Bitcoin has managed to remount its 200-day exponential moving average after a period of decline since reaching its year-to-date peak in July.
According to some analysts, holding this support level will indicate the cryptocurrency may have bottomed out from its drop over the summer.
While Bitcoin battles to sustain its long-term dynamic support, what are the biggest crypto gainers today?
The price of Bitcoin rose to $28,167 on August 29, recovering some of the losses from its drop to $25,253 on August 17. However, the rebound remains below the 2023 high of $31,829 on July 13.
Other analysts caution there are signs of weakness that could lead to further declines. While Bitcoin’s RSI touched 52 on August 30, suggesting a possible move into the bullish zone, it must consistently hold this level with a solid performance to substantiate its entry into the bullish RSI territory.
The move above the 200-day moving average line comes after Bitcoin fell below it on August 17.
If the Bitcoin price fails to maintain the 200-EMA in the upcoming days, it could potentially indicate that Bitcoin might be heading lower in the immediate future.
With Bitcoin trying to sustain long-term support levels, several altcoins have seen notable upside momentum.
DACT, SILKROAD, and BS are some of the biggest crypto gainers today on DEXTools, surging considerably even as Bitcoin seeks to cement its footing.
DACT: Exploring Support Levels Amidst Potential Volatility
DACT has stood out as one of the biggest crypto gainers today, boasting a significant uptick of 28.76% so far.
However, an in-depth analysis of the existing technical indicators offers a more comprehensive perspective.
DACT’s 15-minute 20 EMA stands at $0.0003393, while the 50 EMA is slightly higher at $0.0003462, and the 100 EMA is at $0.0003231.
These figures point to an upward trend, as the shorter-term EMA (20 EMA) is lower than the longer-term EMA (50 EMA), suggesting a potential bullish trend in the short term.
However, the RSI indicates a different sentiment. The RSI is currently at 39.83, which is under the neutral 50 mark.
This suggests that DACT is currently in the oversold territory, indicating that we might see a trend reversal soon.
At the time of writing, DACT is trading at $0.0003118, with an impressive gain of 28.76% registered so far today.
However, the cryptocurrency is facing immediate resistance at the 15-minute 100 EMA of $0.0003231. This resistance level could potentially hinder its upward price movement.
Supporting DACT’s upward price movement is the Fib 0.236 level at $0.0003095. Following this, the swing low support ranging from $0.0002802 to $0.0002853 provides additional support, potentially preventing a severe price drop.
While DACT has registered significant gains today, traders should tread with caution. The discrepancy between the bullish EMA indicators and the bearish RSI reading suggests potential volatility in the near future.
Traders are advised to keep a close eye on the resistance and support levels and make decisions based on further price movements and changes in the technical indicators.
SILKROAD Soars: A Positive Trend to Watch
The current trading session is seeing a significant surge in the price of SILKROAD, with a 147.77% increase so far today.
The current price of the cryptocurrency is now hovering around $0.0000000009056, painting a positive picture.
SILKROAD’s 15-minute 20 EMA is currently at $0.0000000008538, while the 50 EMA is slightly lower at $0.0000000008436, and the 100 EMA is at $0.0000000007605.
What’s noteworthy here is that the current price of SILKROAD is above all three EMAs. This is typically considered a bullish indicator, as it implies that SILKROAD’s recent price movements have been upward.
Additionally, the 20 EMA and 50 EMA are acting as immediate support levels, further suggesting that the upward trend may persist in the short term.
The immediate resistance for SILKROAD is the Fib 0.5 level at $0.0000000009157. How the price behaves at this level will be critical in determining the next course of action for traders.
If the price breaks through this resistance, it could signal a continuation of the bullish trend.
On the other hand, the immediate support is at the Fib 0.382 level at $0.0000000008393, which coincides with the 20 and 50 EMAs.
This confluence of support may strengthen the level, offering a cushion for SILKROAD’s price if a downward correction occurs.
SILKROAD’s technical indicators suggest that SILKROAD is currently in a bullish phase.
Traders are advised to monitor how the price interacts with the immediate resistance and support levels.
If the price breaks above the resistance, it could be a signal to consider entering long positions.
However, if the price falls and finds solid footing at the support level, it could provide a buying opportunity for traders who believe in SILKROAD’s bullish potential.
BS Consolidates Above Key Support: A Sign of Upside Potential
BS has shown signs of strength in recent trading after bouncing off the August 29 low of $0.005728.
In the past two days, BS made an impressive 90% run before retracing to the current level around the Fib 0.236 level at $0.009714.
Analyzing the 4-hour chart, BS appears to be consolidating above the 4-hour 100 EMA as the EMAs trade in a tight range.
This consolidation above key support indicates BS is gathering momentum for the next leg higher.
The 4-hour technical indicators currently show 20 EMA at $0.009631, 50 EMA at $0.01007, and 100 EMA at $0.009781.
With the price holding above the 100 EMA, the outlook is bullish for now. The RSI of 51.05 is in neutral territory after the recent run-up, allowing room for further gains.
At the time of writing, BS trades around $0.009854, up 4.69% on the day. Looking ahead, the initial resistance is the recent swing high at $0.01094. Above that, BS faces resistance between $0.01118 and $0.01135.
Meanwhile, support is at the 100 EMA of $0.009781 and the 0.236 Fib level at $0.009714.
Traders should look for a bullish breakout above $0.01094 to signal a continuation higher. The key support zone to watch is the 100 EMA and 0.236 Fib near $0.00975.
As long as BS holds above this area, the short-term trend points to further upside. However, a break below $0.00975 would negate the bullish outlook.
Other Cryptocurrencies to Watch
Cryptocurrency investors seeking to expand their portfolio might find it beneficial to partake in presales of promising new projects, as it allows for early acquisition of tokens at prices substantially lower than the intended public launch price.
While risky, investing in the presales of projects that are ultimately successful post-launch can generate substantial returns.
Many presale tokens have strong founding teams and innovative ideas that could disrupt the blockchain industry.
Identifying these potential game-changers early and securing tokens during presale provides significant upside if the project succeeds after launch.
On the other hand, the risks are equally considerable. If the teams can’t carry out their plans, those who invested in the presale could stand to lose their money.
But the potential rewards can be extraordinary if one’s presale investment hits the mark.
The market experts at Cryptonews.com use their industry knowledge and experience to evaluate upcoming presales and identify standout opportunities based on the strength of the team and the uniqueness of the project’s proposition.
After careful vetting, they compiled a list of presale offerings showing immense potential thanks to the talent behind them and the originality of the ideas.
For cryptocurrency investors who are comfortable embracing greater risk, engaging in these meticulously selected presales could potentially offer lucrative investment opportunities 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.
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