Top 5 cryptocurrencies to watch this week: BTC, ETH, NEAR, MANA, LEO

2 years ago

Bitcoin (BTC) surged supra the $40,000 intelligence absorption connected Feb. 4 and successfully held the level implicit the weekend. This boosted the full crypto marketplace capitalization from $1.78 trillion connected Feb. 3 to astir $2 trillion connected Feb. 6, according to information from CoinGecko.

A caller fiscal disclosure by Senator Ted Cruz shows that helium bought the caller dip successful Bitcoin connected Jan. 25 done River brokerage. On that day, Bitcoin traded astir betwixt $35,700 and $37,600. If the Texas Senator has held his purchase, helium is already successful the profit.

Although the crisp betterment successful Bitcoin’s terms whitethorn person provided alleviation to the bulls, information expert Material Scientist warned that ample traders with a summons size of implicit $100,000 are selling the rally.

Could Bitcoin clasp oregon widen its gains? If that happens, could the altcoins articulation the party? Let’s survey the charts of the top-5 cryptocurrencies that look acceptable to determination to the upside successful the abbreviated term.

BTC/USDT

Bitcoin soared and closed supra the 20-day exponential moving mean ($39,600) connected Feb. 4, indicating that bulls are attempting a beardown comeback. The tiny scope time connected Feb. 5 shows that traders who whitethorn person purchased astatine little levels are successful nary hurry to publication profits yet.

The comparative spot scale (RSI) has jumped into the affirmative territory indicating that the momentum favors the bulls. However, it is improbable to beryllium a consecutive dash higher for the BTC/USDT pair.

The bears are apt to equine a stiff absorption successful the portion betwixt the 50-day elemental moving mean ($42,860) and $44,500.

If the terms turns down from the overhead portion but does not plummet beneath $39,600, it volition suggest that the level has flipped to support. The bulls volition past again effort to propulsion the brace supra the zone. If they succeed, the adjacent halt could beryllium the 200-day SMA ($49,115).

The 4-hour illustration shows an ascending triangle formation, which completed connected a interruption and adjacent supra $39,320. This bullish setup has a signifier people astatine $45,722. The terms is presently stuck successful a choky scope betwixt $42,168 and $40,843.

A interruption and adjacent supra this scope volition awesome the resumption of the uptrend. The brace could past ascent to $44,500 wherever the rally whitethorn deed a barrier. On the contrary, if the terms turns down and breaks beneath $40,800, the brace could plunge to the breakout level astatine $39,320.

ETH/USDT

Ether (ETH) surged supra the 20-day EMA ($2,839) connected Feb. 4 and has reached the absorption enactment of the descending channel. This level has acted arsenic a beardown absorption previously, hence the bears whitethorn again effort to support it with each their might.

If the terms turns down from the portion betwixt the absorption enactment and the 50-day SMA ($3,256), it volition suggest that bears proceed to merchantability astatine higher levels. The ETH/USDT brace could archetypal driblet to the 20-day EMA and past to $2,652.

If the terms rebounds disconnected this zone, it volition bespeak a alteration successful sentiment from merchantability connected rallies to bargain connected dips. The bulls volition past marque 1 much effort to propulsion the brace supra the overhead zone. If that happens a inclination alteration could beryllium successful order.

Alternatively, a interruption beneath $2,652 volition suggest that the brace whitethorn proceed to commercialized wrong the transmission for a fewer much days.

The 4-hour illustration shows the terms is rising wrong an ascending transmission pattern. The 20-EMA and the 50-SMA person turned up and the RSI is successful the affirmative territory, indicating that bulls person the precocious hand.

If bulls thrust the terms supra the channel, the momentum could prime up further and the brace whitethorn rally to $3,400 wherever the bears are expected to equine a stiff resistance. Conversely, if the terms breaks beneath the 20-EMA, the brace could plummet to the enactment enactment of the channel.

NEAR/USDT

NEAR protocol (NEAR) bounced disconnected the intelligence enactment portion astatine $10 to $9.50 and cleared the 20-day EMA ($12.58) hurdle connected Feb. 4. The bears tried to propulsion the terms backmost beneath the 20-day EMA connected Feb. 5 but the bulls held their ground.

The up-move has resumed contiguous and the bulls are trying to propulsion the terms supra the 50-day SMA ($14). If they negociate to bash that, the NEAR/USDT brace could ascent to the 50% Fibonacci retracement level astatine $15.05 and past to the 61.8% retracement level astatine $16.36. The bears are apt to equine a beardown defence successful this zone.

Conversely, if the terms turns down from the existent level, the bears volition effort to propulsion the brace beneath the 20-day EMA. If they negociate to bash that, it volition suggest that bears proceed to merchantability connected rallies. The brace could past erstwhile again driblet to $10.

The 4-hour illustration shows the enactment of a symmetrical triangle which mostly acts arsenic a continuation signifier but successful this case, has functioned arsenic a reversal pattern.

Currently, the betterment is facing stiff absorption astatine the 200-SMA. If the terms rebounds disconnected the 20-EMA, it volition suggest that bulls are accumulating connected dips. That could amended the prospects of a interruption supra 200-SMA. If that happens, the up-move could scope the signifier people of the setup astatine $16.36.

This affirmative presumption volition invalidate successful the abbreviated word if the terms breaks beneath the 20-EMA. In specified a case, the brace could driblet and retest the breakout level from the triangle.

MANA/USDT

Decentraland (MANA) broke supra the 20-day EMA ($2.70) connected Jan. 31 but turned down from the 50-day SMA ($2.93) connected Feb. 1. The bears tried to propulsion the terms backmost beneath the 20-day EMA but failed. This indicates that the 20-day EMA whitethorn person flipped into support.

The up-move resumed and the bulls pushed the terms supra the 50-day SMA connected Feb. 05. If bulls prolong the terms supra the 50-day SMA, the MANA/USDT brace could emergence to the overhead absorption astatine $4.

Conversely, if the terms turns down and breaks beneath the moving averages, it volition bespeak that bears are selling aggressively astatine higher levels. In that case, the brace could retest the beardown enactment astatine the 200-day SMA ($2.03).

The 4-hour illustration shows that some the 20-EMA and the 50-SMA are sloping up and the RSI is successful the overbought zone. This indicates that bulls person the precocious hand. Any dip from the existent level is apt to find enactment astatine the moving averages.

On the upside, the buyers whitethorn look stiff absorption astatine $3.40 and aboriginal astatine $4. This affirmative presumption volition beryllium invalidated if the terms turns down from the existent level and breaks beneath the moving averages. The brace could past driblet to $2.40.

LEO/USD

UNUS SED LEO (LEO) completed an ascending triangle signifier erstwhile it broke and closed supra $3.92 connected Feb. 1. The bears tried to propulsion the terms backmost beneath the breakout level connected Feb. 2 and Feb. 3 but the bulls did not relent.

The buying resumed connected Feb. 4 and the terms soared to a caller all-time precocious astatine $5.44. However, the agelong wick connected the day’s candlestick shows profit-booking astatine higher levels. The pullback has pulled the RSI retired of the profoundly overbought zone.

Usually, the corrections successful an uptrend are short-lived. The agelong process connected today’s candlestick suggests assertive buying astatine little levels. The bulls volition present effort to propulsion the LEO/USD brace supra $5.44. If they succeed, the brace could rally toward the signifier people astatine $5.81 and aboriginal to $6.

Alternatively, if bears propulsion the terms beneath $4.50, the brace could close to the 20-day EMA ($4.06).

The 4-hour illustration shows the brace is correcting successful an uptrend. The bulls successfully defended the 20-EMA and are attempting to propulsion the brace supra the intelligence level astatine $5. If they bash that, the brace could retest the all-time precocious astatine $5.44.

Conversely, if the terms turns down from the existent level and breaks beneath the 20-EMA, it volition bespeak that traders are aggressively booking profits astatine higher levels. If the terms slips beneath $4.38, the brace could driblet to $4.20.

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.

View source