Cryptocurrency
Crypto Markets Facing Make-or-Break Moment After Recent Surge
As reported on Bloomberg, “Major cryptocurrencies including Bitcoin and Ether have surged over the past week, but technical indicators show they’re butting up against a key resistance level. “The Bloomberg Galaxy Crypto Index, which includes most of the largest digital tokens, is nearing a critical juncture at the 400 mark, which has acted as both a support […]
As reported on Bloomberg, “Major cryptocurrencies including Bitcoin and Ether have surged over the past week, but technical indicators show they’re butting up against a key resistance level.
“The Bloomberg Galaxy Crypto Index, which includes most of the largest digital tokens, is nearing a critical juncture at the 400 mark, which has acted as both a support and a resistance line since March. A break below it led to one of its largest-ever selloffs earlier this year, but technical analysis now suggests a break higher could presage a rally that potentially takes the gauge to an annual high.
“In addition, the index’s MACD — or the moving average convergence divergence gauge — shows a positive trend could be formed as soon as this week.
“The index has gained more than 11% since last Tuesday and is trading at its highest level since early March. Bitcoin has advanced near 8% in the same period, while Ether is up more than 17% — the two tokens make up 60% of the index, according to Bloomberg data…”