The cryptocurrency market continues to recover from a massive collapse in mid-June. Major coins are approaching important levels and gaining volume to break out downward trend positions and further move up. Despite the growing positive sentiment, Bitcoin and altcoins are subject to local corrections and fluctuate near important levels. The total cryptocurrency capitalization sank 2% but managed to stay at $1.4 trillion.
The main altcoin expectedly slipped to the local support level around $2,100. The current correction was necessary and the cryptocurrency bounced off the intermediate support zone. Despite the bullish signals, ETH can still sink to the level of $2,000, after which it will continue to move to $2,300. However, as of 13:00 UTC, the asset has completely won back the recent fall and is quoted at $2,130. At the same time, the volume of daily trading dipped to $28.4 billion, and the local dynamics of price movement show a downward movement. At the same time, bullish signals are visible on the RSI index, which remains below the 50 mark, and the Stochastic Oscillator has formed a bullish crossover. Despite this, the coin does not show a reversal, but in the medium term, there is a chance to break through the downward sloping resistance line. This will lead to a rapid movement to the area of the $2,500 mark and further acceleration to the $3,000 - $3,300 corridor.
The Ripple token continues to move along the downward channel, showing no prospects for a breakout of the difficult level. The cryptocurrency conquered the round support level of $0.7 but rebounded to the local support zone around $0.66. Despite the lack of prospects for growth, the technical indicators of the coin indicate a possible bullish breakout. The Stochastic Oscillator has formed a bullish crossover in the 6K region, which could be a key factor in the breakout of the downward trend channel. In this case, the coin will continue to move towards $0.8 and, bypassing the local resistance zone, may try to break through $1.
The situation around LTC remains uncertain. The coin still slipped below the level of $140, but it sank only by $3, and buyers began to push the coin back. The technical indicators of the asset indicate the imminent success of this enterprise. The two-hour dynamics of the price movement indicate an increase in the price of the coin, and the stochastic formed a bullish intersection. The RSI index indicates that the optimal point for entering the asset has been overcome, and soon the cryptocurrency may be overbought. Despite this, the LTC/USD pair shows good daily trading volumes, which together with the local dynamics will help the asset to climb to the $140 mark.
The news background around the cryptocurrency market is beginning to stabilize. For example, the founder of the crypto bank Galaxy Digital, Mike Novogratz, said that the move of mining from China would be a positive development for cryptocurrencies. The news that software company NCR and crypto investment firm NYDIG have announced a partnership became vital news for the entire community. The companies plan to open access to Bitcoin to customers of 650 US banks, which is equivalent to 24 million customers. The market continues to accumulate the necessary volumes, the space for speculation decreases, digital assets are approaching important points, which indicates an imminent attempt to launch a bullish trend.
The material has been provided by InstaForex Company - www.instaforex.com