After a prolonged period of somewhat bullish movements, the markets have returned to their old ways this week. The price action was, as always, led by Bitcoin, which managed to lose most of its July gains and shift into a sideways pattern.
We did see a couple of stand-out performers break out against BTC, as some positive FOMO regarding a potential Coinbase addition drove ADA, XLM, 0x, BAT and ZEC into solid 15% and more upswings. However, it does seem like a turnaround is on the hands as market bears are slowly running out of steam and each new drop is weaker than the previous one.
Let’s take a closer look at the market’s top 3 most valuable coins and see what the near future holds for them: The market leader remains exactly that. Throughout the week, it looked to recover from the weekly lows of just above $6000 USD and seems to be on the right track to do so.
Dictating tempo for the rest of the pack, it graced our Sundays with some decent greenish action. BTC is currently valued at $6349 USD, which is a 2,05% rise in the last 24 hours. With a market cap of 109 billion USD, it firmly holds the position of the world’s most valuable currency.
The price is currently forming a support around its weekly low, so if it breaks below $6000 USD we could see a bleed all the way down to $5800. Currently the price is looking to break above a resistance found at $6300 USD, and if the bulls manage to close the day above this level we should expect a return to $6450 in the short term. Read more from captainaltcoin.com…
thumbnail courtesy of captainaltcoin.com