September turned out to be a bearish month for the cryptocurrency market but we are in a new month and it has already shown signs of a potentially bullish October with many crypto traders already dubbing October as Uptober. This is because the month kicked off with a substantial uptick which saw the global market cap rally back above $2.10 trillion after dropping as low as $1.81 trillion just a week ago. Here’s a look at how some of the top cryptocurrencies have performed in the last 7 days.
Bitcoin is currently trading at $49,355 after rallying by roughly 16% in the last 7 days. Its biggest gains during the week occurred on Thursday and Friday reflecting increased accumulation to usher in October, during which the market is expected to recover from the bearish performance in September. The bullish momentum saw Bitcoin rally as high as $49,799 during yesterday’s trading session before pulling back to its current position.
Bitcoin’s latest performance now reflects the golden cross considering that the price is now back above the 200-day moving average. The trading volume is still relatively low, while the RSI is not yet in the overbought zone, indicating more potential upside.
Cardano’s native cryptocurrency ADA has so far not registered significant price action despite the recent bull run, although it did rally slightly before losing some of its gains. ADA is currently trading at $2.22 which represents a 3.50% gain in the last 7 days and a 1.75% increase in the last 24 hours. Although Cardano bulls have failed to rally, its current trading price is a significant improvement considering that it traded as low as $2.02 towards the end of September.
On the technical side of things, ADA is still trading above its 200-day moving average which means that the macro trend is still bullish. The bearish micro-trend is pushing the price towards the oversold although it is not quite there yet.
Ethereum’s native coin ETH is up by 15.61% in the last 7 days and is currently trading at $3,393. This is an impressive recovery considering that it traded as low as $2,750 a week ago. While the strong rally has pushed it back above the 50-day moving average, the slight price pullback is a reflection of profit-taking after peaking above $3,430.
ETH still has some room to grow before reaching its previous all-time high and the long-term outlook suggests the likelihood of another major bull run before the end of the year. In that case, ETH might set new highs between now and then.
ALGO is currently one of the biggest gainers this week during which it has seen an upside of 19.80 % and it is down by 0.05% in the last 24 hours. The coin is currently trading at $2.00. It is one of the best performing cryptocurrencies in the top 50 list thanks to robust adoption but its latest rally comes on the heels of a community governance launch. ALGO is up by more than 500% in the last 12 months and it is expected to continue on its trajectory thanks to more adoption.
Although ALGO is up significantly in the last week, the price has also experienced some retracement and the RSI indicator suggests that it is slightly under the overbought zone. We could see some more upside if the market is as favorable as expected in the next four weeks.