The crypto market is seeing fresh influx of investors due to BTC ETFs. While new investors are trooping in, others in the space are seeking to improve profitability by using other platforms that could guarantee ease.
Tron is undergoing a significant change in its ecosystem as it moves to allow the launch of memecoins. The asset saw a significant increase in its revenue during the previous intraday session, and its profit exceeded that of Solana.
The global cryptocurrency market cap is seeing small increases as several cryptocurrencies are gradually surging. With the assets registering notable increases, let’s see how they performed since the start of the week.
BTC/USD
Bitcoin just broke its fourteen-day high at the time of writing. It comes after several attempts at the mark with limited success. Nonetheless, it approached $62k more than once in the last three days, showing small increases in buying volume.
The asset was on its way to $62k when it stopped at $61,424 on Tuesday. It experienced a short squeeze that fizzled out a few hours after it started. Nevertheless, it surged higher the next day and closed at $59k.
BTC peaked at $61,838 on Wednesday and closed with gains of over 3%. It also ended the previous intraday session down by a few percent. The news of CZ getting closer to its release date did not generate the expected reaction. convergence divergence is on the uptrend, with the 12-day EMA continuing its surge. The metric is unaffected by the most recent slight decline.
Bitcoin is seeing its biggest surge in the last fourteen days. It started the day $60,383 and started a surge that saw it crush the $62k resistance. It approached $64k but hated its advances due to small rejections at $63,856.
Nonetheless, it is trading close to the peak and has been up over 5% in the last 24 hours. The RSI suggests a massive increase in buying pressure as the reason for the surge.
TON/USD
Toncoin gradually trended downwards over the first three days of the week. The bulls were exhausted after a 7% surge on Sunday, which resulted in the asset flipping several important levels. Since briefly rising above $7, the cryptocurrency did not make any significant attempts to continue this trend.
On Monday, the asset struggled to maintain a price above $7 but was unsuccessful. It reached its lowest point this week during the previous intraday session, dropping by more than 2% to a low of $6.48. TON has erased all gains from Sunday in the last three days and is currently at a critical support level.
Toncoin retraced to a low of $6.43 but then rebounded, creating a doji on Thursday. Many feared further decline as the current low represents the coin’s lowest point in seven days. The last time prices dropped below this level, the asset retested $6. It also previously acted as a launchpad at the $7 resistance level on several occasions.
The cryptocurrency is reacting positively to the growing sentiment in the market. It is up by 4% at the time of writing and shows no signs of stopping. Indicators have remained bullish in response to the current trend.
Nonetheless, the asset is approaching $7 but is facing small rejections at $6.75. It is the main hurdle before as it has lost momentum around this mark in recent times.
DOGE/USD
Dogecoin saw a massive increase in active wallets, leading to increased transactions that have impacted prices. It gained over 7% during the first three days of the week, with one notable hike happening on Wednesday.
The coin saw gains exceeding 3% as it approached its two-week high. However, it faced strong resistance at $0.107 and stopped its upward movement at $0.11.
The previous intraday session saw DOGE print a red candlestick, suggesting that bullish momentum is waning and signaling a possible end to the three-day uptrend. Although the price remains relatively stable at the moment, if the decline persists, it could drop as low as $0.10.
However, current price actions suggest the previous assertions were false. The cryptocurrency crossed $0.11 and peaked at $0.112, gaining over 7% in the last 24 hours.
Since breaking the fourteen-day high, the apex memecoin has been at a crossroads. Continuing the surge will result in the asset flipping $0.12, which is strong support. However, the current price is also strong resistance, and DOGE may face corrections.
ADA/USD
Cardano has been on the uptrend since the start of the week. The asset is up by over 16% on a weekly scale as its investors add more to their portfolios. Coinmarketcap shows that a massive increase in trading volume, the majority of which is from bullish traders, caused the latest surge.
It had one of its biggest single-day surges on Wednesday, starting trading at $0.34 but surged to a high of $0.37. Although it faced small retracements, it ended the day with a gain exceeding 7%.
The same trend is playing out at the time of writing as the asset approaches its highest level since the start of the month. It edges close to $0.40 but grapples with sellers’ congestion at $0.39. Nonetheless, the cryptocurrency is up by over 3%.
The relative strength index also points to room for more uptrends, as it’s at 61.
TRX/USD
Trondao is currently a significant player in the crypto space. The recent launch of the first memecoin called Sunpump has attracted a lot of attention, prompting more traders to join the trend. This surge in interest has led to increased trading volume and subsequently, price hikes.
The platform is now encouraging developers to create their own memecoins on Tron. As a result, the native token has experienced significant growth, increasing by more than 15% since the beginning of the week.
Tuesday marked the most bullish day for the asset, with substantial gains. It began trading at $0.14 and reached a peak of $0.16, the highest it has been in over three years. The surge continued until the end of the day, resulting in a gain of over 12%.
Conversely, Wednesday was one of the most bearish this week. After hitting a peak of $0.166, the token experienced a retraction, closing with losses of over 5%. The drop can be attributed to the relative strength index, which surged above 70 on Monday and remained elevated on Tuesday. The recent decline is a response to the asset being overbought.
Currently trading at $0.158 following a doji yesterday. Although not up by a huge margin, the latest small push is in reaction to the bullish sentiment across the market
The cryptocurrency’s inability to continue its surge can be attributed to the asset still being overbought, indicated by the RSI at 71. This may signal a further decrease in price in the coming hours. Nonetheless, the bulls must defend the price above the 50% Fibonacci retracement level at $0.145.