Top 5 cryptocurrencies to watch this week: BTC, LEO, MANA, KLAY, XTZ

2 years ago

Russia’s monolithic build-up of soldiers, warplanes, instrumentality and extended subject drills adjacent Ukraine’s borders accrued fears of a imaginable penetration wrong the adjacent fewer days. That could person renewed selling successful Bitcoin (BTC), which plummeted beneath the beardown enactment astatine $39,600.

Among the gloom and doom, determination is simply a ray of anticipation for crypto investors due to the fact that information from Glassnode shows that much than 60% of Bitcoin proviso has not been used successful immoderate transaction for much than a year. This suggests that semipermanent hodlers are not dumping their positions successful the downtrend.

Mike McGlone, main commodity strategist astatine Bloomberg Intelligence, warned that Bitcoin could beryllium successful for a “rough week ahead" and cautioned that "inflation is improbable to driblet unless hazard assets do.” However, McGlone expects Bitcoin to look stronger this year.

Could Bitcoin and altcoins signifier a betterment and trap the assertive bears? Let’s survey the charts of the top-5 cryptocurrencies that whitethorn enactment successful a alleviation rally.

BTC/USDT

The nonaccomplishment of the buyers to support the beardown enactment astatine $39,600 indicates that Bitcoin continues to look beardown selling by the bears. The 20-day exponential moving mean ($41,193) has started to crook down and the comparative spot scale (RSI) has slipped into the antagonistic territory, suggesting that bears person the precocious hand.

If the terms sustains beneath $39,600, the selling could prime up momentum and the BTC/USDT brace could driblet to the contiguous enactment portion betwixt $36,250 and $35,507.01.

The bulls are expected to support this portion aggressively due to the fact that a interruption beneath it could wide the way for a retest of the Jan. 24 intraday debased astatine $32,917.17. The longer the terms sustains beneath $39,600, the greater the anticipation of the downward move.

Contrary to this assumption, if the terms rebounds disconnected the existent level and rapidly rises supra $39,600, it volition suggest beardown accumulation astatine little levels. The bulls volition past effort to propulsion the terms supra the 20-day EMA.

The bulls volition person to wide the overhead hurdle astatine $45,821 to bespeak the commencement of a caller up-move.

The nonaccomplishment of the bulls to execute a beardown rebound disconnected the $39,600 enactment indicates a deficiency of request astatine higher levels. This whitethorn person emboldened the bears who pulled the terms beneath $39,600.

The RSI has dipped heavy into the oversold territory, indicating that the selling whitethorn person been overdone successful the abbreviated term. This suggests a insignificant alleviation rally oregon consolidation successful the adjacent term.

If bears successfully support the retest of the breakdown level during the adjacent bounce, the selling whitethorn intensify and the brace could plummet to $36,000. This antagonistic presumption volition invalidate successful the abbreviated word if bulls thrust the brace supra $41,000.

LEO/USD

UNUS SED LEO (LEO) has been correcting since making a caller all-time precocious astatine $8.14 connected Feb. 8. The bears pulled the terms beneath the 50% Fibonacci retracement level astatine $5.74 but the bulls are aggressively defending the 20-day EMA ($5.45).

The rising 20-day EMA and the RSI successful the affirmative territory bespeak that bulls person a flimsy edge. If buyers thrust the terms supra $6.24, the LEO/USD brace could effort to resume the up-move. The brace could past emergence to $7.

Conversely, if bulls neglect to prolong the existent rebound, the bears volition consciousness an accidental and effort to propulsion the brace beneath the 20-day EMA. If they negociate to bash that, the sentiment could crook bearish and the brace whitethorn descent to the 61.8% retracement level astatine $5.18.

The 4-hour illustration shows that the brace is range-bound betwixt $5.52 and $6.24. The 20-EMA and 50-simple moving mean person flattened retired and the RSI is adjacent the midpoint, indicating a equilibrium betwixt proviso and demand.

This equilibrium volition displacement successful favour of the bears if they propulsion and prolong the terms beneath $5.52. The brace could past driblet toward the 200-SMA.

Conversely, if buyers propulsion and prolong the terms supra the 50-SMA, the brace could rally to $6.24. The bulls volition person to wide this hurdle to awesome that they are backmost successful the driver’s seat.

MANA/USDT

Decentraland (MANA) turned down from the downtrend enactment connected Feb. 16, indicating that the sentiment remains bearish and traders are selling connected rallies to stiff absorption levels.

The bears person pulled the terms beneath the 50-day SMA ($2.83), which opens the doorway for a imaginable downside to the beardown enactment portion betwixt $2.44 and the 200-day SMA ($2.20).

If the terms rebounds disconnected this zone, the bulls volition again effort to propulsion the MANA/USDT brace to the downtrend line. The bulls volition person to wide this hurdle to bespeak the commencement of a caller up-move.

Conversely, if bears descend and prolong the terms beneath the 200-day SMA, the selling could intensify and the brace could descent further to $1.70.

The bears person pulled the terms beneath the 200-SMA. If the terms sustains beneath this level, the brace could driblet to the enactment enactment of the descending channel. A interruption and adjacent beneath the transmission could descend the brace to $2.44.

If the terms turns up from the existent level, the bulls volition effort to propulsion the brace supra the 200-SMA. Such a determination volition beryllium the archetypal motion that bulls are attempting a comeback. A interruption and adjacent supra the 20-EMA volition summation the anticipation of a rally to the absorption enactment of the channel.

KLAY/USDT

Klaytn's autochthonal cryptocurrency KLAY turned down from the downtrend enactment connected Feb. 16, indicating that bears proceed to merchantability connected rallies.

However, a insignificant affirmative is that bulls person not allowed the terms to interruption beneath the 20-day EMA ($1.23). This indicates that traders are buying connected dips to this support.

If the terms rises and sustains supra the 50-day SMA ($1.27), the bulls volition again effort to wide the overhead hurdle astatine the downtrend line. If they negociate to bash that, it volition bespeak a imaginable alteration successful trend. The KLAY/USDT brace could past rally to $1.50.

Alternatively, a interruption and adjacent beneath the 20-day EMA volition bespeak that bears person overpowered the buyers. That could propulsion the terms down to $1.10.

The 4-hour illustration shows that the bears are aggressively defending the overhead absorption astatine $1.36. The brace turned down from this absorption but the bulls person not allowed the terms to interruption and prolong beneath the 50-SMA.

If the terms turns up from the existent level, the buyers volition effort to wide the contiguous absorption astatine $1.31 and situation the hurdle astatine $1.36. A interruption and adjacent supra this level could unfastened the doors for a imaginable rally to $1.50.

This affirmative presumption volition beryllium negated connected a interruption and adjacent beneath the 200-SMA. That could propulsion the brace down to $1.15.

XTZ/USDT

Tezos (XTZ) turned down from the downtrend enactment connected Feb. 10, indicating that bears proceed to merchantability connected rallies. The bears volition present effort to propulsion the terms to the uptrend line.

The uptrend enactment has been acting arsenic a beardown enactment since March 2020. Hence, the bulls are apt to support the uptrend enactment aggressively. If the terms rebounds disconnected this support, the buyers volition effort to propulsion the XTZ/USDT brace supra the downtrend line.

If they succeed, the brace could awesome a imaginable alteration successful trend. This affirmative presumption could invalidate if the terms breaks and sustains beneath the uptrend line. Such a determination could unfastened the doors for further downside.

The 4-hour illustration shows the brace is successful a steadfast carnivore grip. The terms has dropped to the 61.8% Fibonacci retracement level astatine $3.32, which is an important level for the bulls to defend. A interruption and adjacent beneath this enactment volition summation the anticipation of a driblet to the 78.6% Fibonacci retracement level astatine $2.98 and aboriginal to the uptrend line.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the 20-EMA. Such a determination volition bespeak that the selling unit could beryllium reducing. A imaginable short-term inclination alteration volition beryllium signaled connected a interruption and adjacent supra the 50-SMA.

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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