After a strong pullback, the crypto market is soaring again, as the usual momentum resume. But for most of the coins, the bull not out of the woods yet. Still, coins like Ethereum has managed to gain a substantial amount.
Ethereum
After a rough a rough week, Ethereum is on track again. It regained its bullish pace and the trend seems to be a strong one. The coin gained above 9 percent in the last 24 hours, and thus the overall weekly gain of ETH is now above 6 percent. The recent volatility is attracting a large number of traders and for the last 24 hours, trading volume was above $4.47 billion. The market cap of the coin is now above $105 billion.
In the early week, the coin fluctuated widely between the resistance and support at $1090 and $1010 respectively. But then with short boost, ETH/USD pair breached the resistance to reach $1162. Then the weekly bear took over the entire market and ETH/USD went down to $907 in almost 48 hours. Ultimately, $920 supported the prices and acted as a pivot to initiate a bullish run. The trend of the bull is very strong, and the coin has reached $1075. Though it is facing with some resistance at $1100, it is more like a speed bump on a highway.
Even though the coin is running bullish, 100 SMA is still below 200 SMA.
The oscillators were also running bullish, until recently. The recent resistance has forced Stoch and RSI, both, to come down from the overbuying zone. RSI is currently at 64 percent.
Litecoin
Litecoin is another coin whose bullish run looks very promising. Even though the coin only gained 3 percent in the last 24 hours, its trend is strong. It is firmly holding the 7th spot of the largest coin in the market with a market cap of above $10.1 billion.
On the weekly chart, the coin had a good support at $190 at the start. The prices even touched $215. But then with the weekend pullback happen and the prices started to fall. Though a brief support in the midway at $185 tried to hold the prices, it could not succeed, and the prices dived again.
Finally, at $166, the coin found a strong support, and thus the bearish run ceased. It also acted as a pivot and resulted in a price recovery. Though the trend looks good, it is facing some resistance at $185, but LTC/USD is constantly testing this level.
The technical indicators are clearly showing the effect of the resistance, but still, they are giving mixed signals. Stoch is taking a U-turn after a bullish run, but RSI, currently at 60 percent, is still moving upward.
The price curve is currently at 38.2 percent Fibonacci retracement level. Because of the bullish run, the gap between 100 and 200 SMA was also narrowing down, but now with the resistance, they seem to be moving apart again.
Market Update
As the European authorities approved Bitflyer, Tokyo’s leading exchange, to operate in Europe, this will be a huge boost in the crypto marker. This move is taken as a response to the bigger demands in supply for new exchange points and they count on having Litecoin (LTC) and Ethereum (ETH) trading pair available this year.
Aliant, one of the leaders in international merchandise service providers, announced yesterday that they introduced Ethereum as a form of payment in their network. Aliant was one of the first providers to enable Bitcoin payment for merchants through BitPay which means that they’re on the frontier of blockchain adoption.
Conclusion
The upcoming month will be very crucial for the crypto market. A lot of advancements happened in the market, and the community is pushing for more. The mainstream economy has also started to recognize the crypto economy, as grades from the rating agency Weiss Ratings are also on their way. With all these, there is a major possibility that crypto economy will soar in the recent future.
