- Ethereum traded above the $1.1k mark after a 7.28% rally.
- The Sandbox noted a much higher rise of 19.13% on the other hand.
- The total market cap of all cryptocurrencies combined inched closer to $900 billion.
The last 24 hours have been particularly favorable to cryptocurrencies as the market hinted toward the initiation of recovery.
Except for a handful of altcoins, every other one of them noted recovery led by their king Ethereum while The Sandbox emerged as the best performer of the day.
Ethereum Leads On
Trading at $1,150, ETH managed to keep above the $1k mark, which it had previously lost to the 46.5% crash of early June, which brought the altcoin king to $900 at one point.
The 7.28% uptick since yesterday sets up the coin for a further rise since ETH has yet to reclaim the $2k level it lost last month.
At the moment, the cryptocurrency is maintaining the 26.19% recovery it achieved towards the end of June despite losing 14.38% of it in the following five days.
Price indicators are also supporting the possibility of a sustained rise since the Bollinger Bands’ convergence highlights the lack of volatility, and the presence of the candlestick above the bias shows that the uptrend will continue, albeit in moderation.
Furthermore, the Relative Strength Index (RSI) is also inching closer to the neutral 50.0 mark crossing, which would place it in the bullish zone. This could be the first hint of a rally.
The Sandbox Leads the Altcoins
For the last 24 hours, the Metaverse token had a good grip on the bulls, with SAND noting a 15.15% rise in a single day.
This brought the altcoin back to the $1.2 level, which was around right before the June crash took place.
SAND managed to reclaim $1.2 despite taking an 18.47% hit back at the end of June after a 60.35% rally. Going forward, this rally will only increase further since, on the chart, SAND appears to be in a secure position.
The 50-day Moving Average, which is a critical level for any altcoin, turned into support from resistance, providing it with the push it needs to rally on.
Secondly, the MACD indicates rising bullishness, with the green bars preventing bears from taking control. On top of that, the possibility of a bearish crossover has been avoided keeping SAND’s rally intact.