Bitcoin (BTC), the leading cryptocurrency, has surged over 10% in the past 72 hours, positively impacting the broader crypto market.
Bitcoin's (BTC) 10% surge over 72 hours has had a positive impact on the crypto market, leading to gains for several cryptocurrencies. Among these, Aptos (APT), Sui (SUI), and Bittensorn (TAO) have emerged as the top crypto gainers of the week.
Given their recent performance, these tokens could maintain their positive momentum. This could potentially lead to increased optimism on the daily charts.
Let's explore how these top crypto gainers of the week performed so well and what their future holds.
What Happened In the Past 72 Hours Turning Crypto Landscape Green?
The recent surge in the crypto market was driven by the US Federal Reserve's unexpected decision on Wednesday, September 18th.
The decision was to cut interest rates by 50 basis points. This cut was more significant than the anticipated 25-basis point reduction, leading to a spike in demand for Bitcoin (BTC).
Consequently, BTC's price soared from $58,000 to $64,000 within 72 hours. This optimism pushed BTC above its 200-day and 50-day EMAs, confirming a bullish short and long-term trend.
BTC's rise influenced the broader crypto market as the market leader with a 57.2% dominance. Many cryptocurrencies followed this suit due to their strong correlation with BTC's price movements.
Aptos (APT)
The APT price surged nearly 12% in intraday trading, with weekly gains reaching 18% from the demand zone. This bullish momentum effortlessly propelled the price past the short-term resistance levels of the 20-day and 50-day EMA bands. It is now approaching the 200-day EMA band.
At the time of writing, APT was trading at $7.20 with a market cap of $3.60 Billion. It ranked 26th in terms of market cap. This large-cap cryptocurrency has benefited from Bitcoin's positive momentum and is currently riding a wave of optimism.
However, sustained confidence in its upward trajectory can be seen ahead. It could happen once it surpasses and holds above the change of character level (ChoCh).
Therefore, assuming APT can break through and maintain above the 200-day EMA band and the $8 resistance level. It will solidify the bullish sentiment for future trading sessions.
Sui (SUI)
The SUI price has surged 13% intraday and over 80% this week. This was largely due to the influence of Bitcoin and the actions of the Federal Reserve.
The past 72 hours have been particularly impactful. It drove SUI from its previous consolidation range from August to early September.
SUI traded at $1.5550 with a market capitalization of $4.21 Billion. It is significantly up from its monthly low of $2.14 Billion, now ranking 22nd in market cap.
If this momentum continues, SUI could target $1.80 and $2.00 in the short term. Suppose it surpasses these levels; the ChoCh could propel it toward $3.00 and $5.00.
Bittensor (TAO)
TAO experienced the most significant intraday surge, becoming one of the top crypto gainers of the week. The price climbed by 14.5% and has risen over 55% this week.
Over the 72 hours, the momentum pushed the TAO price beyond the 200-day EMA band and the $358.58 resistance level. It marked a ChoCh.
This breakout has flipped the trend. If the price action is sustained above this level, it could drive momentum higher, potentially retesting yearly highs.
The long-term targets are set at $533 and $683. However, if the price fails to maintain above the ChoCh level and falls back, the optimism could fade, leading to an uncertain outlook.
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don't establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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