Connect with us

Analysis

Correction Leads The Way This Afternoon, Is A Recovery In Sight?

Published

on

After another morning of backwards momentum, our attention switches in the opposite direction this afternoon as the overall trend turns green. As it stands, a number of major cryptocurrencies are now starting to climb up, in some instances, these gains are coming in leaps and bounds. Of course, we can’t get too excited just yet, its unlikely that a bull market is about to return, however, even if this is just down to a simple air of correction, movements are positive, that’s always something to be thankful for.

Moreover, with many people ready to buy during these record low prices (two-monthly) perhaps a sudden surge like this is what we need to instigate that activity.

Either way, we are here to report the news, so we will do just that, here’s how the markets look going into this afternoon.

At the time of writing, Bitcoin is valued at $6,529.87, up 0.95% This is a minor climb, but it is a climb, and therefore we are starting to see signs that Bitcoin is going to challenge a move back up to $7,000.00 once again. In reality, we need to see Bitcoin at least try and breach $7,000.00 soon, otherwise we are at risk of investors losing interest. I suppose the saying ‘treat them mean, keep them keen’ really does have some bearing here.

Likewise, at the time of writing, Ethereum is on the up. Valued at $488.63, up 2.71%. If this continues through the afternoon we might very well see Ethereum reach $500.00 again, once this happens, investors will certainly breath a sigh of relief.

Cardano, Stellar, IOTA and TRON are all relishing in some strong positive movements. At the time of writing, Cardano is up 8.11%, Stellar is up 4.55%, IOTA is up 5.44% and TRON is up 6.17%. We at least know the latter is down to a combination of market correction and of course, a recent announcement concerning a brand new TRONWallet project.

This positivity seems to be threaded right through the markets. At the time of writing, ICON, Siacoin, Verge and Nano are all making very significant movements, up 11.98%, 21.75%, 10.99% and 14.12% respectively.

Don’t let optimism get the better of you. As quick as this sudden change came on, it could drop off and the markets could continue to decline again. As mentioned, this is mostly due to correction (this is what we should assume for now at least) and therefore we aren’t totally out of the woods just yet. Simply, just let this fall as part of your extensive market research and for now, let’s continue to watch the markets to see how they perform through the rest of today, into this evening on the final approach to the weekend.

Advertisement

RECENTS

Advertisement