Top Crypto Gainers: Kaspa, Ethena, Quant lead crypto market
- Kaspa is the top gainer among the top 100 cryptocurrencies, rising by 13% on Tuesday.
- Ethena jumped over 9% after a wallet linked to its parent firm bought $6.7 million worth of ENA tokens.
- Quant cleared its 20-day and 50-day EMAs after rising by 12% over the past 24 hours.
Kaspa (KAS) emerged as one of the major gainers among the top 100 cryptocurrencies on Tuesday. The token is up about 13% over the past 24 hours, flipping its weekly loss to a 12% gain.
The rise has pushed the Proof-of-Work blockchain's token above the 20-day Exponential Moving Average (EMA) and the upper boundary of a descending channel. KAS could stretch its rise toward $0.065 but faces resistance at the 50-day EMA.
On the downside, KAS could find support at $0.036 if it fails to hold above the channel's upper boundary.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above their neutral levels, with the latter approaching overbought territory. While the move indicates a dominant bullish momentum, overbought conditions in the Stoch could spark a short-term pullback.
Ethena Labs $6.7 million token purchase sparks 9% ENA gain
Ethena (ENA) saw a 9% gain over the past 24 hours, offsetting losses from last week.
The token of the synthetic stablecoin protocol began a recovery after a wallet linked to its parent firm Ethena Labs bought 25 million ENA worth $6.7 million, according to smart wallet tracker Onchain Lens. The wallet has accumulated 286.15 million ENA in the past three weeks.
ENA is testing the 20-day EMA resistance as it eyes a move toward the $0.37 hurdle, which is strengthened by the 50-day EMA. On the downside, ENA could hold the $0.22 support level, which it bounced off over the weekend.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are trending upward, indicating a rising bullish momentum.
Quant clears 20-day and 50-day EMAs, eyes $95 resistance
Quant (QNT) is up 12% over the past 24 hours at publication time on Tuesday, stretching its weekly performance by 7%.
QNT has risen above its 20-day and 50-day EMAs and is testing the 100-day EMA after finding support near $70 over the weekend. The altcoin is eyeing a move toward the $95 resistance just above the 200-day EMA. A rise above $95 could see QNT extend its rally toward $111.
On the downside, QNT could find support around $78. Further down, the support near $70 could prove crucial.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above their neutral levels, indicating a dominant bullish momentum.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
