Newslink: Cryptocurrency Market Begins Recovery, Ethereum up 5%, Ontology and Storm up 12%

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he cryptocurrency market has begun to recover as major cryptocurrencies including Ether and EOS recorded gains of more than 5 percent over the past 24 hours. Tokens such as Ontology (ONT), Storm (STORM), and Tron (TRX) demonstrated gains in the 10 to 15 percent region.

Tokens Lead

As the bitcoin price struggled against the US dollar and demonstrated significant losses throughout May 10 to 12, small cryptocurrencies and tokens experienced relatively large losses against both bitcoin and the US dollar.

Tokens like ONT, TRX, Storm, 0x (ZRX), WanChain (WAN), and ICON (ICX), which have seen a two-fold increase against bitcoin on average since early April, fell by more than 15 percent against bitcoin.

Ontology in particular dipped below 0.00073 bitcoin, a level it has not dropped to since April 27. But, as the cryptocurrency market started to recover and bitcoin rebounded from $8,100 to $8,500, the price of Ontology surged from 0.0007 BTC to 0.0009 BTC, by nearly 20 percent within a 24-hour period.

Currently, the Relative Strength Index (RSI) and the Williams Percent Range (WPR) of bitcoin are respectively at 44.7 and -81.1, which signify that bitcoin is currently in a neutral zone. Bitcoin is at an ideal position to initiate a short-term rally and recovery over the next few days, despite the sell signals of both exponential and simple moving averages.

https://www.ccn.com/cryptocurrency-market-begins-recovery-ethereum-up-5-ontology-and-storm-up-12/