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Bitcoin (BTC) brushed shoulders with $60,000 earlier today Friday October 15 on Coinbase after receiving a boost from the news that Bitcoin futures ETF is likely to begin trading in the United States as early as next week after approval that is expected from the SEC. This makes the background of our 5 Cryptocurrency To Buy For Price Boom This Weekend article today.
Bloomberg, the financial media giant reports that the long-awaited Bitcoin exchange-traded product could come to the US soon. Bloomberg cites “people familiar with the matter” indicating that the US SEC is set to approve the Bitcoin futures exchange-traded as early as Monday.
Analysts are confident that the ProShares Bitcoin Strategy ETF may be the first one to debut as the deadline for the decision is sent for October 18. Eric Balchunas senior ETF analyst at Bloomberg said in a tweet:
These news are likely to propel the cryptocurrencies to record higher highs over the weekend. Bitcoin is leading the rally after having risen almost 5% over the last 24 hours. At the same time, several altcoins are also rallying, with several smaller coins such as GreenMoon (GRM), NuCypher (NU), and Ideanet Token (INET) rising by over 331%, 790% and 5,900% respectively according to data from CoinMarketCap.
For this reason, we have selected 5 cryptocurrency to buy for a price boom this weekend with a good long- and short-term potential.
5 Cryptocurrency To Buy For Price Boom This Weekend
1. Bitcoin (BTC)
BTC is up by 5% from a low of around $56,829 to a high of around $60,000 today. At the time of writing, the big crypto is exchanging hands at $59,262 on Coinbase having risen by 10% in a week and by 23% in a month.
BTC/USD Daily Chart
BTC/USD price is trading above the October rising trendline with the upsloping 50-, 100-, and 200-day Simple Moving Averages (SMAs) providing robust support at $48,486, $44,285 and $45,068 respectively. Its Stochastic relative strength index (RSI) is positioned at 89.76 in the overbought territory and the position of the Moving Average Convergence Divergence (MACD) indicator above the zero line in the positive region validate Bitcoin’s bullish outlook.
2. Ethereum (ETH)
Ethereum (ETH) is currently trading at $3,777, representing a 3.50% jump in the last 24 hours. It’s also up by 6% over the last week, and by 98% in the last three months. It remains at over 930% up over the last one year.
ETH/USD Daily Chart
ETH is on the brink of breaking higher after the first week of ‘Uptober’ allowed investors to buy the cryptocurrency at around $2,840 coinciding with the middle boundary of the descending channel and just above the 100-day SMA.
Traders should expect a rise towards the tip of the descending channel line over the next week at $4,166 that will break and give bullish returns towards the all-time high (ATH) around $4,400.
The positive SAR, the upsloping SMAs, the position of the Stochastic RSI in the overbought region and the movement of the MACD above the zero line in the positive region accentuate Ethereum’s bullish outlook.
These positive technical outlooks offer some insight into why ETH is included in our list of 5 cryptocurrency to buy for a price boom this weekend.
3. Polygon (MATIC)
Polygon (MATIC) has jumped by over 25% in the past 24 hours. At the time of writing, the MATIC price is hovering around $1.525. It has actually risen by 20% in the last week and by 36% in the past fortnight. MATIC/USD remains up by almost 50% in the last 6 months.
MATC/USD Daily Chart
Flipping the 50-day SMA from resistance to support, the upsloping RSI and the entry of the MACD into the positive region are all positive signs that MATIC is set to skyrocket of the next few days.
On the fundamentals front, the Polygon blockchain is set to offer passive income generating NFTs to users which is expected to boost the MATIC utility. the gaming and development arm of Polygon which is also referred to as the Polygon Studios has completed a deal with Unicly (UNIC) – a platform that combines, fractionalizes and facilitates NFT trading. This partnership expected to help traders to create a revenue stream with their NFTs.
he main reasons we have confidence in MATIC is that Polygon continues to enjoy growth. Its market capitalization has risen to $10,228,744,288 which has jumped 20% over the last 24 hours.
This guarantees MATIC a spot among our 5 cryptocurrency to buy for price boom this weekend and over the coming week.
4. Polkadot (DOT)
DOT is one of this week’s best performers. Even though it’s down 1.24% over the last 24 hours to the current price at $39.96, it is up by approximately 20% in the last week, as well as a 223% rise in the past three months. On top of this, Polkadot is up by over 900% in the past one year.
A daily closure above the immediate resistance around $40.75 could bolster the bulls to push Polkadot price up to tag the $42.50 resistance level. After which the May 15 ATH above $50.85 would be the next logical move.
DOT/USD Daily Chart
The positive SAR, the position of the MACD in the positive region and the entry of the Stochastic RSI into the overbought region validate this bullish outlook. These are the reasons why DOT is among our 5 cryptocurrency to buy for price boom this weekend.
5. Solana (SOL)
Solana (SOL) is up by 3.6% in the past 24 hours, at $158.41. This is less than a 1% rise in the last week. On the other hand, the coin still trades at the same price it traded a month ago.
The bulls failed to push Solana (SOL) above the descending channel ($150) for the past two days, indicating that bears are vigorously defending the level. This may have attracted buying from the short-term bulls on Thursday, resulting in a strong rebound witnessed today.
SOL/USD Daily Chart
The bulls will now make one more attempt to sustain the price above the descending channel at $158.24. If they can pull it off, the SOL/USDT price could rally to $200 and after which the all-time high at $216 will be the next logical move.
The upsloping SMAs, today’s green candlestick and the position of the MACD above the zero line in the positive region validate Solana’s positive outlook.
Also, the movement of the Stochastic RSI away from the oversold region is a suggestion that the bulls are currently in control of SOL.
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