In Brief: Here’s a recap of the cryptocurrncy market watch – 18th August 2020
- Bitcoin crosses the $12,000 resistance level and finds support around $12,200.
- Yearn finance (YFI) swings bullish again, with a 50% gain to create new all-time high.
- WAVES continues gains of a week with today’s gains driving towards the $4.5 price level
Our today’s top gainers list features a few DeFi token accomplishing brilliantly, following bitcoin’s market leadership.
Bitcoin continues to maintains the position of the top cryptocurrency by market capitalization and once again, it has proven it’s worth by defeating the long-held $12,000 resistance level. After several days of sideways motion, Bitcoin (BTC) finally breaks the $12k price level and as foretold by several analysts, is moving towards $13,000.
Today, DeFi token, Yearn.Finance (YFI) reports the highest 24 hour gains, followed by WAVES which made roughly 18% profit in the past 24 hours. Meanwhile, bitcoin is observed moving towards the sub-$13,000 level.
Bitcoin Surges Past $12,000 (BTC 3.45% Gain)
Bitcoin’s profit since yesterday is not so glamorous when compared to its top competitions. Hence, it cannot exactly be considered a top gainer. However, the coin is observed to be arriving at a decisive point, and may be getting ready for a new rush of gains.
Today, Bitcoin documents a 3.45% gain, breaking a major resistance level at $12,000. BTC has, in effect, been tagged as the top crypto by market capitalization, according to CoinMarketCap.
Bitcoin is up by 19.9% in the 1 year time frame, and also boosted by 3.0% in the last week. The top crypto has been able to make twice as much gains obtained since the last day.
About 92% of traders are eager in extra earnings as the trading day matures, indicating an abundant bullish market attention towards bitcoin.
It is highly likely that bitcoin will break the resistance at $12,500 and press forward. Although the RSI is horizontal at the 50.0 level, the coin has broken major resistance at $12,200.
- The next major resistance level is $12,500
- Next level of major support is $12,200
- RSI is horizontal at 50.0, and further movement will be determined by the next direction of the RSI.
Bitcoin is now trading around $12,217, with a market cap of $225 billion.
Yearn.finance reaches new all-time high (YFI, 34% Gain)
DeFi token, Yearn Finance, YFI, continues to maintain a week-long market gain which accumulates to 102.7%. Within the last 24 hours, the coin profited around 36%.
YFI overtook the opposition at $12,000, right after breaking the $11,800 resistance level. Before midday, the coin tested the $12,500 price level. Although it initially failed to break the $12,500 level properly, the cryptocurrency had now retraced back to the $9,500 price area.
YFI recorded the most gains among the top gaining cryptocurrencies of the ongoing bull season within the last month, with a documented gain of around 1000%.
YFI shows a brilliant market traction within the last 24 hours. Presently, YFI trades at $9,905
Waves Makes Top Gainers List (WAVES 18% Up)
Also on today’s list of top gainers is WAVES, which has advanced greatly in order to attain today’s list of top gainers. In the last 24 hours, the coin made approximately 18% profit. WAVES looks bullish in the hourly time frame with a gaining record of roughly 6.5% in the last hour.
WAVES has been in earnings since last year, and the coin recently made the headlines. The coin is up by nearly 261% in a year, 197% within the last 30 days, and has also recorded a 122% gain within the last seven days.
The market opinion is bullish for WAVES as 80% of traders chose for a buy, indicating a possible upward profit for this cryptocurrency.
WAVES currently trades at $4.20, with a total market cap of $437 million.
- Next major resistance at $4.50
- Next major support level at $4.20
- RSI peaks through the 30.0 oversold condition.
- Bullish ride moves above the Bollinger indicator.