coinpedia.org
Miles Deutscher has kicked off his weekly series, of the top five cryptocurrencies that he’s closely watching. These picks are a blend of technical setups and fundamental insights, which are crucial for traders and investors looking to stay ahead of market trends.
Today I'm kicking off a NEW weekly series!
— Miles Deutscher (@milesdeutscher) September 9, 2024
Every Monday, I'm going to post my top 5 charts of the week.
These are setups that are of interest from a technical (and sometimes fundamental) POV.
Here are the 5 coins I'm closely watching this week.👇
Bitcoin at a Critical Level of $53.5K
Miles is watching Bitcoin’s price action closely, noting that it has reached a critical juncture at the $53.5K level. This price point is pivotal, acting as a strong support level. If Bitcoin manages to hold and reverse upwards from here, it could mark the beginning of a new bullish trend. However, if it breaks down, further downside could be expected. Currently, the signs are leaning toward a potential reversal, but all eyes are on how Bitcoin reacts in the coming days.
Solana – Facing Its “Final Boss” Level
Solana is approaching a major resistance level, dubbed the “final boss” by analyst DocXBT, one of the head analysts in Deutscher’s group. This level is significant for Solana’s price trajectory. If it manages to break through this resistance, it could lead to another bullish leg up. So far, Solana has held strong, maintaining its position, but the upcoming days will be key in determining whether it can surpass this major hurdle.
Fantom – Preparing for a Major Rebrand
Fantom is an exciting project to watch, particularly because of its rebranding to its new platform, Sonic Labs. These events are expected to draw more attention toward Fantom driving up its price. FTM’s price action shows bullish signs, reclaiming the $0.40 area and forming a higher low. Daily RSI and MACD indicators are also positive, both rising above key levels of 50 and 0. The $0.55 level is a crucial resistance that Fantom needs to reclaim, and if it does, it could quickly rally toward $1. The anticipation around these updates makes FTM one of the most interesting plays in the market right now.
SunDog – Leading the Meme Coin Rally
Miles Deutscher praises SunDog’s chart as “one of the best altcoin charts in crypto right now,” highlighting its impressive performance even as other tokens struggle. He notes that SunDog recently broke above its range high, suggesting that the real excitement could begin if it surpasses its all-time high, hinting at further bullish potential. He believes that while this is a positive sign, the real excitement for SunDog will come when it breaks its all-time high (ATH), potentially leading to even bigger gains.
Mantra DAO – Quiet Strength in a Weak Market
While many altcoins have been trending downward, making lower lows, Mantra DAO has bucked the trend by making higher lows. This demonstrates the relative strength of OM compared to other assets. It has been consolidating just below its all-time highs, and the key level to watch is $0.95. If OM can reclaim this level, it could open the door for a strong push toward its previous highs and possibly beyond.