Cryptocurrency Market Analysis: Running as if to meet the moon?

The cryptocurrency market is running as if to meet the moon. Almost all the coins are performing well. The Bitcoin price has already crossed the $11,000 mark. Many other cryptocurrencies such as Ethereum, Ripple, and Chainlink are performing exceptionally well. Let’s take a look at it in more detail.

Bitcoin Price Analysis: The Trend is Bullish

As mentioned earlier, the Bitcoin price has already crossed $11,000. On Thursday, it again encountered a rejection at $11,129. The Bitcoin price trend is bullish but it could remain upward as the BTC’s percentage share of the total circulating market cap is 63%. At the time of writing, the Bitcoin price is $11,216.89 (+1.76%). 

The trading volume is now decreasing but it’s still higher than in June 2020. The FOMO is too high now but the most important resistance level in the short-term is $11,379 and the daily RSI is still overextended. The key metrics are as follows:

Price $11,211.52
24hr Change +1.71%
24hr Vol $1,729,107,620
Liquid Marketcap $206,991,157,063
Liquid Supply 18,446,889
Max Supply 21,000,000

Ethereum Price Analysis: Happy Birthday Ethereum!

Five years ago, Ethereum genesis block marked the approved network launch. The Ethereum has been the central driving force for many notable blockchain variations. The Ethereum price is showing a bullish momentum and it could be on the path of gains that could beat the prior 2020 high ($334) to develop a new yearly high at $340. At the time of writing the Ethereum price is $342.96 (+7.58%). 

The Ethereum price has increased by more than 40% in the last 7 days. One of the reasons for the price increase could be a significant increase in trading volume. The 24 hr volume is $1,161,906,111. The key metrics are as follows:

Price $342.96
24hr Change +7.59%
24hr Vol $1,161,906,111
Liquid Marketcap $38,372,964,599
Liquid Supply 111,417,686

Ripple Price Analysis: XRP is Shining

The Ripple price could be developing a bullish bias. At the time of writing, the XRP price cracked the intraday high at $0.2473 and declined to $0.245. Overall, the Ripple price could be in the green zone and if you closely observe then you will find that the price is mostly unchanged since the beginning of the day. The XRP price withdrew from the current recovery high at $0.2500 and this could create a strong barrier that could isolate XRP from an upside movement towards $0.3000.

The resistance level for Ripple’s price could be $0.2500. The current price is $0.245 (+1.16%). The key metrics are as follows:

Price $0.245
24hr Change +1.05%
24hr Vol $173,699,547
Liquid Marketcap $7,760,677,274
Liquid Supply 31,496,039,694

Chainlink Price Analysis: Extends Recovery?

The chainlink price has gained almost 5% in the last 24 hours and is currently trading at $7.67 at the time of writing. The LINK/USD price climbed above $7.65 and this price move changed the technical depiction and delivered a subjective $8.00 price target. Overall, the recovery may be prolonged and the price could approach $9.00. 

If the Chainlink price declined from here and touched $7.57 then it could increase the short-term selling pressure. The key metrics are as follows:

Price $7.67
24hr Change +4.75%
24hr Vol $200,552,720
Liquid Marketcap $7,642,024,307
Liquid Supply 1,000,000,000
Max Supply 1,000,000,000

Conclusion

The cryptocurrency market is in the green zone and as mentioned earlier almost all cryptocurrencies are performing well. Still, it will be a good idea to check all the key metrics of all cryptocurrencies before thinking about taking any further steps. We wish you happy trading!