Is The Ongoing Recovery In Market leaders Sustainable?

btc and eth

Published 16 hours ago

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

heatmap of cryptocurrency pricesSource- 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 

btcSource- 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.

TradingView ChartSource-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.

TradingView ChartSource-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.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at)

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.