It’s the start of a brand new week. What better time than now to take a look at the top altcoins that seem to have ample room to pump? So let’s get down to business right away.
12-Hour Chart for Cardano (ADAUSDT)
Some altcoins have enjoyed strong gains in recent days. A good example of this is ADA. Over the previous few days, its trading volume has increased, and today it broke out of a falling channel it had been in for more than a month.
At the time of writing, the price is trading at $0.4786, with overhead resistance at slightly over $0.49.
In light of the current market conditions, it’s probably a good idea to wait until price retraces to retest the breakout of the falling channel (in the $0.46- $0.47 region) before entering an ADA trade.
There has been a lot of positive press about ADA recently, and it is expected that its price will rise significantly in the days to come.
1-Month Chart for US Dollar Index (DXY)
The DXY (on the monthly chart) has reached a critical level and is currently edging back slightly. Cryptocurrencies, which are risk-on investments, could be running right now because of this.
That said, one can still notice an upward inclination in the RSI. It’s still too early to know if this DXY pullback is only a pit stop on the way to the next move upward or whether it signals a complete reversal.
A high-timeframe view suggests that the DXY will continue to rise at least through the third quarter of the year. This means that you should view any crypto rallies as ephemeral relief rallies only.
1-Day Chart for Bitcoin (BTCUSD)
It was anticipated that if the bulls could take the 34 EMA on the daily chart, it would be a huge deal.
The break above the EMA is a very positive signal. We may expect the picture to begin to alter in case we witness a few more closes above that EMA.
The 200-weekly Moving Average must be cleared as the next big hurdle.
An enormous relief rally may be triggered if all short-trading at the final minute is be struck by a short squeeze. This, in turn, may propel Bitcoin to $28,000!
12-Hour Chart for Solana (SOLUSDT)
One of the top altcoins that has demonstrated a bullish streak recently is SOL.
A six-week-long resistance line developing since June was broken today. It was tested three times over that time span.
If SOL retraces back down and retests the prior resistance line (that has now transformed into support) around about $40.00, one can consider a trade.
$47.00 and $54.00 are the current levels of overhead resistance.
12-Hour Chart for Fantom (FTMUSDT)
It was the 20th of June since there was a resistance line for FTM, but it has been broken through.
Buyers are returning to the market, which has led to an uptick in FTM trading volume, making it one of the top altcoins to keep an eye on.
Only if the price drops and retests the previous resistance line, which now stands at about the $0.2750 level, should one consider opening an FTM trade.
Since November, when FTM was trading at $3.00, its value has fallen by almost 95%.
Just like many of the coins available in the market, FTM is oversold on the higher time frame charts. Experts expect to see some solid gains over the coming few weeks, though.
Overhead resistance for FTM is currently at $0.2850, $0.314, and $0.34.
Fear & Greed Index For Bitcoin
The Fear and Greed Index for Bitcoin is now at 20 points. So, we’re back in the Extreme Fear zone again.
Seven days ago, the index reached a peak of 24, and a low of 15. If the market continues pumping, we anticipate it to rise somewhat in the next day or two.
Overall Market Sentiment:
Over the weekend, the market activity picked up with ETH surpassing Bitcoin by over 25%, Bitcoin’s dominance falling to 43.63 percent, and various altcoins enjoying their largest daily percentage increases of the year. Also, LIDO and Rocket Pool had significant improvements over the weekend.
Don’t get too excited, however. There are big hurdles ahead for both BTC and ETH, therefore we advise you to be prudent. It may be a good moment to take some winnings in exchange for a decent night’s sleep if and when the market drops again.
BEFORE WE LEAVE YOU, DO YOU WANT TO WIN MILLIONS OF USDT IN PRIZES?
If yes, KuCoin Future Global Team Battle is the place to be. What is it? Simply put, it is a fabulous opportunity by KuCoin Futures that enables you to earn amazing rewards. During the event (which runs until 31/07/2022), form or join a team and trade any contract to build your team’s trading volume in return for exciting incentives. You may invite people you know to increase your volume. The greater your trading volume, the more money you win!
Join the Kucoin Futures Global Team Battle Now
We hope you found this article on top altcoins to keep an eye on in the coming days useful. For more insightful content, visit richtv.io. Also remember to follow us on Twitter, Instagram, Facebook, or Linkedin and subscribe to our channel on Youtube. Thanks for reading.
Rich TV’s and RICH PICKS DAILY company profiles and other investor relations materials, publications or presentations, including web content, are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. As such, you must not construe the information as advice designed to meet the particular investment needs of any investor. Any opinions expressed in Rich TV and RICH PICKS DAILY reports, company profiles, or other investor relations materials and presentations are subject to change. Rich TV and RICH PICKS DAILY and its affiliates may buy and sell shares of securities or options of the issuers mentioned on this website at any time.
Stock market investing is inherently risky. Rich TV and RICH PICKS DAILY is not responsible for any gains or losses that result from the opinions expressed on this website, in its research reports, company profiles or in other investor relations materials or presentations that it publishes electronically or in print.
We strongly encourage all investors to conduct their own research before making any investment decision. For more information on stock market investing, visit the Securities and Exchange Commission (“SEC”) at www.sec.gov.