The cryptocurrency market has been nothing but incredibly bullish for the past two weeks. This weekend saw Bitcoin and many other crypto assets hitting new high records. This is a milestone being crossed, but now, the market’s price action is steady amid bullish pressure.
Bitcoin’s monumental surge has ignited a synchronized rally across the crypto market. Investors’ interest in altcoins like Cardano and Dogecoin has increased as this explosive gain over the weekend could be just the beginning of a larger upward trend.
Let’s have a closer look at Bitcoin and then at the widely popular coins ADA and DOGE, as they have joined the rally and are testing key supports.
Bitcoin Hits $123K High
Bitcoin is currently trading for $120,945 after hitting a new high of $123,258 on Monday morning. This rally started after it broke through a resistance level that had been holding it down at $110k. From that point, Bitcoin rallied up over 11%.
With the Relative Strength Index (RSI) already reaching an overbought level of 87, the rally has begun to cool down today, and a slight price drop is observed. This means that the bulls have reached an extreme, and the bear might attempt a takeover. This is expected because when a price reaches a new all-time high, it tends to drop as investors take profit. However, such retracements are often short-lived due to the bullish sentiment in the market.
ADA Continues Weekly Surge Today
Cardano (ADA) also saw massive gains over the weekend, with over 27% in the past week. At the time of writing, the token is trading for $0.74, down just $0.35 today from a weekly low of $0.58.
Trading activity is also going crazy, with over 19% recorded in volume over the past day to $1.78 billion, and a market cap of $26 billion, according to CoinMarketCap.
DOGE Retest Key Support Level
DOGE has also rallied by 20% after tapping off a support zone at $0.13 on June 22. Currently, the price is at $0.2021. This is just a 0.38% surge from an intraday low of $0.1962 after seeing major gains over the weekend.
Trading activity is up by an incredible 89% today alone to $2.54 billion with a market cap of over $30 billion, based on data from CoinMarketCap.
Also Read: Over $750M in Crypto Liquidated in 24 Hours Amid Bitcoin’s New ATH
