During the last 24 hours, the price of BTC/USD has impressively surged by 13.7%. Having begun trading at $9889.6 and is currently at $11464.0. The bullish outlook was reflected by the 7-day moving average that is currently gravitating above the 21-day moving average.
BTC/USD pair saw a short-term period of consolidation that consolidated between $10243 and $9889, before a pull-up. Support levels were upended from $10549 to $11183 that confirmed an upward price movement.
The Relative Strength Index indicator had moved from level 31 to 69, which indicated an increase in buyouts. The RSI X almost crossed level 70 that reflected overbought market momentum; apparently, this shows that buyers have dominated the market momentum.
The climb of BTC price over the last 24hrs has positively affected investor’s sentiments. This is because a few days back BTC was on an extensive decline, but around 14:00 yesterday BTC/USD experienced a sharp turnaround.
More bullish outlook is likely to be encountered, the 7-day MA is currently acting as the price support and is above the 21-day MA; this indicates a strong bullish signal. The market is expected to reach equilibrium with new targets set at $11,668.
Like BTC, ADA/USD pair has also exhibited a bullish outlook in the last 24hrs, ADA has moved from yesterday’s price of $0.079517 to the current price of 0.081800. This showed that the coin has surged by 3.8% in the last 24hrs.
The bullish momentum was reflected by the 7 day MA that is currently above the 21-day MA that indicated a bullish signal. On the other hand, the support level has been battered, it moved from $0.077413 to $0.079113. The Relative Strength Index indicator has also moved up from above level 30 to above level 60 that showed increase buyouts.
Nevertheless, investor’s sentiments are high and looking forward to going short. Recently, Weiss Ratings mentioned ADA as the top promising currency with the potential of overtaking EOS in the coming future.
Despite a bullish outlook, a bearish signal can be expected; this is because the 7 day MA has bent pointing toward the 21 day MA while the 21 day MA is heading north. This shows possibility of a bearish signal in the next few hours. New targets should be set at $0.080965.
TRX/USD pair, on the other hand, has also undergone a bullish outlook. TRX has surged by 4.44% in the last 24hrs having moved from $0.031500 to $0.032347. The upward price movement has been reflected by the 7 day MA that is currently trading above the 21-day MA that indicated a bullish signal.
The RSI indicator has been hovering between the level of 40 and 60, which indicated a sideways market momentum. Support level has also been battered, followed by a strong period of consolidation between $0.032316 and $0.0312760 levels.
The dip in the pair’s price has positively affected investor’s sentiments whereby they are anticipating for better prices in the next few hours. TRX price has improved ever since the Tron Foundation announced a $20 million buyback plan on a blog post that was published on June 25.
At the moment, the 7-day MA is on top of the 21-day MA that signals a strong bullish outlook. However, if the bulls do not up their move, a bearish rally may overcome the bullish momentum. Seeing that, the moving averages are trending towards each other, which indicate a Bearish outlook. New targets should be set at $0.031500.