Top 5 cryptocurrencies to watch this week: BTC, LINK, HNT, FLOW, ONE

2 years ago

Bitcoin’s (BTC) alleviation rally roseate supra $38,500 connected Jan. 29, but the bulls are struggling to prolong the higher levels. For the past fewer days, Bitcoin’s sentiment has intimately followed the U.S. equity markets. Hence, analysts warned traders to beryllium careful and not to work overmuch into immoderate imaginable play rallies erstwhile accepted markets are closed due to the fact that it could beryllium a trap.

However, analysts astatine trading suite Decentrader said successful a caller study that a “near-term alleviation bounce” is possible. The study besides highlighted that “meaningful buyers” were stepping successful and that could effect successful “a potential alteration successful the higher clip framework trend from bearish to bullish.”

The caller downturn successful Bitcoin seems to person turned the JPMorgan analysts bearish arsenic they judge the increased volatility could “hinder further organization adoption.” In a note, the strategists person reduced their semipermanent theoretical Bitcoin terms people from $150,000 to $38,000.

If Bitcoin extends its recovery, prime altcoins could pull buying from the assertive bulls. Let’s survey the charts of the top-5 cryptocurrencies that could widen the betterment successful the abbreviated term.

BTC/USDT

Bitcoin’s alleviation rally has reached the stiff absorption portion betwixt $37,332.70 and $39,600. The 20-day exponential moving mean ($39,475) is besides contiguous successful this portion making this important for the bears to defend.

The downsloping 20-day EMA and the comparative spot scale (RSI) successful the antagonistic portion bespeak vantage to bears.

If the sellers propulsion the terms backmost beneath $37,332.70, the BTC/USDT brace could gradually driblet to $35,507.01 and aboriginal retest the Jan. 24 intraday debased astatine $32,917.17. A interruption and adjacent beneath this enactment could wide the way for a imaginable driblet to $30,000.

Alternatively, if the terms turns up from the existent level and breaks supra $39,600, it volition suggest a imaginable alteration successful the short-term trend. The brace could past rally to $43,505 and aboriginal retest the 200-day elemental moving mean ($48,833).

The 4-hour illustration shows that the 20-EMA has started to crook up gradually and the RSI has risen into the affirmative zone. This indicates that bulls are trying to marque a comeback. If buyers thrust the terms supra $39,600, the brace could scope the 200-SMA, which whitethorn enactment arsenic a resistance.

On the different hand, if the terms turns down from the existent level and slips beneath $37,312.70, it volition bespeak that bears person not yet fixed up. The sellers volition past effort to propulsion the terms to $35,507.01, which is an important enactment for the bulls to defend.

If the terms rebounds disconnected this level, it volition suggest that traders are buying connected dips. That whitethorn summation the anticipation of a interruption supra $39,600.

LINK/USDT

Chainlink (LINK) has been range-bound betwixt $15 and $36 for the past respective months. Several attempts to flight the scope person failed, indicating that bulls are buying astatine the enactment and bears are selling astatine the resistance.

The bears pulled the terms beneath $15 connected respective occasions successful the past fewer days but they could not prolong the little levels. This whitethorn person attracted buying from assertive traders who are attempting to propulsion the terms supra the 20-day EMA ($18.91).

If they succeed, the LINK/USDT brace could emergence to the 200-day SMA ($24.75). Contrary to this assumption, if the terms turns down from the 20-day EMA, the bears volition again effort to propulsion the brace beneath $15 and commencement a caller downtrend.

The 4-hour illustration shows that bulls person pushed the terms supra the $16.88 overhead resistance. The 20-EMA is turning up and the RSI is successful the affirmative territory, indicating that bulls person a flimsy edge.

If buyers prolong the terms supra $16.88, the brace could commencement an up-move to $20 and past to $23. Conversely, if the terms turns down and plummets beneath $16.88, it volition bespeak that bears proceed to merchantability connected rallies. The brace could past driblet to $14.

HNT/USDT

Helium (HNT) plunged beneath the 200-day SMA ($26.67) connected Jan. 21, but the bears could not prolong the little levels. The bulls aggressively purchased the dip to $20 and pushed the terms backmost supra the 200-day SMA connected Jan. 26.

The betterment deed a partition astatine the 20-day EMA ($28.84) and turned down but the bulls did not let the terms to dip beneath the 200-day SMA. The terms has been trading betwixt the moving averages for the past 3 days.

This tight-range trading is improbable to proceed for long. If bulls thrust and prolong the terms supra the 20-day EMA, the HNT/USDT brace could rally to $36 and past to the downtrend line.

This affirmative presumption volition invalidate if the terms turns down and plummets beneath the 200-day SMA. That whitethorn propulsion the brace down to $20.

The terms broke retired of the downtrend line, indicating that the bears whitethorn beryllium losing their grip. The bears tried to descend the terms backmost beneath the 20-EMA but the bulls are attempting to support the support.

The up-move whitethorn prime up momentum aft bulls thrust the terms supra $31 arsenic that could awesome a 1-2-3 bottom. There is simply a insignificant absorption astatine the 200-SMA but erstwhile that is cleared, the brace could commencement its march toward $40. Conversely, if the terms turns down and plummets beneath $26, the brace could driblet to $24.

FLOW/USDT

Flow (FLOW) has been successful a beardown downtrend for the past fewer months. The bears pulled the terms beneath the beardown enactment astatine $6 connected Jan. 22 but person not been capable to physique upon their advantage. This indicates accumulation astatine little levels.

The bulls person pushed the terms backmost supra the breakdown level and the 20-day EMA ($6.41) today. If they prolong the terms supra the absorption level, it volition awesome a imaginable alteration successful trend.

The 20-day EMA is flattening retired and the RSI has recovered into the affirmative territory, indicating that bulls are connected a comeback.

This affirmative presumption volition invalidate if the terms turns down from the existent level and plummets beneath the $6 support. Such a determination volition bespeak that bears proceed to merchantability aggressively astatine higher levels.

The 4-hour illustration shows the terms is facing absorption astatine the 200-SMA. This is simply a captious level to ticker retired for due to the fact that the erstwhile betterment had faltered astatine this resistance. If the terms turns down from the existent level, the FLOW/USDT brace could driblet to the 20-EMA.

If the terms rebounds disconnected this level with strength, it volition bespeak that bulls are buying connected dips. The buyers volition past marque 1 much effort to propulsion the brace supra the 200-SMA. If they negociate to bash that, the brace could rally to the overhead absorption portion astatine $9.27 to $9.70.

ONE/USDT

Harmony (ONE) is trading wrong a ample scope betwixt $0.16 and $0.36. The bears precocious tried to descend the terms beneath the scope but the bulls firmly held their ground.

The terms has rebounded disconnected the enactment and the bulls volition present effort to propulsion the ONE/USDT brace supra the 200-day SMA ($0.19). If they succeed, the brace could emergence to the 20-day EMA ($0.23) wherever the bears whitethorn again equine a stiff resistance.

A interruption and adjacent supra the 20-day EMA could wide the way for a imaginable rally to $0.28. Conversely, if the terms turns down from the existent level, the bears volition effort to propulsion the brace beneath $0.16. If they tin propulsion it off, it volition awesome the imaginable commencement of a caller downtrend.

The 4-hour illustration shows the enactment of a symmetrical triangle pattern. The 20-EMA has flattened retired and the RSI is conscionable beneath the midpoint indicating a equilibrium betwixt proviso and demand.

This indecision could tilt successful favour of the bulls if the terms rises and sustains supra the triangle. That could suggest a imaginable inclination reversal and the brace whitethorn emergence to $0.22 and aboriginal to $0.26.

This affirmative presumption volition invalidate if the terms turns down and plummets beneath the enactment line. Such a determination volition bespeak that the triangle acted arsenic a continuation pattern.

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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