Is The Ongoing Recovery In Market leaders Sustainable?

Bitcoin, Ethereum price prediction: The market leaders Bitcoin and Ethereum witness a minor recovery with the start of a new week. However, the rising prices and decreasing volume indicates the buyers are less confident, which may eventually increase the chance of a downtrend continuation. 

The global cryptocurrency market saw an increase of 1.37% on Monday at 10:52 am EST, resulting in a total value of $1.08 Trillion in the past 24 hours. Moreover, the market’s overall trading volume rose by 24.38% to $42.32 billion. Presently, the DeFi market accounts for $4.77 billion, representing 11.28% of the entire cryptocurrency market’s 24-hour volume.

Top Gainers and Losers

Source- Coin360 

Among the top 100 cryptocurrencies, NEM and Stacks coin showed the highest gains. In the 24 hours, the XEM witnessed a 44.32% hike, pushing its price to $0.05935, while the STX price rose by 21.42%, reaching $0.9397. Conversely, Quant and Bone ShibaSwap have seen declines in their value, with QNT price losing 3.72% and plummeting to $128.4, meanwhile BONE price dropping by 3.51% to $1.85. 

Bitcoin Price 

Source- Coinmarketcap

While the crypto market eased on selling press, the Bitcoin price rebounded from local support of $226757. This bullish recovery has recorded a 4.6% gain in the last three days, where it currently trades at $23764.

However, the rising price backed by decreasing volume indicates weakness in bullish momentum. Thus, the Bitcoin price is more likely to revert from the $24000 resistance and resume the ongoing correction phase. With sustained selling, the coin holder can expect a retest to the $21500 mark.

Source-trading view

On a contrary note, a bullish breakout from $24000 may encourage buyers to rechallenge the last swing high resistance of $25000.

Also Read: What Do You Need To Know About Top NFT Discord Servers?

Ethereum price 

Source- Coinmarketcap

Amid the recent sell-off, the Ethereum price turned down from the resistance trendline of the megaphone pattern and triggered a new bear cycle. Thus, usually, this bear cycle within the pattern encourages a significant downfall to the lower support trendline.

However, the coin price bounced back from the $1555 support and indicated the buyers are trying to regain trend control. This bullish reversal has surged the prices by 7%, where it currently trades at $1481.

Source-Tradingview

However, the rising ETH price is backed by low volume, indicating this rally is temporary. The daily chart showcasing rejection at $1661 rejection indicates the coin is likely to plunge lower and may hit the $1500 mark.