The cryptocurrency market cap stood at $566 billion as Bitcoin and Ethereum noticed demand and costs improve. Many large-cap altcoins additionally carried out extraordinarily positively previously week. Cosmos and Zcash skilled a pullback and had been able to rise towards its resistance as soon as extra. Ethereum may lead the altcoin market as soon as extra with its outstanding beneficial properties previously few days and was prone to proceed making beneficial properties.
Ethereum [ETH]
Supply: ETH/USD on TradingView
ETH rose previous the $600 psychological stage, to achieve an area excessive at $620 however was compelled to dip beneath $600 to retest $584 as assist.
The value appeared to seek out assist from the 20-period shifting common. An in depth beneath it could be bearish within the short-term and see the value drop to $550 assist.
Nonetheless, the longer-term outlook is unquestionably bullish. The drop in buying and selling quantity when ETH started its pullback from $620 urged that ETH didn’t have many sellers.
In different information, the Ethereum 2.0 deposit contract has collected greater than 540,000 ETH and the beacon chain will launch subsequent week.
Cosmos [ATOM]
Supply: ATOM/USD on TradingView
After the bearish divergence and the dip to $5.8, ATOM started its ascent as soon as extra on robust buying and selling quantity. The RSI confirmed a price of 60 to point out bullish momentum and has not dipped beneath 50, displaying that an uptrend was nonetheless in play.
A rising wedge may develop within the coming days, however on the time of writing, ATOM was set to rise towards $6.35.
Zcash [ZEC]
Supply: ZEC/USDT on TradingView
ZEC has carried out properly within the markets since a breakout past $71. It confronted promoting stress on the $90 resistance and dropped by 7.8% from $87 to $80.4 in a matter of hours.
This drop was not a reversal of uptrend however extra prone to be a pullback, and ZEC was equipped for an additional try at climbing previous resistance.
The OBV confirmed robust shopping for quantity for ZEC over the previous week, whereas the CMF indicated that capital was flowing into the marketplace for the higher a part of the earlier week.
