The altcoins are trading in their respective bull markets. Nonetheless, as the coins reached the overbought regions, there was a change in the trend. The cryptos resumed trading in a sideways trend. A rebound or breakout is possible at the overbought regions which will propel the coins to resume the uptrend.
The cryptocurrencies in bear markets have reached their respective oversold regions. The bulls are emerging from the oversold regions pushing the altcoins in an uptrend. The altcoins will resume uptrend if the initial resistances are breached.
While the cryptocurrency market declined overall, the 10th largest coin by market capitalization, Tezos (XTZ), fell 9%, the biggest drop among the top 10 cryptocurrencies. The world’s original altcoin Bitcoin (BTC) has also plummeted by over 4 percent. Tether (USDT) has continued to trade in green for the past one week and it currently has the biggest daily volume of $47.73 billion and the supply of 4.64 bln.
The following coins namely: Bitcoin SV (BSV), Litecoin (LTC), EOS, Binance Coin (BNB), and Tezos (XTZ) are back in a bull market. The coins are making frantic effort to break the current resistance to be out of the downtrend zone. One common feature among the coins is that the coins are in strong bullish momentum.
This week the crypto currencies outlook has divergence performance. Ethereum Classic and Monero are still making positive moves as the respective markets reach the overbought region of the daily indicators. The altcoins are presently retracing in the overbought regions. Meanwhile, Tezos, Stellar and LINK are presently in a sideways trend as the coins battle the overhead resistances.
The coins listed below are in bear markets. The Bitcoin SV, Tezos (XTZ) and Cosmos (ATOM) have exhausted their bearish run as the coins rebounded from their respective markets. The coins are making positive moves in the bullish trend zone. Nonetheless, the selling pressure has been overdone on DASH and Binance coin. The bearish pressure seems to be unending.
Contributors and developers of the Tezos blockchain platform for smart contracts and decentralized applications have announced a fork on June 4th, 2018, to create the TzLibre token. The new project, self-titled as "for Tezos contributors by Tezos contributors" will aim to be a trustless and hard-capped implementation of the original Tezos idea.