Recently, the price of cryptocurrencies has been experiencing an upward rally as the industry is coming out of the winter. Recent price changes show that the momentum might be lost and could potentially result in the prices stabilizing around the current rates. Bitcoin is struggling to break out from its $5284 resistance and prices are hovering around $5100-5200 range. This is mainly because traders believe prices have shot up too fast and worry that a sudden sell-off could result in the price going down hence unwilling to pay a higher price.
Selloff Imminent?
Though unlikely that a such a sudden selloff is going to happen, this sentiment could keep the prices stagnated for sometime. Ethereum has also experienced similar price stagnation and has been unable to break $185 mark resistance. Given the recent hard forks in the ethereum network, prices have been holding up which is actually impressive. Many worried that the hard forks could adversely affect the ethereum network, yet until now it seems that the ethereum is doing just fine. Although prices have been unable to break the short term resistance, current price movement suggests it will not be long before these are broken. Both bitcoin and ethereum have been slowly inching towards the short term resistance over the last few days.
Given that nothing drastic happens over the next few days, we can expect new highs from the said assets really soon. An unusual phenomenon of crypto markets is the correlation price between coins that are completely unrelated. Generally, this results in almost all the cryptocurrencies experiencing a bull or bear market simultaneously. During the current positive momentum experienced by the industry one major coin, Ripple did not experience much price gain at all and is still hovering around $.32-$.33 range with resistance at $.335
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