The global crypto market cap on Thursday increased by nearly 1%, reaching $964.04 billion during the early European session, and major cryptocurrencies were trading in a narrow range.
Challenge accounted for $3.41B in 24-hour trading or 5.67% of the whole cryptocurrency market.
Bitcoin’s price is rising, having jumped nearly 3.38% in seven days and now encountering immediate resistance near $20,450. At the same time, Ethereum’s price has increased by 2.13% in the last 24 hours to $1,365.
Furthermore, MKR is in the spotlight after rising nearly 18% in the last seven days.
The current Bitcoin price is $20,151.98, with a $3.6 billion 24-hour trading volume. Bitcoin is up 0.21% in the last 24 hours and 3.70% in the last seven days.
Bitcoin has formed a descending triangle pattern, extending major resistance near the $20,478 level. The descending triangle pattern typically breaks on the lower side, but the 50-day moving average provides immediate support near the $20,000 psychological level.
Leading technical indicators like the relative strength index (RSI) and moving average convergence and divergence (MACD) point to a buying trend.
As a result, a surge in Bitcoin demand has the potential to start an uptrend, and a break of the $20,450 resistance level can push BTC price up to $21,905 or 22,750 levels. On the downside, Bitcoin’s immediate support remains at $20,000, with $18,650 as an immediate support level below this.
The current price of Ethereum is $1,369.17, with an $11.5 billion 24-hour trading volume. Ethereum has gained 2.58% in the last 24 hours.
On the technical front, the ETH/USD pair is trading slightly bullish after rebounding from the $1,300 psychological support level. The upward trendline on the daily timeframe keeps Ether bullish and extends major support near the $1,270 level.
On the upside, ETH has formed a double-top pattern, extending an immediate resistance near the $1,402 level. Ethereum has formed a tweezers bottom pattern, indicating the possibility of a bullish reversal. As a result, a bullish crossover above $1,402 could pave the way for an uptrend to continue until $1,575 or $1,650. A further upward breakout could take ETH to the $1,795 level.
The leading indicators, RSI and MACD, are above 50 and 0, indicating a stronger bullish bias in Ethereum. Investors will likely look for buying opportunities if the $1,402 level is breached.
Maker (MKR) Storms 18%
Altcoins are making headlines alongside leading crypto coins. Maker (MKR), in particular, is trading in a bullish manner, having risen nearly 18% in the last seven days. Investors who rushed into MKR at the end of September are likely feeling good about their purchase after the strong surge in value over the past two weeks.
The current Maker price is $836.92, with a $40 million 24-hour trading volume. CoinMarketCap is now ranked #56 with an $818 million live market cap. There are currently 977,631 MKR coins in circulation, with a total supply of 1,005,577 MKR coins available.
Technically, the MKR/USD pair has already reached the 50% Fibonacci retracement level of $895. MKR has closed a Doji candle below the $895 resistance level, indicating that bulls have been exhausted and that MKR may experience a small bearish correction.
On the downside, the 50-day moving average at $754 is providing immediate support to MKR. The next support level remains at $709. On the other hand, a bullish breakout of the $887 level could take the MKR price to $968 or $1059.
Dollar Regains Strength Ahead of US Nonfarm Payrolls Tomorrow
The recent surge in US ADP figures may affect Bitcoin and the rest of the cryptocurrency industry. On Wednesday, payroll services provider ADP revealed that the US labor market had a stronger month than projected in September, with private employers adding more positions than expected.
The 208,000 jobs added by companies in September were more than the 200,000 predicted by Dow Jones and the 185,000 jobs added in August that were revised—despite a net loss of 29,000 jobs in the goods-producing sectors, manufacturing shedding 13,000 jobs and natural resources and mining losing 16,000.
With such a surge in US labor market data, investors are expecting strong US Nonfarm payroll figures on Friday. Stronger economic data will typically have a negative impact on cryptocurrencies due to expectations that the US Federal Reserve will raise interest rates more quickly.
New Altcoin News
New altcoins are making headlines alongside leading cryptocurrencies. tamadoge, the new meme token, has gained nearly 472% from its all-time low of $0.01683. That’s making TAMA a clear winner, with massive gains and all the attention.
Announcement of CEX Listing!
In addition to Tamadoge, TAX is a new protocol that is being developed to make it easier for enterprises and individuals to track and control their carbon footprint. The protocol is intended to reward and incentivize users for their engagement. In just three days of its presale, IMPT has raised more than $1 million.