Altcoin Recovery Gains Momentum, Bitcoin SV Tests Triple Digits
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The cryptocurrency market traded mostly in the green on Monday, as the top 10 altcoins continued to build on the weekend’s strong gains.
Bitcoin SV posted gains of over 10%, and traded back into triple digits as the recovery from the $75 support level gathered traction. Litecoin was another notable gainer over the weekend among the larger coins, with the sixth-largest cryptocurrency gaining around 7.5%.
XRP added around 5% to its value over the weekend, while Ethereum recorded a 7% gain over the last two days as the second-largest cryptocurrency continued its recovery from the $115 level.
Bitcoin traded around the $7,300 level, after turning technically bullish over the short-term for the first time since November. The total cryptocurrency market capitalization traded around $192 billion this morning. This is a gain of $11 billion since Friday, an increase of 6%.
Bitcoin SV is now trading back towards levels not seen since Dec. 4 as the double-digit advance in the BCH/USD pair gathers momentum.
A bullish breakout is in play from an inverted head and shoulders pattern while price trades above the $98 level. The overall upside projection of the pattern suggests a rally towards the $125 level. Fibonacci analysis highlights the $106 and $125 levels as possible upside targets. Key technical support for the BSV/USD pair is found at the $98 and $94 levels.
Total Market Cap
The value of the total market capitalization traded around the $192 billion level, as measured by TradingView. Short-term bulls have the upper hand with price trading above the technically important $187 to $188 billion region.
A rally above the $197 billion resistance level should prompt further technical buying towards the $205 to $207 billion area. It is worth noting that a breakout above the $207 billion resistance level could spark a major rally, which could see the total market capitalization recovering towards the $230 billion mark.
According to the latest data from The TIE, sentiment toward the cryptocurrency market is neutral, at 48%. Litecoin has the weakest intraday sentiment among the top 10, at 41%, while TRON has the strongest, at 71%.