The cryptocurrency market cap stood at $566 billion as Bitcoin and Ethereum saw demand and prices increase. Many large-cap altcoins also performed extremely positively in the past week. Cosmos and Zcash experienced a pullback and were ready to rise toward its resistance once more. Ethereum could lead the altcoin market once more with its remarkable gains in the past few days and was likely to continue making gains.
ETH rose past the $600 psychological level, to reach a local high at $620 but was forced to dip beneath $600 to retest $584 as support.
The price appeared to find support from the 20-period moving average. A close below it would be bearish in the short-term and see the price drop to $550 support.
However, the longer-term outlook is definitely bullish. The drop in trading volume when ETH began its pullback from $620 suggested that ETH did not have many sellers.
In other news, the Ethereum 2.0 deposit contract has accumulated more than 540,000 ETH and the beacon chain will launch next week.
After the bearish divergence and the dip to $5.8, ATOM began its ascent once more on strong trading volume. The RSI showed a value of 60 to show bullish momentum and has not dipped below 50, showing that an uptrend was still in play.
A rising wedge could develop in the coming days, but at the time of writing, ATOM was set to rise toward $6.35.
ZEC has performed well in the markets since a breakout beyond $71. It faced selling pressure at the $90 resistance and dropped by 7.8% from $87 to $80.4 in a matter of hours.
This drop was not a reversal of uptrend but more likely to be a pullback, and ZEC was geared up for another attempt at climbing past resistance.
The OBV showed strong buying volume for ZEC over the past week, while the CMF indicated that capital was flowing into the market for the better part of the previous week.