Bitcoin and other major cryptocurrencies are seeing little price movement today, extending the phase of low volatility that the cryptocurrency market has been seeing over the past few days.
The price of Bitcoin has been hovering around $25,600 for the majority of today, slightly below the $26,000 level at which it has been trading throughout the past two weeks.
According to analysis from crypto market intelligence company Glassnode, both spot and derivatives markets are experiencing declining liquidity and capital outflows as investors hesitate to re-enter the crypto space.
This contrasts with the excitement recently seen in traditional stock markets, with the Dow Jones Industrial Average and S&P 500 reaching new highs.
Many crypto traders have been anticipating potential catalysts like the approval of spot Bitcoin exchange-traded funds (ETFs), which could draw fresh capital into the cryptocurrency market.
But a lack of regulatory clarity on this front, combined with crypto’s characteristic volatility being strangely absent, seems to be dampening interest for now.
Besides Bitcoin, Ether, the second-largest cryptocurrency, was nearly unchanged over the past day at around $1,630.
Other altcoins saw mixed but muted price movements, with Binance Coin gaining 0.48% and Cardano slipping 0.20%.
While it’s too soon to determine if this loss of momentum spells long-term trouble for the crypto market, the lack of volatility that once characterized the cryptocurrency market appears to be reducing its appeal for short-term traders and speculators.
As Bitcoin hovers in a holding pattern, market participants are seeking bigger gains in lesser-known cryptocurrencies.
BLUI, BONESHI, and KRYDOG are surging as some of the biggest crypto gainers today on DEXTools defying the sideways drift of Bitcoin and the broader crypto market.
Blui Coin (BLUI): Stealing the Spotlight With an 8,357.82% Move to the Upside
Blui Coin (BLUI) is currently stealing the spotlight as the biggest crypto gainer on DEXTools with an astonishing rise of 8,357.82% so far today.
Despite this exponential surge, BLUI has been retracing over the past couple of hours, forming a symmetrical triangle formation – a sign that more volatility is in the offing in the immediate future.
On the 5-minute chart, BLUI’s 20 EMA is currently sitting at $0.000000001742, while the 50-period EMA is positioned at $0.000000001250. The current price of BLUI is hovering around $0.000000001846, reflecting the significant price movement experienced so far today.
A symmetrical triangle is forming, often seen as a period of consolidation before the price is forced to break out or break down.
A breakout from the triangle could be a strong bullish signal, while a breakdown could suggest a potential bearish reversal.
In terms of resistance, traders should keep a close eye on the Fib 0.236 level of $0.000000001997, followed by the descending trendline resistance at $0.000000002166.
A break and materialization of the symmetrical triangle to the upside would indicate a renewed bullish momentum for BLUI, possibly propelling it to retest its intraday high of $0.000000002485 and potentially enter a price discovery phase.
On the other hand, immediate support can be found at the ascending trendline of $0.000000001849. This is closely followed by the 5-minute 20-EMA at $0.000000001742 and the Fib 0.382 support level at $0.000000001695.
A breakdown from these support levels and a potential materialization of the symmetrical triangle to the downside could see BLUI retesting the 5-minute 50-EMA of $0.000000001250 which is in confluence with the Fib 0.618 level of $0.000000001208.
Given the high volatility expected in the coming hours, traders should remain vigilant and monitor these key technical levels closely.
The formation of the symmetrical triangle could result in a significant price movement for BLUI in either direction, so setting appropriate stop losses and taking profits at resistance levels would be prudent strategies.
BONESHI’s Explosive Debut: Surging 9,408% in Just Under Three Hours
Within just three hours of its listing, BONESHI experienced a surge, registering an impressive gain of 9,408%.
Although the cryptocurrency has retraced slightly from its high of $0.001142, it is still significantly up by 5,169.92% so far today, as it currently trades at $0.0006165.
Technical indicators suggest a potential bounce, with the RSI nearing oversold levels and the MACD on the brink of a potential bullish crossover.
The 15-minute chart provides a detailed picture of BONESHI’s dynamic movement. The 10 EMA is currently at $0.0006356, the 20 EMA is at $0.0006717, and the 50-period EMA stands at $0.0007192.
Meanwhile, BONESHI’s RSI is currently at 35.46, near oversold levels. This suggests that BONESHI may be undervalued at its current price point and could be due for a price increase.
Additionally, the MACD histogram is currently at -0.00000104, indicating a potential bullish crossover. This suggests that the short-term momentum of BONESHI is gaining strength and could potentially outpace its long-term bias.
The immediate resistance to watch is the 15-minute 10 EMA of $0.0006356, followed by the reverse Fibonacci 0.236 level of $0.0006475. Breaking out from the 15-minute 10 EMA would be the first sign of BONESHI regaining the bullish narrative.
The next bullish indicator would be successfully mounting the Reverse Fib 0.236 level of $0.0006475.
On the flip side, immediate support can be found at the swing low support zone of $0.0005332 to $0.0005543.
A break below these levels could lead BONESHI into price discovery mode to the downside, which could present further buying opportunities for investors who believe in the long-term potential of this cryptocurrency.
In light of the considerable volatility expected in the coming hours, traders should closely monitor these critical technical levels.
The proximity of the RSI to oversold levels and the potential bullish crossover in the MACD suggests a bullish reversal may be imminent.
KRYDOG’s Strong Bullish Momentum: A Closer Look at Key Price Levels
Super Krypton Dog (KRYDOG), at one point, surged by 964.33% earlier today, touching a new high of $0.00001025.
Since then, it has been in a retracement mode but has still managed to maintain a respectable growth of 718.52% so far today, trading currently at $0.000008398.
Traders, speculators, and investors alike are closely monitoring the cryptocurrency’s interaction with key Fibonacci retracement levels, looking for potential entry points.
KRYDOG’s 15-minute 10 EMA currently stands at $0.000006964, while the 20 EMA is at $0.000005775, and the 50 EMA at $0.000004233.
All of them are well below the current price, suggesting that KRYDOG is maintaining a strong bullish momentum in the immediate future.
KRYDOG’s RSI currently reads 83.48. This is an indication that KRYDOG is currently in overbought territory. This might signal a potential pullback, but it’s also possible that in a strong trend like this, the RSI can remain overbought for an extended period.
The immediate support level for KRYDOG is found at the Fib 0.236 level of $0.000008339, where the cryptocurrency is currently attempting to gain footing. If KRYDOG successfully consolidates above this level, it could pave the way for the next leg up in its bull run.
However, traders should be aware of the current all-time-high resistance at $0.00001025, which KRYDOG needs to breach to continue its upward trajectory.
The cryptocurrency’s future movements will depend on whether it can successfully break this resistance or if it bounces back, marking a potential trend reversal.
The technical indicators suggest that KRYDOG is maintaining a strong bullish momentum, but traders should closely watch the RSI and Fib levels for signals of potential trend reversals.
Under-the-Radar Cryptos Worth Checking
Participating in cryptocurrency presales can offer an early glimpse into new projects before they hit the broader cryptocurrency market.
Buying tokens in the presale stage often comes at a reduced cost, compared to the price they may command after public release. Early investors could see significant financial gains if the project performs well post-launch.
While there are definite risks involved, putting money into presales early on can be profitable for investors focused on financial growth. The key is to identify promising projects led by capable teams with well-thought-out blockchain plans.
Experts at Cryptonews.com apply their deep understanding of the cryptocurrency field to research upcoming presales. They seek out projects likely to grow, based on factors like strong management and unique project ideas.
After a thorough evaluation, they have identified some 2023 presales that look like solid opportunities for those willing to take a risk.
For crypto investors open to taking some measured risks, participating in these selected presales could result in financial gains in 2023 and possibly beyond.
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.
Read the full article here
