The bulls are back in the market, besides most of the coins and altcoins are trading in the green on Thursday. Expert analysts like CNBC’s Brian Kelly insinuate that the rebound in the market can be trusted. He also said that the bounce in altcoins correlates with the rise in Bitcoin price which had declined below $6,000 at the beginning of the week. Most assets are recording over 2% increase in value on the day with Ethereum classic surging more due to the trading on Coinbase Consumer platform. NEO is also up by over 7% while trading at $16.8 at the time of writing.
Ethereum price analysis
The trading yesterday saw a short-term correction that was staged above $260. ETH/USD exchanged hands above the resistance lines at $275 as well as $285 as it continued to gain momentum. The price also corrected higher above the 50% Fib retracement level with a high of $322.5 and a low of $249.09. ETH/USD spiked further stepping over $300 but lost momentum on trading highs slightly above $305.
Significantly, lower corrections followed where Ethereum trimmed the gains below the 50% Fib level with the last swing high of $322.5 and a swing low of $249.09. However, the bulls put their best foot forward preventing declines around $280 with a support established at $277. If Ethereum drops below this level, it could test the former resistance at $275 and the 23.6% Fib retracement level at $265.
A look at the chart shows positive signs above $290 but the buyers must push the price above the $300 hurdle and preferably find a support above the previous high at $305.
Since the dip that saw XRP trade at $0.25 primary support. The cryptocurrency has been trading higher highs and lower lows. The breakthrough above the 23.6% Fib retracement level with the last high leg of $0.304 and a low of $0.244 paved the way for more movements north. XRP/USD retraced above the current support at $0.280 and continued the pullback above $0.30.
However, the buyers failed to maintain the price on trading highs of $0.304. The bears found an entry at this position and the price reacted lower past $0.290 and $0.280 respectively. The 50-day moving average and the trendline support, both of which coincide with the 61.8% Fib level prevented further breakdown.
XRP bounced back above $0.280 but has encountered selling pressure marginally above $0.290. The outlook for this digital asset is slightly positive. However, a break above $0.30 will allow the buyers to focus on other higher levels. $0.280 is still a support area, but a break below $0.270 could see XRP/USD test the primary support at $0.25.
Cardano Price Analysis
Cardano price recently broke the contracting triangle support at $0.11. This move opened the Pandora box as the bears mauled the bulls. The declines pushed Cardano further down below $0.090. ADA/USD recorded lows around $0.086 before the battered bulls said no more and fought tooth and nail to bring the price back up.
The crypto broke out of the short-term falling wedge pattern resistance at $0.09 and changed hands above $0.10. It achieved highs of $0.0101 but corrected lower on failure to sustain the bullish trend. The declines found support slightly above $0.090 and embarked on another roll upwards above $0.095.
The stochastic is advancing north signaling that the buyers have the control. A look on the chart reveals that ADA/USD trend is still bullish but the buyers must battle to reclaim support above $0.10. The 100-day hourly moving average will limit gains on the upside while the key resistance stands at $0.110.