The altcoin market aggregate value retested an important support level last week. With the bullish momentum of the day, the top 10 altcoins by market cap are showing superior signs of recovery.
Well-established altcoins outnumber medium and small-cap cryptos
The total value of the altcoin market has jumped from the key support level to $497 billion in the past few days. It has since climbed up to the 9-day EMA line on the chart. If TOTAL2 fails to break past this EMA line in the next 48 hours, technical analysis shows it could return to $497 billion.
On the other hand, if it can close a daily candle above the next major resistance level at $551 billion, it will have a clear path to climb to $602 billion in the next few weeks. As of June 17, the market in general recorded a slight recovery in this direction.
Here are the prominent cryptocurrencies of the recovery phase
According to CoinMarketCap, all of the top 10 cryptos, excluding Bitcoin, managed to record significant price increases during the day. Altcoin leader Ethereum (ETH) has been one of the prominent cryptos with a price increase of over 4% during this period.
As a result, ETH is trading at around $1,735 at the time of writing. This is very close to the daily high of $1,766.76 for ETH. The crypto’s price surge managed to return its weekly performance to the green zone by +0.47%.
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Solana posted a price increase of more than 5% over the past day. Thus, it became another altcoin that attracted attention. Its weekly performance was also definitely in the green with 6.71% despite last week’s delist blacks.
Cardano (ADA)
Cardano’s price is up about 3.7% in the past day, trading at $0.266809. As with SOL, ADA’s weekly performance has turned green again despite facing negatives from the SEC over the past few days.
Dogecoin (DOGE)
New to Dogecoin and top 10, Tron has also seen slight increases in its prices. DOGE’s 24-hour trading volume was $219 million, up over 3%. A market cap of around $9 billion meant that DOGE was the 8th largest cryptocurrency.
On the other hand, TRX does not lag far behind with a market capitalization of approximately $6 billion. Thus, it ranked 9th in terms of market value. TRX is currently trading at $0.071270470459, which has gained 2.5% on the day. With the recent momentum, it has carried its weekly gains over 5%. cryptocoin.comAs you can follow, the market recovery of the day helped to reverse the crashes especially during the week of June 5th.
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