The crypto market is off to a good start as several cryptocurrencies in the top 10, like BTC, ETH, and BNB, are on the uptrend.
Ethereum flipped the $2,500 resistance a few hours ago and recently broke above $2,600. It surged by over 6% in the last 24 hours, leaving many observers wondering what caused the surge. Nonetheless, BNB saw a similar movement as it edged closer to $600. However, it failed due to strong rejections at $591.
The global cryptocurrency market cap is also seeing notable increases at the time of writing, surging by over 3% in the last 24 hours. Valuations also stabilized above $2.22 trillion.
Questions of whether the increases will continue to loom amidst the uptrends.
Top Four Cryptocurrencies
BTC/USD
Bitcoin has seen one of its best performances in over two weeks. It started the day at $62k but saw a slight decline before surging. The asset saw a massive spike in buying pressure, resulting in huge price hikes that saw the apex coin hit $64k, then $66k next. However, it is exchanging around $65,800, indicating that the climb to the peak was short-lived.
The previous week’s performance hints at the continuation of the ongoing uptrend. It closed with a doji on the weekly scale during the period after a red candle two weeks ago. The candlestick appeared after it retraced to a low of $58k but rebounded, and it closed at its opening price.
On-chain data also point to the asset seeing significant buying volume from key regions, such as the Asian market. The buyers are actively stacking the asset, resulting in a positive Korea Premium. Investors are also stacking up on ETFs, resulting in a positive funds premium.
Exchange reserves are also declining as buying continues. The decline in this metric may continue as the Netflow total shows lesser BTC entering these platforms from cold wallets. Although the apex coin is trading above $65k, miners are holding.
On-chart indicators also point to the uptrend’s continuation. The moving average convergence divergence shows a bullish divergence. The 12-day EMA recently broke above the 26-day EMA. Such interceptions may mean that the apex coin may flip to another critical level.
The relative strength index is rising as buying volume increases. The asset is also picking up momentum, as in the indicator.
With several significant metrics hinting at a further price climb, BTC will reclaim $66k in the coming days. If the trading conditions remain the same, it may edge closer to testing the $68k barrier.
TRX/USD
Tron surged last week amidst the bearish sentiment at the time. It closed the previous week with gains exceeding 5%.
Several events took place during the previous week that positively affected prices. One such event was the appointment of the Tron founder Justin Sun as the prime minister of a small Microasia country. The nation announced its PM, shocking the crypto space.
Nonetheless, it registered its most significant gains a few days before the announcement. It started Tuesday at $0.15 but saw a small spike in buying volume, pushing prices upward. The altcoin tested and flipped the $0.16 barrier. It closed above it with gains of almost 3%.
However, TRX is struggling to resume the uptrend as it may close the day, losing notable fractions of its value and having lost the highlight mark again. It may retrace lower, hitting $0.155. Nonetheless, the wick sticking out may indicate that the bulls are gradually waking.
At the time of writing, indicators are blaring warnings. One such is the moving average convergence divergence. The 12-day EMA has halted its uptrend and is slightly arched downwards. Further slip may result in the start of a bearish convergence. Nonetheless, the average direction index is also declining as the uptrend loses strength.
Nonetheless, the relative strength index is declining due to growing selling sentiment. This means the altcoin still has space for further uptrends if the bulls resume it. This may open the $0.17 barrier up for the test.
SUI/USD
SUI has been in the news lately for several reasons. Some blockchain analysts accused the Sui Foundation of insider trades. They observed that a wallet tied to the firm had moved over $400 million worth of tokens to exchange some days ago.
The firm has since come out to debunk the allegations. It denied any involvement of its employees, insiders, or foundation members in the alleged $400 million token selloff.
SUI is printing red candles amidst the back-and-forth. It is seeing one of its biggest red days. It opened trading at $2.25 but retraced as selling pressure mounted. It broke the $2 support but rebounded at $1.97. Currently exchanging above the highlighted barrier, it prints further sell signals on major indicators.
One such is the moving average convergence divergence. The 12-day EMA is close to intercepting the 26-day EMA, completing the bearish convergence. The asset will see further decline as a divergence is almost inevitable. The average direction index is declining, and the asset is losing momentum.
SUI may drop below $2 in the coming day. Previous price movement suggests a possible rebound at $1.80. However, the cryptocurrency risks hitting $1.60 if the bull fails to defend the first mark.
WLD/USD
Worldcoin was off to a good start at the start of the day. It saw a massive spike in buying pressure that shot prices up. The token reclaimed a level it had previously lost for the first time since July. It surged to the $2.60 resistance, hitting a high of $2.77 before retracement. However, the bulls failed to sustain the momentum, resulting in a massive decline.
Currently exchanging at $2.32. the asset lost all the gains it accumulated and is trading 3% lower than it started the day. Nonetheless, indicators show that WLD is due for corrections. One such is the relative strength index.
The metric is currently at 66 after hitting 70 a few hours ago. Following its overbought status, Worldcoin may see notable downtrends that send prices lower. Previous price movements suggest a possible rebound at $2.
