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Bitcoin’s (BTC) price action has remained underwhelming as price range movement continues to frustrate many traders and investors as the price of Bitcoin shows no sign of a breakout to a downside or an upside.
Bitcoin’s range price has affected the price of many assets, such as Ethereum, as its price action is also not been encouraging for the past few days of BTC dominance affecting the crypto market.
The weekend looks promising for some of the best 5 cryptos (RUNE, SOL, HIGH, SHIB, PEPE) this article will be focusing on as traders look for promising assets to book profit as this year continues to show positive signs as the market gears up for its altcoin season.
Statistics from Coin360 indicate that the market could be set for a promising week as Bitcoin, Ethereum, and these best 5 cryptos (RUNE, SOL, HIGH, SHIB, PEPE) could rally ahead of a new week.
After rallying to a high of $30,200, the price of Bitcoin (BTC) got rejected by bears to a region of $29,400 as Bitcoin bulls hold the price of BTC above its support of $29,350, which corresponds to the 50-day Exponential Moving Average (EMA) acting as a minor support for Bitcoin price.
As long as the price of BTC continues to trade above the 50-day and 200-day EMA, BTC bulls could look to push the price of BTC to a high of $30,500 and a possible breakout to push the price higher.
If the price of BTC fails to hold bears from a sell-off to a low of $28,300, we could see bulls losing the fight as the price of BTC could retest $27,100 in favour of bears.
Bitcoin dropping to a low of $27,100 could affect the price of Ethereum (ETH) and the general market as Ethereum trades currently at $1,850 below the 50-day EMA acting as resistance for Ethereum prices.
The support at $1,790 for Ethereum continues to hold prices for ETH bulls, as bears could take control of prices if this support gets broken.
Let us shift our attention to some of the best 5 cryptos (RUNE, SOL, HIGH, SHIB, PEPE) that have shown remarkable price actions despite Bitcoin uncertainties and are primed for a mouth-watering rally ahead of the new week.
Best 5 Cryptos- ThORChain (RUNE) Daily (1D) Price Analysis
THORChain’s (RUNE) emergence as one of the best 5 cryptos to watch ahead of the new week is not a coincidence, as this cryptocurrency asset has continued to gain much traction in the past few weeks.
The price of RUNE/USDT had its bearish RUNE to a yearly low of $0.8 after the price of RUNE saw a tough bearish run from it’s all-time high of $20.8 as bears dominated the price of RUNE with little to no effect from bulls.
RUNE’s price at $0.8 looks to be a bottom for the bears as on-chain data shows increasing buy volume for RUNE as bulls could look to push this cryptocurrency asset to a new yearly high.
After finding its key support of $0.8, the price of RUNE/USDT bounced to a high of $1, where the price formed a bullish ascending triangle indicating bullish price control for RUNE/USDT.
The price of RUNE broke out with more bullish momentum as the price eyes $1.8.
The daily and weekly timeframes could be a huge catalyst for the price of RUNE/USDT as the price could look to flip $1.5 into support before a push to a high of $1.8-$2.
The Fibonacci Retracement value (FIB value) for RUNE/USDT suggests a close above the 38.2% mark could see bulls push the price of RUNE above the 50% FIB value to a high of $1.5.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence on the daily (1D) timeframe for THORChain (RUNE) suggest a bullish trend from bearish to bullish, with the RSI above the 70 mark point in favour of bulls.
Daily (1D) support for RUNE – $0.8
Daily (1D) resistance for RUNE – $1.48
MACD trend – Bullish
Solana (SOL) Daily Price Chart Analysis
Solana’s (SOL) present price action has proved its strong community and is a great project to keep in the books after its ordeal with the collapse of FTX.
SOL/USDT has a spiral bearish price from it’s all-time high of $250 to a low of $14 as many speculators suggest the price could hit $1. SOL’s price has responded well as bulls formed a good support at $14.
The price of SOL/USDT rallied to a high of $22 as bulls flipped this region acting as resistance into support, indicating bullish price dominance for SOL.
The price of SOL/USDT currently trades at $24 above the 50-day EMA acting as support for the price of Solana.
Despite bulls holding their grounds, the price needs to break and close above the 23.6% FIB value to regain much bullish momentum as the price could aim to reclaim $28, acting as resistance for the price.
A break and close above 38.2% FIB value could ignite much bullish control to a high of $34-$38, which could be a yearly high.
The MACD and RSI for SOL on the daily timeframe indicate bulls are in control of the price, and as the market looks to rally higher, we could see SOL aiming to reclaim $28.
Daily (1D) support for SOL – $22
Daily (1D) resistance for SOL – $28
MACD trend – Bullish
Highstreet (HIGH) Price Analysis as Top Crypto to Watch
Highstreet (HIGH) has remained a huge performer for 2023 after receiving backing from top investors like Binance, Jump trading, and Animoca Brands as the price surged to a yearly high of $4.7 before its rejection by bears.
The price of HIGH/USDT saw a bearish run to a low of $1, where the price formed a good demand zone for buy orders by bulls.
HIGH’s price formed support at $1 as the price rallied to $1.4, where it was rejected earlier as the price looks to reclaim $1.5 with the hope of more bullish movement to $2.2.
The price of HIGH/USDT currently trades below the 38.2% FIB value; if the price of HIGH/USDT closes above this region, we could see HIGH maintain its bullish price rally above its 50-day EMA.
HIGH’s MACD and RSI indicators show much bullish price control for HIGH prices at the price of HIGH trades above the 60 mark area for its daily RSI and a bullish trend reversal for its MACD.
Daily (1D) support for HIGH – $2.2
Daily (1D) resistance for HIGH – $1
MACD trend – Bullish
PEPE Technical Analysis Price Chart
PEPE memecoin remains one of the best 5 cryptos traders and investors have in their trading portfolios, considering its huge potential to create millionaires in a bear market and much more in a bull market.
The price of PEPE dropped from its all-time high of $0.00000431 to a low of $0.00000112, as many traders and investors believed PEPE would be a revolutionary change to the Dog memecoins.
After forming a strong support of $0.00000102, the price of PEPE bounced to a high of $0.00000138, just below the resistance of $0.00000150, corresponding to 38.2% FIB value.
A break and close above this resistance could mean more bullish price action for PEPE heading into the new week, as the price could aim to retest $0.00000185, acting as resistance.
If the price of PEPE flips $0.00000185, we could see bulls push the price of PEPE to a high of $0.00000230.
The MACD for PEPE indicates a trend change from bearish to bullish as its RSI trades above 40 mark region. Bulls would push PEPE prices higher for more profit at the expense of bears.
Daily (1D) support for PEPE – $0.00000102
Daily (1D) resistance for PEPE – $0.00000185
MACD trend – Bullish
Shiba Inu (SHIB) Price Analysis as a Top Crypto Asset
Shibarium mainnet release continues to be a tremendous catalyst for the price of SHIB as data suggest rising volume in buys and the need for traders and investors to accumulate, driving the price high.
The past week has proven SHIB to be a memecoin asset to hold as it has gained much attention ranking double digits in profits for its holders.
The price of SHIB/USDT has shown much bullish price action after its bounce from a low of $0.00000600 to a high of $0.00000850 as the price has grown from strength to strength as bulls look to reclaim $0.00001200.
If the price of SHIB reclaims $0.00001200 by bulls, this would be a 100% price rally from its low corresponding to 100% FIB value.
The MACD and RSI values for SHIB for the past week indicate a bullish price trend with no intention of slowing down for bears.
Daily (1D) support for SHIB – $0.00000850
Daily (1D) resistance for SHIB – $0.00001200
MACD trend – Bullish