After a significant correction triggered by a spike in volatility, the global cryptocurrency market cap rose to $397.7 billion after a 2.47% increase over the last day. Several altcoins such as Ethereum [ETH], privacy coin Monero [XMR] as well as Tron [TRX] noted an uptick in their respective valuations.
Over the last 24-hours, Ethereum [ETH] surged by 2.58% and pushing its price to $383.85 as it held a market cap of $43.4 billion and a 24-hour trading volume of $12.30 billion.
Several upward attempts by the bulls have been halted as minor rallies appeared to be triggered sell-offs. This was also evidenced by the red closing bars of Awesome Oscillator which suggested a bearish momentum in the coin’s price. Additionally, the Chaikin Money Flow also appeared to be struggling a little bit above the 50-median line depicting a considerable fall in the inflow of capital into the coin market.
The bearish pressure increases, Ethereum could retrace to its immediate support level of $339. However, if the bulls manage to make headway, it could potentially target its resistance level of $413.
Monero [XMR] rose by 1.41% over the last day which drove its price to$119.7. At the time of writing, XMR registered a market cap of $2.12 billion and a 24-hour trading volume of $1.53 billion.
After a stunning price rally, XMR lost significant momentum in its price. The MACD generated a weak sell signal as it formed a bearish crossover under zero. A move by the MACD into bearish territory can confirm that XMR was heading for another plunge. Further validating the bearish sentiment was the Klinger Oscillator whch also underwent a bearish crossover following the correction.
Monero has been continuously turned down from the $128 level of resistance and if the ongoing bearish trend gains traction, the privacy-focussed coin could further retrace to its previously established support area of $101.
Tron [TRX] noted an uptick of 3.31% over the last 24-hours. TRX was valued at $0.024 while recording a market cap of $1.72 billion and a 24-hour trading volume of $885 million.
Tron has so far failed to materialize a rally in its favor. The dotted markers of Parabolic SAR aligned above the price candles continued to resist a potential upward breakout. The RSI has also hit the oversold region depicting a heightened bearish sentiment among the traders of the coin market.
If Tron bulls fail to defend the current level, it could attract a depreciation to the $0.020 level of support while $0.027 remained unbreached.