After displaying a negative trend for three consecutive days, the crypto market has recorded a massive bounce back in valuation with top altcoins experiencing a significant bullish reversal in the chart.
With the Altcoins leader, Ethereum, has recorded a jump of over 10% in value, top tokens have followed in the footsteps and displayed a similar trend in their respective charts.
THORChain (RUNE) Price Analysis:
The RUNE price traded in a closed range between $4.897 and $6.252 for a brief period, during which the altcoin made multiple attempts to break out of the resistance level. As the market volatility grew, the THORChain token added 55.25% within two days, following which the price traded sideways.
After this, the bulls jumped 55.58% over the next four days, following which the price displayed a sideways trend for a period. The token was then trading under a bearish influence for a while. After testing its low of $7.087, the bulls recently regained momentum and displayed a bullish move.
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increase in the buying pressure within the crypto space. On the other hand, the averages show a significant rise in the chart, suggesting the price will continue gaining value in the coming time.
If the market holds the price above the resistance level of $8.957, the bulls will regain momentum and prepare to test its upper resistance level of $10.057. Further, if the bulls hold the price at that level, the Stacks token will prepare to test its resistance level of $11.278 over the coming weekend.
Stacks (STX) Price Analysis:
The STX price displayed a neutral trend for a while, following which the bulls regained momentum and recorded a jump of approximately 31%. The Stacks token then traded in a closed range between $2.817 and $3.121 for a brief period, during which the altcoin displayed significant fluctuation.
Following this, the bulls lost momentum, resulting in the Stacks price testing its low of $2.617. After trading sideways for a while, the bulls regained momentum and recorded a jump of 26.77% before facing rejection at the resistance level of $3.40.
The technical indicator, MACD, shows a constant green histogram, highlighting a robust bullish sentiment in the cryptocurrency market. Further, the averages display a rising pattern, indicating a positive price action for the STX price in the coming time.
If bulls regain power and push the price above the resistance level of $3.40, the Stacks price will prepare to test its upper resistance level of $3.80 over the upcoming weekend. Negatively, a bearish trend reversal may pull the price toward its low of $2.817 this month.
