The crypto market appeared to be losing its support in the past weeks with the major altcoins like Bitcoin (BTC) and Ethereum (ETH) at risk of losing support. This could also have led to price sell-offs. However, certain altcoins remain positive in the face of uncertainty. Let’s talk about the 5 top cryptos to watch this week.
These picks should not be considered investment advice. Do your homework and don’t invest more than you can afford.
Check out the Daily Chart to See Top Five Cryptos, Bitcoin (BTC), Price Analysis
BTC lost $19,200 last week, and fell to $18,100. It looked as though the manipulation was done in anticipation of the Consumer Price Index news. BTC rebounded from its demand zone, rising to $19,000. Then, it faced a rejection to stay above that region.
BTC did not close above $19,000.500 for the week, causing mixed feelings about its direction.
BTC trades at $19,000. To ignite a rally towards $20,200, the BTC price must break above $19,000.
Top 5 Cryptos The Daily (1D), Chart: Price Analysis of Ethereum (ETH).
The price of Ethereum in recent weeks had become a shadow of itself after the successful launch of the “Ethereum Merge” as the price had failed to show the bullish trend it had when price outperformed BTC in recent months, rallying from $1,000 to $2,024.
The ETH market price declined from $2,030 to continue its downward trend. The price for ETH fell to $2,030 when it attempted to convert $1,400. The price of ETH then dropped to an area of $1270. This was a significant support of the ETH market.
The price for ETH traded below the 200 and 50 Exponential Moving averages (EMA) daily.
We could see the ETH price retesting $1,000 if it maintains its bearish pattern. To look secure, the price of ETH must flip $1,400 to support.
Analyse of the Binance Coin Price (BNB) on The Daily (1D). Chart
BNB fell below its resistance level of $300, and currently trades at $270.
BNB’s bullish structure was destroyed despite its strength. The price of BNB fell to $268, as it bounced back to its support zone of $270. BNB’s price must rally to $280-$290 to stay safe.
BNB prices trade at $272 lower than the 50- and 200 Exponential Movement Averages (EMA), and the value of $280 or $300 acts as resistance.
Pricing Analysis for Quant (QNT), Daily (1D) Chart
QNT continues to exhibit bullish trend and is well held above the 200 and 50 EMAs. This price rallied from $100 to form good support.
QNT, despite some market pullbacks, has maintained its strength and respects the bullish trendline.
QNT’s price broke through the $200 resistance, which allowed it to rise. QNT’s price faces a resistance at $260; if the price breaks this resistance, we could see the price rallying to $330, but if it fails to break the resistance, $200 would be good support for QNT price.
Prices Analysis of LEO on the Daily (1D), Chart
LEO has recently shown a bullish price, with price trying to rise above 50 and 200 EMA. However this will keep the price from rising. We could witness a rally of $4.8 if LEO prices remain above the region.
Featured image taken from Medium and Charts by TradingView.com