Kaspa (KAS), Flare (FLR) and SPX6900 (SPX) continue to bounce back, standing out amidst the gloomy picture of the market as Bitcoin (BTC), Ethereum (ETH), and other major altcoins are facing strong pressure from macroeconomic instability and a lack of significant price stimulus.
Kaspa reclaims support as bulls aim to take control of the trend
Kaspa has surged strongly, increasing by 67% from the floor price of $0.0358 set last Friday, currently trading around $0.0597 at the time of writing on Friday. The breach of the 50-day exponential moving average (EMA) at $0.0536 has confirmed the bullish trend and paved the way for a bounce back on the daily chart that has been under pressure from the descending trend line.
Daily KAS/USDT Chart | Source: TradingViewAlthough the 100-day EMA at $0.0629 may create a barrier for the bounce back, the Relative Strength Index (RSI) is approaching the overbought area, indicating that buying pressure remains strong. At the same time, the MACD indicator continues to signal buy on the daily chart, emphasizing the opportunity to increase risk levels for trend-following investors.
If Kaspa maintains a sustainable upward trend and breaks through the 100-day EMA, the bounce back potential could extend to the 200-day EMA at $0.0746. Conversely, a reversal below the downtrend line and the 50-day EMA would wipe out this week's gains, pushing the price back to the important support level of $0.0358.
Flare bulls tighten control
Flare (FLR) is challenging a key resistance level around $0.0150 on the daily chart, after recording a consecutive five-day price increase since Sunday. The RSI index climbed to 52, reinforcing a positive short-term outlook for FLR, while a buy signal from the MACD appeared on Monday, encouraging investors to cautiously increase their risk.
FLR/USDT Daily Chart | Source: TradingViewTo confirm the bounce back trend, Flare needs to firmly break the immediate resistance level of $0.0150, aiming towards the key EMA lines: 50-day EMA at $0.0161, 100-day EMA at $0.0180, and 200-day EMA at $0.0190.
However, the pressure to take profits early along with the overall volatility of the cryptocurrency market could still cause a trend reversal, bringing the price of FLR back to the support range of $0.0108 to $0.0120.
SPX6900 holds steady amid a bleak crypto market
As of the time of writing on Friday, SPX6900 is trading around $0.7267, supported by positive short-term technical signals. The RSI on the daily chart is at 54, indicating that bullish momentum is gradually strengthening.
Meanwhile, the MACD line approaches the 0 level, implying that investors may consider increasing their positions when the green histogram bars expand, signaling that buying pressure is rising.
SPX6900/USDT daily chart | Source: TradingViewTraders will pay attention to the potential breakout of the 50-day EMA at $0.7921, a confirmation sign that bulls are dominating SPX. If successful, the next step will target key resistance levels at the 100-day EMA ($0.9656) and the 200-day EMA ($1.0476), opening up opportunities for a sustainable uptrend.
SN_Nour
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