The cryptocurrency market has gone through some massive fluctuations over the last couple of weeks and investors were rallying behind their coins for positive changes.
Cryptocurrencies in the top 10 list have enjoyed the spoils of the bull market with Bitcoin leading the charge. Altcoins like Ethereum and XRP have followed Bitcoin’s footsteps to get on a price uptrend. Investors were now looking at whether the prices could climb more to elevate current price supports.
Bitcoin:
The world’s largest cryptocurrency has been on a massive uptrend on the daily chart with investor sentiments on the rise too. BItcoin’s immediate support was at $8723 while the market cap had also received a healthy boost.
The Chaikin Money Flow indicator was above the zero line after climbing since the start of 2020. The hold on top of the graph signified that the capital coming into the Bitcoin market was much more than the capital leaving the market.
The Awesome Oscillator was green for Bitcoin after a stellar performance during the first month of the year.
The Relative Strength Index had breached the overbought zone. This meant that the buying pressure had measurably overtaken the selling pressure.
Ethereum:
Ethereum too had followed the bullish path set by Bitcoin. For the first time since August of 2019, then cryptocurrency’s graph had climbed up. Ethereum’s immediate support was at $122.57.
The Awesome Oscillator showed that Ethereum was heading into greener pastures. This was the first time that the graph was consistently green since September 2019.
The RSI’s breach of the overbought zone meant that more people were buying ETH tokens than selling them.
The CMF was safely above the zero line after more people started coming into the ETH market due to the price hike.
XRP:
Ripple’s native cryptocurrency had a sub-par 2019 because of a lack of price fluctuations. Twenty twenty, however, was a different ball game for the thor largest crypto with the support being elevated to 0.189.
The CMF, just like that of Ethereum and Bitcoin, was above the zero line. Some speculated that more people were investing in XRP because of the sheer number of developments.
The Awesome Oscillator signaled a mix of green and red. This pointed to a slight bearish turn for XRP in the short term.
The RSI had fallen back into the zone but it stayed very much bullish.
Bitcoin Cash:
After its rival blew away all expectations, BCH rallied to stay on top of its game. Currently, it has outperformed its movement in July 2019 to give its investors hope. BCH’s current immediate support was at $305.8.
BCH was the only cryptocurrency in the top 5 to have its RSI stay above the overbought zone. The hold showed that more people were buying BCH than ever before.
The Awesome Oscillator was flashing green with an increased amplitude. BCH was heading strongly into a bullish territory in the short term.
The CMF also sided for the bull when it came to Bitcoin Cash. With an invigorated price point, investors were ready to pump more money into the BCH ecosystem.
Bitcoin SV:
BSV has been the surprise winner in the top 5 after it shot up to astronomical heights at the start of the year. This also caused its immediate support to climb to 239.6.
The Awesome Oscillator had dipped after a mammoth increase in January. This meant that BSV won’t be overtaking Bitcoin Cash anytime soon.
The RSI was on the border of the overbought zone and was the most bullish indicator for BSV.
The CMF, on the other hand, had climbed above the zero line for the first time since the start of February.
Conclusion:
The top 5 cryptocurrencies could take heart in the fact that their immediate supports had improved and that their moving averages were changing. The alts have stuck to their promise of performing and Bitcoin may need to look over its shoulders to keep an eye on its competitors.
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