The cryptocurrency market is rebounding as the Federal Reserve finally cut interest rates four years after the outbreak of the coronavirus pandemic in 2020. Similar to the global market, the Bitcoin price surpassed the $62,000 mark as altcoins rallied.
Altcoins are performing well amid the recovery rally with the top cryptocurrencies gaining more than 10% in the past 24 hours. Among the best performing cryptocurrencies, I have listed down the top three picks that fellow investors must consider buying as they are ready to start their upward journey.
1. SUI
Is its price poised to reach $3? The SUI coin price continues its bullish trend following a breakout from a descending wedge pattern in the daily chart with a rounding bottom reversal. The uptrend in SUI coin has seen it surpass the psychological barrier of $1 with a gain of 75% in the past 18 days.
Trading ideas
The bulls have broken above the 50% Fibonacci level at $1.30 and are poised to challenge the 67.80% level at $1.488. Based on the Fibonacci levels and the breakout rally momentum, a broader market recovery can push the altcoin to the 1.618 Fibonacci level at $3. This would result in a 126% increase in price. Moreover, the golden crossover of the 50-200 day EMA is gradually approaching, reflecting the high probability of a trend reversal.
POPCAT
As one of the best performing memecoins, Popcat Triangle Breakout Rally indicates a high probability of a bullish trend. The memecoin is showing a solid bullish trend above the psychological level of $0.85.
Trading ideas
Popcat surged by 18.93% yesterday and the bull run continued with an intraday gain of 3.92% and is currently trading at $0.87. The rebound from the triangle breakout has gained momentum and is expected to hit the next psychological resistance at $0.90. The demand for the altcoin rose above the 78.60% Fib level with a bullish crossover of the 58200 EMA.
According to the Fibonacci levels, the next key resistance for the Popcat cryptocurrency is found at $1.16 and $1.39. Therefore, given that Popcat has 60% upside potential, it is worth considering buying this week.
PEPE
The PEPE token is preparing for a trend reversal rally by forming a wedge pattern within a larger descending channel pattern. PEPE price action is signaling that a breakout rally is occurring by surpassing the upper trendline from the recent recovery move.
Trading ideas
Moreover, the bullish recovery rally has driven the price up 10% in the past three days and challenged the consolidated 50-day and 200-day EMAs. As the recovery rally gains momentum, a breakout above the 200-day EMA will avoid a death cross event.
Supporting the bullish scenario, the daily RSI line is trending up and above its midline. Moreover, it rose 4.12% intraday to form a bullish engulfing candle, marking a solid breakout of the upper trendline.
According to price action levels, the altcoin’s key resistance levels are $0.0000010, $0.0000012, and $0.00000165. Therefore, with PEPE’s upside potential approaching 112%, it’s worth considering buying into this new crypto bull run.
Let us look forward to the market trends in the second half of the year. The feast of cryptocurrency has just begun. Be brave, seize the opportunity, enter the market decisively, and embark on the express train of wealth! What do you think of the current market? Feel free to share your views or ask questions in the comment area;
Observation: BTC, ETH, ALEO, BNB, SOL, etc.
#token2049
