It has been a green candle party for most top cryptocurrencies since the week’s beginning. Despite minor dips and short-term corrections, it would take a really bad trade (or a short position) for one not to be in profit.
Here is the crypto market outlook for today.
Based on price movements, it is easy to deduce that a new all-time high is at hand if the current bullish market continues. Yesterday, Bitcoin went a step closer to reaching its previous all-time high. It got as high as $58,102 and higher on some exchanges.
Since on Monday, every day presents a new high compared to the previous. For example, on Wednesday, prices got as high as $57,000 and increased yesterday to as high as $58,102. Today, BTC may beat its previous ATH.
To beat its previous ATH, bitcoin must continue to trade above $56k. The $56,500 will be a critical support to hold on to and be used as the base to launch an attack on the $58k resistance. The strongest resistance so far is the previous high and flipping it will not be easy.
Cardano and has been known for doing its own thing at its own time. While most coins are following the step of the king coin and head towards beating their ATH, ADA is still trading at its normal rate with volatility just the same.
Based on price movement, Cardano has been trading within $1.08 and $1.14 for some days now. Judging by the movement, traders can expect to see ADA trade between $1.09 and $1.14 today. Traders are also clamouring for more price improvement and to do this, there must be a large number of bulls that will propel the price as high as $1.20.
Yesterday was filled with a lot of activities for the 9th coin by market cap. Looking at the chart, it is almost impossible not to notice a significant price correction that happened yesterday before traders rallied the market back up.
Today, traders will be cautious not to allow a dip as yesterday take place. To go through with this plan, LTC must continue to trade above the $210 support and break more resistance to ensure price enhancement.
Will today finally be the day Bitcoin breaks its former ATH, or will bulls have to wait a little longer? Fingers crossed.
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This article is Originally posted on CoinCentral.com
Author: Gideon Geoffrey