Yesterday the market capitalization of the crypto market rose to $ 235 billion and all cryptocurrencies posted significant gains with Bitcoin Cash, EOS and Monero rising 20 percent in a short period.
In the past two weeks, the cryptocurrency market has seen a good and healthy increase giving momentum to a possible bull market scenario. However, the BTC weekly MA20 says a different story, and judging from it we can say that we are still far from a bull run, and more on neutral ground.
On the other hand, most of the cryptocurrencies in the top 100 saw yesterday great gains with Holo (HOT) and PIVX (PIVX) increasing in price almost 50 percent.
The Top 10
Bitcoin Cash, EOS and Monero were both able to gain more than 20 percent each which place the latter back into the top 10. The market capitalization has also increased from $ 226 billion to $ 235 billion. For the moment, the situation looks good for the bulls. We can say that the best options at this time are long positions, which are directed towards stop losses which are targetting the lines of support and resistance.
While everything went well for other altcoins in the case of Stellar the chart indicated an increase just under 1 percent. However, it’s a positive move since the cryptocurrency has been stuck the entire month of August.
Best Performer Monero (XMR)
The date of the next Monero Hard Fork was announced last week; and with it, a new proof of work algorithm called Bulletproofs. With the upgrade, the developers expect a very positive impact on the scaling and transaction fees of Monero blockchain. In addition to that, Satis Group’s forecasted that the privacy cryptocurrency is likely to increase to $ 18,000 to $44,000 in the next years.
Following the news, Monero increased by 27 percent with a positive MACD which indicated that the cryptocurrency’s ascension is far from over. The RSI is also at 63. The positive divergence between the price development, the MACD and RSI indicators, give us a “very” bullish sign. Although it has to find the consolidation, you can open a long position with first support at $ 103 as stop loss, and two resistances at $ 131 and $ 153. If the price falls below the stop loss, you have the change to open a short position, where you can use as a target the EMA50, currently at $ 112 as a stop loss and the second support at 84.
Competition in top 10
The head-to-head race between Monero and IOTA still goes on with a difference of only 0.5 percent between the two cryptocurrencies. In the case of Cardano and Tether, the former needs to increase its market capitalization by six percent to advance on the 8th place. Another “close encounter” is the one between Stellar and Litecoin, with Stellar having a 10 percent advantage.
On average, all cryptocurrencies have increased by 15 percent. In other words on average, all cryptocurrencies performed better than Bitcoin. The top 100 however increased on average
“on average” by almost 50 percent.