The crypto market enjoyed a bullish respite in the last 24 hours of trading with several coins trading in the green zone. The past week has been a bloody one for the market with several coins down several percents from their value at the beginning of the month.
As usual, the movement of Bitcoin was the catalyst for the positive gains in the market with the leading coin climbing over the $7000 resistance point during this period. BTC is currently valued at $7133 which is an increase of close to $400 in value from the amount recorded in yesterday’s intraday analysis.
There have been bullish statements made by some Bitcoin analysts with the general theme suggesting that the coin could make an extended run as we approach the last month of the year.
Keeping in track with our daily intraday trading analysis, we look at some of the major coins in the crypto market with Verge (XVG), Ontology (ONT) and Stellar (XLM) as our main focus for today.
Verge (XVG) Analysis
Verge (XVG) was one of the top gainers in the crypto market gaining close to 10% in the last 24 hours. The privacy coin has struggled in recent weeks but was able to make major gains during the 24 hour trading frame.
XVG began the day trading at for $0.0034 before embarking on a steady positive movement with several dips and spikes across the day. It is currently valued at $0.003855 and has continued its positive trend with several indications that it could cross the $0.0040 resistance point. On the downside, if there is a negative slide, $0.0035 would be the next support level.
Ontology (ONT) Analysis
Ontology has been in the news in recent days with the blockchain platform announcing it plans to integrate Chainlink Oracle solution to its ecosystem. Looking at its price trend in recent days has been similar with the rest of the market with ONT trading largely in the red. However, the last 24 hours of trading saw the coin make good gains of 4.75% to trade at its current price of $0.608162.
On the upside, if Ontology continues to make positive strides then $0.70 would represent the next resistance region. On the downside 0.50 is the next support level for a downward spike.
Stellar (XLM) Analysis
Stellar price found support near the $0.0530 level and it is currently correcting higher. The coin had a negative change in trading in the last 24 hours. As at the time of writing XLM is valued at $0.057128.
XLM price is trading above the $0.0570 level and it could soon test the $0.0585 resistance. The main hurdle for a nice rally is near the $0.0600 and $0.0605 resistance level.