The global market cap for cryptocurrencies experienced a significant jump, increasing by $140 billion and reaching a two-month high of $2.35 trillion, representing a 6.3% spike. Bitcoin (BTC) played a pivotal role in this recovery, surpassing the $68,000 mark and triggering a strong rally in the altcoin market. Let’s take a look at some of the assets that capitalized on this rebound and how they performed.
Dogecoin (DOGE) emerged as one of the primary beneficiaries of the market’s recovery last week, achieving seven consecutive days of gains. The dog-themed meme coin closed the week at $0.144, its highest level in four months, with a 27% increase. This marked Dogecoin’s best weekly performance since the broader meme coin market rally in late February. However, the recent uptrend encountered a hurdle as the Dogecoin CCI spiked to 247. In order to avoid bearish pressure, DOGE would need to maintain a support level above $0.137 and prevent a drop to the 20-day SMA support at $0.116.
ApeCoin (APE), despite underperforming throughout the week, managed to engineer a last-minute rally, closing at $0.87 and experiencing a 20% gain. This surge was primarily driven by the mainnet launch of ApeChain, the project’s blockchain, which took place recently. After surpassing $0.92, APE encountered significant resistance at the upper Bollinger Band. However, the uptrend resumed in the new week, propelling APE to surge by 54% and breach the $1 mark for the first time in four months. It’s worth noting that APE’s RSI has entered overbought territories at 85, indicating a potential exhaustion of the rally without renewed buying pressure. If the price drops below $1, steeper declines could follow.
DIA (DIA) started the week on a bearish note but managed to recover and outperform most assets. After a mixed performance, DIA experienced a massive 42% spike on October 17, reclaiming the $1 level for the first time in two years. Despite an 8% correction the following day, DIA continued its upward trend, gaining another 14% on October 19. This resulted in a 44% gain for the week, with DIA trading at its highest level in 32 months. Additionally, the monthly volume for DIA reached a record high of 716 million DIA. The token’s +DI has also surged to 40.28, confirming significant bullish momentum, while the ADX at 50.19 suggests a strong push. However, this could also indicate an overextended rally, potentially leading to a correction.
In other news, Bitcoin ETFs have seen inflows surpassing $2.1 billion on a weekly basis, and whale accumulation is mirroring the 2020 rally.