[ad_1]
The market capitalization of cryptocurrencies stood at $ 566 billion as Bitcoin and Ethereum saw demand and prices rise. Many large cap altcoins also performed extremely positively over the past week. Cosmos and Zcash suffered a retreat and were ready to rise once again towards his resistance. Ethereum could lead the altcoin market once again with its substantial gains in recent days and it is likely to continue to earn.
Ethereum [ETH]
Source: ETH / USD on TradingView
ETH climbed above the psychological level of $ 600 to hit a local high at $ 620 but was forced to drop below $ 600 to retest $ 584 as support.
The price seemed to find support from the 20-period moving average. A close below would be bearish in the near term and see the price drop to the $ 550 support.
However, the long-term outlook is decidedly bullish. The drop in trading volume when ETH began its $ 620 withdrawal suggested that ETH didn’t have many sellers.
In other news, the Ethereum 2.0 deposit agreement has amassed over 540,000 ETH and the beacon chain will launch next week.
Cosmos [ATOM]
Source: ATOM / USD on TradingView
After the bearish divergence and the drop to $ 5.8, ATOM has once again started its ascent on strong trading volume. The RSI showed a value of 60 to show bullish momentum and did not drop below 50, showing that an uptrend was still in play.
An ascending wedge may develop over the next few days, but at the time of writing, ATOM was set to rise towards $ 6.35.
Zcash [ZEC]
Source: ZEC / USDT on TradingView
ZEC did well in the markets after a breakout above $ 71. It faced selling pressure at the $ 90 resistance and fell 7.8% from $ 87 to $ 80.4 within hours.
This decline was not a reversal of the uptrend, but is more likely to be a pullback, and ZEC was poised for another attempt to break out of the resistance.
The OBV showed strong buying volume for ZEC over the past week, while the CMF indicated that capital was entering the market for most of the previous week.
