Cryptocurrencies
Cryptocurrency Market Risks 10% Retracement After Breakout Rally
- Bloomberg Galaxy index is approaching former resistance level
- Moving Average Convergence Divergence indicator turns negative
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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.