A lot of cryptocurrency markets are on the move today. They are primarily fueled by Bitcoin’s perceived upward momentum. The bigger question is whether this momentum can last or not. Together with Bitcoin, Chainlink and Verge may prove to be the markets worth keeping an eye on. As is always the case, this momentum can head south in the blink of an eye.
Bitcoin Price Analysis
It has been an interesting day for BTC/USD across the exchanges. Some strong momentum materialized ever since the price surpassed $8,000. At its peak, one BTC was valued at $8,320, albeit that value cannot be sustained at this time. A small correction to the low $8,100s seems to be in order. It is not a big deficit is that is to happen, although some traders nay feel different
Crucial market indicators confirm the slight downtrend is not over. The MACD seems to be dropping off a cliff right now. On the RSI front, Bitcoin still appears well oversold, but that won’t necessarily result in another price surge. As the Bollinger Bands begin to tighten again, the next squeeze can prove very interesting to keep an eye on. The last squeeze was rather bullish, but the next one can easily head in either direction.
Over the past week, there is a clear uptrend as far as LINK is concerned. The value has risen from under $2 all the way to $2.61 without much resistance. Even today, the uptrend is being resumed. LINK/USD looks very strong, although the currency benefits from Bitcoin’s uptrend as well. If the world’s leading cryptocurrency turns bearish again, it becomes difficult for Chainlink to sustain its current USD value.
In terms of LINK/BTC and LINK/ETH, it appears the momentum isn’t over yet. The altcoin notes strong 13% and 12.2% gains over the top two cryptocurrencies respectively. A push to 32,000 Satoshi is not entirely out of the question at this rate. Surpassing 0.015 ETH will be a different story, albeit no one can accurately predict how these markets will evolve.
Verge Price Analysis
Regardless of how controversial Verge may be at times, it is a good money maker on the right occasion. Today appears to be one of those days. The XVG price has risen by over 12.2% in quick succession. This brings the value of Verge back to $0.003745. For holders, this seems to be an indication that the ongoing downtrend may have come to an end. Over the past year, XVG dropped from $0.016 to $0.0032.
In terms of XVG/BTC, things may evolve in an interesting direction. The current 10.4% increase can’t be ignored. However, there is very little trading volume to sustain such a strong uptrend. Interestingly enough, the trading pair with the most volume today is XBG/BCH, rather that XVG/BTC. Very interesting to keep an eye on, as there may be additional fireworks later today.
Disclaimer: This is not investment advice. This site and its team are not responsible for financial losses sustained by readers.