Bitcoin has bounced back after briefly falling below $25,000 on Monday, suggesting bullish sentiment may remain intact for the leading cryptocurrency.
According to data from TradingView, Bitcoin dipped to $24,901 Monday before recovering to close the day at $25,162. Crypto traders say this dip likely triggered buying interest around $25,000, which then spurred a price rebound.
Bitcoin has been holding firm within the boundaries of $25,000 as support and $26,800 as resistance, establishing a trading range that has endured for almost a month.
A successful close above $26,800 could signal an upside breakout toward $27,200, which aligns with Bitcoin’s 50-day exponential moving average.
The 100-day exponential moving average, which is currently near $27,609, presents another hurdle Bitcoin must overcome before it can test its recent high of $28,142, posted on August 29. After that, the key level of $30,000 awaits – this represents a 15% climb from the current prices.
Alongside the modest recovery of Bitcoin and the broader cryptocurrency market, PERPS, SONICBOT, and EMOTI are also experiencing a notable surge, standing out as some of the biggest crypto gainers today on DEXTools.
perps. (PERPS) Surges After Substantial Retracement
Source: DEXTools / PERPSUSD
PERPS has shaken off yesterday’s bearishness, rising 102.80% so far today to trade at $0.08701. The cryptocurrency continues gaining traction after a major 46% pullback.
PERP’s hourly RSI is currently set at 70.22. This indicates that the cryptocurrency is currently in overbought territory. This can often signal a potential price reversal or a correction in the near future.
While the RSI signals potential overbought conditions, the Exponential Moving Averages (EMA) tell a different story. The 10 EMA, currently at $0.07437, has been successfully trailing for the past few hours, suggesting a strong upward trend.
The 20 EMA and 50 EMA, at $0.06609 and $0.05831 respectively, further reinforce this bullish trend, as they are significantly lower than the current price.
The immediate resistance for PERPS lies at its all-time high level of $0.09445. If the currency continues its upward trajectory and surpasses this point, traders could expect to see further bullish momentum.
On the flip side, traders should watch out for the Fibonacci 0.236 retracement level, which could potentially act as immediate support if PERPS fails to continue moving up. This level is closely followed by the hourly 10-EMA, which could provide additional support.
While the RSI suggests a possible overbought scenario, the trend indicated by the EMAs points to a strong bullish momentum for PERPS. Traders should keep a close eye on these technical indicators and be prepared to react to sudden shifts in the cryptocurrency market.
SonicBOT (SONICBOT): A Resurgence on the Horizon
Source: DEXTools / SONICBOTUSD
SonicBOT (SONICBOT) is also demonstrating a significant recovery in today’s trading session. Following a 45% retracement yesterday, the cryptocurrency is now trading at $0.02896, up by 103.89% so far today.
Is SONICBOT heading for further ascent or is it witnessing a temporary rebound?
Looking closely at the 4-hour chart, the Exponential Moving Averages (EMA) tell a story of bullish momentum.
The 10 EMA, 20 EMA, and 50 EMA are all positioned below the current price at $0.02270, $0.02032, and $0.01966 respectively. It’s a clear signal that the short-term trend favors the bulls, as price action is maintaining above these key moving averages.
SONICBOT’s RSI currently sits at 67.85. An RSI value above 70 typically indicates overbought conditions, suggesting potential selling pressure ahead.
However, at 67.85, the RSI is nearing, but not yet in, the overbought territory. This suggests room for further upward price movement, while also warranting caution for potential pullbacks.
SONICBOT now faces immediate resistance between $0.03259 to $0.03290. Should it successfully breach this level, the next significant barrier lies between $0.03514 to $0.03769.
These resistance zones represent crucial tests for the bulls. A clean break above could open doors to new highs, while a rejection could lead to consolidation or a potential pullback.
On the flip side, support lies at the Fib 0.236 level of $0.02749, followed by the 0.382 level at $0.02444. The most significant support is the 0.5 level at $0.02198, which aligns with the horizontal support zone of $0.02144 to $0.02308.
These Fibonacci retracement levels often act as robust support during pullbacks and could be the areas where buyers re-emerge.
Despite the previous day’s retracement, SONICBOT’s technical indicators highlight a renewed bullish momentum.
However, traders should keep a close eye on the described resistance and support levels, as well as the RSI, to navigate SONICBOT’s potential price path in the immediate future.
EMOTI’s Rally Pauses as Price Retraces: What’s Next for the Memecoin?
Source: DEXTools / EMOTIUSD
EmotiCoin (EMOTI) continues its epic run with the meme coin once again posting a triple-digit gain of 433.04% so far today.
However, after surging over 500% at one point, EMOTI met some selling pressure which has brought the price back down. EMOTI is currently trading at $0.0001157, up 433.04% on the day.
The technical indicators reveal that while EMOTI remains in a strong uptrend, it is currently trading overextended and is due for a pullback.
EMOTI’s RSI is at an elevated 63.33 which reflects near overbought conditions. Residing in the bullish territory, this is an encouraging signal. While it’s not in the overbought range (above 70), it’s close enough to suggest strong buying activity.
However, investors should remain cautious as a sudden spike in selling pressure could push the RSI into overbought territory, which might trigger a temporary price pullback.
The 1-hour EMAs are painting a bullish picture for EMOTI. The 10 EMA, currently at $0.0001137, is above the 20 EMA at $0.00009510, which is further above the 50 EMA at $0.00006135.
This upward sequence of EMAs is a classic bullish setup, indicating that the coin’s short-term momentum is outpacing its medium and longer-term momentum.
This provides a favorable scenario for potential buyers.
As the oscillators are reflecting overheated conditions, traders should watch for a pullback towards the key support zones.
Immediate support lies at the 10 EMA of $0.0001137. Below there, EMOTI has a horizontal support zone between $0.0001020 to $0.0001069 which are likely levels for buyers to emerge.
If the selling accelerates, EMOTI could pull back further to test the rising hourly 50 EMA which sits around $0.00006135. As long as EMOTI holds above the 50 EMA on a pullback, the broader uptrend will remain intact.
Traders may look to buy the dip around the 10 EMA or key support zone. Resistance stands around the current swing highs between $0.0001286 to $0.0001426.
As long as EMOTI respects these support levels, the rally could resume back towards resistance.
Lesser-Known Cryptocurrencies Worth a Look
Cryptocurrency presales can be useful for investors who want to explore new projects before they hit the wider cryptocurrency market. These presales can be attractive for those looking to diversify their investments.
Buying tokens before a project’s public release may offer some benefits, such as cheaper crypto token prices. Additionally, the value of these tokens may go up if the project does well after its public launch.
Generally, tokens are cheaper during the presale stage. Their price could go up if the project becomes popular after its public launch.
Cryptonews.com analysts have a methodical approach to assessing upcoming cryptocurrency presales. They focus on key aspects such as the competence of the management team and the originality of the project’s main concepts.
Based on detailed research, they have identified some presales for 2023 as worth considering for those willing to take financial risks.
Cryptonews.com experts point out that investing in presales has its ups and downs, especially given the unpredictability of the cryptocurrency market.
It’s advisable for investors to be cautious and focus on projects that are well-planned and led by capable teams. While there’s no sure way to predict a project’s success, a thorough review can help identify new projects that have a solid foundation.
