Top 5 Crypto Performers as Traders Buy the Dip
NAIROBI (CoinChapter.com) — Recent market activity has led to a rebound in several cryptocurrencies. Notably, the top five crypto performers—Dogwifhat, Helium, Notcoin, Popcat, and Solana—have recovered since the market crash on Aug. 5 caused by the yen carry trade. Consequently, the market has been gradually recovering since then.
Dogwifhat Climbs Amid Crypto Market Rebound
WIF/USD has experienced a notable price increase, propelled by Bitcoin’s recovery to $57,000. Currently, Dogwifhat trades at $1.71, marking an 18% increase from its previous lows. The coin’s market cap has risen to $1.69 billion, with a daily trading volume of around $935 million.
The dog-themed meme coin ranks 49th by market cap, yet remains 26.5% lower over the last month and 64.8% below its all-time high of $44.85.
Dogwifhat price chart shows a descending channel pattern since March. Despite this bearish trend, the recent bounce from the lower boundary indicates a potential recovery.
The Relative Strength Index (RSI) has risen from an oversold 26 to 43.64, showing reduced selling pressure. The Awesome Oscillator (AO) remains negative, but the shrinking red bars suggest decreasing bearish momentum.
Dogwifhat faces resistance at the channel’s upper boundary around $2.00. A breakout could lead to gains toward $2.50. Support is at the lower boundary near $1.35, with a breach possibly leading to a drop to $1.00.
Helium Showcase Strong Recoveries
Helium has surged by 31% over the past 24 hours, signaling a strong shift from bearish to bullish sentiment. This uptick follows market overreactions that previously dragged the price down. Helium trades at $4.77, with its network boasting 380,629 hotspots globally.
The recent price movement indicates a potential recovery as Helium attempts to break out of its current consolidation phase. The bounce from the strong support level at $3.00 suggests growing buying interest, possibly paving the way for a retest of the resistance level at $5.00.
The overall trend remains cautious, as the market is still digesting previous sell-offs. Helium’s ability to maintain its position above the support level and breach the immediate resistance will be crucial for any sustained upward momentum.
A successful breakout above $5.00 could target the next resistance level around $6.00, while failure to maintain current levels might see a retest of support.
Notcoin Faces Resistance Amid Bearish Trend
Meanwhile, Notcoin has staged an impressive recovery, jumping over 50% after a sharp decline. It now trades around $0.0111 and occupies the sixth spot on CoinMarketCap’s top gainers list.
The 50-day Exponential Moving Average (EMA) on the 4-hour chart presents a potential resistance level, but breaking through it could trigger further bullish momentum.
Open interest in Notcoin rose by 24% to $123 million, reflecting increased market interest and the involvement of large investors.
The descending trendline at approximately $0.012 serves as a critical resistance level. A successful breakout above this line could signal a shift in market sentiment. On the downside, support is found around $0.010, a level tested multiple times, offering a potential floor if the price continues to slide.
The Relative Strength Index (RSI) stands at 49.88, indicating a neutral market. This suggests that Notecoin is not currently overbought or oversold, leaving room for movement in either direction. The Awesome Oscillator (AO) shows a slight positive reading, hinting at waning bearish momentum but lacking strong upward force.
Popcat Poised for Growth Amidst 128% Price Rebound
Popcat has rebounded by 128% but remains below the upper Bollinger Band, indicating potential growth. It is currently trading at $0.5961.
POPCAT is approaching key Fibonacci resistance levels. The 0.618 level at 0.536 USDT is a crucial barrier. If the price breaks above, it might test the 0.786 level at 0.612 USDT, where selling pressure could increase. Failing to break through may lead to a drop toward the 0.5 level at 0.483 USDT, which could provide support.
The MACD shows a bullish crossover, indicating potential upward momentum. However, the histogram’s limited strength suggests the trend might be weak. The RSI of 47.87 shows a neutral position, with the asset neither overbought nor oversold, allowing room for price movement in either direction.
Solana Rides the Wave of Meme Coin Surge
Solana has surged 11.8% today, benefiting from increased meme coin activity on its blockchain. Trading at $153.50, Solana is up by over 40% since the Aug. 5 market crash.
The derivatives market witnessed $9 million worth of SOL short positions being wiped out, while $14 million in open contracts were liquidated overall.
Transaction volumes soared, and Anchorage’s support for SOL-based tokens bolstered Solana’s position. Solana’s price chart displays a double-top resistance pattern near $180, suggesting potential bearish momentum. The 50-day EMA at $156.5 has crossed below the 200-day EMA at $139, signaling a bearish outlook.
The RSI is at 50.79, indicating a neutral stance. If Solana fails to hold the $130 support, it may test the $120 zone. Breaking above $180 could lead to a bullish reversal.
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