Daily Cryptocurrency Markets Update – November 6

Daily Cryptocurrency Markets Update - November 6

65 of the top 100 cryptocurrencies recorded a bull run over the last 24 hour, picking from the strong momentum garnered over the weekend. XRP, BCH and BTC were among the top cryptos whose candlesticks turned green with Bitcoin Cash had the most gains, taking a chunky double digit- 11% turnover.

The upward surge is reported to have been as a result of BCH’s backing by sector giants Bitcoin.com and Binance in the upcoming November 15 Bitcoin Cash Hard Fork. The current fundamental developments that continue with regards to Bitcoin cash are predicted to have a ripple effect on most cryptos markets, pushing prices upwards.
BCH/USD

The pair has been buoyed by fundamental news, sky rocketing sharply from the critical support zone of $408 to a new high of $488 threatening to get to the psychological target of $500.

Prices for the pair have been ranging at $460 to $470. A strong bullish momentum has been witnessed since Friday, November 2, where the Relative Strength Index (RSI) was at the oversold area. Consolidation moves above $470 are likely to invite more buying pressure, consequentially pushing prices upwards.

If the market’s Bull Run continues, a price rally towards the $500 psychological mark is likely to be witnessed. Chart patterns indicate the market is cooling from Friday’s high. The process of cooling off is expected to ease the pair out the oversold area consequently giving the Bulls another chance to run BCH/USD higher.

However, given the fast rate at which prices have skyrocketed, the lower part of the said range ($460) might fail to hold. This might activate a southwards reversal towards the $400 mark.
XRP/USD

After a successful weekend in which Ripple gained over 30% in value, the bull run has persisted. The third-rated cryptocurrency by market cap currently sits above Bitcoin in trading volume ranking. It commands a leading 9.4% of the total market trading activity and is currently trading at $0.5050.

Over the last 24 hours, it has seen an 8.8% increase. It broke above the $0.50 resistance zone set and is currently rallying above this zone. This is perhaps a signal to investors to take advantage and buy coins when they are low before they embark on a bull run.

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