When you log on today and look at how cryptocurrencies are doing, you might at least have a little more hope than you did last week.
It seems like some of these coins have finally broken their slow descent and might be gearing up for another rally, or at least stabilizing after a selloff.
The most prominent example, of course, is Bitcoin – after slumping down to nearly $3200, as of press time today, Bitcoin is up over $3660 and bounced nearly 10% in the last few trading hours.
Ripple and Ethereum are up too, and so are some other altcoins that are looking pretty attractive right now. Litecoin has gained around 11%, and EOS is at about 6% up today.
Another winner is Bitcoin SV, one of the results of the controversial Bitcoin Cash hard fork in November.
After that hard fork occurred, everybody was waiting to see how each side of the path would go – Bitcoin SV looked like the underdog for a while, but after more exchanges and other partners started embracing Craig Stephen Wright’s crypto track, Bitcoin SV now seems to be leveling out. There’s a big spike after the fork, up above $200, and then a low of under $50 – since then, the line has trended right around $100 and although it’s lower now, you can see the value struggling to regain some ground.
With that in mind, many analysts still view the short-term and even medium-term trend as bearish.
“(Bitcoin SV) continues in a bearish trend in its medium-term outlook,” writes Azeez M today at BitcoinExchangeGuide. “The bearish pressure kept pushing the cryptocurrency to a new low with $62.60 in the demand area retested on 15th December. The bullish correction was necessary for the market correction as BSVUSD was up at $78.99 in the supply area during yesterday session .. Today’s 4-hour opening candle briefly had price up at $79.36 in the supply area before closing as a bearish inverted doji, an indication of exhaustion and end of the bullish flag thus a signal to possible bears return.”
- mentions a “double top” that you can see in today’s trading, right around $79.
“The bulls lost momentum after taking the cryptocurrency to $78.50 in the supply area twice,” writes M. “This resulted in the formation of a double top that returns the bears back to the market.”
Will this rise continue, or will coins under fire slump again? Whether you are invested in Bitcoin, Bitcoin SV, Ethereum or some other crypto, keep an eye on markets today to understand better how prices might change throughout this week.