SOL surged above $180 a few hours ago, finally breaking the mark after several days of failed trials. Nonetheless, it peaked higher but is trading lower as the bulls fail to sustain the momentum.
This is also the case with other altcoins as they attained highs a few hours to the time writing and exchanging below it. One such is the SUI. It opened the day at $1.77 but surged as buying pressure spiked. It broke the $2 barrier and peaked at $2.09. Currently exchanging close to its high, the asset is up by over 15% in the last 24 hours.
POPCAT is a contender for the day’s top gainer as it is also experiencing a massive increase in price. It started the day at $1.59 but shot up after a brief decline. It hit a high of $1.81 but is trading at $1.78 at the time of writing. Nonetheless, it may close the day with gains exceeding 12%.
The ongoing bullish sentiment filled the crypto market, resulting in price spikes across almost all the coins in the top 100. The global crypto market cap is also up by over 5%, with valuations hitting $2.45 trillion.
MOst cryptocurrencies are up by a significant margins, will the trend last the entire week?
Top Four Cryptocurrencies to Watch
1. Bitcoin
Bitcoin is trading very close to it all-time high to the delight of the bulls. Several indications, including previous price movement, pointed to the inevitable flip. The flip of the $70k barrier during the previous intraday session increased hopes of a new ATH. The bulls held prices above $69k despite the ensuing corrections that followed.
Traders in the US also went on a shopping spree, stacking up on the apex coin in digital assets and ETFs. One report showed that inflows into various exchange-traded funds during the previous intraday session exceeded $470 million.
Onchain indicators also point to other actions in the derivative market, with growing funding rates and fewer liquidations of long positions. The bulls are thrilled that fewer long-term holders moved their assets to exchanges to sell. Some are also stocking as exchanges report declining reserves.
The apex coin is at $73,558, registering a new all-time high at the time of writing. Currently up by 5%, the next price direction is shrouded in uncertainty. Price go up or down. BTC will look to contiue the uptrend, flipping the $75k in the coming days.
Nonetheless, the new ATH places every bitcoin holder in profit, and some may move to take profit. It risk a drop below $70k.
2. Solana
Solana is trading at $178 as it grapples with notable selloffs that started after it climbed to a new high. It started the day at $178 and experienced a massive notable spike in buying pressure that sent prices soaring. It edged closer to $185 but halted it advances and may close the day with no significant price changes.
Nonetheless, the latest surge continues the previous day’s trading actions that saw the asset recover from a drop to $172 to end the session with very little changes. Currently up by over 8% in the last four days, the altcoin will look to continue the uptrend.
However, the bulls appear to be exhausted as shown over the last 48 hours. The Bollinger bands hint at a possible decline as the altcoin edged closer to breaking out of the upper band. The relative strength index is at 66, meaning further surge may make the asset overbought.
Nonetheless, MACD is on the uptrend, printing buy signals. The average directional index is also on the same trend, hinting a possible revival of the dying uptrend. An increase in buying pressure may send SOL trading above $190 before the week runs out. On the other hand, it risk a decline to $170 in the event the downtrend worsens.
3. Dogwifhat
Dogwifhat came alive a few hours ago with a massive increase in trading volume. Data from the coin tracking platform shows a more than 20% increase in volume over the last 24 hours, and buying accounts for most of it.
Trading started at $2.46 but price slightly declined but rebounded as the bulls rallied. It shot up, breaking its seven-day high. It continued upward but faced notable rejections at $2.69 and is exchanging at $2.62, marking a more than 5% increase at teh time of writing.
The latest erases the previous days trading actions that saw the asset record small losses. It retraced to a low of $2.23 but rebounded and close slightly below its opening price.
Bollinger bands show room for more price increases. The latest price increase place the token slightly above the middle band. RSI is also at 56, showing a gradual build up in momentum and room for more uptrends.
WIF will look to edge closer to it first pivot resistance at $2.93. Previous price movements point to the $2.80 resistance as a big obstacle to the bid at $3. The bulls must maintain trading above $2.60 to guarantee such flip. The asset also risk a drop below $2.40 if the bulls fail to continue the uptrend.
4. Ethena
ENA continues it small increases increase a few hours ago. The latest surge sent it to a peak of $0.39 as it edged closer to flipping the $0.40 resistance. It is trading at $0.38 which means that it experienced notable corrections. Nonetheless, it is up by over 3%.
The latest hike continue the previous day’s uptrend that saw it rebound after a massive decline to $0.32. It rebounded and close at almost 3% higher than it started the day. Nonetheless, indicators show possible continuation of the uphill movements.
The relative strength index is at $55 after hitting a few days ago. The growing momentum is yet to affect the average directional index as it shows that very little strength behind the latest attempts at resistance. Nonetheless, the Bollinger band shows that the asset is trading at slightly above the middle band, indicating huge chances at a surge.
Previous price movement shows that the altcoin is trading below a tough barrier. The asset may surge above it this week.
