The crypto market has finally shown signs of recovery and Bitcoin price is nearing $8300. Furthermore, altcoins are also showing significant price rise, with Ethereum(ETH), Ripple(XRP) and EOS up by 5.02 %, 7.57%, and 7.43% respectively.
Bitcoin [BTC] had been trading in a tight range since the drop below $9k last week. It formed a parallel trading range between $8250 and $7930. Analysts like Tone Vays and Sawcruhteez grew increasingly apprehensive of a break-down or a bounce to the top of the channel.
Sawcruhteez said in his update,
I’ve been long term bullish for a while now… Still looks like a long-term bull market where I want to buy dips, but that could change pretty darn quickly.
Ethereum is likely to face a consolidation before it surges back towards its multi-month highs around $230. In the near-term, analysts believe that ETH could possibly climb to the upper boundary of its recently established trading range between roughly $167 and $183. However, to achieve that it is important that it bounces at its current price level or else it could see losses.
Ripple also managed to rise up by 8% following a bearish week. If XRP manages to bounce off the support it is likely that it will break $0.26 resistance and display an upward price movement. It is also possible that XRP can slip to $0.13. The long term prospects are bullish whereas short term prospects are bearish. If the price slips below $0.21, it will create buying pressure and drive the prices up.
Bitcoin Cash(BCH), Litecoin(LTC), Binance Coin(BNB), EOS and TRON are also up by 3.85%, 4.13% , 3.33%, 7.43% and 7.89%. Interestingly, Cardano and Monero also displayed gains of 4.25% and 7.22%.
Will the crypto market continue with this price rise or will there be a price correction movement? Will Bitcoin hit $10,000 soon? Let us know, what you think?
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.