The post fork period has been marred by a bearish outlook across the markets due to speculation. Forks are always divisive, consequently affecting the performance of the various Altcoins in the market. Over the last twenty-four hours, however, the various coins have been making spirited attempts towards market correction. Despite not being able to break out of the price range to which they fell, most top 20 digital coins have undergone a market Bull Run with most 7 days EMAs crossing over the 21 days EMAs which goes to signal a bullish momentum.
Bitcoin is up by 5.5% since yesterday and is selling above the $3500 mark with a market capitalization of $61 Million. On the top, the pair hit $3744 (as marked H on the chart) and $3280 on the lower side (marked L).
Over the last 24 hours, resistance was set at the $3752 mark and support at $3280 as indicated on the chart.
A Bull Run has been brewing, with the 7 days EMA dominantly above the 21 days EMA. The 7 day EMA also acts as the price determinant at the $3600 mark.
Investor confidence has also increased with the Relative Strength Index moving temporarily into the ‘undersold’ (above 70) area marked A in the chart.
Ethereum gained by 6.7% in the last 24 hours, coming from $82 to the current rate of $94.06 against which it is exchanging against the dollar. Its market activity has been buoyed by improved investor sentiments which saw its Relative Strength Indicator shoot into the ‘undersold’ area this morning. (As Marked A).
On the lower side, the pair hit the $83.68 (L) mark and $96.75 (H) on the upper side with Resistance at $97.17. Support was set at $82.99.
Ripple continued its stellar performance over the last 24 hours, gaining by double digits. It is selling at $0.3313, up from yesterday’s $0.29 which translates to 12.04% growth. It continues to lead Ethereum (after overtaking it a few weeks ago). Ripple has the second highest Market capitalization after Bitcoin, clocking at $13 Million against Ethereum’s $9 Million.
On the upper side, it hit $0.354 (H) and $0.290 (L) on the lower side.
The Bull Run is expected to continue as the market attempts correction. However, this will only be sustained if the Bulls’ momentum can overcome the current price range