The cryptocurrency market experienced a notable uptick in the last 24 hours as prices recovered from the previous bearish downturn. The recovery was supported by a lot of buying during the dip in the hopes of riding the recovery trend.

Unfortunately, the markets are still on edge and have barely recovered from the FUD responsible for the previous week’s losses. Nevertheless, the hype for crypto to reach new heights seems to be slowly gaining pace once more, contributing to substantial gains for some of the most popular digital coins.

Bitcoin

Bitcoin is still struggling to get back above $40,000, but the good news is that its price rallied in the last 24-hours, reaching a high of $39,920.

Although there was substantial buying during the dip, the price remains subdued, perhaps because the market is still in the FUD phase. The uncertainty will likely be broken by upbeat market news, but the price direction in the near term is still a toss-up. Meanwhile, Ark Invest CEO Cathy Wood maintains a bullish outlook on Bitcoin and believes it could go as high as $500,000 in the future. Galaxy Investment Partners CEO Michael Novogratz recently revealed during a Bloomberg interview that he bought Bitcoin and Ethereum during the dip.

Ethereum

Ethereum is up more than 3% in the last 24 hours after bottoming out at $1728 on Sunday. Its performance in the last 24 hours indicates a substantial pullback that sent the price back above $2400.

Ether’s latest price action indicates that it found support near the $1800 price level. The stochastic RSI indicates that it is still in the oversold zone, while the recent crossing above the 7-day moving average suggests potential bullishness on account of investors buying the dip.

XRP

XRP has also recovered slightly after suffering a significant dip in the recent bear market. However, its price is up more than 2.5% in the last 24 hours after bouncing back from the $0.65 support level on Sunday.

XRP’s huge crash was related to the recent judicial ruling favoring the SEC in their court battle. An outcome in favor of Ripple is still a high probability, and it would likely rally the bulls, aiding in the recovery of some precious lost gains. Bullish consolidation is expected to push the price above $1.15 in the near term, based on the Fibonacci retracement.

MATIC

Polygon is one of the projects currently contending to become the defacto Ethereum scaling solution, and its native token called MATIC has experienced strong growth so far this year.  The cryptocurrency has surged more than 8% in the last 24-hours after bouncing back from Sunday’s dip.

MATIC gained support at the $0.74 price level, and its strong pullback seems to have found resistance at $1.95, which also indicates that the price has been respecting the Fibonacci levels quite well. Meanwhile, the price is still in the oversold region according to the Stochastic RSI, indicating the potential for more bullishness.

Ethereum Classic

ETC is back above $70 after rallying by more than 15% in the last 24 hours. The cryptocurrency bounced back strongly after tanking to a weekly low of $39.79 on Sunday.

ETC is still a long way off from its 2021 high of 179.83, but the recent bounceback is a good sign. The price recently crossed above the 7-day moving average, indicating higher bullish potential, and its price is just coming off the oversold region.

Summary

The crypto market experienced some recoveries in the last 24 hours, which might signify that the recent bearish run has bottomed out. However, there is still a lot of uncertainty in the market, thus investors should exercise caution.