After having suffered the storm of mid-August, recording the most bearish day of the last month, the crypto market is now recovering.
The weekend that has just ended has seen a good recovery of the entire sector, including double-digit rises from Friday levels, like in the case of Ethereum and Ripple, which are trying to move away from the lows of the period.
A rapid movement reflected by the restart of this new week, which has more than 75% signs above par. Among the big names, it is necessary to go down to the 21st position occupied by Cosmos (ATOM) to find the first red sign (-0.5%). Among the best rises of the day are those of Bitcoin SV (BSV) and Bitcoin Diamond, respectively above 6%, followed by Binance (BNB), Dogecoin (DOGE), Chainlink (LINK), Lisk (LSK) and BitTorrent (BTT), all above 4%. Among the lesser-known today, Aurora (AOA) and Japan Content Token (JCT) are on the podium, rising more than 10% from Sunday morning levels.
The rebound in prices in the last 48 hours increases the August positive balance for Bitcoin with a performance of over 6% from the August 1st levels. Among the Top 10, also Binance (+8%) and Monero (+6%) managed to keep the positive sign. The performance of Bitcoin Cash (BCH) oscillates around parity, while Ripple (XRP) shows the worst decline in the last three weeks with a drop that goes beyond 20%.
Capitalisation recovered $280 billion, with bitcoin continuing to dominate with 68%, or over $191 billion. The rebound in prices in the last few hours allowed both Ethereum (+7.8%) and Ripple (+4.5%) to regain their levels prior to the fall on August 15th. The dangerous descent of the last few days, which saw Litecoin (LTC) prices drop 50% from their mid-June highs, heading dangerously to test the support of the 70 dollars which is the lowest level in the last four months, shows an increase in trading volumes with over 600 million in the last 24 hours.
The rise in the last few hours sees prices return to over $10800, recovering all the downturn suffered in the last five days. A good recovery that will have to be confirmed in the coming hours by consolidating the movement over 10400 dollars. The breaking of the dynamic trendline has not caused the sinking under the 9200 dollars which would’ve catalysed further bearish speculation. To consider the downturn over, it is necessary to recover 11200-11500 in the next few days. Otherwise, it will be better to wait for further confirmations above 10 thousand dollars.
The recovery of more than 15% from the August lows pushes prices back above the psychological threshold of 200 dollars. The test of the dynamic trendline that occurred in the $175 area, which for more than six months has marked the boundary of the current uptrend, has seen the return of purchases. It is necessary to further consolidate the trend of these last hours and review the prices over the $225 area supported by the volumes. This would be a first, real signal of reaction and alarm for a bull in retreat for about two months. A sinking below 175 dollars, in fact, would cause possible descents to the next level of long-term support in the $155 area, a level abandoned last April.