Strong Support Level was reached in today’s trading. The total crypto market fell to as low as $236 Billion before bouncing sharply back above $245 billion. The Coins soon followed, mimicking the movement of the total market.
Bitcoin Rise Fueled by Strong Support Level
Bitcoin found strong support for today’s trading helping it bounce back. After forming a support base at around the $7700 mark and recovered from breakthrough some strong barrier resistance levels. It started with a break past $7900, then $8000 and Finally $8200. The $8200 mark is a key resistance level that could signal a bullish breakthrough for the future.
Other Coins Start Recovery
Fueled by achieving a strong support level, other coins have shown signs of recovery. EOS was able to finally break through the resistance level at $6.50 which will be the start of a decent recovery for the coin.
Bitcoin cash was able to recover from its recent downside correction. The Bitcoin Cash was able to gather strong support at $360. This allowed the Bitcoin Cash to recover to a value closer to $400, breaking resistance at $380 and $390. A continued rise is expected until it encounters resistance at the $410 and $420 level.
Some of the other coins to find stability and strong support level at the day’s trading include EOS which climbed above $6.50 resistance. Several coins also had healthy 5% gains like the BNB, Tron. This paints a picture of a healthy crypto market.
Crypto Market Finding a Strong Support Level Helps Bulls Optimism
The recent recovery of the coins help the strength of the market overall. Today’s activity saw the cap break the $246 Billion resistance and tested resistance at the $252 billion mark before falling back down. The overall crypto market capitalization rose from $236 to $245 billion in today’s trading. If the strength continues, the blockchain coins are likely to find more gains in the near future.