What seems like a breakout to the bull market can be the pullback to the value.
Cardano ADA is up by 9%, Ripple XRP is up by 0.90%, GALA is up by 26% and the leading altcoin Ethereum is up by 1.5% as the markets opened today. It’s a sunrise in the cloudy bear market for cryptocurrencies.
The question is why is crypto up today, especially when the sentiments are not in the favour of crypto markets? There hasn’t been much development in the crypto regulations and FTX bankruptcy is still making rounds in the mainstream news channels.
After further investigation & looking at the details, it is quite clear that spikes in the price action of certain coins are backed by relevant news while other coins are just pulling back to value to be shorted further.
Take a look at GALA, the token has spiked over 26% from last week and is trading at $0.03 at the time of writing this post. The reason is the introduction of mobile gaming into the GALA ecosystem which has strengthened the trust in the community.
If we look at Ripple XRP, the reason for the spike is quite obvious. As we are now closer to Ripple vs SEC final hearing, the sentiments are in favour of the cryptocurrency and many believe that Ripple may win the case.
Solana SOL and Cardano ADA tokens are also enjoying the trend but the sentiments around them does not support the spike in price action. Take a look at the Cardano price chart –
After technical analysis and at first look, Cardano seems to be breaking the bearish trend and heading towards a bull run. However, once you take RSI and MACD into the consideration, it is a possible bear trap coupled with a false breakout.
The same can be said about Solana’s (SOL) price action and the price action of many other tokens. It is still safe to say that the bear market isn’t over and things will take time to change.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.