Cryptocurrency Market Rebounds After Poor Week

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Over the past few days, the cryptocurrency market has rebounded as bitcoin’s price went up to $8,500 and tokens such as Ontology (ONT), AirSwap (AST) and Tron (TRX) recorded gains of up to 10% to 20%.

Ontology, Airswap, Tron

With bitcoin’s decline, majority of tokens in the crypto space also experience an intensified downward movement—only with larger margins. Even tokens like ONT, Ox (ZRX) and ICON (ICX), which have always outperformed most cryptocurrencies throughout April and May, suffered significant losses.

Most of these tokens recovered from their recent losses on May 21, registering huge gains against bitcoin which recorded only a 4% increase against the U.S. dollar. ONT recorded a 10% increase against bitcoin, while AST went up by more than 15% and TRX registered a 9.5% increase.

AST is a really interesting token to consider, especially as a long-term investment because despite the hype and media coverage it received, it continues to be the 198th largest cryptocurrency in the world with a market value of $62 million. While the market cap of AirSwap is comparatively smaller than other tokaens such as ICX and ONT, AST has more room to grow in the long-term.

AST’s Relative Strength Index (RSI) is pegged at 53, which signifies a neutral zone. Considering that AST is still showing a neutral condition following a 15% increase against bitcoin and both exponential and simple moving averages reveal a positive short-term trend, it is highly likely for AST to continue growing past its current price of 0.00004925 BTC.

Strong Rebound

Bitcoin has suffered significant decrease in prices ever since it failed to test the $10,000 support level earlier in May. Over the past week, bitcoin’s price remained in the $7,900 to $8,785 range, struggling to gain momentum above $8,800, which is regarded as a major support level, which could allow bitcoin’s price to test the $10,000 support level again in the short-term.

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