Cryptocurrency markets have seen a significant surge in the past month, largely due to the boom in prices of Bitcoin. Last month, prices of the widely popular cryptocurrency surged around 22%, rising from $23,450 to close the month at $28,500. This bull candle bear a strikingly resemblance to the one in January, hinting towards a major surge in the coming days. Digital market analyst The Birb Nest highlighted that the rise was reflected on the daily time frame, and mentioned that the daily trend support in the market has been largely predictable and stands at $22,500. Consolidation within the comparatively low range of $26,500 to $29,300 further hints towards the possibility of a continuation pattern.

The market sentiment was further heightened when fellow analyst, Rekt Capital shared on Twitter that the long-term downtrend had officially ended. Meanwhile, some analysts expressed confidence that the prices would continue increasing further, noting that it has crossed the 21-day exponential moving average indicator and may signal a bull run soon.

However, despite the generally confident market sentiment, cryptocurrency markets have retreated 1.9% on the day, indicating that trends in the market are still unpredictable and volatile. Prices for Bitcoin are below $28,000 and Ethereum (ETH) is down 2.2% to $1,778, in contrast to what was seen in the month of March. Major altcoins such as Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), Shiba Inu (SHIB), and Avalanche (AVAX) are all facing losses, with some of them seeing losses of over 4%.

Overall, despite the overall dip in crypto markets, the bullish candle in March has left crypto traders and investors speculating a potential rise in the coming days and weeks. The 21-day exponential moving average indicator's congruity to the bullish trends in 2015 and 2019 further attests to this.



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