The total crypto market today was worth a little less than $900 billion.
WAVES and Shiba Inu led the market rally.
The majority of the cryptocurrencies, including Bitcoin, closed in green today.
The last few days have been very fruitful for crypto investors who bought the crash, and the investors who had been facing losses breathed a sigh of relief.
At the time of writing, the crypto market cap rose to $893 billion as altcoins pulled it out of the weeds.
As opposed to other altcoins, WAVES, although closed in the green for the last two days as well, marked the most growth only in the previous 24 hours. Rising by 44.82%, WAVES led the crypto market rally bringing the price to $6.5.
According to the Bollinger Bands, the altcoin might continue rising going forward, albeit slowly. This is because the volatility seems to be declining courtesy of the converging bands, but with the candle above the bias, the price action will be positive.
Shiba Inu (SHIB)
The meme coin did not hold back today and, on the back of broader bullish cues, marked a rally exceeding 33%. Trading at $0.00001077, SHIB finally invalidated all the bearishness it witnessed this month.
It has room for growth going forward as well since the bullishness only seems to be increasing, as is visible on the Awesome Oscillator. As soon as the green bars appear above the neutral line, SHIB will note consistent rises.
Walking along the lines of its fellow cryptocurrencies, ZIL too marked a 28.21% rise in the last three days, trading at $0.041. Although the altcoin is far from recovering June’s losses, this rally did bring it closer.
The Relative Strength Index (RSI) also indicates a further rise, given its proximity to the bullish zone, which it will achieve once it crosses above the neutral line.
Compound’s governance token COMP witnessed an excellent beginning to the week with a 48.33% rise, which placed the altcoin closer to invalidating its 51.16% losses. Trading at $42.51, COMP will continue a sustained rise.
This is backed by the appearance of an uptrend on the charts after the white dots of the Parabolic SAR shifted their position to underneath the candlesticks.
After a 57.81% decline, the DeFi token did not seem like it could recover its losses. However, the 38.8% incline over the last two days rose the trading price to $68 at the time of writing.
Regardless, AAVE still has a long way to go to invalidate the losses, and in doing so, it would also be able to flip the 50-day Simple Moving Average into support which would be crucial for a further rally.
This article was originally posted on FX Empire