DeepOnion testing the $5 resistance level as airdrop participants remain bullish

As shown by data from CoinMarketCap, DeepOnion is now re-testing the $5 mark after breaching the level earlier today. While other cryptocurrencies begin to consolidate recent gains, struggling to keep up with BTC, DeepOnion is 2% up against the pair, as well as 10% against the dollar.

The run today comes after using $4 as strong support earlier in the week as ONIONS continues it's recovery from a year-low of $2.72 on February 6th. The currency is now posting a 90% gain since this dip for those who bought into the recovery.

The bull-run is likely to continue as the overall crypto market fast approaches the $500bn mark after Bitcoin passed the $9.5k resistance level as well as the psychological $10k mark earlier today. As can be seen from the analysis above, ONIONS has broken out of a month-long resistance trend, so far replacing it with a 10-day recovery.

While it is still early days, other convincing statistics has been the sustained increase in number of airdrop participants since the correction from an all time high of $20. Unlike the correction seen in the first circled peak, the number of community members participating has continued to increase, rising by 15% during the recent correction.

This goes to show that while the correction of over 80% may of left some with the sense of despair, it has provided an opportunity for others to investment at current lows.

With an estimated 46% gain on offer in ONIONS over the course of the last 10 weeks of airdrops, it's no wonder that the community have remained bullish on participating despite the correction in price.

It goes without saying that the price will be forced to follow suit, as interest and confidence in the tor-based cryptocurrency continues to soar.