The crypto market seems to be recovering from a turbulent season as major coins soar in price. The valuation of the crypto market over the past 24 hours has been estimated at $127 billion up from $115 billion with most cryptocurrencies gaining by approximately 9%.
Bitcoin price soared by 6% after a definitive dip that saw it settle at $3456, missing the much-predicted $3000 support level by a whisker in a trend that threatened the possibility of a short-term bottom. The price of Ethereum increased by over 7% after the first ever double-digit plunge since 2017 with Bitcoin Cash recording the most improvement though it price still lags below the $200 support level currently selling at $180.
Long-term or short-term bottom?
As the prices of Bitcoin and Ethereum plunged to a new annual low record, crypto analysts including Alex Kruger talked of the possibility of a short-term bottom though as things stand now, prediction of a mid to long-term bottom remains premature.
“It’s impossible if a bottom is a short or long-term bottom. Possible to sense once a major bottom maybe by looking at high-frequency price bars and volume i.e. when the elastic is ready to snap back,” Kruger said adding that it would only be considered a long-term bottom if the price bars and volume swing 15-30% off the lows.
Graph from tradingview
