The cryptocurrency market has been dipping for nearly two weeks, bringing new lows and declines even to the top gaining cryptos like Bitcoin. Some cryptos, like Ripple’s XRP and Filecoin (FIL), were able to keep up with positive momentum most of the time during the series of dips. At the beginning of the weekend, we can see that most of the top trading cryptos seem to be preparing for a bull run with new daily rises. Can we expect to see new highs in the long run or is the latest series of rises just a brief change in trends?
Is Crypto Market Preparing for New Rises?
Cryptos are struggling to gain enough momentum to leave the red zone and reaffirm a positive pace of growth. At the moment, the top cryptos are recording daily and weekly gains, however, with Bitcoin showing gains of 2.3% for the day and recording dips on the weekly and hourly chart. The monthly chart for BTC is still in the green zone with 10% of returns. Bitcoin is still trading above 50,000$, which may be a good sign as the top crypto is touching high lows and keeping its support levels above 50,000$ with the current price of 54,000$. Ethereum seems to be following Bitcoin’s trajectory with weak daily gains and moderate weekly losses even though ETH holders are expecting a new upgrade on April 14th, dubbed Berlin. XRP is a surprise, though, as the crypto is managing to record clean gains with over 17% of rises for the week and nearly 2% for the day. The monthly chart for XRP is also recording gains of 16.7%. The case is mostly the same for the majority of top trading cryptos. The cryptos are collecting daily gains, but it may be that this is only a series of brief rises as the market appears to be bound for more dips at the end of March.
Image credits: Cover photo taken from Bermix Studio on Medium