Cosmos leads the road to recovery for the crypto market as we saw the market bouncing back on Tuesday as bitcoin and a lot of the other major altcoins, reversed the heavy trading losses that incurred on Monday as we read previously in the cosmos news.
Bitcoin is holding strong above the $7,000 level as the buyers are trying to get a stable spot for the cryptocurrency above the October monthly trading low that was located around the $7,300 level. Ethereum and Bitcoin SV are among the best performing cryptocurrencies in the top 10 both of which posted double-digit gains. Cosmos leads the recovery and is the main outperformer on the day, succeeding to recover close to 20 percent of the trading value since Monday’s drop below the $3 price point.
The total crypto market capitalization is somewhere above $190 billion which is an increase of about 11 percent since the start of the week. Cosmos has been in a very strong price recovery position since Monday and it is now acting bullish across the short and medium-term horizon. The increase in value from the previous $3.00 level further underpins the notion that the ATOM/USD pair is headed to a stronger and higher medium-term.
The buyers are now in need to rally the price up to $4.30 to ignite the large inverted head and shoulders pattern that has the potential to take Cosmos in a higher position to $7.00. The daily time frame charts of the total market cap show that the traders are buying heavily the previous $17 billion level which created a further bullish reversal candle. While a medium-term bottom has not been confirmed, the stabilization above the $207 billion levels will support the traders to long the crypto markets. The RSI indicator is also showing that the overall market cap is the third most oversold level in the records.
The trading action around the falling wedge pattern on the daily time frame remains key and the technical breakout from the $173 to the $207 billion price range that will determine the next strong directional move. According to the latest data, the sentiment towards the crypto market is still neutral at 45 percent.
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Bitcoin has the strongest sentiment yet among the top 10 cryptocurrencies at 66 percent.
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