The Crypto Market is Green Today, But No Signs of a Breakout Yet
Jun 6, 2018, 4:52PM
The cryptocurrency market is green today, with most of the top 100 assets up by single-digits. Nevertheless, there is no sign of a breakout rally
The cryptocurrency market is green today, with most of the top 100 assets up by single-digits. Nevertheless, there is no sign of a breakout rally in the near future. The strong correlation between Bitcoin and many of the other assets is weaker compared to last week, and several assets are bucking the overall trend of the market.
Three small-cap tokens : GlobalCoin, Steem Dollars, and OxbitCoin post triple-digit gains today, and the total cryptocurrency market cap has risen to $343.9 billion with Bitcoin dominance increasing to 37.8% of the total.
Bitcoin Technical Analysis
Bitcoin is up 2.27% in the last 24 hours, currently trading for $7,544 -- a market cap of approximately $130 billion. There are no major news events influencing the market, and trading volume has remained relatively stagnant for the last week. However, despite a clear long-term bear market, Bitcoin has formed a bullish pennant pattern, and there is potential for some upside in the short-term. The bulls can look forward to testing the supply zone in the $7,700 level within 24 hours.
Ethereum Technical Analysis
The Ethereum price rests at around $597 after failing to break past resistance in the $615-630 zone earlier in the week. Right now the price is hitting strong resistance at $610 and the 50MA at 605.
In the news, Ethereum is facing challenges from its competitors in the smart contract space. Stefan Thomas, the former CEO of Ripple, is releasing Codius, a company that aims to assist websites in monetization and decentralized application development, a market currently dominated by Ethereum. This news seems to have minimal impact on Ether prices.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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