Bears Take Hold As Markets Sit In Limbo
This morning the markets remain in a state of limbo, hovering around mid-level values after initially showing signs that a recovery from the end of May tragedy could be underway. Now of course, that no longer seems to be the case and thus, the positive movements we saw moving into June may simply just be down to a combination of optimism and some correction. We must also note the fact that many currencies reached landmark occasions during the end of May, such as TRON, EOS and IOTA, anticipation leading up to this no doubt had an impact on market values too.
So, as it stands, it now looks as if the bears are back in control. Thankfully, the markets arenât retreating at a rapid rate thus far, instead, market values are teetering around similar values to those we saw yesterday, without the promise of making any further progression. We hope that, as we go through the day, we start to see some more positive movements.
Letâs take a look at the standings.
At the time of writing, Bitcoin is valued at $7,440.49, down 2.96%. Moving past $7,500.00 could prove troubling for Bitcoin later on but for now it remains within a good range of $7,500.00. Once we see Bitcoin surpass $7,500.00 again, we will focus on the $8,000.00 target, which realistically is not so far off.
Ethereum on the other hand has slipped past a critical point. At the time of writing, Ethereum is valued at $588.11, down 3.77%. A move past $600.00 is somewhat worrying for Ethereum, however given the market conditions we should expect to see more of this. Soon enough, Ethereum will see a recovery, although we should consider that the deeper it falls now, the harder it will be to recover at a later date.
Ripple still looks promising. At the time of writing, Ripple is valued at $0.65, down 2.38%. Now of course, Ripple is down, however, Ripple has remained over $0.60, this is indeed significant and suggests that actually, Ripple is on the verge of seeing more positive movements once again.
Elsewhere, the negative trend dominates. EOS, NEO and NEM are all down. 6.24%, 4.10% and 5.29% respectively to be exact.
Yes, the markets look bleak however, this is what we should expect in such a bearish market. For now, we will have to wait and see if these reductions continue. If June turns out to be anything like April, give it 10 days or so and the picture could be very different indeed.