, with average price changes staying within the 1.5% to 2.5%, over a 24-hour time frame in keeping with the sideways trading trend that endured for much of the weekend. Progenitor digital currency, Bitcoin, is up on Monday, April 15th from Friday’s low of $5050 US to $5154 at the time of writing.
Bitcoin’s 50-day Simple Moving Average indicates a new support line should have formed at the $5100 mark while the 100 day SMA elects $5081 as candidate point for the Bulls to standoff with the Bears, creating an active support line. Charts indicate that Bitcoin is trending higher within a channel, though it will likely trade sideways on its upward trajectory, according to current ranging indicator signals.
Decentralised Application development platform, Ethereum as well enjoyed bullish movements much of the day. Having profited from the weekend’s linear trading, ETH appears to have established a decent springboard position at $160. The 2nd most valuable digital asset saw a bullish run of a trade before meeting resistance at the $170 price point.
It was trading at $165, with technical indicators pointing to a $160 to $170 trading range, while 50-day and 100-day SMA offer $160 and $155 as possible support points, should ETH incur any losses in the short term.
Worldwide remittance platform, XRP was trading at $0.32 at the time of writing, which appears to be a support level on its slow movement to a previous high of $0.38. Technical indicators explain that XRP is trading range-bound between $0.32 and $0.33.
Though much of the market traded sideways for most of the day, as well as the great period of the weekend, the coins which experienced the most change in price according to Forbes Crypto, are Bitcoin Cash, OKB, Verge, Ravencoin and Nuls. Bitcoin Cash, Nuls were last observed trading in the green, at $319.39 (up 7.69% in the last 24 hours) and $0.88 (up 4.14% over the past 24 hours).
BCH has experienced over $206 million in trading volume over the past 24 hours while $35.48 million worth of Nuls tokens has traded throughout the day. OKB, Verge, and Ravencoin have not disappointed as well, seeing collective gains of 14.9%.
OKB is at $1.45 with $50.79 million traded over the past 24 hours. Verge, perhaps still struggling to recover public confidence following a 2018 security breach, is trading at $0.008 with only $1.22 million sold over the past day, while Ravencoin is down to $0.058, having experienced $229,800 in trading volume.
The weekend’s market dip, according to some analysts is likely the last corrective decline before a significant bull run while others maintain it may well lead to a short-lived rally preceding another dip. Whether we are in a Bull or Bear Market territory remains to be seen.