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📈 Top Crypto Gainers
The article highlights three major cryptocurrencies that have seen significant gains in the market, along with a simple technical analysis of their price movements:
1. Kaspa (Kaspa - KAS)
* Performance rise: Kaspa (KAS) emerged as the top winning cryptocurrency among the top 100 digital currencies, having risen by about 13% during the 24 hours prior to the publication of the article.
* Technical Analysis:
* This rise pushed the token price above the 20-day Exponential Moving Average (20-day EMA) and the upper bound of a descending channel.
* The article sees that KAS may extend its rise towards $0.065, but it faces resistance at the 50-day Exponential Moving Average (50-day EMA).
* On the downside, KAS may find support at $0.036.
* Technical Indicators: Both the Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) were above their neutral levels, indicating prevailing bullish momentum, with the latter approaching overbought territory.
2. Ethena (Ethena - ENA)
* Performance of the rise: Ethena (ENA) saw a rise of 9% in the previous 24 hours.
* The reason behind the rise: The token began to recover after a portfolio linked to its parent company, Ethena Labs, purchased 25 million ENA tokens worth $6.7 million. This portfolio accumulated a total of 286.15 million ENA tokens over the three weeks leading up to the article.
* Technical Analysis:
* ENA was testing resistance at the 20-day Exponential Moving Average, targeting the barrier of $0.37, which is reinforced by resistance at the 50-day Exponential Moving Average.
* On the downside, the price of ENA can maintain support at $0.22.
* Technical Indicators: The RSI and Stoch indicators were trending upwards, indicating increased bullish momentum.
3. Quant (QNT)
* Performance of the rise: Quant (QNT) rose by 12% in the previous 24 hours.
* Technical Analysis:
* QNT rose above the 20-day and 50-day Exponential Moving Averages and was testing the 100-day Exponential Moving Average (100-day EMA), after finding support near $70 over the weekend.
* The altcoin targets resistance at $95, which is above the 200-day Exponential Moving Average (200-day EMA). A rise above this level could extend the rally towards $111.
* On the downside, QNT may find support around $78, with the most significant support near $70.
* Technical Indicators: The RSI and Stoch indicators were above their neutral levels, indicating prevailing bullish momentum.
📰 Related News
The article also included brief references to other news in the market:
* The Polymarket platform received the green light from the Commodity Futures Trading Commission (CFTC) to resume operations in the United States.
* Metaplanet secured a loan of $130 million to finance the purchase of Bitcoin.