Cryptocurrencies
Crypto Markets Facing Make-or-Break Moment After Recent Surge
- Bloomberg Galaxy Crypto Index gained 11% since last Tuesday
- Alternative coins have “bigger upside potential”: Oanda’s Moya
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Major cryptocurrencies including Bitcoin and Ether have surged over the past week, but technical indicators show they’re butting up against a key resistance level.
The Bloomberg Galaxy Crypto Index, which includes most of the largest digital tokens, is nearing a critical juncture at the 400 mark, which has acted as both a support and a resistance line since March. A break below it led to one of its largest-ever selloffs earlier this year, but technical analysis now suggests a break higher could presage a rally that potentially takes the gauge to an annual high.