Top 5 cryptocurrencies to watch this week: BTC, DOT, LUNA, AVAX, EGLD
Bitcoin'south (BTC) authority has dropped from about 48% on Oct. 20 to 42.3% on Nov. vii while the total crypto market capitalization has continued its northward journey. This indicates that the toll action has shifted from Bitcoin to altcoins.
CryptoQuant CEO Ki Immature Ju said that Bitcoin whales are selling simply this has non resulted in the breach of the strong back up at $60,000. He too pointed out that Bitcoin reserves across exchanges accept connected to decrease, indicating a stiff appetite from buyers.
The majority of the market participants remain bullish on Bitcoin and anticipate a rally to $288,000 by the start of 2022, according to a survey conducted by PlanB.
Real Vision founder Raoul Pal likewise projected a bullish picture for cryptocurrencies in an interview on Nov. 3. He said the electric current bull run is unlikely to top out in December of this yr and may extend to betwixt March and June of the next year. Pal anticipates the possible launch of Ethereum ii.0 and the likelihood of an Ether (ETH) exchange-traded fund being greenlit in the outset half of 2022 will attract institutional investors and trigger a massive rally.
In this bullish properties, let'southward analyze the charts of the top 5 cryptocurrencies that may remain in focus and outperform in the short term.
BTC/USDT
Bitcoin bankrupt above the bullish flag design on November. 2 but the buyers could not capitalize on this movement and push the price to a higher place the overhead resistance zone at $64,854 to $67,000. This indicates the bears accept non yet given up and are attempting to stall the upwardly-move.
Still, a positive sign is that bulls are aggressively defending the xx-day exponential moving average (EMA) ($threescore,794). The buyers will brand ane more endeavour to push the toll above the overhead resistance zone.
If they can pull it off, the bullish momentum may option up and the BTC/USDT pair is probable to rally toward the blueprint target at $89,476.12.
This bullish view will invalidate if the price breaks and dips back into the flag pattern. The pair may then drib to the 50-solar day simple moving average (SMA) ($54,883). The zone between the l-day SMA and $52,920 is likely to attract strong buying support from the bulls.
The 4-hour nautical chart shows the pair is range-bound between $63,732.39 and $59,500. The flat moving averages and the relative strength alphabetize (RSI) just above the midpoint bespeak a residuum betwixt supply and demand.
If the price rebounds off the moving averages, the bulls will once more attempt to propel the price above the overhead resistance zone between $63,732.39 and $64,270. If they manage to practice that, the pair may retest the all-fourth dimension high.
Conversely, a break below the moving averages could pull the pair to the strong support zone at $59,500 to $58,000. The bears will gain the upper hand if this zone is breached. The pair could then correct to $55,267.61.
DOT/USDT
Polkadot (DOT) soared and bankrupt higher up the overhead resistance at $49.78 on November. ane. The RSI broke in a higher place the downtrend line, invalidating the negative difference. This suggests the resumption of the uptrend.
The bears tried to pull the price back beneath the breakout level on November. 6 just the long tail on the candlestick shows that bulls are ownership on dips. The ascension moving averages and the RSI near the overbought zone indicate the path of to the lowest degree resistance is to the upside.
If bulls thrust the price above $55.09, the DOT/USDT pair could rally to $63.08. The bears may take other plans every bit they will try to sink the price below the breakout level at $49.78. Such a move will propose a lack of buyers at higher levels.
A break and close below the 20-day EMA ($46.82) will be the outset sign that the bulls may be losing their grip. The pair could then drop to the 50-day SMA ($38.54).
The 4-hour nautical chart shows that the pair is rising inside an ascending channel. Although bulls pushed the price above the channel, they have not been able to build upon the advantage. This indicates that the bears are defending this resistance with vigor.
The pair rebounded from the centerline of the channel and the bulls volition again effort to clear the overhead hurdle. If they succeed, the pair may selection up momentum.
Alternatively, if the price turns downward from the current level or the overhead resistance and breaks below the centerline, the pair may drib to the support line. A bounce off this level will keep the uptrend intact merely a break below it will betoken a possible change in trend.
LUNA/USDT
Terra protocol's LUNA token broke and closed above the overhead resistance at $49.54 on Nov. 4. The bears tried to pull the price back beneath the breakout level on Nov. 5 and six just could not sustain the lower levels. This suggests that the bulls are ownership on dips.
If bulls drive the price to a higher place $53.xviii, the LUNA/USDT pair could rally to the resistance line of the wedge where the bears are expected to mount a stiff resistance. The bullish momentum could choice up if bulls thrust the price above the wedge.
Alternatively, if the price turns downwardly from the current level or the overhead resistance, the pair may driblet to the back up line of the wedge. A suspension and close beneath this support volition signal a possible change in trend. The pair could and so drop to $35.
The bulls pushed the cost to a higher place the resistance line of the triangle indicating that they had overcome the resistance from the bears. The sellers tried to pull the cost back into the triangle but the bulls defended the breakout level aggressively.
Both moving averages on the four-hour chart are sloping upward and the RSI is in the positive territory, indicating advantage to buyers. If bulls drive the price above $53.18, the pair may rally to the pattern target at $62.59.
Related: Bitcoin consolidates right below Fib level that triggered 2022 all-time highs
AVAX/USDT
Afterward trading near the overhead resistance at $79.80 for the by three days, Avalanche (AVAX) has broken above the barrier. This indicates the possible resumption of the uptrend.
The rising moving averages and the RSI in the overbought territory indicate that bulls are in control. If the price sustains in a higher place $79.80, the AVAX/USDT pair could rally to $93.04 and then effort to challenge the psychological level at $100.
Contrary to this assumption, if the price turns down from the current level and dips back beneath $79.80, information technology volition advise that markets accept rejected the higher levels. The pair could then drop to the 20-solar day EMA ($69.51).
The 4-hour chart shows the formation of a rounding bottom design which completed on a breakout and close in a higher place $79.eighty. If bulls sustain the cost above $79.eighty, the pair could start its northward march toward the pattern target at $108.56.
The first important level to sentinel on the downside is $79.fourscore. A bounce off this level volition indicate that bulls are aggressively buying on dips and that will increase the likelihood of the resumption of the uptrend.
Conversely, a break below $79.80 could sink the pair to $72. A suspension beneath this support will suggest that bears are back in the game.
EGLD/USDT
Elrond (EGLD) broke above the previous all-time high at $303.03 on Nov. 3, which is a positive sign. The bears tried to pull the price dorsum below the breakout level on Nov. 5 and 6 but failed.
This suggests that bulls are attempting to defend the breakout level and flip it into back up. A break and close above $329 volition signal the resumption of the uptrend. The ascent twenty-solar day EMA ($281) and the RSI near the overbought zone indicate the path of to the lowest degree resistance is to the upside.
Contrary to this assumption, if the EGLD/USDT pair turns down from the electric current level and breaks below $303.03, the next cease could exist the 20-mean solar day EMA. A strong rebound off this support will keep the uptrend intact simply a pause beneath it could open the doors for a deeper correction to the 50-24-hour interval SMA ($249).
The 4-hour chart shows the formation of an ascending triangle pattern, which completed on a break and close to a higher place $303.03. This positive setup has a pattern target at $427 merely the rally may not be linear as the bears are probable to pose a potent challenge at $355.
A interruption below the xx-EMA volition be the first sign of weakness. That could pull the price down to the breakout level at $303, which is an important support for the bulls to defend. If this support cracks, the pair may drib to the 50-SMA so to the trendline of the triangle.
The views and opinions expressed here are solely those of the writer and practice not necessarily reflect the views of Cointelegraph. Every investment and trading move involves run a risk, yous should conduct your own inquiry when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-dot-luna-avax-egld
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