Is it time for the cryptocurrency market to return to the uptrend?
The weekend began with the continued rebound in the cryptocurrency market as major coins remain in the green zone.
The weekend started off positive for Bitcoin (BTC) as the major crypto rose 1.60%.
At the moment, Bitcoin (BTC) is trading between support at $39,573 and resistance at $45,478. The ongoing sideways trades are also confirmed by the low volume, which means that neither the bulls nor the bears are dominating.
In this case, if the rate starts to come back to the support, there is a good chance of seeing its breakout and a sharp decline to $38,000.
Bitcoin is trading at $42,704 at press time.
DOGE is the only coin down on the list today, down 1.88% since yesterday.
DOGE is approaching the resistance level at $0.2204 on rising buy trading volume. If the daily candle sets above this area, the rise towards the more liquid area around $0.25 could continue.
Such a scenario is rather more likely for the medium term than for intraday trading. All in all, one should pay attention to the situation around the important $0.20 mark.
DOGE is trading at $0.1871 at press time.
Unlike DOGE, the SHIB rate has increased by 1.30% in the past 24 hours.
SHIB was unable to sustain the upside after bouncing back to the most liquid zone at $0.00002768. If the bulls cannot hold the initiative and the rate breaks below the psychological mark of $0.000030, the price could retest the support level at $0.00002537 in the next few days.
SHIB is trading at $0.00003079 at press time.