The crypto market saw a notable increase in the last 48 hours. The new week is looking promising for altcoins, as some are up by a huge margin, reclaiming lost levels. The global cryptocurrency market cap is up by almost 2% in reaction to this trend.
BTT leads the top gainers as it surged by over 17% in with trading volume tripling over the last 24 hours. TRX reclaimed the tenth spot in the top 10 crypto market ranking as it registered gains exceeding 10%. The asset also surged to its highest in the last three years.
Market sentiment is gradually changing as crypto products saw a significant inflow last week. Inflows amounted to $30 million as ETFs and other products took center stage. Such a shift in sentiment may also be reflected in prices. Will it happen this week?
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin attempted to reach $62k but failed to surpass it, peaking at $61,424 before retracing. After dropping to a low of $58,553, the coin rebounded and is currently trading at its opening price. Despite this, Bitcoin was unable to continue its upward trend.
Various speculations exist about the cause of the recent price increase. One possibility is the surge in the price of gold, which reached a new all-time high a few hours ago. Although Bitcoin’s price didn’t sustain the surge, it has generated attention from traders.
The latest attempt by Bitcoin buyers has resulted in some promising indicators. The moving average convergence divergence is showing buy signals and completed a positive crossover in the previous intraday session. The MACD’s 12-day EMA continues to support the current price trend.
The relative strength index has also shown some minor variations in response to price actions in the last 48 hours. With a value of 47 indicating mounting buying pressure, it signifies a gradual increase in buying volume.
If the buyers resume their activity, Bitcoin could surpass $62k in the next five days. Sustaining trading above this level will be crucial, as it will serve as a potential launchpad for an attempt at $64k.
2. XRP
XRP’s downward trend stopped after news of Ripple reaching a settlement with the court, resulting in a $125 million fine and ending a legal battle that lasted over three years. The SEC was satisfied with the verdict and did not appeal.
However, the asset is struggling to maintain its price above a key level. It has held on to its pivot point at $0.55 since August 7 and is expected to continue this trend this week.
In the previous intraday session, XRP had significant price fluctuations, starting trading at $0.26, briefly reaching $0.60, and then retracting. It closed with gains exceeding 6% but failed to surpass $0.62. It’s currently showing a red candle, raising concerns about a potential trend reversal.
Despite this, indicators provide reasons to alleviate these concerns. For instance, the moving average convergence divergence showed a bullish divergence during the previous intraday session.
Considering the bullish signal, XRP may test $0.62 and potentially break it. This could lead to a retest of its fourteen-day high at $0.64 and then possibly reach $0.65.
3. Tron (TRX)
During the previous intraday session, the asset showed significant increases. It started the day at $0.135, briefly retraced to $0.133, and then rebounded, surging to a high of $0.144. Despite failing to break through $0.145, it still recorded a gain of over 6%.
It is worth noting that the introduction of Trondao has had a positive impact on TRX. Various sources have reported a significant increase in activity within the ecosystem due to the surge of one of the memecoins.
The current trend indicates an ongoing uptrend as TRX continues to print large bullish candles. It has peaked at $0.16, surpassing several crucial levels, including the second pivot resistance at $0.15.
The MACD’s 12-day EMA is the highest it has been in almost a month, and the 26-day EMA follows this upward pattern. The growing histogram suggests the possibility of further price increases.
However, the relative strength indexes are sounding a cautionary note. The RSI has crossed 70 and is currently at 81, which indicates that the asset may be overbought. Corrections may be expected within the next 24 hours.
The latest candle indicates that the asset peaked at $0.16 but encountered significant resistance. It remains to be seen if the uptrend will continue, and it is uncertain whether the asset will exceed $0.165.
On the other hand, the bulls will aim to consolidate their gains. The R2 level suggests a small demand concentration and the $0.15 support level is not particularly strong. A slight dip in TRX’s value could potentially see it fall as low as $0.14.
4. Brett (BRETT)
Brett got a fresh listing from the South Korean exchange Upbit. The token has since experienced a massive explosion in trading volume. The buying and selling volume increased by over 376% in the last 24 hours as the cryptocurrency received the much-needed introduction to the Asian market.
Binance also announced that it is listing the BRETTUSDT trading pair for perpetual future trading. The new exposure also adds to its performance as it is closely behind the largest gainer over the last 24 hours.
The candle representing the day’s trading action suggests that traders are taking profit already. It started trading at $0.077 but shot to a high of $0.116, which represented a more than 50% increase at the time. However, it retraced as is exchanging $0.089, representing a more than 14% gain.
The moving average convergence divergence hints at a further uptrend. The 12-day EMA is slightly above the 26-day EMA in reaction to the latest surge. Nonetheless, with the bullish convergence over, the divergence will continue, which may mean further price increases.
The bulls will look to continue to the uptrend and retest $0.10. It remains to be seen if it’ll happen this week.
5. Arweave (AR)
Arweave is the fourth largest top gainer over the last 24 hours. It saw massive increase in trading volume, doubling during this period.
Prices also reacted to the increases. It started trading at $21.4 but surged to a high of $23.7 representing a more than 10% increase. The asset has since traded close to its peak, which may indicate an ongoing buyback.
MACD suggests that the buyback may continue as it continues printing buy signals. The Relative Strength Index also agrees with this reading. It is above 50, indicating that the asset is seeing moderate buying pressure.
The next price target is $25. The cryptocurrency will flip it if trading conditions remain the same.