CEEK Leads Market Rally With a 19% Rise As Ethereum Climbs to $1.1K

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Key Insights:

  • Ceek VR, a new entry in the top 100 cryptocurrencies, led the altcoins, rising by 19.1%.

  • Ethereum did not change its stance by much today either, stuck at $1.1k.

  • Bitcoin also continued moving sideways at $20k.

Most of the altcoins favored the bears today, resulting in the market losing $14.5 billion today. However, both Bitcoin and Ethereum moved up slightly, trading at the $20k and $1.1k mark, respectively.

The Appearance of Ceek VR

The bullish sentiment played in favor of the Ceek VR Smart Token, which helped it make its entry into the top 100 cryptocurrencies list. Trading at $0.33, CEEK was almost up by 35.46% at one point during the day.

The appearance of frequent wicks makes it evident that the altcoins witnesses significant volatility frequently. This is why despite hitting such rallies in the day, CEEK came back down to mark just an 11% rise at the time of writing.

The high volatility is further backed by the divergence of the Bollinger Bands, which indicate CEEK is set to observe fluctuation over the coming days. Fortunately, the placement of the candlesticks above the bias makes the altcoin’s trajectory in favor of a rise instead of a decline, albeit slowly.

Furthermore, the Relative Strength Index (RSI) is also highlighting buying pressure for CEEK since the indicator has been oscillating in the positive zone for almost a month now. 

CEEK needs this as it is yet to recover the losses it witnessed during the June crash, which brought it down from the $0.5 mark.

Ethereum Keeps the Investors Happy

Ethereum, for the last month, has kept its investors confused as the altcoin king hasn’t been able to breach the $1250 resistance. Oscillating between this resistance level and $1000 support, ETH is currently trading at $1,144.

And even after a 10.34% rally in the last 24 hours, ETH is not in a position to breach through the resistance, making this only an opportune moment for day traders.

The Parabolic SAR’s white dots are currently positioned above the candlesticks, indicating the beginning of a downtrend. However, the MACD is highlighting growing bullishness with the green bar. Besides, the latter indicator is far from a bearish crossover.

Since the price indicators are exhibiting mixed signals, ETH will neither rally anytime soon nor will it lose the $1000 level as support. The altcoin king is set to remain consolidated in this zone for a while.

This article was originally posted on FX Empire