Bitcoin’s price rose to nearly $28,143 on Tuesday following a positive legal ruling for digital asset manager Grayscale. However, analysts remain cautious about the sustainability of the rally amid low spot market volumes.
Data showed Bitcoin’s price gained 7.5% after a federal court ruled that the Securities and Exchange Commission was “wrong” to deny Grayscale’s application to convert its Bitcoin Trust into a spot Bitcoin ETF. The Trust is currently the world’s largest Bitcoin fund, with over $20 billion in assets.
As we monitor the continuous dynamics in the cryptocurrency market, what are the biggest crypto gainers today?
Even though Bitcoin wrapped up Tuesday’s day of trading above two important exponential moving averages, it has been noted by analysts that these have not become firm intraday support points as of now.
Rekt Capital, a popular trader and analyst, argued in a YouTube video that Bitcoin’s recent price action bears similarities to the double top pattern in 2021 preceding the bear market.
While not predicting a new all-time high, Rekt Capital suggested history could repeat with $26,000 flipping from support to resistance, initiating further downside.
He and other analysts have highlighted $23,000 as a key potential price floor where Bitcoin could rebound.
“We’re seeing many similarities between the double top of 2021 and what we’re seeing right now,” Rekt Capital said, urging caution despite the Grayscale boost.
With spot volumes unconvincing and Bitcoin still ranging below 2021 highs, analysts contend more evidence is needed to confirm a sustainable reversal in the crypto market downturn.
Their neutral stance echoes a tempered mood in Bitcoin price forecasts even after Grayscale’s positive court ruling.
Bitcoin is currently trading at $27,225, down 1.83% so far today. It is trading below the Fib 0.618 level of $27,472 that it successfully broke through yesterday and is now retesting the 20-day EMA of $27,171 for potential support.
With Bitcoin working to preserve its recent gains from Grayscale’s win against SEC, BEPE, EMERSO, and XPEPE stands out as some of the biggest crypto gainers today on DEXTools.
Momentum Builds As BEPE Charts A Volatile Course
It’s been an electrifying day for BEPE. After bursting onto the scene with a substantial 640% surge earlier in the day, the meme coin has faced inevitable selling pressure, eventually settling at a still-impressive 330% gain so far today.
This puts the current price at $0.00001445, a figure that is poised delicately between the 15-minute 20 and 50 EMAs.
These EMAs play crucial roles in predicting price trends. Currently, the 20-EMA sits slightly higher than the coin’s price at $0.00001461, while the 50-EMA trails at $0.00001370.
The fact that BEPE’s price is consolidating between these two key indicators points towards a phase of uncertainty and equilibrium, with traders on the edge, watching for the next decisive move.
The RSI is currently recording a figure of 49.71. This is just a hair’s breadth away from the neutral 50 mark, suggesting that buying and selling pressures are approximately balanced. This reaffirms the ongoing consolidation phase.
Looking ahead, traders would do well to watch the immediate resistance and support levels. The first line of resistance is the 15-minute 20-EMA at $0.00001461.
Beyond that, there is a significant hurdle at the Fib 0.618 level of $0.00001593. This is a critical level in the Fibonacci retracement, often associated with a potential reversal or slowdown in a trend.
In terms of support, the immediate cushion comes from the 15-minute 50-EMA at $0.00001370. If the selling pressure intensifies, traders can expect the Fib 0.786 level at $0.00001339 to provide substantial support.
BEPE’s current situation reflects a tug-of-war between bullish optimism and bearish caution. Traders should keep a keen eye on the aforementioned technical indicators and price levels, as the next big move could be just around the corner.
The market’s reaction to these support and resistance levels, coupled with the RSI and EMA indications, will likely dictate the short-term trajectory of this volatile meme coin.
EMERSO: Setting New Highs in Price Discovery Mode
Within a short span of time since its debut earlier today, EMERSO has made a significant impact on the cryptocurrency scene, experiencing an extraordinary surge of 27,565.71%.
Trading at a current price of $0.02642, EMERSO is showing no signs of slowing down. As it sets new highs in a state of price discovery, the absence of resistance levels further fuels the bullish sentiment.
The 15-minute 20 EMA currently sits at $0.02624, slightly below the current price. This suggests the immediate support level for EMERSO.
The 20-EMA is a widely used tool by traders to identify short-term price trends and can often act as a dynamic support or resistance level.
Just below the 20-EMA, we find the 50-EMA at $0.02435, the second line of support in case of a price correction. The 50-EMA is typically used by traders to gauge medium-term trends.
A price level above the 50-EMA often indicates a bullish trend, and in EMERSO’s case, the current price is comfortably above this marker, reinforcing the bullish outlook.
EMERSO’s RSI currently stands at 85.93. Typically, an RSI above 70 suggests that a currency may be overbought. However, in strong trending markets, currencies can remain overbought (or oversold) for extended periods.
Hence, while the high RSI points towards a potentially overbought scenario, it may not necessarily entail an immediate price correction given the strong bullish market.
As EMERSO continues in its price discovery mode, setting new all-time highs, traders should keep a close eye on these technical indicators.
Immediate support levels are defined by the 20-EMA and 50-EMA. Should the price break below these levels, it may signal a potential trend reversal.
On the other hand, the lack of resistance and the strong momentum, reflected in the high RSI, could mean the continuation of the bullish trend.
Traders should be cautious due to the high volatility and the possibility of significant fluctuations in both directions.
While EMERSO’s rapid rise is thrilling, making well-informed choices based on technical analysis rather than getting carried away by euphoria is crucial.
XPEPE’s Short-Term Market Trend: Bearish Sentiment or Potential Bounce?
XPEPE, on DEXTools, experienced a significant increase, reaching an intraday high of $0.002025. This represents a rise of 2,347% at one point earlier today.
However, the meme coin has since experienced a profit-taking phase, which has pushed the price down to its current level of $0.0002197, still recording a commendable 193.16% increase so far today.
The 15-minute 20 EMA currently stands at $0.0007655. The EMA, often used to identify the short-term market trend, is significantly above the current price, indicating a prevailing bearish sentiment in the short term.
However, given the considerable price increase, a retest of this level in the near future cannot be ruled out.
XPEPE’s RSI currently sits at 44.82. This level suggests that the asset is neither overbought nor oversold. Traders may see this as a moderate signal, with the potential for either upward or downward movement.
The immediate resistance for XPEPE is marked by the Reverse Fib 0.236 level at $0.0006326, followed closely by the 15-minute 20 EMA at $0.0007655.
These levels may act as barriers for XPEPE’s price, and any movement towards these points should be watched closely for potential reversals or breakthroughs.
On the flip side, the immediate support zone is situated between $0.0001924 and $0.0002094. This zone was recently established and may provide a cushion for any further price decline.
Watch this area closely: If the price bounces off this zone with significant volume, it could signal a potential buy opportunity.
While XPEPE’s current performance is impressive, market participants should exercise caution.
The technical indicators suggest potential volatility ahead, with both bullish and bearish scenarios in play.
Traders should closely monitor the resistance and support levels, and adjust their strategies accordingly.
Other Cryptocurrencies Worth Checking
For crypto investors seeking diversification, participating in presales of promising new projects can provide early ownership of tokens at steep discounts.
While risky, investing in successful presales generates enormous returns before public launch.
Many presale tokens have star-studded teams and forward-thinking ideas that could potentially disrupt the industry.
Spotting these potential game-changers early and investing during presale provides a huge upside if the project succeeds post-launch.
However, the risks are high as well. Some teams fail to execute their vision and presale investors lose their capital. But the rewards can be massive if one invests in a presale that ultimately succeeds.
The analysts at Cryptonews.com use their market expertise to evaluate upcoming presales and identify standout opportunities.
After careful vetting, they compiled a list of presales showing immense potential thanks to the team’s talent and the project’s originality.
For crypto investors comfortable with higher risk, participating in these hand-selected presales could prove to be lucrative investments in 2023 and beyond.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
This news is republished from another source. You can check the original article here.