The crypto market is pumping today, August 14, with most altcoins being in the green. Bitcoin price has jumped to a record high of $124,000, while the valuation of all tokens soared to $4.2 trillion. This article explores the top cryptocurrencies to watch, including OKB, Raydium (RAY), and Arbitrum (RAY).
OKB (OKB)
OKB, the crypto token for the OKX crypto exchange, was the best-performing cryptocurrency this week as it more than doubled on Wednesday. It jumped to $148, up by over 230% from its lowest level this week.
The OKB price surge happened after it spent many months in a consolidation. This consolidation was part of the accumulation of the Wyckoff Theory, while the parabolic move was the markup.
OKB token surged after the developers announced that they would start token burns and repurchases. The goal of doing this is to make it a deflationary token by reducing its supply. This, in turn, leads to more demand for the coin.
OKB price then rallied as the crypto market bull run gained steam, with Bitcoin reaching its all-time high, and the valuation of all tokens hit $4.2 trillion.
Still, in most cases, these parabolic moves are normally short-lived as the token then moves into the distribution or markdown phase.
Arbitrum (ARB)
Arbitrum is another cryptocurrency to watch today after it jumped to its highest level since February. ARB has jumped by 125% from its lowest level this year.
Arbitrum is thriving as the total value locked (TVL) in its ecosystem jumped to over $4.03 billion. Its stablecoin circulation jumped to $3.8 billion, while its DEX volume soared to nearly $1 billion. ARB has also gained momentum after being selected by Robinhood as the chain for handling its tokenized stocks.
Technicals point to more Arbitrum gains in the coming months. The daily chart shows that the token formed a double-bottom pattern at $0.2522 and a neckline at $0.5028. It has already moved above the neckline, pointing to more gains, potentially to $0.7392, the 50% Fibonacci Retracement level.
The distance between the neckline and the double-bottom was 50%. Measuring the same distance from the neckline gives it a target of $0.7583, which is slightly above the double-bottom target price.
Raydium (RAY)
Raydium is another top cryptocurrency to watch today as its price jumps. RAY token rose to a high of $4.10, its highest level since February and 195% above its lowest point this year.
Raydium, the biggest DEX in the Solana network, has done well because its volume has surged. The network handled over $1.14 billion in volume in the last 24 hours and over $6.26 billion in the past seven days. Its volume will continue rising during this crypto market bull run.
The daily chart shows that the RAY price has surged, and moved above the crucial resistance level at $3.8563, its highest level in May and the upper side of the ascending triangle pattern. It has also jumped above the 50-day and 100-day moving averages.
Therefore, the RAY price will continue rising as bulls target the psychological point at $5, which is 22% above the current level.
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