Crypto Market in Recovery Mode – Several Coins Jump

Analysis

There seemed to be a positive mid-week move for the cryptocurrency market as a whole as several coins jumped considerably over the past 24 hours from their weekly lows. It seems that the market has shrugged off a slow start to the week with the prime mover being Bitcoin Cash, which jumped by over 10% to trade at around $1650 at the beginning of the US market opening. Ripple also charged ahead and was touching the $0.80 yet again after it had dropped to the mid $0.70s only a few hours ago. Litecoin and EOS also had strong performances rising by 5% and 8% respectively with the latter expected to retest the $20 level at some point soon.

Bitcoin appears to have stabilized around the $9300 mark with minimal movement either way, although there is good support at this level with a boost towards the $10,000 level not unexpected. Ethereum also posted a robust recovery when it sailed past the $750 mark and appears to be poised to retest the $800 level sometime soon.

The smaller currencies by market cap seem to have retested some of their monthly lows, but all in all, prospects look quite positive in the short term. Stellar Lumens was trading at around $0.36 at press time, a full 25% off its monthly high of $0.45 registered only last week. Dash was also down to below the $450 level, although there did seem to be some revival on Thursday with the possibility of reaching the $500 mark in a concerted push on the back of positive market sentiment.

NEO was also slightly down to the mid $70s after reaching a high of $90 last week, although there appears to be a push toward positive territory very soon. EOS continued to hold the high $17 level and could be poised to move upward slightly in the coming days. All in all, as more capital enters the market, there appears to be a lot of positive sentiment with consistent announcements of new exchanges and the possibility of further investment products in cryptocurrencies.

I hope you enjoyed this market report, but please remember, this should be taken in no way as trading advice. For that, you should always speak with a qualified financial consultant.

Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.

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