After tracking sideways over the weekend, Bitcoin fell to around $26,100 on Tuesday, down from approximately $26,450 on Monday.
It found a base at $26,200 for much of Tuesday and Wednesday, before shooting back up to over $26,800 Wednesday evening. The rally was short-lived though, and the cryptocurrency quickly reversed to the $26,200 support once again.
On Thursday, Bitcoin is staging a more sustained recovery, climbing steadily back to around $26,900 as it trades 2.22% higher so far today.
Although Bitcoin has experienced a near 1.3% drop from a week ago, the recent price steadiness and increase may signal a bounce back from the sell-off seen earlier in the week, as per some analysts.
With Bitcoin trying to reestablish its momentum, various altcoins including Calcium, SPX6900, and FINE are experiencing substantial volatility, thereby emerging as some of the biggest crypto gainers today on DEXTools.
Calcium’s (CAL) Uptrend Intensifies: Traders Brace for Volatility
Calcium (CAL) has posted exceptional gains since its launch on September 22, increasing over 7,854% so far in just over a week. Currently up 55.75% so far today, CAL is approaching its historic high of $0.06691 from September 25.
The hourly 10 EMA for CAL currently stands at $0.05469, comfortably above the 20 EMA of $0.05086, and significantly higher than the 50 EMA of $0.04389.
This scenario, where shorter-term EMAs cross above longer-term EMAs, typically indicates a bullish trend. The significant gap between these EMAs underscores the strong bullish sentiment driving CAL’s market.
The current RSI for CAL is at 68.90, inching towards the overbought threshold of 70. This raises the possibility of a false breakout and potential RSI rejection at the 70 level, indicating the current rally might temporarily slow down or correct. Traders should maintain vigilance for signs of a potential pullback.
CAL’s current price is $0.06199, reflecting a considerable uptrend of 55.75% so far today.
As for resistance, CAL is nearing its previous all-time high, with a resistance zone between $0.06377 and $0.06687. If CAL successfully breaches this zone, it will enter a price discovery phase, with the next potential target being the reverse Fib 1.236 extension level of $0.07843.
Simultaneously, CAL has an immediate support zone spanning from $0.05626 to $0.05943, coinciding with the reverse Fib 0.786 level of $0.05639. This area served as a previous resistance zone that CAL recently overcame, reinforcing the bullish perspective.
With CAL’s price action indicating significant momentum, traders should expect potential volatility.
While the bullish EMA crossover and strong uptrend suggest the possibility of further gains, the nearing overbought RSI calls for caution.
Traders might consider employing stop-loss orders below the immediate support level to protect against a potential reversal.
The decisive factor would be CAL’s ability to break through the all-time high resistance zone. A successful breakout could catapult CAL into new price discovery territory, while a rejection could trigger a temporary pullback before another upward attempt.
SPX6900’s Technical Indicators Flash Warning Signs Amidst Uptrend
Despite SPX6900’s (SPX) significant price surge of 22.71% today, and a noteworthy gain of over 300% since its bottom of $0.002236 on September 21, the cryptocurrency’s technical indicators suggest caution for traders.
This rapid ascension, although impressive, could be treading towards a precarious edge, where the possibility of a reversal looms large.
SPX is currently trading at $0.007328, after setting an all-time high of $0.009187 and undergoing a subsequent pullback.
The 4-hour 10 EMA stands at $0.006662, above the 20 EMA of $0.005786 and the 50 EMA of $0.004498. In typical market scenarios, the short-term EMA crossing above the long-term EMA is perceived as a bullish signal.
However, considering the parabolic nature of SPX’s price action, traders should remain vigilant as rapid price ascents often precede equally sharp pullbacks.
SPX’s Relative Strength Index (RSI) is currently at 67.30. This value is not far from the overbought territory, indicating that there’s still potential for a continuation of its pullback.
The immediate resistance for SPX lies at the Fib 0.236 retracement level, which is $0.007552. The cryptocurrency recently broke down from this level after setting a new all-time high.
Overcoming this resistance could be a challenging task for the bulls, especially without significant volume to sustain the push.
On the downside, the immediate support for SPX is the 4-hour 10 EMA of $0.006662, followed closely by the Fib 0.382 level of $0.006539.
These figures create a crucial area where the cryptocurrency might find some footing should a reversal occur. A failure to maintain these support levels could trigger a more significant price correction.
While SPX6900’s recent performance has been nothing short of spectacular, the technical indicators suggest that traders should proceed with caution.
The imminent resistance and the nearing overbought conditions could indicate a potential reversal on the horizon.
FINE’s Battle at the 50 EMA: Key to Immediate Direction
FINE kicked off the day with a significant upswing, peaking at an intraday high of $0.00000002145 before receding to find support at its 4-hour 50 EMA at $0.00000001732.
Even after this pullback, FINE continues to exhibit a strong bullish sentiment, trading with an increase of 10.01% so far today.
Taking a closer look at its technical indicators provides valuable insight into FINE’s current market conditions.
The 10-day EMA stands at $0.00000001606, which is above the 20-day EMA at $0.00000001493, typically signaling a bullish trend. However, the proximity of the EMAs and the sudden pullback in price suggest a degree of volatility and uncertainty.
FINE’s current consolidation around its 50 EMA at $0.00000001732 further underscores this uncertainty. This price level has served as a foundation for the recent price action, and its ability to hold will be a key factor determining FINE’s immediate direction.
The RSI is currently at 61.50, indicating that the market may be approaching overbought conditions.
While this suggests possible bullish momentum, it also warns of potential reversal as the market may soon consider FINE overvalued at these levels.
From a horizontal price level perspective, FINE faces immediate resistance in the zone between $0.00000002047 and $0.00000002167. Breaking past this resistance could trigger further buying and propel FINE into higher-priced territory.
Conversely, FINE’s immediate support lies in the horizontal support zone of $0.00000001747 to $0.00000001818, followed closely by the 4-hour 50 EMA at $0.00000001732. Should FINE’s price fall and these levels fail to hold as support, we could see a bearish trend develop, pushing the price further down.
Given these technical indicators, traders should carefully monitor FINE’s price behavior around these critical levels. While the current scenario suggests a bullish bias, the approaching overbought conditions and potential for volatility underscore the need for caution.
Traders should keep their risk parameters in check and look for further signs of confirmation before making any decisive moves. A definitive breach of the support or resistance levels could set the tone for FINE’s next trend.
Cryptocurrency Launches Worth Tracking
Acquiring tokens during the presale phase lets investors enter new cryptocurrency projects at an early stage.
Often at reduced costs relative to the public market, these early investors could benefit from a rise in token price if the project gains traction post-launch.
Cryptonews.com analysts adopt a systematic approach to scrutinize upcoming presale projects.
Their evaluations consider key elements such as the proficiency of the project’s leadership and the distinctiveness of its core ideas.
Based on thorough investigations, the Cryptonews.com team has spotlighted several presales in 2023 that might be worth evaluating for those who understand the associated risks.
Cryptonews.com analysts also highlight the unpredictable nature of crypto markets, suggesting that investments in presales carry inherent risks.
They recommend that investors act cautiously and prioritize projects that exhibit strong foundational elements and competent management.
While there are no assurances of success, diligent analysis can help identify new presale opportunities that have a higher likelihood of positive market performance.
New Cryptocurrencies to Buy In 2023
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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