As major cryptocurrencies including Ether and EOS which recorded gains of over 5 percent, it indicates that the cryptocurrency market has once again started to recover. Tokens including Ontology (ONT), Storm (STORM), and Tron (TRX) recorded gains in the 10 to 15 percent region.
As the bitcoin price struggles to stay above the US dollar and recorded massive declines throughout May 10 to 12, small cryptocurrencies and token recorded great losses against both bitcoin and the US dollar.
Tokens such as ONT, TRX, Strom, 0x (ZRX), WanChain (WAN), and ICON (ICX) which took the lead against bitcoin recording a two-fold increase on average since early April, dropped by over 15 percent against bitcoin.
In particular, Ontology declined below 0.00073 bitcoin, a level that it has not declined to since April 27. However, the cryptocurrency market has started to recover and bitcoin recovered from $8,100 to $8,500, the price of Ontology rose from 0.0007 BTC to 0.0009 BTC, a 20 percent increase in the space of 24-hours.
Presently, the Relative Strength Index (RSI) and the Williams Percent Range (WPR) of bitcoin are moderately at 44.7 and -81.1, which indicates that bitcoin is presently in a neutral zone. Bitcoin is still at a perfect position to come up with a short-term rally and recover in the coming days, regardless of the fact that the sell indicates of both exponential and simple moving averages.
Over the past 48 hours, most tokens seem to be following the path of bitcoin price, increasing in value if the bitcoin price increase and record larger loses as the bitcoin price declines.
Therefore, it bitcoin continues to recover upwards to the $9,000 level, it is possible that the 4 percent increase in the price of bitcoin in the past day, will be reflected in tokens like ONT, ZRX, TRX and STORM to record relatively large gains in the short-term.