As we witnessed major rallies by DOGE, which had over 100% return on investments within a matter of days. The price of Bitcoin (BTC), closed the week at a record high in advance of its monthly close. There are high hopes that it will recover $22,000 or higher. With many new projects and partnerships, the price of altcoins continues to be positive in spite of the bear markets. Let’s talk about the 5 top cryptos to watch this week.
This article is not intended to be used as investment advice. Do your homework and don’t invest more than you can afford.
Daily Chart: Top 5 Cryptos – Analysis of Bitcoin’s (BTC), Price
The chart shows that the BTC price bounced from $19,200 to $20,800, indicating a bullish uptrend. After forming strong support over $20,500, it rallied to $20,800. We could see BTC gaining more momentum over the coming days as the weekly close is more bullish than that of the monthly close.
At the time of writing, BTC was trading at $20,000. BTC is currently trading at $20,800. The resistance of $21,200 has been strong and prevented the price from trending higher.
BTC’s price could rise to $22,000 should it break out and hold above $21,200. This would be an area of most interest for sellers. (Supply zone)
The Daily (1D), Chart: Price Analysis of Ethereum (ETH).
The price of Ethereum in recent weeks outperformed BTC after showing a bullish trend ahead of “The Merge” rising to a region of $2,030.
The ETH market price rejected was $2,030. This seems to indicate that there is resistance for ETH to rise. It saw a drop to around $1570 and then continued to fall to an area of $1260. This was where there was demand for orders to buy.
The price of ETH is trading at $1620 above the 50 Exponent Moving Average (EMA), as the price aims at a rally of around $1720.
We could see the price retesting $1720 as a resistance area with high supply if the ETH price keeps its bullish structure.
Prices Analysis of Binance Coin (BNB), On The Daily (1D), Chart
BNB lost its support and the price dropped to $260. BNB’s price responded swiftly as the price bounced off from that region reclaiming $300.
BNB’s bullish structure has been maintained despite rejection. BNB could see its price retest the $400-$450 range if it breaks above $335.
BNB’s price has seen support around $300, which is roughly the 200 EMA and 50 EMA. BNB has to maintain above this level to be in a trend upwards.
Comparison of Price for Chainlink (LINK) on The Daily (1D) Chart
As Chainlink’s price has held well over the 50 EMA, bullish tendencies have continued. LINK looks set to break out of its accumulation phase.
To rally above $8, the price for LINK must break out. This is considering how fundamentally solid LINK’s price has been as it heads towards December’s staking plan.
Top 5 Cryptos SOL Price Analysis on the Daily (1D), Chart
After breaking out from a descending triangle, SL formed a bullish trend. The volume was good and the SOL price aims to rise to $40. With the market looking better.
Featured Image from zipmex. Charts by TradingView.com