Biggest Crypto Gainers Today on DEXTools – POW, TOTO, LAB
Last week brought high volatility but little change for bitcoin's price, which registered a high of $28,167 and a low of $25,328 but closing the week down a modest 0.48%.
While longer term price charts paint a decidedly bearish picture, a growing divergence between price action and momentum indicators suggests bulls may soon gain the upper hand.
With the tug-of-war between bitcoin bulls and bears in full swing, what are the biggest crypto gainers today on DEXTools?
Bitcoin fell below a 224-day ascending support line on August 14, ending the previous uptrend that began in early 2023.
The breakdown occurred after bitcoin was rejected from the $30,000 resistance level that has held since May 2022.
Bitcoin's RSI fell below the key 50 level in August. This marked the first time the RSI dropped below 50 since the ascending support line formed at the beginning of 2023. The move below this significant level gives more credibility to the breakdown of the ascending support.
Despite the bearish technical backdrop, Bitcoin recently received a boost from positive fundamental news. JPMorgan anticipates that the SEC will likely approve a Bitcoin ETF in the near future.
Meanwhile, the daily charts reveal a bullish divergence forming between price and the RSI momentum indicator. This occurs when momentum rises even as prices fall, often foreshadowing a trend reversal.
The bullish divergence also pushed the RSI out of oversold territory, another sign momentum has shifted in favor of buyers.
So far, this divergence has yet to translate to higher prices, with bitcoin continuing to trade near August lows.
If selling pressure continues, Bitcoin could fall to test support around $24,700, about 4% below current prices. On the upside, a move above $30,000
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