Cryptocurrencies have recently achieved great benefits
DASH has more than doubled in value
Bitcoin halving can start a new bull market
Cryptocurrency market is approaching the end of a fantastic week. In recent days, the capitalization of the digital assets market has risen by more than $ 30 billion, or around 14%. Bitcoin increased by 11% after an interruption above the upper limit of the down channel and set the tone for altcoins, some of which have doubled in value. However, there are no reports that can justify this leap on a fundamental level.
DASH is a true leader of a continuous upward impulse. The altcoin won around 130% in just two days. Rally was stopped at the resistance at 135. However, a withdrawal occurred after this steep rise and the coin went back to the 115 lever. One point to note is that this currency has been in a downward trend for almost two years. A break above the upper limit of the Overbalance structure (green box) can herald a greater upward movement. In such a scenario, one must concentrate on the previous peak at 186 USD.
Ripple also makes movements this week. The altcoin is trading in an up channel and has recently completed the correction at 0.22. The continuing upward impulse has pushed the price 6% higher and a test of recent highs at 0.24 could now be on the cards. A point to note is that this level coincides with the upper limit of the channel, therefore the resistance can be strong. If the currency starts to fall, one must first concentrate on the aforementioned 0.22 level. In the event that it does not stop the bears, attention will shift to the lower limit of the Overbalance structure at 0.2170.
Will cryptocurrencies rise after Bitcoin is cut in half this time?
Another half milestone for Bitcoin is approaching. Block no. 630000 is expected to be resolved by mid-May and the rewards for miners will then be halved. The move is aimed at limiting inflation on the digital currency. One point to note is that the previous two halves were followed by the Bitcoin bull market. The first such bull market pushed Bitcoin 1700% higher, while the second saw the digital coin price rise by 3600%. That said, cryptocurrencies can lead another major rally if history repeats itself. However, traders should bear in mind that these gains were made over a long period of time, as both the aforementioned bull markets lasted around 1000 days.
This content is created by X-Trade Brokers Dom Maklerski SA This service is provided by X-Trade Brokers Dom Maklerski SA (limited liability company X-Trade Brokers Brokerage House), established in Warsaw, on Ogrodowa 58, 00 -876 Warsaw, Poland, registered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy), carried out by the District Court for the capital Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax identification number (NIP) 527 -24-43-955, with the fully paid-up share capital of PLN 5,869,181.75. X-Trade Brokers Dom Maklerski S.A. carries out brokerage activities based on the license granted by Polish Securities and Exchange Commission on November 8, 2005. DDM-M-4021-57-1 / 2005 and is supervised by the Polish supervisory authority.