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Bitcoin picked up again this morning, posting a price 4% higher than the previous day at $16,766. Ethereum is on a similar trend, with a new price at $1,257 up nearly 6% from yesterday.
Overall, the cryptocurrency market is showing a positive trend with total capitalization up 4% over the past 24 hours and trading volume on the rise with $82.88 billion worth of cryptocurrencies traded. .
The distribution of this trading volume is between DeFi which weighs just over 5% of the total volume over 24 hours and stablecoins which total $77.78 billion, or 93% of the trade.
The most notable gains and losses in the market
Among the other rises of the day, we can distinguish 3 tokens that perform:
- Cronos (CRO): up 25% to $0.072.
- Quant (QNT): With a nice 20% increase to $119.
- Lido DAO (LDO): up 13% to $1.163.
Despite an overall positive market, however, there are currencies that are retreating today:
- Axie Infinity (AXS): less than 1% loss at $7.25.
- UNUS SED LEO (LEO): Down more than 0.50% at $3.75.
The price of bitcoin
The current Bitcoin price is at $16,766 after a 4% increase over the last 24 hours. Its daily trading volume is at $47 billion and its market capitalization stands at $352 billion.
The chart analysis of today’s Bitcoin price is really similar to our prediction from yesterday. BTC Trading Range Remains Wide between $18,000 and $16,000with breakouts that will define the evolution of the price.
In the event of an upward crossing of the 38.2% Fibonacci retracement at the $18,100 level, then the price of Bitcoin would have a level of 61.8% Fibonacci at $19,350 which would act as resistance. On the other hand, Bitcoin could fall below $15,965 if it fails to clear the 38.2% Fibonacci retracement level at $18,250.
There is still uncertainty regarding the MACD indicators, the 50-day moving average and the RSI: the first is in the buying zone while the following two indicate a selling zone. This translates well a very hesitant market for BTC in the short term within the price range indicated above.
The price of Ethereum
With a price of 1,258 dollars, Ethereum appreciated by 6% compared to yesterday and its transaction volume represents 14 billion dollars over 24 hours. In terms of financial weight, Ethereum thus represents a total capitalization of $153 billion with 122,373,866 ETH coins in circulation.
The graphical analysis of the Ethereum price teaches us that a bullish retracement has been crossed at $1,262while the 50-day moving average provides a immediate resistance level at $1,370 : the price of ETH should therefore be between these two values in the short term.
In the event of a bullish crossing of $1,370, the rise of Ethereum could then take it to resistance levels at $1,506 or $1,670.
The current support levels of $1,170 or $1,095 are still safe guards, but in the event of a downward breach, ETH would then have thresholds at $1,000 or $881. However, in the current context, this remains quite unlikely.
Prediction of the price of Cronos which has just increased by 25%
The current price of Cronos stands at $0.073, after a sudden increase of 25% compared to the price of the previous day. This was achieved on a transaction volume of 240 million dollars, or nearly 15% of the total capitalization of CRO.
Looking at the graphical analysis of the course of Cronos, we see that this crypto has surpassed its resistance level of $0.064 and crossed a 38.2% Fibonacci retracement at $0.071. This upward crossing may drive CRO to levels of $0.0765 or $0.0820, the 50% and 61.8% Fibonacci retracement levels. This may constitute an objective price if the upward trend is confirmed over the next few days.
On the other hand, the moving average over 50 days, offers a resistance level at $0.089 which could well be a hard ceiling to breakas the MACD indices and the RSI diverge, reflecting a still uncertain market for investors vis-à-vis Cronos.
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