The previous week’s crypto market looked so bullish as many altcoins rallied with over 100% gains in less than two days, with the likes of DOGE, BAND, and MASK running the show creating the feeling of euphoria that comes with the bull market. It was good to see Bitcoin’s (BTC) close the week at a record high in anticipation of the next week. However, mixed feelings have resulted as BTC fell below $20,600. With many projects being announced and partnerships gaining greater attention, some altcoins have seen their prices remain positive in the face the bear market. We will be discussing the top five cryptos that you need to pay close attention this week.
This article is not intended to be considered as investment advice. Research is key. Never risk more than you can afford.
Daily Chart: Top 5 Cryptos – Analysis of Bitcoin’s (BTC), Price
The chart shows that the BTC price was rejected at $21,500 by a bullish bias. This is because the price rose from $19,200, which had good volume.
BTC was trading at $20,000.800 as of writing. BTC’s price was stable at $20,500. There are high expectations that it will rally back to $21,500-22,500.
If the support level of $20,500 is broken the BTC price could fall to $19,000. This area of demand has been identified as the zone of highest BTC price over the next few weeks.
The Daily (1D), Price Analysis Chart for 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 price fell to $1,630. There seems to have been resistance to ETH prices trending higher. At the time of writing, there was a selling of the price to $1570.
The daily price of ETH traded above the 50 Exponential Movement Average (EMA).
As a support area with high demand, ETH could be priced below $1500.
Top 5 Cryptos Prices Analysis of Binance Coin (BNB), On The Daily (1D), Chart
BNB’s price was rejected at $335 resistance after several tests. But it managed to break through and close above this resistance, rising to $350 before coming under resistance in the region of $400.
BNB’s bullish structure has been maintained despite rejection. BNB could experience a break of around $290, with $250 support.
BNB received support from $300. This corresponds with the 50 EMA. BNB has to maintain above the 50 EMA to be in a position to trend higher.
Comparison of Price for Chainlink (LINK). On the Daily (1D) Chart
After a successful breakout, bullish patterns have continued in LINK’s price. It is currently well above the range channel.
LINK continues to be strong despite the decline in crypto assets on the market.
For LINK to rise to $10 before its expected staking, it must close at or above $9.2.
LTC Price Analysis On A Daily (1D), Chart
After breaking out from a channel, LTC formed a bullish pattern and reached $65. LTC could hold this support zone and bounce to the upside if it holds. This would be resistance.
Featured image taken from zimex. Charts from TradingView.com