Cryptocurrency market capitalization has broken the $1.00 trillion mark amidst the recovery. The crypto community has not yet reached a consensus on whether the current recovery can be interpreted as the end of the bear market, or whether this is a bull trap. That being said, we can identify local technical benchmarks, and crypto traders should be cautious.
Over the past seven days, Bitcoin rose by more than 10%, Ripple increased by over 6%, Ethereum totaled almost 9%, and Litecoin went up by nearly 7%.
Bitcoin rose above $22,557 this week which, in technical terms, creates the prerequisites for strengthening toward the next target in the area of $25,200 per coin.
If the $22,557 horizontal line fails to hold the ground, the quotes of the main cryptocurrency are likely to drop to the next support level at $21,511.
Ripple has consolidated above 0.3956 this week, with the bounce confirming it as support. The nearest resistance level of 0.4397 acts as the growth target for XRP/USD.
Ethereum keeps consolidating above the 1484.77 support level after it consolidated above it last week. The current resistance level is still the 1678.21 horizontal line. As soon as it is broken out, the next growth target will be 1784.02.
Litecoin is consolidating below the resistance of the 82.90 - 91.12 sideways range and may put its strength to the test.
If the level of 90.12 is broken out and confirmed as support, the next growth target will be resistance at 97.17.