The cryptocurrency market has experienced a surge today, with the total market capitalization (TOTAL) reaching a new high. Bitcoin (BTC), the leading cryptocurrency, also climbed to a new all-time high, further fueling the market’s bullish momentum.
This surge has propelled several altcoins to new heights, with three cryptocurrencies —Moca Coin (MOCA), DeepBook Protocol (DEEP), and Fartcoin (FARTCOIN) — leading the charge.
Moca Coin (MOCA)
MOCA, the native token of Animoca Brands’ Mocaverse, hit a new all-time high of $0.42 today before experiencing a pullback. Despite this, the token maintains a bullish bias.
The Moving Average Convergence Divergence (MACD) indicator supports this sentiment. Currently, MOCA’s MACD line (blue) is above its signal line (orange), signaling bullish momentum.
The MACD measures the relationship between two moving averages of an asset’s price, using its MACD line, signal line, and a histogram to identify trends and momentum. When the MACD line is above the signal line, it suggests upward momentum, indicating the asset’s price may continue to rise.
If this momentum holds, MOCA’s price could attempt to break resistance at $0.21 and $0.26. Clearing these levels would pave the way for the token to reclaim its all-time high. On the other hand, its price could dip to $0.17 if profit-taking intensifies.
DeepBook Protocol (DEEP)
DeepBook Protocol is a decentralized trading platform that lets its users execute trades directly on-chain. Its native token, DEEP, is another altcoin that climbed to a new all-time high today. The token touched $0.11 during Monday’s early Asian session before shedding some of these gains. As of this writing, the altcoin trades at $0.10 and is still up 16% over the past 24 hours.
DEEP’s Aroon indicator confirms the strength of its current uptrend. At press time, its Aroon Up Line is 100%, while its Down Line is 0%.
The Aroon Indicator determines the strength and direction of an asset’s price trend by measuring the time since the asset’s highest high (Aroon Up) and lowest low (Aroon Down) within a set period. As with DEEP, When the Aroon Up line is at 100%, a new high was recently achieved, signaling strong upward momentum and the potential continuation of a bullish trend.
If the demand for DEEP continues to grow, it will revisit its all-time high and attempt a rally beyond it. However, a spike in selloffs will invalidate this bullish projection. A surge in selling pressure could cause DEEP’s price to drop to $0.08.
Fartcoin (FARTCOIN)
Meme coin FARTCOIN is another altcoin that traded at an all-time high today. The token briefly traded hands at a peak price of $0.89 before witnessing a pullback. It is now trading at $0.75, reflecting a 16% decline from its peak.
At its current price, the meme coin sits above support formed at $0.68. If this support level holds, it will propel FARTCOIN’s price toward its all-time high and potentially past it.
However, if the bulls fail to defend this price level, the token’s price may plummet to $0.55.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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