Top 5 cryptocurrencies to watch this week: BTC, DOT, SAND, RUNE, ZEC

2 years ago

Bitcoin (BTC) has been relatively calm during the weekend, indicating that traders are playing it harmless and not waging ample bets earlier the upcoming Federal Open Market Committee gathering connected March 15 and March 16. The quantum of the complaint hike could enactment arsenic the adjacent trigger for the crypto markets.

The existent neutral setup of Bitcoin has kept the analysts guessing. Analytics assets Material Indicators warned that Bitcoin could plunge but they advised investors to beryllium acceptable to bargain the dip arsenic they judge that the “bounce tin alteration your life.”

A Price Waterhouse Coopers' Sports Outlook 2022 study for North America highlighted three usage cases for nonfungible tokens, which could signifier the aboriginal of sports. The consultancy believes that NFTs and integer assets are among the 10 large trends successful the sports industry.

Could the crypto markets commencement a directional determination successful the adjacent term? Let’s survey the charts of the top-5 cryptocurrencies that whitethorn enactment successful a rally if the bullish sentiment picks up.

BTC/USDT

Bitcoin formed a Doji candlestick signifier connected March 12 and connected Sunday, indicating indecision among the bulls and bears. The terms is stuck betwixt the 20-day exponential moving mean ($39,810) and the horizontal enactment astatine $37,000.

The 20-day EMA is flattish and the comparative spot scale (RSI) is conscionable beneath the midpoint, indicating a equilibrium betwixt proviso and demand.

If the terms rises and breaks supra the 50-day elemental moving mean ($39,978) the bulls volition effort to propulsion the BTC/USDT brace supra $42,600. If they succeed, the brace could rally to $45,400 and aboriginal to the absorption enactment of the channel.

Conversely, if the terms turns down and breaks beneath $37,000, the bears volition odor an opportunity. The sellers volition past effort to propulsion and prolong the brace beneath the enactment enactment of the channel. Such a determination could wide the way for a imaginable driblet to $30,000.

The brace is forming a descending triangle signifier which volition implicit connected a interruption and adjacent beneath the beardown enactment astatine $37,000. The brace could past driblet to $34,322 and aboriginal commencement its travel toward the signifier people astatine $29,250.

Alternatively, if bulls propulsion and prolong the terms supra the 50-SMA, the brace could emergence to the downtrend line. A interruption and adjacent supra this level volition invalidate the bearish pattern. That could pull buying and the brace whitethorn past rally toward $45,400.

DOT/USDT

Polkadot (DOT) has been successful a downtrend for the past respective months but the bulls are trying to signifier a bottommost successful the portion betwixt $16 and $14. The terms roseate supra the 20-day EMA ($17) but the bulls person not been capable to flooded the obstruction astatine the 50-day SMA ($18).

However, a affirmative motion is that the bulls person not fixed up overmuch crushed from the 50-day SMA. This suggests that the traders whitethorn beryllium holding connected to their presumption anticipating a interruption supra the resistance. If that happens, the DOT/USDT brace could rally to the overhead absorption astatine $23 wherever the bears whitethorn again airs a stiff challenge.

The flattish 20-day EMA and the RSI adjacent the midpoint suggest a range-bound enactment successful the abbreviated term. If the terms turns down from the 50-day SMA, the bears volition effort to propulsion the brace beneath $16. If they succeed, the brace could retest the captious enactment astatine $14.

The 4-hour illustration shows that the brace is oscillating betwixt $16 and $19. The nonaccomplishment of the buyers to propel the terms supra the overhead absorption whitethorn person attracted profit-booking from short-term traders. That pulled the terms to the 50-SMA.

If the terms rises supra the 200-SMA, it volition suggest that bulls proceed to bargain connected dips. The buyers volition past again effort to thrust the terms supra the overhead absorption astatine $19. If they negociate to bash that, the brace could emergence to $20 and aboriginal marque a dash toward $23.

Conversely, a interruption and adjacent beneath the 50-SMA whitethorn summation the anticipation of a driblet to the beardown enactment astatine $16.

SAND/USDT

The Sandbox (SAND) has been range-bound betwixt $2.55 and $4.86 for the past respective weeks. The bears pulled the terms beneath the 200-day SMA ($3.15) connected March 4 but haven’t been capable to interruption the enactment astatine $2.55.

This indicates accumulation adjacent the enactment of the range. The RSI is showing signs of a affirmative divergence, indicating that the bearish momentum whitethorn beryllium weakening.

If the terms rises from the existent level, the bulls volition effort to propulsion the SAND/USDT brace supra the 200-day SMA. If that happens, the brace could emergence to the 50-day SMA ($3.51). A interruption and adjacent supra this absorption could unfastened the doors for a imaginable rally to $4.50 and past to $4.86.

This bullish presumption volition invalidate successful the abbreviated word if the terms turns down and slides beneath $2.55. That could suggest the resumption of the downtrend.

The 50-SMA has been acting arsenic a stiff absorption connected the 4-hour chart. If bears descend the terms beneath $2.70, the brace could driblet to the coagulated enactment astatine $2.55. A interruption and adjacent beneath this level could bespeak vantage to bears.

To negate this view, the bulls volition person to propulsion the terms supra the portion betwixt the 50-SMA and $3. If that happens, the brace could rally to $3.42 wherever the bears whitethorn again equine a beardown defense.

RUNE/USDT

THORChain (RUNE) broke supra the moving averages connected March 1 and successfully defended the level during the retest connected March 8. This suggests that the sentiment has changed from merchantability connected rallies to bargain connected dips.

The bulls volition present effort to propulsion the terms to the 200-day SMA ($7.90) wherever the bears whitethorn again airs a beardown challenge. If the terms does not springiness up overmuch crushed from the 200-day SMA, the bulls volition marque 1 much effort to wide this hurdle. If they succeed, the RUNE/USDT brace could emergence to $9.

Alternatively, if the terms turns down from the existent level, the 20-day EMA is the important level to ticker retired for. A beardown rebound disconnected this level volition suggest that the bullish sentiment remains intact portion a interruption beneath it could effect successful a diminution to $4.

The 20-EMA connected the 4-hour illustration is sloping up and the RSI is successful the affirmative zone, indicating that the bulls person the precocious hand. The brace could present emergence to the overhead absorption astatine $7 wherever the bears volition effort to stall the up-move.

Alternatively, if the terms turns down from the existent level, the brace could driblet to the 20-EMA. If the terms rebounds disconnected this level, the bulls volition effort to resume the uptrend. The bears volition person to propulsion and prolong the terms beneath the 20-EMA to bespeak a alteration successful the short-term trend.

ZEC/USDT

Zcash (ZEC) broke and closed supra the $135 absorption connected March 8, which completed a treble bottommost pattern. This was followed by a interruption supra the 200-day SMA ($145) connected March 10, signaling that bulls are backmost successful the game.

The bears are presently attempting to propulsion the terms backmost beneath the 200-day SMA and situation the breakout level astatine $135. This is an important level for the bulls to support due to the fact that a interruption beneath it could suggest that the caller breakout whitethorn person been a carnivore trap. The ZEC/USDT brace could past driblet to the 50-day SMA ($114).

If the terms rebounds disconnected the existent level oregon $135, it volition suggest that the sentiment remains affirmative and traders are buying connected dips. The bulls volition past effort to thrust the brace supra $160 and resume the up-move. The people nonsubjective of the breakout from the treble bottommost signifier is $189.

The bears pulled the terms beneath the 20-EMA connected the 4-hour illustration but they person not been capable to prolong the little levels. This suggests that bulls proceed to bargain connected each insignificant dip. The bulls volition present effort to propulsion the terms supra $160 and resume the uptrend. The rising 20-EMA and the RSI successful the affirmative territory bespeak that the way of slightest absorption is to the upside.

Contrary to this assumption, if the terms turns down from the overhead absorption and slips beneath $143, the selling could prime up momentum. The brace could past driblet to the captious enactment astatine $135.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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