The start of a new month heralds another day for the bears as the major cryptocurrencies are on the rise. Damage control will be the next measure as the bulls have been able to push the price of various cryptocurrencies to almost test their various all-time highs.
Here is the crypto market outlook for today.
Buyers took BTC on a jaunt upstairs. BTC hit as high as $ 60,323 a few hours prior to the time of writing. The most active time of the surge was when Bitcoin started the surge. The price hike was so rapid that BTC jumped nearly $ 1,000 in one hour.
More bad news for the bears as BTC posted 1.3% gains over the past 24 hours. The current price range suggests a shift in the dominance balance as sellers appear to be changing.
With the bear edge, prices could drop to just $ 58,000 before the bulls have full control of the market. There is also a possibility that the USD 58,000 support will tip over if nothing is done about the bearish move in the market and a greater chance that the bulls will regain control before that price mark.
It’s funny how the Cardano card resembles a seismograph. ADA smells like high volatility as it sees more price movement than more coins in the top 10.
In the past 24 hours, ADA was nearing its all-time high of $ 1.20. The past 24 hours saw a low of 1.18 as Cardano posted gains of more than 1%.
After the same price actions as before, traders can expect an ADA trade between $ 1.18 and $ 1.20. If the current uptrend that Cardano has seen in the past 24 hours increases, a breakout above the price region statement is inevitable.
Polkadot also enjoyed its fair with huge price promotions, but not as high as ADA. As with most coins in the top 10, DOT got closer to its ATH during another massive spike in the past 24 hours.
Prices could hit $ 39 if the bulls can recover. It is also important for buyers to keep an eye on the USD 37 support as it is constantly under attack by the bears and will tip over if the right traders do nothing.
It is easy to conclude that the next 24 hours will be another interesting trading experience. The best way to enjoy the thrill is to act.
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