After a Bearish start into the week, the Bulls have taken over and painted the market’s green. For better parts of last week, the Bears dominated the various markets. The trend continued over the weekend as well as the start of the day.
The bearish trend has seen previous support zones tested and breached. Also, all of today’s focus coins drifted into the ‘oversold’ area which signals dwindling investor confidence in the cryptocurrency industry.
The largest digital coin by market capitalization is up by 4% over the last 24 hours. This is after it went from $3582 to the current $3715. The earlier Bearish trend went against earlier predictions that 2019 would start on a strong Bull Run aimed at a market correction to the previously held psychological price of $6000.
The 21 days EMA (C) has been above the 7 days EMA (B) and is currently acting as the price determinant. This shows the strong momentum that the Bulls have put up which has had favorable effects on investor psychology. Most investors were looking to sell off their BTC investments fearing that the Bearish momentum will occasion losses. This was shown in the RSI (marked A) which is struggling to come off the ‘oversold’ area.
After enjoying a short stint as the second top crypto in terms of market capitalization, Ethereum is back at position three. This is after XRP went through massive sell-offs that saw it move above ETH. The latter is at $12.3 Billion while the former is at %13.2 Billion.
ETH is up by 10% after coming from $119.43 to $127.39. This Bullish momentum was signaled by various indicators including the RSI and both Moving averages. Point A shows the RSI at the ‘oversold’ area. This shows that ETH holders would rather hold onto their coins. Also, both EMAs (B and C) are downward facing which indicates that the Bulls momentum might be gaining grip.
After undergoing a sharp nosedive, XRP is making attempts at a Bull Run which saw more green candles on its charts than in any other coin’s chart. XRP started off selling at $0.32 versus the current rate of $0.33756 with a 4.94% increase in its price.
XRP’s investor sentiments are looking positive after skyrocketing significantly from the ‘overbought’ area. B and C show the 21 and 7 days EMAs respectively. They form a contracting triangular pattern which shows that the bullish momentum might be making more upwards movements.