What happened to cryptocurrency today: The digital currency market is on fire as digital assets explode in sumptuous gains in the last 24hours.
Bitcoin has made a continuous persuasive move North after breaking above the $10,000 resistance level.
Bitcoin revived the movement after defending the support at $9,700. A new yearly high has been formed at $10,355 as the largest cryptocurrency by market capitalization tried to close in on $10,400. So how are some altcoins performing?
Ethereum price renews an upward trend
Ethereum is gaining following the impressive performance by the bulls in the last 24 hours. The buyers did not panic when Ethereum dived from levels above $230 to those slightly under the key support at $220.
Instead, they sort for balance, increased their entries, hence pushing the price above the first hurdle at $225. Ethereum has jumped above $230 following more upside action, extending the bullish performance past $240.
ETH/USD has a market valuation of $245 following a 3.12% growth on the day. From the opening value of $237 on Wednesday, the price has hit an intra-day high at $248.19, finally testing the resistance at $250.
Ethereum is trading above a seven-months descending channel. The breakout from the channel resistance has sustained the momentum in spite of the up and downs. However, pullbacks are always associated with bullish markets.
The bulls have control at the moment even as the relative strength index (RSI) digs higher in to the overbought region.
ETH is relatively overbought; therefore, traders should be alert in case of a reversal. If a correction does occur, support is expected at $240, $230 and $220.
Tezos achieves a new all-time high
Tezos is the best performing digital asset following its 16% intriguing surge in the last 24 hours. The digital asset pushed past the resistance at $0.29 and at $0.30 respectively. A new all-time high has been achieved at $3.0626.
The bulls are working had to hold onto the gains posted in spite of the shallow adjustment to $2.9945 (market value).
Tezos is fully in the hands of the bulls. The Relative Strength Index (RSI) suggests that the bullish action could be sustained for a longer period. The aim is to keep XTZ above $3.00 so that the buyers can focus on higher levels at $3.25 and $3.50 respectively.
As the moving average gap is expanding, buyers’ interest keeps growing. Besides, the 50-day simple moving average (SMA) at $1.63 and the 200-day SMA at $1.25 will function as key support areas in the event a reversal comes into the picture.