Since 31st July, the collective cryptocurrency market cap has increased from $315 billion to $340 billion on 1st August. Over the past hour, the market cap had dropped by $5 billion but taking that small correction out of the picture, the trend has been outrightly bullish. Some of the top altcoins have taken advantage of the rally and registered high gains on their individual markets as well.
XRP has been one of the biggest benefactors since the bullish rally started towards the end of July. The token is up by 9.23% over the last 24-hours and it is important to notice that the recent pushed occurred from an ascending channel breakout, which led to the massive hike. The asset was able to break above its resistance at $0.249, which had held strong since March 2020. The price currently traded between the range of $0.269 and $0.264.
One major concern for XRP is the fact that trading volume has decreased over the past 48-hours. The price has moved up in the same period, which is a possible indication of a bearish divergence. Hence, a drop in price could be expected in the next few hours.
Relative Strength Index or RSI also suggested the exhaustion of the buyers as sellers may start coming into play.
Bitcoin’s silver counterpart Litecoin has been doing well in the charts too. After trailing behind Cardano for over a month, LTC was able to surpass ADA tokens to reclaim 7th position in the rankings. However, in spite of rising up to 5.45 percent over the past-day, it is important to note that Litecoin is currently picturing a bearish pattern. A rising wedge pattern can be observed for Litecoin, which after a period of time may trigger a pullback down to $54.
Parabolic SAR remains bullish for Litecoin as the dotted lines were pictured under the candlesticks but RSI displayed the actual picture Litcoin is struggling to break into the overbought zone, which is likely going to bring the selling pressure back into the charts.
For Dogecoin, it is difficult to expect anything from its altcoin. The 30th ranked token jumped more than 50 percent during its famous Tik-Tok publicity and now over the past-day, the asset has jumped another 16.36 percent. However, a period of correction is clearly evident in the charts.
A breakout was observed from a descending channel pattern with the future trend remaining pretty uncertain.
Relative Strength Index or RSI recently indicated the rise of buying pressure but selling pressure was quick to snap out its momentum.