The cryptocurrency WLD has experienced a significant surge of over 21% in the past 24 hours, attributed to a boost in fundamentals from its parent firm. Market analysts anticipate that WLD and other assets will continue to see gains over the next five days.
Furthermore, the global cryptocurrency market cap has surpassed $2.30 trillion, rebounding from its decline two weeks ago. This upturn, with a growth of over 2% in the last 48 hours, is driven by the upward movement of various assets that have reclaimed essential levels.
One notable performer is PEPE, which has surged by more than 13% in the past 24 hours, reaching above $0.000012 and marking a remarkable 30% increase over the previous seven days.
In other news, the German government has divested all of its BTC holdings, alleviating concerns among traders. This development has contributed to an improvement in market sentiment, as evidenced by the fear and greed index rising to 57, a substantial increase from the previous week’s value of 37.
Given these bullish indicators, many are curious about the market’s anticipated performance in the upcoming days.
Top Five Cryptocurrencies to Watch
Bitcoin (BTC)
Bitcoin is currently facing challenges in maintaining prices above $64,000. After reaching a high above $65,000, it dropped to as low as $62,000. Although it has rebounded to $64,418, the present candlestick pattern indicates a bearish trend, a deviation from the previous four days.
Despite its climb above the pivot point, Bitcoin has struggled to maintain stability. Concerns relating to the potential impact of Mt. Gox on creditor reimbursement have contributed to recent volatility in the market. However, bullish indicators, such as the moving average convergence divergence, suggest that the cryptocurrency has displayed a bullish divergence and is on an upward trajectory. The 12-day EMA is approaching as trading conditions improve.
In the immediate future, Bitcoin’s price may consolidate within a narrow range before a potential breakout. A drop from the current price could result in a decline to as low as $62,000. However, if trading conditions continue to improve, Bitcoin may achieve stability above $66,000.
Ethereum (ETH)
The much-anticipated ETH ETF is set to be launched next week. This has caused a lot of buzz within the trading community, with the asset being a hot topic of discussion on crypto-related platforms. The price of ETH has been steadily climbing since Friday amidst increasing speculation about the likelihood of Donald Trump becoming the next US president.
Yesterday, ETH saw a significant surge in value, starting trading at $3,246 and coming close to hitting the $3,500 resistance level before retracting slightly. However, the day ended with the asset gaining over 7%. There are signs of a bullish trend emerging, and it seems that the cryptocurrency might be gearing up for another substantial increase in value.
It’s important to note that there’s a significant amount of selling pressure around the current price. The Fibonacci retracement levels indicate a balanced struggle between buyers and sellers, as ETH remains above the 23% Fib level.
Given the concentration of demand at the current price, ether may trade within a horizontal channel before making a final push past $3,500.
The upcoming ETF launch might drive the price to attempt reaching $4,000, but it’s also likely to stabilize above $3,500. However, if selling pressure increases, it could lead to a drop to $3,200, especially if the 23% Fib level is breached.
Solana (SOL)
Solana experienced a significant resurgence, reaching a high of $162 after being absent from the market for over a month. Its return to $160 has sparked speculation about potential further bullish actions.
These predictions are supported by the coin’s consistent rise over the last five days. A notable event was when it surpassed its pivot point two days ago, starting at $141 and climbing to $148, briefly surpassing the highlighted mark.
The decisive breakthrough occurred during the previous intraday session, reaching $160. The 12-day EMA is also rising in response to the asset’s recent surges. As indicative of potential further increases, Solana is currently contending with flipping a short-term resistance. Historically, $163 has acted as a barrier to small hikes, but has broken after several attempts.
A decisive breakthrough of $160 would ensure a rise above the 23% Fibonacci level, presenting another level for the bulls to defend. This breakthrough could occur within the next five days.
On the other hand, the bears may seize control of the coin, staging selloffs that will see the coin retrace below critical levels. One such is $150. The bulls must defend this mark, as a slip will see the altcoin retrace below $140.