Do bulls have enough power at the recent correction to keep the rise going?
|The cryptocurrency market has continued the growth that started yesterday, and all of the top 10 coins remain in the green zone.
Top coins by CoinMarketCap
BTC/USD
Over the weekend, the price of Bitcoin (BTC) consolidated in a sideways channel between resistance at the $55,287 level and support at $53,400. At the end of the week, the bears closed the gestalt, testing the lower border of the sideways range. The monthly minimum has shifted to the area of the mark of $53,300.
BTC/USD chart by TradingView
This week has began with intensive growth that was supported by rather large volumes. As of this morning, the BTC price has already tested the $58,000 level; however, bulls were unable to break above this strong resistance.
If buyers are able to form another bullish impulse today, the pair can gain a foothold in the area of $60,000.
Bitcoin is trading at $57,209 at press time.
XRP/USD
On Sunday, the XRP price renewed its November low at $0.886 and recovered above the level of $0.960 tonight.
XRP/USD chart by TradingView
In the morning, buyers are trying to break above the two-hour EMA55. If they manage to break through this strong resistance, then the growth might continue above the psychological level of $1.
In the event of support from a large buyer, the pair may be able to test the resistance of $1.10 in the near future.
XRP is trading at $0.9759 at press time.
DOGE/USD
DOGE has shown the greatest growth compared to other coins from the list with a rise of 9%.
DOGE/USD chart by TradingView
DOGE has successfully bounced off the support line at $0.1940, which means that buyers keep dominating. If nothing changes, the growth may continue to the zone of the most liquidity around $0.25858, where a minor correction could occur. Moreover, the buying trading volume is also rising, confirming bulls' power.
DOGE is trading at $0.2155 at press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.