Cryptocurrency prices have been on a steady incline since January of this year, but the question on many investors' minds is whether this is a "relief rally" and if it will be sustained. A relief rally is seen as a temporary increase following a significant market downturn, which was the case for Bitcoin in the early months of 2021. According to DataDash, a reliable time-tested momentum indicator like in forex markets or commodities, suggests that there may be some price resistance when crossing into May, indicated by the red for three, almost four consecutive months. It is almost impossible to predict how far the rally will go, so investors are suggested to exercise caution and carefully observe market trends and indicators before making any major decisions. In conclusion, the market is ever-changing and the present "bullish surge" in crypto might not be a lasting one - so investors should stay vigilant of market trends to get the best outcome.
Adele Foster
- 2023-05-02
Analyzing Whether the Crypto Rally is Sustained or a Relief
Cryptocurrency prices have been on a steady incline since the start of 2021, however, the upcoming months may show some market resistance. In this article, we explore whether this is part of a relief rally or a sustained recovery.
