Cryptocurrencies

Cryptocurrency Market Risks 10% Retracement After Breakout Rally

  • Bloomberg Galaxy index is approaching former resistance level
  • Moving Average Convergence Divergence indicator turns negative
Lock
This article is for subscribers only.

The crypto market could be facing a significant hurdle after its most recent rally.

Following a volatile push higher over the past few weeks, the Bloomberg Galaxy Crypto Index, which measures the performance of many of the most popular coins, is butting up against 600 -- a level that’s acted as resistance dating back to mid-2019. For the index to see further increases this year, it may need to consistently trade above that level, technical analysis suggests.