Following a bearish momentum that had engulfed most cryptos, signs of market correction were seen today. Candlesticks turned green today for most top cryptocurrencies.
This is a major boost to traders and investors even though the overall bearish trajectory has not relented. Some of the coins with the most notable momentum gains are XRP and BTC which gained 2.22% and 0.9% respectively on hourly charts.
The top-rated crypto according to market capitalization turned 10 yesterday. Over the last 24 hours, it has made gains of about 1.1%, moving from $6315 to $6530 with a strong support at the $6400 mark. Its trading volume also increases to 4.27 Billion USD signaling a bullish momentum is in the works.
Since March, however, BTC has been on a descending triangular pattern. Although this is a strong indicator of a bearish trend, an upward break is equally possible. The crypto’s volatility dropped similarly indicating that a major move can enter the market. An upward momentum could precipitate a bull run which could, in turn, cause a major break from the $7,000 resistance zone.
Ripple improves momentum
It was a slow start to the week for XRP as with other cryptocurrencies. It experienced a slow dip as expected after a weekend where activity is usually low. Things are however turning around as is the case with Bitcoin. Although the momentum is unclear yet, substantial gains have been registered amid a tumultuous 2018.
XRP ‘Halal’ in the Middle East
The coin has gained over 2 percentage points in the last 24 hours, which ranks it as the biggest gainer of the top cryptos. It had a 1.5% edge over BTC which indicates that it might be here for long.
This was attributed to the news that Ripple will push its penetration into the Middle East with plans to put up shop in Dubai. The latter is a crucial financial center and wealth hub for the region. This optimism is what perhaps spelled momentum for the bulls.
Other notable top-coins gains are EOS and Stellar, which gained more than 2% indicating a bullish drift for cryptocurrencies.