Monero, Dogecoin, Bitcoin Price Analysis: 24 July – AMBCryptoJuly 24, 2020
Bitcoin, the world’s largest cryptocurrency, hiked by a significant degree a few days ago, a hike that came as a relief for many, especially for those who were getting concerned about the stagnancy on the price charts. Owing to its high correlation with the market’s alts, the rest of the market was quick to follow suit. However, while the likes of Monero gained, others like Dogecoin continued to note exponential corrections on their charts.
Armed with a market cap of over $175 billion and a market dominance of over 60%, Bitcoin’s effect on the rest of the market cannot be understated. Over the past week, BTC has climbed from below $9200 to be within touching distance of its next resistance over the $9600-mark. In fact, while the cryptocurrency seemed to be consolidating on the charts at the time of writing, it was still able to note gains of almost 5% over the week.
That being said, it is still too early to suggest that Bitcoin might be on an uptrend since its price movement over the past few months has been punctuated by a series of brief hikes such as this.
However, the degree of movement did initiate a trend reversal in the Bitcoin market as while the Parabolic SAR’s dotted markers switched to provide a more bullish outlook, the MACD line underwent a bullish crossover on the charts.