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Top Five Cryptocurrencies to Watch: BTC, SUI, ENA, WIF, AR

The crypto market sees significant declines following notable price increase earlier. Indicators point to price consolidations for some assets

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WIF is the biggest loser in the top 100s over the last 24 hours. It lost the $1 mark at the height of the downtrend and struggles to reclaim this critical level.

WIF sees fewer buybacks than most other cryptocurrencies, resulting in a slower recovery. Nonetheless, the global cryptocurrency market cap slipped lower in the early hours of Monday, slipping below $3.20 trillion. A few hours ago, it reclaimed the $3.30 trillion mark.

Assets like FARTCOIN and Mantra experienced some of the biggest rebounds. Fartcoin gained over 28% in the last 24 hours, while OM took back 16%. HYPE was not exempt from the massive gains. It reclaimed the $25 mark and traded a little below it, gaining more than 14%.

The cause for the massive declines is not far-fetched. The US President started a trade war with China, Mexico, and Canada, imposing a 25% tariff on its neighbors. He added a 10% tariff on China imports. The President said the trade war was in a bid to stop the influx of Fentanyl from these countries.

Traders are buying the dip following the massive decline in the prices of major cryptocurrencies. A whale scooped up millions worth of Ethereum. Microstrategy mourns its inability to buy more Bitcoin as it could not raise the money.

Top Five Cryptocurrencies

BTC/USD

Bitcoin continued downwards in the early hours of Monday. It opened trading at $97,670 but slipped lower as selling pressure mounted. The apex coin dipped to a low of $91,530 but rebounded. It shot up, reclaiming $100k barrier.

The apex coin surged to a high of $102,138 but trades slightly lower. Nonetheless, the latest surge may indicate further price improvements in the coming days. Onchain indicator shows growing bullish activity as the coin sees massive buying pressure.

Exchange reserves are declining as more investors move their assets off-chains for long-term storage. HODLers with notable holdings in cold storage move lesser asset in the last 24 hours.

The Bollinger band on the one-day chart shows an impending breakout. The metric is thinning as the upper band closes on the lower. This phenomenon only happens when an asset is gearing up for a breakout.

The moving average convergence divergence halts its downtrend. The 12-day EMA trends parallel as BTC sees buyback after a massive decline. It is worth noting that the apex coin trades above its 2% fib level. It may surge higher due to the notable demand concentration around the mark.

SUI/USD

SUI ended its three-day decline with a significant surge. It opened trading on Monday at $3.30 but sank lower as bearish sentiment spread. It sank to a low of $2.39 before rebounding. The current-day candle suggests an ongoing buyback attempt.

However, the coin has yet to recover from the descent fully. It lost almost 20% between Friday and Sunday—nonetheless, the asset trades at $3.57, a little below its previous high of $3.82. Currently up by over 8%, traders anticipate further price increases.

The Bollinger band suggests further price increases in the coming days. A few hours ago, SUI bounced off the lower band. Testing this metric always results in a trend reversal, which may be taking effect at the time of writing.

Sui is trading closer to its 50% Fib level at $3.58. If the bulls sustain the uptrend, it will reclaim this mark. It may then continue upwards, testing the 38% Fib level at $4.

ENA/USD

Ethena was not immune to the massive declines in WIF and other assets. Its three-day downtrend ended when it printed its first green of the week. The token started its downhill movement on Friday when it printed a doji. Over the next two days, it lost more than 25%.

ENA dipped to a low of $0.47 after starting trading at $0.57. It rebounded and shot up above $0.60. It peaked at $0.67 but trades a little below that. The asset is currently 11% higher than its opening price, as indicators print bullish signals.

MACD shows the 12-day EMA halting its downside movement. Further uptrend may result in a bullish convergence. The bolllinger band suggests further uptick. ENA latest dip saw it break below bolllinger’s lower band. Further upside move is almost inevitable.

The asset will look to reclaim trading above Bollinger’s middle band, which is around $0.80. Nonetheless, it must hold the 5o% fib level at $0.77 to guarantee such a retest.

WIF/USD

Dogwifhat continues to decline as it fails to fully recover from its downtrend. A bearish close on Monday will mark its fifth consecutive day of significant declines. It had one of its biggest dips on Saturday, slipping by over 11%.

The memecoin sank lower a few hours ago. It lost the $0.90 support, dipped below the $0.70 before rebounding at $0.63. Recovery is underway as WIF trades at $0.87 at the time of writing. Nonetheless, it is down by over 8%.

It will likely continue upwards. However, the relative strength index suggests lesser buying volume. If the trend continues, it may see a slow recovery.

The Bollinger band suggests further price increases in the coming days. A few hours ago, WIF bounced off the lower band. Testing this metric always results in a trend reversal, which may be taking effect at the time of writing.

AR/USD

Arweave is struggling like WIF. A few hours ago, it slipped to a low of $8.6, a victim of the Monday wipeout. It opened trading at $12.5, dipped, and rebounded. However, it now trades almost 4% lower than its opening price.

MACD shows the 12-day EMA continuing downward. Further downtrends may result in the extension of the bearish divergence. However, the bolllinger band suggests further uptick. ENA’s latest dip saw it break below Bolllinger’s lower band. Further upside move is almost inevitable.

The asset may break above Bollinger’s middle band if the bullish trend continues. This will result in AR climbing above $15.

Gideon Geoffery

Gideon is a cryptocurrency analyst who prides himself and loves his work. He has over three years of experience in the crypto space, while shuffling in and out of other fields including Cybersecurity and PR management