Despite the slowdown of rises, which in the last two days have seen strong upward jumps, returning to levels that in some cases were not recorded for a few weeks and months, the market today sees a perfect balance between positive and negative signs, while among the big ones it is worth noting the excellent price trend of Litecoin (LTC).
The cryptocurrencies that fall back from yesterday’s levels absorb the declines without alarming the general sentiment. Looking at the first 20 cryptocurrencies, only five have a red mark. After the strong rises of the last three days, the negative performances include Cardano (ADA) and Ethereum Classic (ETC), both losing 3%. Leo also falls, scoring a -2.5%. XRP is also in the red, just below parity. Unlike the others, Ripple is not leveraging the bullish trend, in fact, Ripple can not exceed the mid-January highs, unlike the other cryptocurrencies.
Among the positive signs, the rise of Zcash (ZEC) stands out again, flying 15%. Icon (ICX) also continues to do very well, rising by 10%. ICX had already shown itself among the best rises in recent days. Even today it does not disappoint and returns to give a positive signal.
Among the big ones, there is the good bullish performance of Dash that rises by more than 5%. Chainlink (LINK) does better and gains 8%. But it is Litecoin (LTC) to be the best among the top 20, with a +10% and a price that goes above $67, levels of last mid-November, followed by prices dropping back to the lows on December 18th at $35. As such, the rise of Litecoin is to be observed carefully as LTC is usually anticipating the bullish movements of Bitcoin, which is a clue to follow very carefully in the coming days.
Among the big ones, it’s also worth noting the rise of EOS that with a 4% increase pushes prices above $4.20, the highest level in the last 5 months that had not been recorded since August 2019. The rise restores confidence in EOS, which is among the top four for daily trading volumes, even bypassing the daily trading of Ethereum, Litecoin and Ripple.
Bitcoin remains in positive territory with an increase of 0.5% from yesterday’s levels, remaining close to the highs scored in the last 24 hours, just under $9,400.
What is particularly interesting today is the market cap that continues to rise to over $257 billion, the highest level since last September, an indication that shows the sharp change in trend since the lows of mid-December. Trading volumes, even if slightly contracting, remain at around $100 billion over 24 hours.
The dominance of Bitcoin remains just over 66%, while Ethereum, thanks to the holding of 175 dollars, conquers some fraction of decimals and reaches 7.8%. Ripple’s dominance remains on the lows of the last two years and is at 4.1%.
After breaking the bearish downtrend channel two days ago, with prices above $9,100, Bitcoin tries to give the decisive signal of a medium-long term trend change. It will be necessary for BTC to confirm prices above the $8,000-$9,000 range also in the coming days. It will be important not to go below $8,300 in case of a setback. If purchases were to return and sustain the increase, which in the last five days has seen Bitcoin further gain 14% in the last two weeks, Bitcoin would project itself to the next test of 9,500 and then area 10,000 dollars.
Ethereum is trying to confirm the resistance of $175 before going on to attack the $179 resistance, which is a static and decisive dynamic resistance where the downward trendline passes, combining the decreasing highs since the beginning of August. A break of $ 179-180 would project prices to test area $ 190-195.
In case of a retreat and a reaction from the bears, the prices must not go back under 155 dollars in order not to affect the positive uptrend that has been supporting Ethereum’s prices since the beginning of the year.