Prices for most of the markets are trending in the green over the last 24 hours.
All the top coins are in double-digit gains, except BTC and XRP which look set to break above in the short term.
The near-term outlook for most of the top cryptocurrencies is bullish. However, weak support suggests prices could still trade downwards.
BTC/USD has managed to sustain an intraday trend above $6k after breaking above earlier today. The pair had sunk below the critical support level for the second time this month.
However, thanks to a price jump of over $500, Bitcoin now trades at $6395 and look set to retest the $6.5k resistance zone. The top coin broke above that level when hitting a daily high of $6,545.
There’s momentum, with BTC moving +9% and +5% in the last 24h and 7-day periods respectively. Today’s uptrend has seen it maintain positivity by trading in an intraday range at $6,195 and $6,545.
Days of constant sell-off pressure has seen BTC threaten to sink even lower. Now the bulls need to push it to the $6,700 resistance level. Now looks a great time to buy as the coin will likely embark on an uptrend this weekend.
Ethereum is trading double-digits into the green over the last 24 hours. The momentum generated has seen its price rise to break above $450. It is a positive move for ETH after it dropped to a low of $415 a day ago.
ETH/USD bounced sharply today, rising from a low of $435 to hit a high of $463.
The pair has gained huge support from the bulls at the crucial descending trend line.
However, buyers need to come in to push it past $490 and retest the $500 level.
The relative strength index is in oversold conditions, helping the bulls to continue building momentum.
There could be more upside movement for Ethereum as sentiment improves. It will be an interesting weekend for the second largest crypto.
XRP/USD is up by over 9% over the last 24 hours, though it’s still in the red over the last 7 days.
The pair is trading at about $0.468, slightly under the intraday high of $0.482 (on Kraken). XRP needs to find a sustained build-up above the current levels to see any further gains.
At the moment, Ripple appears to be breaking out of the recent descending channel. If the upside carries over the next few hours, it could test the psychological 50 cent level.
However, it remains under pressure and will run into tough resistance near that price.
On the downside, it could retrace to break below the immediate support area at $0.46. That means buyers may be reluctant, allowing sellers to retake control.
Litecoin faced massive sell-off pressure over the last several days and saw its prices take a tumble. It finally reached critical points when it hit a low of $74.
There’s hope for the investor though, with a host of great developments in the pipeline.
LTC/USD is trading at $82.54, moving +11.76% higher over the last 24 hours. The pair has traded in a tight range between $79.00 and $84.07.
The spike in BTC has seen Litecoin rally to break above the $80 level and could yet see more positive moves if the top crypto consolidates above $7k.
Litecoin is seeing a possible relief bounce, on the intraday trading charts. It could consolidate above current prices and make a $5-10 rise.
If it does, it could hit $100 in the next few days. If however, it retraces, then June 29 lows could come into play.
EOS seems to have turned a corner from the latest troubles with its mainnet. The proposal to change the EOS constitution seems to have played a role in the price jump witnessed today.
On June 29, EOS/USD traded at just above $7 and was in downturn mode with its price 20 percent in the red.
It looked unlikely that EOS bulls would push it above the key resistance area at $8.0. That happened today, the pair moving up in value by 12 percent in the last 24 hours.
The coin touched a low of $7.75 and a high of $8.24. However, it retraced to trade at just above the $8.0 level where it has dragged much of the time.
If the bulls maintain the upside momentum, EOS is likely to face resistance at $8.5, $9.0, and $9.5.
However, if the bears retake the initiative, prices may retrace and test demand zones at $7.5 and below it $7.0.