Crypto News- Top 5 Cryptos; The cryptocurrency market recently experienced a surge in Bitcoin’s price from $25,800 to $27,300, resulting in the liquidation of many short positions across various cryptocurrencies. Despite the delay in Bitcoin Exchange Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC), Bitcoin’s price remained relatively unaffected.
Increased trading volume entered the crypto market, sparking hopes for a bullish rally in Bitcoin, Ethereum, and other cryptocurrencies. Notably, Tellor (TRB) and Chainlink (LINK) gained momentum, with LINK potentially reaching $15 if the current volume persists.
Top 5 Cryptos for the Week: DOGE, XRP, FTM, MATIC, TRX
Smaller cryptocurrencies also showed promise, offering opportunities for traders and investors. The top 5 weekly cryptocurrencies (DOGE, XRP, FTM, MATIC, TRX) appeared favorable for the upcoming week.
Dogecoin (DOGE) Price Analysis:
Dogecoin (DOGE) has faced significant bearish pressure recently, dropping to a low of $0.06. Speculation around Elon Musk’s integration of DOGE as a payment method on X (formerly Twitter) has yet to materialize, potentially acting as a catalyst for DOGE/USDT. On-chain analysis shows that many DOGE holders are holding onto their coins despite the stagnant price. If support at $0.06 is lost, the price could decline to $0.055 or even $0.050. Breaking above the 50-day EMA at $0.065 may lead to a relief bounce to $0.075.
Fantom (FTM) Price Analysis:
Fantom (FTM) has suffered an 85% drop from its all-time high of $3.5, currently trading below $0.206. A strong support has formed around $0.166, with a bullish descending triangle pattern suggesting potential for a breakout above $0.21 and a rally to $0.25. Resistance lies at $0.25 to $0.28 (23.6% FIB level). Fantom’s MACD and RSI indicators on the daily chart are bullish, indicating possible upward movement.
Ripple (XRP) Daily Price Analysis:
Ripple’s (XRP) price has respected key support at $0.45 and is attempting to break out of a range that has persisted for over two weeks. A break above $0.55 (23.6% FIB level) could lead to a rally towards $0.65 to $0.7. Ripple’s MACD and RSI indicators on the daily chart suggest a bullish outlook. Failure to break out of the range could lead to frustration among bulls.
Polygon (MATIC) Price Analysis:
Polygon Matic (MATIC) has experienced a bearish downtrend, failing to hold support at $0.65. A potential rally to retest $0.55 is possible, with further resistance at $0.8 (23.6% FIB level). MATIC bulls need to step in to push the price higher, while a break below $0.5 could lead to a retest of $0.35. MACD and RSI indicators on the daily chart offer hope for a bullish trend.
TRON (TRX) Price Analysis:
TRON (TRX) has shown a bullish rally across a higher timeframe, aiming to retest $0.11. Increased activity on the TRON network, with over $4.8 million daily transactions, has contributed to the price rally. The daily MACD and RSI indicators for TRX/USDT are bullish, suggesting a potential continuation of the uptrend. Bulls may seek opportunities to buy in around $0.084, with minor pullbacks providing buying opportunities.
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