In today’s column of weekly crypto summary, we are going to look at the top ten cryptocurrencies in the green after a rough week. Also, we are going to look at the general crypto market’s performance and how these digital coins are expected to perform in the coming weeks.
On Monday, the total market capitalization dipped below $200 billion for the first time since last year, signaling a relative low from January 2018’s near-trillion-dollar valuation. In particular, digital currencies experienced severe declines, with almost all coins posting double-digits losses throughout the week. However, the markets started to show some signs of recovery towards the end, with coins such as Stellar Lumens (XLM) gaining 50% in a span of 24 hours.
One of the top ten cryptocurrencies in the green is bitcoin which managed to break the $6,500 resistance. The coin’s price continued to extend its gains to establish a new support at $6.620 in its new intraday peak level. However, the coin’s price seems well poised for more gains in the coming weeks as support levels hold firm.
Ethereum managed to break resistance at $301 and went on to record gains up to the $310 levels. Nonetheless, the coin’s price experienced a slight decline that pushed it to its previous support at $290. However, the coin may see significant gains in the near future with the increased adoption of its technology in various industries around the globe.
EOS finally managed to make a move today after struggling to move up for the past two days. However, both moving averages are sloping down and the RSI is still in the negative territory, which shows that the sellers have an upper hand. Nevertheless, a recovery can be seen approaching as the price tries to break out of the 50-day SMA.
Based on today’s price analysis, what do you think is the direction of these coin’s prices in the coming week?
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