Cryptocurrency Market Showing Signs of a Major Breakout, Could This be its Time?

Nov 03, 2018 at 09:31 // News
Coin Idol
This is a big boost to crypto traders and investors although the whole bearish trend hasn't slackened.

Following weak momentum that had surrounded several digital currencies, indications of a market correction were observed on November 1. Candlesticks were green on Thursday this week for most leading digital currencies. This is a big boost to crypto traders and investors although the whole bearish trend hasn't slackened. Some of the cryptos with the most prudent momentum increase are Ripple (XRP) with 2.22% and Bitcoin (BTC) with 0.9% on hourly charts.

The top-rated digital currency by market cap turned 10 on Thursday. It has increased almost 1.1%,  over the past 24-hours, shifting from $6,315 to $6,530 with support at $6,400 level. Its trading volume also gained to $4.27 billion showing a high momentum is in the efforts.

Since March, however, Bitcoin has been falling. Even though this is a strong signal of a bearish trajectory, an upward break is also feasible. The digital currency's volatility declined similarly showing that a significant shift can enter the market. An acceleration could cause a bull run, in response, bring a great break from the $7,000 resistance level.

XRP Gains Momentum

Ripple started slowly this week, unlike other cryptos. It faced a slow dip as anticipated after the weekend where crypto operation is normally minimal. Things are nevertheless changing as is the similar case with BTC. Even though the momentum is not yet clear, solid gains have been recorded amid a noisy and disorderly 2018.

XRP has increased over 2% in the past day, and that puts it as the largest gainer among cryptos. It had a 1.6% edge over Bitcoin which shows that its here for a long period. This was ascribed to the news that XRP will force its entry into the Middle East with the aim to set up a shop in Dubai. This very optimism is what maybe spells high momentum.

Other prudent top-crypto gainers are EOS and Stellar, which increased over 2% showing a significant drift for digital currencies.

Show comments(0 comments)