Price performance of the cryptocurrencies may have been lackluster over the past month, but some of the industry developments have lifted animal spirits, and optimism may be gradually returning to the crypto market after May's crash from all-time highs, said a report. The month also came in well below the average and median return of 10% and 2%, respectively. The world’s biggest crypto currency was trading 2% higher at $34,934, at around 6.15pm, as per CoinGecko.com. “Accordingly, market participants should keep a close eye on bitcoin’s 50-week simple moving average (SMA), 100-week SMA, logarithmic regression support, and 200-week SMA," the cryptocurrency exchange’s report said. The report also highlighted those negative headlines out of China only temporarily weigh on the crypto market.

Source: Mint July 07, 2021 13:41 UTC