Following a couple of bearish days, crypto-asset markets are back in the green as US$8 billion [AU$12.6 billion] returns to the scene. The move has taken the total market capitalization back over $200 billion again.
The crypto market capitalization hit an intraday high of $207 billion a few hours ago as Bitcoin and its brethren bounced back after a few days of decline.
The move has prolonged the range-bound trading pattern that digital assets have been stuck in for the past month or so.
The next level of resistance lies at $7,400 and this has been a tough one to break. Analysts are still leaning towards the bearish side with further declines predicted.
Multiple bearish divergencies on a 1h time frame (also on a 4h time frame, but weaker):
– Stochastic RSI
– Accumulation/Distribution Index
– Directional Movement Index
– Elder's Force Index
– Klinger Oscillator
– Money Flow Index
– Stochastic$BTC $BTCUSD #bitcoin pic.twitter.com/FOTzUhBznd
— CryptoHamster (@CryptoHamsterIO) April 23, 2020
BTC is currently trading at the 50-day moving average which is proving to be a strong resistance level.
Other crypto assets such as Ethereum are having a much better day, with ETH gaining over five percent to top $180.
It too has been halted by resistance, however, and further gains will not be forthcoming without a solid break above current levels.
Today’s top mover is Stellar, as the foundation adds two new key members to its board of directors. XLM has cranked over 10% in the past 24 hours, taking prices to $0.057.
Tezos and Cardano are also performing well at the moment, with five to six percent gains as altcoins lead markets back up again.
Featured image courtesy of WorldSpectrum /Pixabay