Crypto market update: Bulls comeback revives investors’ hope as Bitcoin, Ethereum and Ripple reverse the trend upwards
|- The current bullish outlook has revived investor hope that the market will close March in the positive.
- In spite of the positive levels, Bitcoin is still stuck below $4,000.
- Ethereum is aiming for $140 although it is currently exchanging hands at $137.
A quick glance at the cryptocurrency market tells you that the bulls are back in control once again. This follows the retracement on Tuesday 26. Declines were recorded across the board sending the market capitalization below the $140 billion mark. The current bullish outlook has revived investor hope that the market will close March in the positive. The market capitalization is back above $140 with major coins recording considerable gains.
Bitcoin price overview
Bitcoin is seen trading at $3,982.43 following a 1.6% rise on the day. The price has corrected above both the 100 SMA and the 50 SMA 2-hour currently at $3,980.79 and $3,950 respectively. Most indicators are sending positive signals. For instance, the RSI has recovered to levels around 70 from the lows at 20. The same uptrend is observed with the MACD which has re-entered the positive region for the first time since March 21. In spite of the positive levels, Bitcoin is still stuck below $4,000.
Ethereum and Ripple
Both Ethereum and Ripple are also on upward trajectories. Ethereum, for example, is recording gains of more than 2.5% after opening the trading to at $134. The second largest crypto is aiming for $140 although it is currently exchanging hands at $137.
Ripple, on the hand, is trending higher 1.33%. It opened the trading at $0.3029 and has formed a high around $0.3099. At the moment, XRP/USD is valued at $0.3069. Ripple recently dipped below $0.29 hence this slight recovery means that higher correction is possible in the coming few days.
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