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- The bullish rally in the overall market is still prevailing on Tuesday’s trading session with the majority of the cryptoasset performing positive
- The overall market capitalization stands at $364,759,253,324 and the 24-hour volume traded of $93,566,324,719
- The dominance of crypto king in the market remains at 58.40%
Will the Market Continue its Bullish Rally?
Both BTC/USD and ETH/USD were successful in closing above the price level of $11500.00 and $380.00 respectively. However, the pivot points show that BTC will face its first resistance point at $11562.39 which tends to provide negative reversals, as well as Ether, which is also very close to it’s the all-time major resistance level of $390.00. With both the major coins reaching to their resistance area, we might expect a minor price correction activity for the day. On the downside, the world’s largest crypto asset has got a support level of $11200 on PVT and ether got the major support of $370.00 on PVT as well.
Binance Coin (BNB)
Binance coin has finally broken above the major resistance level of $30.00 and is currently targeting to break above another resistance placed at the price level of $32.00. The cryptoasset is currently having an overall gain of 5.91% bringing the CMP to $31.10. The market capitalization is at $4,490,370,135 with the 24-hour volume traded of $811,773,428. The coin is currently moving between an unstable price range and investors need to look out for any volatile movement.
Chainlink (LINK)
Chainlink has also broken past its major resistance level of $11.00 and now must be targeting for the bullish level of $13.00. The CMP is at $11.30 with an overall gain of 3.54%. The LINK/BTC and LINK/ETH pairs are also performing positive with the gain of 2.95% and 1.42% respectively. The market capitalization is at $3,952,382,515 with the 24-hour volume traded at $1,930,368,201. The cryptoasset must sustain above the price level of $11.00 for capitalizing on this bullish move otherwise a negative trend from here will make the post resistance level of $11.00 much harder to break.
ICON (ICX)
Icon was successful in reclaiming the crucial price level of 0.40 and climbed up to $0.412 further ahead in the market. The CMP is at $0.412435 with a significant gain of 3.36% bringing the market capitalization to $234,831,569 with the 24-hour volume traded of $14,149,348. The ICX/BTC pair also performed positive with the gain of 2.57% bringing the current level to 0.00003600 BTC. The price levels will now be facing and targeting to break above the minor resistance level of $0.450.
Tron (TRX)
Tron is now looking very promising to break its consolidation phase which was ranging between the price level of $0.024 to $0.029. The cryptoasset has built gradual positive momentum with the help of overall bullish sentiment in the market and has CMP placed at $0.0270 with an overall gain of 3.09%. The TRX/BTC pair is also performing positive with a profit of 2.27% bringing the current level to 0.00000236 BTC. The digital asset needs to hold up current levels and should break the major resistance level of $0.290 for building significant price recovery action further ahead in the market.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
