Bitcoin has experienced a significant recovery after dropping from its year-to-date peak in July. One key indicator of Bitcoin’s potential bottom is its ability to sustain the 200-day exponential moving average (EMA), which it has recently remounted. This support level is crucial for Bitcoin’s long-term stability and could signal a positive trend for the cryptocurrency.
While Bitcoin fights to maintain its support levels, some altcoins have been experiencing notable gains. DACT, SILKROAD, and BS are among the top gainers on DEXTools, despite Bitcoin’s struggle. Let’s take a closer look at these cryptocurrencies and their potential for growth.
DACT: Exploration of Support Levels Amidst Potential Volatility
DACT has emerged as one of the biggest gainers, with a substantial increase of 28.76% so far. However, a more comprehensive analysis of the technical indicators reveals a mixed sentiment.
The shorter-term 20 EMA for DACT stands at $0.0003393, while the 50 EMA is slightly higher at $0.0003462, and the 100 EMA is at $0.0003231. This suggests a potential bullish trend in the short term, as the shorter-term EMA is lower than the longer-term EMA. However, the RSI currently sits at 39.83, indicating that DACT is oversold. This could potentially lead to a trend reversal in the near future.
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As of now, DACT is trading at $0.0003118, with a substantial gain of 28.76%. However, it faces immediate resistance at the 15-minute 100 EMA of $0.0003231. The Fib 0.236 level at $0.0003095 and the swing low support levels ranging from $0.0002802 to $0.0002853 provide additional support.
While DACT has seen significant gains, traders should exercise caution due to the conflicting indicators. Monitoring the resistance and support levels closely and analyzing further price movements and changes in technical indicators is recommended.
SILKROAD Soars: Positive Trend to Monitor
SILKROAD has experienced a notable surge in its price, with a 147.77% increase so far. Currently trading at around $0.0000000009056, SILKROAD’s technical indicators suggest a positive trend.
The 15-minute 20 EMA for SILKROAD stands at $0.0000000008538, while the 50 EMA is slightly lower at $0.0000000008436, and the 100 EMA is at $0.0000000007605. With the current price above all three EMAs, this is considered a bullish indicator, suggesting upward price movements.
Additionally, the 20 EMA and 50 EMA act as immediate support levels, further reinforcing the potential for a short-term upward trend. The immediate resistance is the Fib 0.5 level at $0.0000000009157, and breaking through this level could indicate a continuation of the bullish trend. Support is at the Fib 0.382 level at $0.0000000008393, coinciding with the 20 and 50 EMAs.
BS Consolidates Above Key Support: Upside Potential Ahead
BS has shown strength in recent trading, bouncing off its low on August 29. It made an impressive 90% run before retracing to the current level around the Fib 0.236 level at $0.009714. The consolidation above key support suggests that BS is gathering momentum for its next leg higher.
Analyzing the 4-hour chart, BS appears to be consolidating above the 4-hour 100 EMA, indicating a bullish outlook. The 4-hour technical indicators show the 20 EMA at $0.009631, the 50 EMA at $0.01007, and the 100 EMA at $0.009781. With the price holding above the 100 EMA, further gains are possible.
At the time of writing, BS trades around $0.009854, up 4.69% on the day. The initial resistance is the recent swing high at $0.01094, while support is at the 100 EMA of $0.009781 and the 0.236 Fib level at $0.009714. Breaking above the resistance could signal a continuation of the bullish trend, while a break below the support would negate the positive outlook.
Other Cryptocurrencies to Watch
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Identifying potential game-changers early and securing tokens during presales can be highly advantageous if the projects succeed after launch. However, risks are significant, as failure to execute plans can result in the loss of invested capital.
Cryptonews.com evaluates upcoming presales based on team strength and project uniqueness to identify standout opportunities. Investors comfortable with higher risks can explore these presales for potentially lucrative investment opportunities in 2023 and beyond.
In conclusion, Bitcoin’s recovery and ability to sustain the 200-day EMA indicate a potential bottom for the cryptocurrency. Altcoins like DACT, SILKROAD, and BS have shown notable gains, but careful analysis of technical indicators is necessary to navigate potential volatility. Additionally, exploring presale opportunities in promising projects could yield significant returns, while risks should be carefully considered.
