Crypto market today: after the weekend of fear the sector is now recovering, with ONT at +21%, followed by Monero, Ethereum Classic and Eos
Crypto market today: bounce signals after the storm. Leggi qui l’articolo in Italiano.
The week starts with signs of recovery for the entire sector, after a weekend of fear.
The first 50 cryptocurrencies are all in positive territory with an average increase of between 3 and 5% from the lows on Sunday morning.
Tron (TRX) holds up very well with an increase of over 4%, Tron was among the few to have better absorbed the downturns of recent days with prices that have managed to not go below the lows of mid-June.
Today is the ‘Independence Day’ for the mainnet of Tron that after several postponements, leaves definitely Ethereum’s network.
Operators rely on the reassurances of Ceo Justin Sun, which has ensured that tokens are frozen for the time necessary for the migration. For owners, it is recommended not to transfer/move their tokens. At the moment, Binance is the only exchange that still allows trading.
Meanwhile, the weekend has closed in red for the third time in a row. On Sunday afternoon prices reached their lowest point since last February, updating the year’s low.
The first signs of weakness arrived in the night between Saturday and Sunday, but the most dangerous blast materialized yesterday afternoon with prices dropping below the low of February 6, in the $6000 area. A movement that pushed bitcoin just above the threshold of 5700 dollars.
A battle that made trading volumes explode in a summer afternoon usually characterized by low volumes. In half an hour more than 80 million dollars were traded, causing the prices to rise by 500 dollars in a few minutes. A sudden upward movement, second in intensity to that recorded on 12 April.
This morning the total capitalization goes back over 250 billion dollars, after ending under 238 billion, the lowest point since last November with Bitcoin that still dominates the market with over 42% while Ethereum is above 18%, confirming how in times of crisis the first two cryptos continue to remain a store of value for the entire industry.
Yesterday afternoon’s downturn was marked by moments of tension with prices that after seeing the 5700 area, a level left behind last November, have proudly reacted by returning above 6200 dollars in a few minutes.
Despite not holding temporarily the $6,000 support, which has rejected all bearish attacks three times in the past four months, it continues to prove a strong level of support. Further confirmations are the volumes that yesterday afternoon traded a counter value of over 50 million dollars during the 15 minutes that prices landed between 5800 and 6000 dollars.
The overall situation remains delicate and with a bearish trend that does not show the slightest sign of failure. The seal of the supports between 5800 and 6000 will be fundamental.
The ongoing decline, which began in early May, shows that it is still present with lower highs and lows.
Yesterday afternoon’s minimum updates the lowest level since last April. Unlike Bitcoin, as well as most other major altcoins, Ethereum’s prices remain just above the annual lows of April.
Structurally, the bi-monthly cycle setting is currently neutral. This will remain the case if prices do not fall below 375 dollars in the next few days. A level that, in order to be revised, will have to record a bearish extension higher than 20% at the moment.
The first signs of a reversal will arrive with prices once again above the threshold of 500 dollars.