APE Best Performer of Top 50 Cryptos as UNI, DOGE Suffer


According to CoinMarketCap, Apecoin is the best performing top 50 cryptocurrency of the past 24 hours, with gains of around 12.5%. Since breaking to the north of its 21-Day Moving Average for the first time since early May over the weekend, ApeCoin has been gaining upside momentum in recent days. Some crypto analysts cited the release of a Bored Ape Yacht Club Non-Fungible Token (NFT) themed music video of rap stars Eminem and Snoop Dogg as boosting sentiment towards the collection’s sister token ApeCoin.

APE/USD was last changing hands in the $5.30s per token and eyeing a test of three-week highs and key resistance in the form of late-May/early-June lows plus its 50DMA in the $6.0 area. The cryptocurrency is currently trading nearly 75% above the near-$3.0 per token lows it printed earlier in the month, with 14% of this rise having come in the past two sessions. Indeed, APE/USD’s near-term technical momentum appears to have switched from out and out bearish to somewhat more positive in the short term.

Since 18 June, the pair has been supported by an uptrend and has been able to break to the north of key resistance in the form of the May lows just under $5.20. Stabilization in broader cryptocurrency markets after big bearish moves earlier in the month as markets bet that a US recession might dissuade the Fed from tightening financial conditions too aggressively has helped flows return to highly speculative corners of the crypto space.

Whether this trend continues and APE/USD can break above the $6.0 level remains to be seen. But if the cryptocurrency can overcome this hurdle, the door would be open for a swift rally to test an area of support turned resistance in the mid-$7.0s. That would mark a more than 35% jump from current levels.

ApeCoin eyes push into mid-$7.0s. Source: FX Empire


According to CoinMarketCap, Uniswap is the worst-performing top 50 cryptocurrency of the past 24 hours, with losses of just under 7.0%. The selling pressure seemingly comes after the cryptocurrency failed to convincingly break to the north of resistance in the form of the late-May highs at the $6.0 per token mark, which has perhaps spurred some profit-taking.

But at current levels in the $5.40s, UNI/USD has managed to recover around 6.0% from earlier intra-day lows, as buyers came in ahead of a test of support in the form of the 50DMA at $5.0. Indeed, the short-term technical outlook for the pair is looking pretty good. It is still trading more than 60% above sub-$3.50 earlier monthly lows. If risk appetite continues to return to the highly speculative altcoin space in the coming sessions, then UNI/USD is in with a decent shot of breaking above $6.0.

The fact that Uniswap’s platform remains by far the largest Decentralized Exchange and seems like a sure bet to come out the other side of the current so-called “crypto winter”, there is always the chance that investors will want to buy the dip in UNI/USD.

After a break above $6.0, Uniswap would quickly face further resistance in the form of the late-April lows just under $6.40. If it can clear that, there isn’t much by way of resistance until a support-turned-resistance zone around $8.0 per token.

UNI/USD eyes further upside despite being hampered by profit-taking. Source: FX Empire


According to CoinMarketCap, the crypto community’s favorite dog-inspired memecoin Dogecoin was last trading lower by close to 6% in the last 24 hours, making it the third-worst performing of the top 50 cryptocurrencies by market cap. DOGE/USD is still trading about 45% above the sub-$0.05 lows it printed earlier in the month but has pulled back around 8% multi-week highs it hit on Monday not far from $0.08 as it changes hands in the low-$0.07 area.

Dogecoin has suffered in recent trade from some profit-taking after the cryptocurrency failed to push above a downtrend that has been capping the price action since mid-May, the late-May lows around $0.075 and its 50DMA at $0.076. For the Dogecoin bears, current levels might seem an attractive entry point to load up on more short-positions (with annual lows in the $0.05 area the target.

If the bulls win through and Dogecoin breaks through the aforementioned area of resistance, the cryptocurrency could enjoy some swift gains to take it back to the next key area of resistance in the $0.09 area.

DOGE/USD eyes a return to annual lows under $0.05. Source: FX Empire

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