THORChain’s (RUNE) Bullish Trend: A Continuation or a Break?
THORChain (RUNE) has shown impressive performance in the past month, with a significant uptrend for the first 19 days of August, gaining over 116%. However, since reaching a year-to-date high of $2.029 on August 19, RUNE has experienced a retracement, losing nearly 30% from its peak.
Currently, RUNE has found support at the 20-day Exponential Moving Average (EMA) and is attempting a potential breakout from the Fibonacci 0.5 level at $1.468. The 20-day EMA sits at $1.426, just below the current price of $1.439, indicating immediate support for the price.
The 50-day EMA and 100-day EMA stand at $1.259 and $1.204 respectively, serving as additional layers of support that could prevent further price depreciation if the 20-day EMA support is broken.
The Relative Strength Index (RSI) currently sits at 54.28, which is relatively neutral but slightly bullish. The Moving Average Convergence Divergence (MACD) histogram stands at -0.031, indicating recent bearish control, albeit with a relatively small magnitude.
The next significant resistance level is at the Fibonacci 0.5 level at $1.468. A successful breakout above this level could signal a continuation of the uptrend. However, failing to break this resistance and instead breaking the 20-day EMA support would indicate the next level of support at the Fibonacci 0.618 level at $1.336.
Although RUNE has experienced a significant retracement, the technical indicators suggest that it remains in a precarious position. The future direction of RUNE depends on whether it can hold support at the 20-day EMA and break the resistance at the Fibonacci 0.5 level. Investors and traders should closely monitor these key levels to make informed decisions.
Wall Street Memes: One of the Best Cryptos to Buy Now Amid Market Uncertainty
Despite the uncertainty in the cryptocurrency market, Wall Street Memes ($WSM), a new meme coin, has achieved an impressive feat by raising over $25 million in its $WSM token presale.
$WSM has a close connection with the renowned WallStreetBets Reddit community, known for its synchronized buying strategy that triggered the GameStop short squeeze. This association has garnered attention, including from tech billionaire Elon Musk. Musk’s interest in meme coins has historically influenced their prices, providing potential upside if he tweets about $WSM.
Beyond the hype and celebrity endorsements, Wall Street Memes has a well-designed token distribution plan. Half of the 2 billion $WSM supply is reserved for presale participants, and an additional 30% will incentivize community participation.
$WSM differentiates itself with a staking feature that offers yields of up to 101% Annual Percentage Yield (APY) for holding tokens. High staking rewards encourage long-term holds, which can stabilize prices after the presale period.
The team plans to list $WSM on major exchanges shortly after the presale concludes. Cryptocurrencies often experience a price spike when listed on exchanges, potentially leading to substantial returns for early participants.
Presale participants also have the opportunity to access an airdrop worth $50,000, attracting further interest. So far, over 86,000 individuals have joined this initiative.
While the cryptocurrency market faces turbulence, Wall Street Memes remains on an upward trajectory due to its association with an existing meme community, celebrity endorsements, staking rewards, and plans for exchange listings. These factors contribute to $WSM being one of the most notable crypto projects outperforming market trends.
DYDX: Potential Breakout Looming Despite Sideways Trading
DYDX has been trading sideways since May 8. However, analysis of several technical indicators suggests a potential breakout may be on the horizon, despite a 3.70% decrease in price as of today.
DYDX’s current price is $2.135, down 3.70% from its previous close. However, the cryptocurrency is still trading above key Exponential Moving Average (EMA) levels, including the 20-day EMA ($2.086), 50-day EMA ($2.060), and 100-day EMA ($2.073). This indicates an overall bullish trend.
The Relative Strength Index (RSI) is currently at 53.45, down from yesterday’s 58.89. While this decrease might seem concerning, the RSI value is still above the centerline of 50, indicating that the market is not oversold and there is room for price growth.
The Moving Average Convergence Divergence (MACD) histogram has decreased slightly to 0.014 from yesterday’s 0.016. However, the MACD line remains in positive territory, indicating bullish momentum.
One potentially concerning factor is the 2.10% decrease in DYDX’s market cap to $488.6 million and the substantial 42.48% decrease in the 24-hour volume. However, these decreases may only represent a temporary retracement before DYDX resumes its upward movement.
Lower trading volumes can sometimes precede a breakout, so traders should closely monitor DYDX for potential price movements in the coming days.
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