Thursday's cryptocurrency market capitalization was recovered by almost 6.8% after setting the annual minimum yesterday.
All the best coins have recorded correct bullish corrections, with Ethereum and Monero leading the rankings with maximum gain. 17 percent each. Dash, Cardano, IOTA, Tron and Litecoin closely followed a two-digit percentage increase in their respective values. Bitcoin, on the other hand, has grown relative to its peers – about 3%
. The expansion added $ 12.7 billion to the cryptocurrency sector, as its fund reached $ 186 billion. There are no fundamental factors behind the impressive upward correction – not at the time of writing this article. This clearly indicates that price action could be the result of daily traders trying to make intra-day profits.
That said, the market continues to remain within a bearish bias until the first currencies attempt to invalidate their respective upward-downward triangles. Let's have a look at our best artists to understand it in depth:
Ethereum 1D Chart
ETH / USD appreciated more than 23 percent from its intraday low near 167-fiat – and continues to count earnings. Impressive price action, however, should not be confused with a bull's return trumpet. The pair has already lost over 80 percent in ICO reporting. Fundamentally, ETH / USD is on an accurate downward trend that could attempt a substantial withdrawal only after the exit of the bad actors market. The downtrend line technically represents the trend in the above chart which requires a break to confirm at least an upward trend in the medium term.
Having said that, a fundamentally weak Ethereum will probably resume its downtrend until the downtrend line is on the upside.
Monero, on the other hand, is supported by underground market support – which is probably the best case for cryptocurrencies. Let's have a look:
Monero 1D Chart
Technically, Monero has already surpassed his downtrend line and seems more at ease with his bullish prospects. The XMR / USD gained more than 52 percent from August 15 near 76-fiat, but is currently undergoing a correction phase on a withdrawal from 4 September at the top near 142 fiat. This is equivalent to a 18% decrease over shorter time periods.
XMR / USD would need to re-establish its September high for a breakout to establish a more moderate uptrend in the medium term. A bear pole formation from here could put the pair in freefall towards 76-fiat – the completion of a Head and Should model.
Close-up image of Shutterstock. TradingView Charts.
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