Staff Reporter Islamabad
The prices of major digital currencies made some gains on Sunday after two back to back red sessions, increasing the market cap to $1.35 trillion (+2.3 percent) as of 1240 GMT.
The price of Bitcoin (BTC), the largest cryptocurrency, increased to $31,768 after gaining 0.72 percent. With this increase in price, the market capitalisation of the BTC has reached $596 billion.
Likewise, ethereum (ETH) price gained 4.68 percent to reach $1,963. With this decrease in price, the market capitalisation of ETH has reached $229 billion.
Similarly, XRP gained 1.51 percent to reach $0.589. The market capitalisation of XRP stands at $58.9 billion after this increase.On the other hand, Cardano (ADA) price reached $1.20 with a 2.69 percent gain in its price. Its market capitalisation has reached $38.6 billion after this increase.
Likewise, Dogecoin (Doge) price appreciated by 9.56 percent to reach $0.190. With this decrease in price, the market capitalisation of Doge reached $24.7 billion.
Bitcoin price has been on a constant downtrend since June 15, crashing roughly 24% to where it currently stands – $31,768. Anticipating a bounce from the range low at $29,074 is the only semblance of hope the bulls have.
Confirmation of a full-blown uptrend will arrive after the pioneer cryptocurrency produces a decisive daily candlestick close above the range’s mid-point at $35,296, which coincides with the 50-day simple moving average (SMA). If this were to happen, Bitcoin price might have a chance at retesting the range high at $41,519.
Adding credence to the optimistic scenario is the momentum reversal indicator (MRI) which flashed a buy signal in the form of a green ‘one’ candlestick on the 12-hour.
While the optimistic scenario sounds reasonable, investors should not disregard the possibility of a down move that invalidates the bullish outlook, especially due to the death crosses seen between the 50-day and 100-day and the 50-day and 200-day SMA, the primary reason for this bearishness.
Further amplifying the selling pressure is the sudden uptick seen in the Exchange Whale Ratio and the spike in BTC inflows on Binance. The last few times the Exchange Whale Ratio hit 0.85 or stayed above it, BTC price declined.
From June 6 to June 11, this index stayed above 0.8 as BTC price dropped roughly 16% from $37,000 to $31,000.
