Major Cryptos Rise Again After the Recent Collapse

Major Cryptos Rise Again After the Recent Collapse

The cryptocurrencies rallied during the last week, gaining significantly. However, they fell sharply over the weekend, entering a bearish market.

Binance Coin collapsed by 7.91%, while Bitcoin Cash SV plummeted down by 7.33% during the weekend. Tezos also shaved 7.00%. Monero’s XMR fell by 7.14%, with Ripple’s XRP dropping 7.34%.

Several other cryptos also suffered serious losses. Cardano’s ADA tumbled down by 6.44%, with Ethereum falling by 5.34%. Meanwhile, Stellar’s Lumen lowered by 5.62%, and Tron’s TRX lost 6.08%.

Bitcoin Cash ABC slid by 4.70%. EOS and Litecoin also saw relatively modest losses on Sunday, lowering by 4.04% and 4.68%, respectively.

The market’s rally during the week boosted the crypto total market cap from a Monday low $163.00bn to a Wednesday high $191.26bn. But after the weekend, the total market cap fell back at sub-$170bn levels.

How did the cryptos fare on Monday?

Most of the major cryptocurrencies began Monday’s session with a bullish trend. Bitcoin rose from an early morning low $5,880.9 to a high $6,036.7. However, it left the major support and resistance levels untested, trading up by 2.08% to $6,015.0 at last.

The other cryptos also edged up yesterday morning. Bitcoin Cash SV gained 3.54%, with Tezos adding 3.90%. These two led the way early on.

Before rising, Bitcoin fell by 1.91% on Saturday and then again by 5.71% on Sunday. Despite the significant losses, crypto managed to end the week up by 1.25% to $5,892.7.

Bitcoin stayed in the red during Sunday. It tumbled down from an early morning intraday high $6,280 to a final hour intraday low $5,892.7. But the sell-off saw Bitcoin fall through the first major support level at $6,076.03, as well as the second major support level at $5,902.07.

While the crypto is gaining again, the near-term bearish trend, which formed in late June 2019’s swing hi $13,764.0, remains firmly intact so far. Bitcoin would need to break out from $10,000 levels for the traders to form a near-term bullish trend.