The recent overall crypto market price analysis shows a slightly bullish market sentiment that seems to be a consolidation of the bearish momentum seen in previous months, as prices hover slightly above neutral levels.
The overall market cap for the entire cryptocurrency market is $841.3 billion and has decreased from the previous period.
The cryptocurrency market has exhibited signs of stabilization in recent days after a period of sideways trading. The overall market conditions can be seen by looking at the 50 and 100-day moving averages, which indicate bearish price action and a slight consolidation trend. The monthly stochastic oscillator shows momentum to still be on the side of bears, with an upcoming bearish crossover that could signal further downward prices in the cryptocurrency market. The cryptocurrency market has been experiencing some signs of stabilization over the past few days, as prices hover around neutral levels.
Potential bullish breakout expected
The cryptocurrency market is showing signs of bullish momentum, as most of the cryptocurrencies seem to have reached the bottom and are now starting to show signs of potential price increases. Bitcoin has been hovering around $17000 resistance for the previous 4 days, with other major cryptocurrencies such as Ethereum, Ripple, and Bitcoin Cash also exhibiting bullish price action.
Some analysts are predicting that the cryptocurrency market could see a strong bullish breakout in the near future if the cryptocurrencies won’t break below the current levels, with many predicting that prices could continue to rise in the coming days and weeks.
Bitcoins and Altcoins Technical analysis
Crypto analysts highlight that the market conditions indicate a period of consolidation as most cryptocurrencies trade around neutral levels. Bitcoin (BTC), for instance, is trading at around $16,830.09 and seems to be at the bottom and the next move is expected to be an upward one.
Ethereum on the other hand has remained above $1,200 for the past few days and is trading well above the 50-day moving average. The altcoins are also trading in a sideways price movement with a slight bearish bias.
The top gainer altcoin is Nexo which has gained by 5.69% while the worst-performed altcoin is Axie Infinity which has declined by 8.23% in the last 24 hours.
Looking ahead to the next trading sessions, a bullish outlook is expected as several indicators are showing bullish signals. If the cryptocurrencies can break above the current resistance levels, we could see strong bullish momentum in the cryptocurrency market.
