Bitcoin (BTC), Shiba Inu Coin (SHIB) and Fantom (FTM) Cryptos Leading the Crypto Market Higher
Skerdian Meta • 2 min read
Cryptocurrencies had a bad month in September – the second worst for many cryptos after the month of June. But, October is already looking quite positive and some of them have surged in the last two weeks. Bitcoin, Shiba Inu and Fantom are among those cryptos that have been leading the market in recent weeks, so let’s have a quick look at them.
Bitcoin Weekly Chart Analysis – BTC/USD Bouncing Off the 20 SMA
MAs pushing the lows higher in Bitcoin
Bitcoin increased above $50,000 in August, after the crash in May and June. But, the crackdown on crypto continued, and Bitcoin turned bearish in September, although, now we see that the 20 SMA (gray) has turned into support, and the price has bounced off that moving average. The previous high at around $40,000 also added strength to the support, and now Bitcoin is one of the most bullish cryptos among the major ones.
Bitcoin is more than 40% higher than the low more than two weeks ago, when it dipped below $40,000. Now, BTC/USD has climbed above the previous high, which indicates strength, and it pushed above $55,000 as well today. So, on the weekly chart, buyers remain in charge in Bitcoin.
Bitcoin Daily Chart Analysis – BTC/USD Bouncing Off the 100 SMA
Bitcoin heading for April highs now
On the daily chart, we see that moving averages have been doing an even better job as support indicators for Bitcoin. The 200 SMA (purple) was acting as support during August and early September, then the 100 SMA (green) came to the rescue once the previous support was broken, as the crackdown continued. The price bounced off that moving average and it was attempting and failing at the $55,000 level for several days. It looks like buyers have made the break today, as they have pushed above $56,000.
Shiba Inu H4 Chart Analysis – The 20 SMA Pushing the SHIB/USD Higher
The 20 SMA is now the ultimate support for SHIB/USD
Shiba Inu turned bullish all of a sudden last week, surging around 500% higher. Elon Musk’s tweet helped spark this move, but no one knows for sure why the jump happened. Towards the end of the week, we saw a pullback lower, but the 20 SMA has turned into the ultimate support for this crypto, and it has been pushing the lows higher in SHIB/USD. If the lows keep getting higher, the highs will get higher as well, so I think that we will probably see new highs for Shiba, which would suggest that this time, the bullish move is sustainable.
Fantom Daily Chart Analysis – Previous Highs Turn Into Support for FTM/USD
September’s high is turning into a support zone for Fantom
Fantom coin is another crypto that has been showing incredible resilience since the bullish reversal towards the end of July. It surged more than 10 times higher until the middle of September, and after the second retreat lower came to an end, it jumped higher again, getting close to $2.50. The fact that Tajikistan is using this network for its own state cryptocurrency, along with the $370 million fund to aid developers on the Fantom network, have helped improve the sentiment for this crypto. We caught this move on FTM/BTC, so we’re happy about that.