Cryptocurrency Market Update: Bitcoin flirts with $12,000, Cosmos and Band Protocol lead the altcoin rally

• Bitcoin rises majestically to take down the selling pressure at $12,000 but lacks the volume to sustain gains towards $12,000.
• Band Protocol and Cosmos become the best performing altcoins with gains of 34% and 20% respectively.

Bitcoin is leading the market with considerable gains on Monday following a weekend characterized by stability at $11,500. The impressive price action pushed BTC above $12,000 but stalled short of $12,100. An intraday high was traded at $12,083 cut shot the momentum resulting in a reversal below $12,000. At the time of writing, Bitcoin is pivotal at $12,000, although buyers lack the energy to keep the price above this same level.

The daily chart shows that consolidation is likely to take precedence in the short term. The RSI is currently horizontal at 70 (significantly lower than the levels seen during the last week of July and the first week of August). The MACD also highlights a sideways price action. If this consolidation would be a stepping stone for gains above $13,000, it is something that we will have to wait to see. For now, establishing higher support seems to be the wisest action to make.

Chart of the day: BTC/USD daily

Cosmos price update

Cosmos is among the best performing cryptocurrencies in the market. In the last 24 hours, this token has surged over 20% to trade highs of $5.88 from the lowest level traded in August at $3.50. As reported during the Asian hours, ATOM is holding well in the hands of the bulls despite the minor correction to $5.64 (prevailing market value).

The price also extended the action above the moving averages with the 50 SMA and 200 SMA holding positions at $4.78 and $4.22. Other key support areas include $5.50, $5.00 and $4.00. ATOM/USD 1-hour chart.

ATOM/USD 1-hour chart

Band Protocol price update

BAND/USD is flying the bullish flag pattern high in the skies following gains of over 34% in the last 24 hours. After starting the month of August trading around $4.21, Band Protocol has more than quadrupled its value trading highs of $18.00. At the time of writing, the digital currency is trading at $15.51 following a minor retreat. The token is still in the bulls’ hands with gains towards $20.00 still possible in the near term.

BAND/USDC 4-hour chart

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