As we enter the latter stages of the week, we start to wonder what the weekend will bring for the markets. As we know, negativity has reigned this week and thus, many of the major cryptocurrencies have hit new lows which will no doubt prove tricky to navigate in the coming days.
Of course, negative movements aren’t negative in the sense that we should be down about them, rather, negativity just refers to a back pedalling, left of the spectrum so to speak.
Now, it does seem as if the market retreat has started to tail off, with declines over the past 24-hours starting to move closer to the 0% threshold, in fact, it does seem as if some currencies have started to actually move towards a recovery, making slow gains. This latter scenario is of course no doubt down to market correction, therefore whilst the recovery is good news, we can’t expect it to be a sign of a bull market returning just yet.
Let’s take a quick look at how the markets are stacking up today.
At the time of writing, Bitcoin is valued at $6,512.54, down 1.08%. With Bitcoin seemingly able to maintain a balance near $6,500.00, any worries regarding a move towards $6,000.00 from Bitcoin now seem to be somewhat dampened. Either way, Bitcoin isn’t in clear water just yet and will no doubt struggle to move upwards past $7,000.00 over the next few days. In essence, Bitcoin’s recovery will see some resistance.
At the time of writing, Ripple is valued at $0.55, down 0.80%. The fall of Ripple is now starting to tail off, although with Ripple sitting very close to $0.50, we should expect to see a deal of resistance around the $0.60 mark if and when Ripple starts to make upwards momentum. Sadly, for now, Ripples $1.00 target is a way off.
EOS seems to be moving in a more positive direction. At the time of writing, EOS is valued at $10.33, up 1.92%. EOS has managed to remain in double figures, clinging on to the incredible progression made by EOS during the mid-April market surge. Of course, EOS is now very undervalued however, it should see some ease in moving back up towards $15.00, especially considering the status surrounding the EOS blockchain launch.
At the time of writing, Cardano is leading the upwards charge. At the time of writing, Cardano is valued at $0.17, up 5.52%. Cardano remains as the stand-out cryptocurrency at the moment, hopefully this current positive trend can continue. We may even see Cardano lead a movement towards recovery in this.
So, overall, things are starting to look a little lighter. Heavy declines are being replaced by more subtle slopes. Over the next few hours, we expect to see a few more of the major currencies switch onto a positive trajectory. Once correction takes over, we will be able to truly assess the impact of the past week of market detraction.