As a seasoned crypto investor with a knack for spotting promising digital assets, I find myself intrigued by this week’s top performers. Bitcoin Cash (BCH) has shown a steady upward trajectory, but its BBTrend and volume divergence are causing some concerns. If the uptrend continues, I see potential targets at $340 or even $350, but a dip below $319 could signal a retest of lower levels.
Last week, I witnessed a significant rebound that propelled the global cryptocurrency market value by approximately $180 billion, representing a 9% increase in valuation. Consequently, we managed to regain the $2 trillion milestone, wrapping up the week at an impressive $2.1 trillion market cap.
After their notable achievements at the rally, here are some leading cryptocurrencies worth keeping an eye on this week:
BCH crossed 20-day MA
As a crypto investor, I saw Bitcoin Cash (BCH) make a significant leap of 9.36% last week, pushing it above the $300 mark. Despite a brief dip, it ended the week on a high note at $327, continuing its bullish trend.
Even though prices are increasing, the BBTrend (Bollinger Band Trend) continues to show a downtrend, suggesting vulnerability in the upward movement.
On September 11, we saw the highest level of activity, yet since then, it has decreased despite an increase in price. This discrepancy between price and activity might suggest a weakened buying power. Consequently, the current upward trend could falter unless there’s a resurgence of volume to support it.
On September 11, BCH surpassed its 20-day moving average ($319), making it an important line of defense. Should the upward trend persist, BCH might aim for between $340 and $350.
Conversely, if the price falls beneath $319, it might indicate a retest towards $300 or even lower levels. Keep an eye on rising volumes as they could support further price growth.
A team created Bitcoin Cash with the idea that it should primarily function as a decentralized digital payment method, following the principles laid out in Satoshi Nakamoto’s initial proposal, instead of being seen mainly as a digital form of precious metals like gold, which has been Bitcoin’s primary role thus far.
ELON performs below par
Last week, Dogelon Mars (ELON) experienced a growth of 6.11%, which was less than the overall market average. However, it still registered positive gains.
For the majority of the week, the value of the meme coin hovered under its 20-day moving average (which was approximately $0.00000012566), but on the last day, it ended up at $0.00000012776.
As an analyst, I find myself observing ELON‘s current position. It’s hovering slightly above the midpoint of the 20-day moving average (the middle Bollinger Band) and comfortably over the lower Bollinger Band ($0.00000011944). However, it remains below the upper Bollinger Band ($0.00000013075). This implies that there’s potential for further upward movement before encountering resistance at the upper band.
In simpler terms, the Relative Strength Index (RSI) reading of 46.39 for ELON suggests it’s not overbought, which could mean further growth potential. If the positive trend persists, a possible resistance level might be around $0.00000013075, while support could lie at approximately $0.00000011944.
If Elon’s price surpasses its upper Bollinger Band, it may indicate a potential rise in value. However, if it can’t sustain this level, there could be a return to lower prices for another test.
ELON acknowledges and honors the spirit of both Dogecoin and Elon Musk, with his space exploration venture, SpaceX, said to be developing blueprints for a potential Mars settlement.
CKB tops gainers list
Nervos Network (CKB) was the top performer last week, soaring by 117% to close at $0.01449.
The dramatic rally began on Sept. 13, with a massive 51% intraday spike, the largest gain since February.
As the momentum continued from last week, CKB reached a high of $0.01762 early in the new week, but then dipped slightly. The Fibonacci pivot points indicate an immediate resistance at $0.01351, which CKB has managed to surpass. If a pullback happens, potential support can be found at $0.00845 (pivot level).
A Commodity Channel Index value of 369 indicates an extremely high level, implying potential for a temporary downturn after a prolonged upward trend.
Should a correction happen, investors should look for support around $0.00845, the pivot point.
If CKB maintains its bullish momentum, a breakthrough above its three-month high could trigger further gains. However, watch for consolidation or pullback given the overextended CCI.
The Nervos Network originated from a group of skilled blockchain developers and businesspeople who specialize in cryptography. This core group includes founders such as Jan Xie, Terry Tai, and Kevin Wang.
The Nervos Common Knowledge Base (CKB) acts as its Layer 1 blockchain.
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2024-09-15 19:18