Bitcoin on the threshold 8.500 dollars, the market rebounds. Fairly optimistic for the development of prices over the next few days.
In the past 24 hours, the cryptocurrency market has tried to make a major rebound: the price of Bitcoin has in fact reached 8.500 dollars, and tokens like Tron (TRX), AirSwap (AST) to Ontology (ONT) posted gains in the range of 10 to 20 percent.
Ontology, Tron, AirSwap
Most tokens have experienced an intensified downward movement, imitating that of the Bitcoin, but with wider margins. Consequently, even tokens like ONT, ICON (ICX) to 0x (ZRX), which consistently outperformed most of the major cryptocurrencies during the months of April and May, substantially reduced their capitalization.
Well, most of these tokens rebounded from their recent losses yesterday, recording large gains even against the bitcoin, who have, for their part, recorded an increase in 4% compared to the US dollar. Versus bitcoin, ONT has experienced a 10% increase, AST has increased by more than 15% and TRX has shown that it is able to bring home an appreciation of 9,5%.
In particular, AST is certainly one of the most interesting cryptocurrencies of the moment, especially as a long-term investment. Despite the current hype and media coverage received, it still remains the 62th largest cryptocurrency in the world with a market valuation of "only" $ XNUMX million. Although the market capitalization of AirSwap is relatively small compared to other tokens such as ONT and ICX, AST, analysts believe it has more room for long-term growth.
AST's Relative Strength Index (RSI) is at 53, in a neutral zone. Given that AST is still demonstrating a neutral condition after a 15% increase over Bitcoin and both exponential and simple moving averages show a positive short-term trend, AST is likely to continue growing beyond its current price of 0,00004925. , XNUMX BTC.
Strong Bitcoin bounce
Moving on to Bitcoin, we note how the world's most important cryptocurrency has experienced a continuing downward trend since it failed to test the $ 10.000 support level in early May. Over the past 7 days, the price of bitcoin has remained in the range between $ 7.900 and $ 8.785, struggling to earn over $ 8,800, regarded as an important support level that could allow the bitcoin price to re-test the support level of $ 10.000 in the short term.
The last attempt of bitcoin to break out of the $ 8,800 support level was on May 15, about a week ago. After hitting $ 8,850 due to bear pressure, bitcoins quickly dropped to $ 7,925 and recovered in the $ 7,900 area. If the price of Bitcoin were to rebound stably beyond $ 8,800 within the next 48 hours, its value is likely to test the 9,600 support level in the following days, looking for an entry into the $ 10.000 zone by the end of May.
Over the past week, Bitcoin has been able to gradually increase its value from $ 7.900 to $ 8.500, with a behavior it has not assumed in previous corrections. The stability in the movement of Bitcoin prices could provide greater resilience in testing the main short-term support levels.
