In its past reports, CCN made a note that the 8,200 USD resistance level seems to be a crucial starting point to lookout given a dip under $8,200 may lead to BTC costs going back to $7,900.
In the last twenty-four hours, the digital money market has bounced back with Bitcoin’s price reaching 8,500 USD and some tokens, for example, AirSwap (AST), Ontology (ONT) and Tron (TRX) recorded profits between 10-20%.
Up until recently, the lion's share of tokens in the market seemed to have encountered a setback, imitating the descending pressure of BTC but with higher margins. Thus, even tokens such as 0x (ZRX), ICON (ICX), and ONT which have steadily outperformed the majority of cryptocurrencies all through April and May, also fell considerably.
On 21st May, the vast majority of these tokens bounced back from their latest misfortunes and recorded enormous gains against BTC which witnessed a 4% expansion against USD. ONT noted a 10% expansion against BTC, AST went higher than 15% and TRX exhibited a 9.5% rise.
AST is an especially fascinating token to watch out for, particularly when it comes to long-term investment, as in spite of the media coverage and the hype that it got, it continues to be the 198th biggest digital currency on the planet with a market valuation of 62 million USD. Despite the fact that AirSwap’s market cap is less, in contrast to different other tokens like ICX, ONT, and AST, it has more potential to develop in the long haul.
AST’s RSI or Relative Strength Index stands at 53, thus implying an impartial zone. Taking into account the fact that AST continues to exhibit an impartial condition post a 15% expansion against BTC. Exponential as well as basic moving averages demonstrate an optimistic short-term pattern. It is possible that AST will keep on developing past its present value of 0.00004925 BTC.
Bitcoin or BTC has been following a persistent downward pattern from the beginning of May. In the course of recent days, BTC’s cost has stayed between $7,900 ND $8,785 and struggled to exceed $8,800. This is considered to be a noteworthy support level which could enable the cost of BTC to test the $10,000 support level again for the time being.
About a week ago, that is on May 15th the latest endeavor was made by BTC to break the 8,800 USD support level. Subsequent to outdoing $8,850, because of the weight of bears, BTC quickly dropped to $7,925 and rebounded to approximately $7,900. On the off chance that the bitcoin cost may bounce back to $8,800 in the up and coming days, perhaps in the next 2 days, it is possible that the value of BTC tests the 9,600 USD support level before long, finding a passageway into the $10,000 arena before May end.