Smaller-sized investors have been using the decline in Bitcoin to build their position to at least one Bitcoin. Glassnode data shows that the number of Bitcoin wallet addresses that have more than one Bitcoin rose by 873 between June 15 to June 25.
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Could the recovery in Bitcoin and altcoins pick up momentum? Let’s study the charts of the top 5 cryptocurrencies that could charge higher in the short term.
Here are five cryptocurrencies with the potential to provide life-changing gains this week and in the coming years.
Bitcoin’s relief rally is facing stiff resistance near $22,000 as seen from the long wick on the June 26 candlestick. This indicates that the bears are not willing to give up their advantage and are selling on rallies.
The sellers will try to pull the price toward the vital support of $20,000. This is an important level to watch out for because a bounce off it will suggest that bulls are attempting to form a higher low.
That could enhance the prospects of a break above the 20-day exponential moving average (EMA) of $23,155. If that happens, the BTC/Tether (USDT) pair could indicate a potential trend change. The bulls will then try to drive the price toward the 50-day simple moving average (SMA) of $27,424.
Uniswap (UNI) rebounded sharply from $3.33 on June 18 and has reached the stiff overhead resistance at $6.08. The bears are defending the level aggressively, but a minor positive is that the bulls have not given up much ground.
If the rebound off the 20-EMA sustains, it could increase the possibility of a break above $6.08. If that happens, the pair could pick up momentum and rally to $6.66 and then to $7.34.
Another possibility is that the pair turns down and breaks below the 20-EMA. In that case, the pair could slide to the 50-SMA. A break below this support could invalidate the bullish view.
BINANCE COIN (BNB)
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By early June 2022, its price had risen to around $300, a gain of approximately 300,000%.
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price started at $0.77. By early June 2022, its price was around $40.58, a gain of more than 5,100%.
Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.
Dogecoin’s price in 2017 was $0.0002. By June 1, 2022, its price was at $0.08, up almost 40,000%.