Cryptocurrencies are recovering from the bear markets. Monero, Zcash, and Chainlink are almost out of the downtrend zone as the cryptos make positive moves. Bitcoin SV and Stellar are currently in a sideways trend as the coins battle to come out of the downtrend zone.
On March 14, the cryptocurrency market started off with some stocks rebounding, but the decline in the afternoon strengthened. At press time, seven of the top ten stocks fell, and 70 of the top 100 were lit red, indicating a stronger drop. Among the top 10, it’s only Bitcoin SV, EOS and Binance Coin that are still resisting the forces of falling.
Virtually, all the coins are under selling pressure as they trade in the oversold region. Buyers are expected to emerge to push crypto currencies upward. The coins may remain in the oversold region if buyers fail to emerge.
Cryptocurrencies are gradually entering a bull market as the downtrend ends. Bitcoin SV, DASH, Monero and NEO are making impressive moves but their prices dry up at higher price levels. Dogecoin is bearish as it continues its downward move.
This week Monero and Bitcoin SV are performing creditably as the coins are trading above the EMAs. In their respective moves, the coins are facing resistance at a higher price level. This is largely due to a lack of buying power to push the coin upward. Maker is the only coin that had been in a sideways move since April. Lastly, Stellar and Binance Coin's selling pressure has overdone.
Craig Steven Wright, the person calling himself Satoshi Nakamoto and the chief defender at Bitcoin SV, is expected to get the keys to over 1,000,000 BTC by next week. The blockchain and digital currency ecosystem is waiting to see how this will go. If Craig is right, the unlocked Bitcoin money worth over $8 billion at the time of writing could flood the whole digital currency market.