Miles Deutscher has kicked off his weekly series on the top five cryptocurrencies he’s keeping a close eye on. These picks combine technical analysis with fundamental insights, providing key insights for traders and investors looking to stay ahead of market trends.
These picks will definitely help you navigate the market with confidence. Keep reading!
Bitcoin at critical level
Bitcoin is currently testing a critical support level around $53,500. This point is crucial in determining the next move. If Bitcoin manages to hold and move higher from here, it could start a new uptrend. On the other hand, if it falls below, we could see further declines. The signs are pointing towards a possible reversal, but Bitcoin’s performance in the coming days will be crucial.
Solana’s Resistance Challenge
Solana is approaching a major resistance level, dubbed the “final boss” by analyst DocXBT, a leading analyst at Deutscher Group. This level is critical for Solana’s price action going forward. If Solana can break through this resistance, it could enter a new bullish phase. While Solana has held its ground, the next few days will be crucial to decide whether it can break through this important barrier.
Fantom’s Exciting Rebranding
Fantom is making waves with its recent rebranding to Sonic Labs. This change is expected to attract more attention and push Fantom’s price higher. The current price action is positive, with FTM reclaiming the $0.40 mark and forming a higher low. Both the daily RSI and MACD indicators are showing some strength, with values above the key 50 and 0 levels, respectively. The $0.55 level is a crucial resistance that Fantom needs to overcome; if so, a move towards $1 could be likely.
The buzz around these updates makes FTM an intriguing choice right now.
SunDog’s excellent performance in the charts
Miles Deutscher praises SunDog’s chart as “one of the best altcoin charts in crypto right now.” Despite the market’s struggles, SunDog has been performing impressively. It recently broke its all-time high, and if it breaks its all-time high (ATH), it could lead to even bigger gains. Deutscher sees the current performance as promising, but believes the real excitement will come if SunDog breaks its ATH.
Mantra DAO Uptrend
While many altcoins are trending lower, Mantra DAO stands out by making higher lows, which shows its relative strength. It has been consolidating just below its all-time highs, with the $0.95 level being a key point to watch. If Mantra DAO can regain this level, it could move closer to its previous highs and beyond.
Also Read: Bitcoin Approaches Crucial Support: Here’s Why Holding $56,000 Is Extremely Important for BTC Price Upside
We can’t wait to explore these top picks. How about you?
