As the increase continues, the price of bitcoin (BTC) has climbed to above $50,000. Cardano (ADA) has maintained its record-breaking performance. The $3,500 level is a target for Ethereum (ETH). The cryptocurrency sector has continued to experience increases in recent weeks after adding another $100 billion to its market value over the weekend. In the rise, Bitcoin outperformed Ethereum, while a plethora of alt-coins experienced substantial single-digit gains, extending their recovery from multi-week lows. In the climb, Bitcoin was the only cryptocurrency that outperformed Ethereum. The news that PayPal will introduce a cryptocurrency component to its app, allowing users to trade a few cryptocurrencies, has added to the market's upbeat attitude.
The alt-coin surge has returned, and Bitcoin and Ethereum are on the brink of hitting new multi-week highs. Bitcoin broke over recently tested barrier over the weekend, and the cryptocurrency is now on what seems to be an orderly rise, which is rarely associated with the volatile cryptocurrency industry. The 61.8 percent Fibonacci Retracement is just over $51,100 after that, and the mid-May double-top at about $59,500 is in sight. The 20-day simple moving average is about to cross above the 200-day simple moving average, showing that the market is bullish.
Cardano has kept its position as the third-largest cryptocurrency by market capitalization ($91 billion) and has established a series of new milestones. The absence of technical resistance levels on the charts may make investors to think that the big numbers at $3 and $4 are early resistance levels, but with the current interest in the currency, these levels may become meaningless. Buyers continue to have sway over the market for the time being. Although Ethereum is now testing recent resistance around $3,340, price movement remains positive, with a confirmed breach opening the door to multi-month highs. The ascending channel's barrier is currently around $3,470/$3,480, and if Ethereum can re-enter and respect this channel, it is likely that it will see more gains. The CCI indicator indicates ETH is on the brink of hitting overbought levels, with all three simple moving averages remaining in positive territory.
The alt-coin surge has returned, and Bitcoin and Ethereum are on the brink of hitting new multi-week highs. Bitcoin broke over recently tested barrier over the weekend, and the cryptocurrency is now on what seems to be an orderly rise, which is rarely associated with the volatile cryptocurrency industry. The 61.8 percent Fibonacci Retracement is just over $51,100 after that, and the mid-May double-top at about $59,500 is in sight. The 20-day simple moving average is about to cross above the 200-day simple moving average, showing that the market is bullish.
Cardano has kept its position as the third-largest cryptocurrency by market capitalization ($91 billion) and has established a series of new milestones. The absence of technical resistance levels on the charts may make investors to think that the big numbers at $3 and $4 are early resistance levels, but with the current interest in the currency, these levels may become meaningless. Buyers continue to have sway over the market for the time being. Although Ethereum is now testing recent resistance around $3,340, price movement remains positive, with a confirmed breach opening the door to multi-month highs. The ascending channel's barrier is currently around $3,470/$3,480, and if Ethereum can re-enter and respect this channel, it is likely that it will see more gains. The CCI indicator indicates ETH is on the brink of hitting overbought levels, with all three simple moving averages remaining in positive territory.
