The idea in crypto called Uptober wasn’t a fluke this time as Bitcoin, the largest cryptocurrency by market capitalization, made a staggering uptrend run with over 26% rally, setting up the tune for many altcoins and higher capitalization tokens rallying too.Bitcoin’s rally has come as a big shock to many despite the news of the Bitcoin spot Exchange-traded Fund (ETF) coming out as fake news and the price of Bitcoin remaining strong as many traders and investors believe Bitcoin spot ETF will be approved before the next Bitcoin (BTC) bull run.
The Bitcoin price action in recent weeks has highlighted a bullish price action for many traders and investors, setting the tone of what is to come ahead of its pre-halving and halving in the coming months as the bearish price run could gradually come to an end for most major cryptocurrency struggling to remain afloat.
Bitcoin’s rally has resulted in many short liquidations of over 400 Million dollars within a few hours of its rally as bulls continue to show dominance in the cryptocurrency market, as seen with many weekly top 5 cryptos (XRP, DOGE, FLOKI, SHIB, FET) to watch all showing great recovery sign.
Despite many cryptocurrencies showing some great price actions in recent days and weeks, a major worry has been cast on Ethereum’s price action as the price has shown much lag in the past weeks, not meeting the expectations of traders and investors who believe Ethereum should be the one outperforming Bitcoin in this current bullish run.
The heat map describing the performance of the cryptocurrency market on coin360.com has indicated a bullish price action for Bitcoin as the price action for Ethereum and other cryptocurrencies remain in a red zone with little bullish price actions for them.
The price of Bitcoin ranged between $25,500 to $26,800 for over two months as the price recaptured the high of $29,000 within a few hours after highlighting a bullish price rally as there was rumour of Bitcoin ETF being approved.
Despite the news coming out as fake, the price of Bitcoin does not look like slowing down anytime soon as the price broke out of two key resistances of $30,500 and $32,000, setting up the tune for the price of Bitcoin, hitting a new yearly high.
Bitcoin rallied swiftly to a high of $35,000 after breaking a major resistance of $32,000, as the price could be eyeing a rally to the highs of $40,000 to $45,000 if this bullish price action is sustained.
The price of Bitcoin would be looking at forming a strong support base at $32,000, which would be a good sign to maintain its bullish price run to new highs in the coming weeks and days as traders and investors would be looking to capitalize on this opportunity.
The price of Bitcoin, for the first time this year, sits comfortably above its 38.2% Fibonacci Retracement Value (38.2% FIB Value), highlighting bullish price action for the market as the price needs to break above the $35,500 price range for more bullish price action to $40,000.
The weekly, monthly, Relative Strength Index (RSI), and Moving Average Convergence Divergence all indicate a much bullish action for Bitcoin bulls as prices could rally more in the coming weeks and months.
Bitcoin’s price on the daily and weekly timeframes indicates price trading above its 50-day and 200-day Exponential Moving Average (EMA) for the first time in months as bulls continue to dominate.
A retracement for Bitcoin could be a healthy one to a region of $32,000, acting as a support base for Bitcoin’s (BTC) price. If the price breaks below $31,000 to $30,000, this could open the floodgates for bears to push the price of BTC low, but as it seems, the bulls remain much in charge of the price of Bitcoin as the price faces a key breakthrough above $35,500.
Despite BTC price showing some incredible price action, Ethereum continues to lag after breaking through its resistance of $1,750 as the price faces another strong resistance in the region of $1,830, preventing Ethereum from rallying to a region of $1,950 or even $2,000.
The price of Ethereum currently sits above its 50-day and 200-day EMA. Still, it faces strong resistance to trade above $1,800 as its price remains in the shadow of other cryptocurrencies, such as Solana, Injective Protocol, and Bitcoin, as the better performers.
Let us shift our attention to some altcoins and memecoins showing some great good price actions as the new week presents promising opportunities for traders and investors to pay close attention to these weekly top 5 cryptos (XRP, DOGE, FLOKI, SHIB, FET).
Floki Inu (FLOKI) Price Analysis as a Weekly Top 5 Crypto to Watch
The price action of Floki Inu (FLOKI) has been a spectacle to watch in the past few weeks as the price displayed so much price action, outperforming the likes of PEPE, SHIB, and DOGE as the price of FLOKI/USDT remained in one of the top performers of the month.
After trading in a range for weeks, the price of FLOKI/USDT broke out with great volume above the region of $0.0000185 as the price rallied to a high of $0.0000400 with over 200% rally in less than a month for this token as the price could still really high to $0.0000700 as it maintains its bullish trend.
FLOKI has remained a significant Centre of attraction for memecoins in recent weeks due to its massive gains for many traders and investors, and a big catalyst for this rally could be attributed to the release of its token TokenFi as a staking program would commence soon.
The FLOKI’s Decentralized Autonomous Organization (DAO) revealed their plans to launch a new token, TokenFi, with a ticker TOKEN for its community to enable the staking of FLOKI as they earn TOKEN in return as their reward for staking FLOKI.
With investors and traders looking to trade TOKEN as a new utility token for the FLOKI community and staking more FLOKI to earn TOKEN could lead to a major price rally for FLOKI/USDT in the coming weeks and months as the price action remains bullish for this token.
FLOKI/USDT trades above its 50-day EMA, signifying a bullish price trend for this token as it trades above its 75% FIB Value in favor of the bulls. The price of FLOKI/USDT could drop to a region of $0.00003, acting as support just above the 50-day EMA.
FLOKI/USDT retracing to a region of $0.0000300 is healthy as the price on higher timeframes remains bullish, with MACD and RSI indicating bullish price action for this token.
Major FLOKI/USDT support zone – $6.00003
Major FLOKI/USDT resistance zone – $0.00004
MACD trend – Bullish
Ripple (XRP) Price Chart Analysis on the Daily Timeframe
Ripple (XRP) remains a big talking point in the cryptocurrency market as the price of XRP/USDT eyes a major price rally after showing signs of breaking out of its range of price movement for months now.
There has been speculation from analysts and top firms of the price of XRP/USDT rallying to $300 and $1,000 in the coming bull run as on-chain analysis indicates the price of XRP/USDT.
After trading in a range for weeks, the price of XRP/USDT broke out of the range of $0.5 as the price rallied to a high of $0.55. The price was quickly rejected from its key resistance as the price of XRP/USDT aims to rally higher above a region of $0.65.
If the price of XRP/USDT breaks above the region of $0.65, we could see the price of XRP/USDT rally high to a region of $0.75 to $0.9, as the price would face little to no resistance as the price would rally higher.
The price of XRP/USDT currently trades above the 50-day EMA, indicating bullish price action, as XRP/USDT needs to trade above 38.2% FIB value for the price to restart its bullish rally to a region of $1.
The volume, MACD, and RSI all indicate bullish price action for XRP/USDT, as the price is yet to replicate XRP’s on-chain rise in a bullish trend.
Major XRP/USDT support zone – $0.46
Major XRP/USDT resistance zone – $0.55
MACD trend – Bullish
Dogecoin (DOGE) Price Chart Analysis as a Weekly Top 5 Crypto
The price of DOGE/USDT saw some resurgence after trading in a region of $0.055 for weeks as the current price action saw buyers push the price of DOGE/USDT from support of $0.055 to a high of $0.07 before suffering a price decline by bears to $0.067.
Dogecoin price has remained in the shadows of FLOKI in the past few weeks despite showing a minor price bounce as the price of FLOKI saw over 150% price rally as compared to DOGE rallying by barely 30% in the current uptrend as bears remain dominant.
After a breakout from its trendline resistance, the price of DOGE/USDT saw its price rally above its 50-day EMA as the price currently trades above 25% FIB Value, which is a good sign for the bulls.
The price of DOGE/USDT rallied to a high of $0.075 after its breakout was confirmed but was quickly rejected from this region as the price attempted to break above its high of $0.075, corresponding to a 50% FIB value.
If the price of DOGE/USDT flips the high of $0.075, we could see the price rally high to a region of $0.09 to $0.1 as DOGE/USDT remains a major part of the crypto space ahead of X (formerly Twitter) announcing its new features of video and audio.
Major DOGE/USDT support zone – $0.46
Major DOGE/USDT resistance zone – $0.55
MACD trend – Bullish
Fetch.AI (FET) Daily Price Analysis Chart
Fetch.AI has remained a watch for many traders and investors as the hype for AI (Artificial intelligence) could be in the pipeline as FET/USDT saw its price rally by over 50% in the past few weeks as price eyes many highs.
The price of FET/USDT has enjoyed many highs to a region of $0.6 after rallying with much volume to that high during the hype of AI tokens, but the price suffered much decline in the hands of bears as the price of FET dropped to $0.18.
After dropping from its yearly high of $0.6, the price of FET formed a strong support at $0.18, where its price ranged for weeks before breaking out of its range above $0.27 as the price currently trades above the 50-day EMA and 50% FIB value as price aims a retest of $0.6.
The volume, MACD, and RSI for FET/USDT on the daily and other higher timeframes indicate that the price could aim for the yearly highs as the price needs to trade above the key resistance of $0.4 to trend higher.
Major FET/USDT support zone – $0.27
Major FET/USDT resistance zone – $0.4
MACD trend – Bullish
Shiba Inu (SHIB) Price Chart Analysis as a Top 5 Crypto to Watch
Shiba Inu remains a huge talking point among the memecoin community as the price of SHIB/USDT has struggled in recent times as price failed to trend higher above the hype of its Shibarium launch as the price of SHIB/USDT struggles to show any bullish price action.
After dropping from its high during the massive hype and rallying to a high of $0.00001500, the price maintained a bearish price run as bears pushed the price of SHIB/USDT to a low of 0.0000066 below its 50-day EMA.
The price of SHIB/USDT after weeks broke out with a minor bounce above the 25% FIB value as the price aims to reclaim its price above $0.00000850, acting as a key resistance for SHIB/USDT as a break and close above this region would see price rally to $0.00001.
If the price of SHIB/USDT fails to hold above 25% FIB value, we could see the price of SHIB retest its low of 0.00000660, acting as demand value as the price has formed a strong support around this region.
The MACD and RSI have indicated a change from a bearish to a bullish price trend, but it all comes to breaking and closing above its key resistance of $0.00000850.
Major SHIB/USDT support zone – $0.00000660
Major SHIB/USDT resistance zone – $0.00000850
MACD trend – Bullish
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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