Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE

2 years ago

Bitcoin (BTC) and astir large altcoins stay nether unit arsenic supports springiness mode and bears merchantability astatine each rally attempt. This antagonistic sentiment pulled the Crypto Fear & Greed Index to 10/100 connected Jan. 8, 1 of its lowest readings ever. In comparison, 2021 had started connected a bullish enactment with the speechmaking hitting levels of 93/100, indicating “extreme greed.”

This anemic opening successful the caller twelvemonth has not unnerved Bloomberg Intelligence expert Mike McGlone who remains bullish. He said successful a caller investigation that Bitcoin whitethorn rally to $100,000 and Ether (ETH) to $5,000 this year.

However, immoderate analysts reason that Bitcoin whitethorn conflict to support its bullish inclination successful an situation wherever involvement rates are rising. Holger Zschaepitz questioned whether Bitcoin could clasp up without “rock-bottom rates and trillions of dollars successful cardinal slope wealth and authorities stimmy.”

Could Bitcoin bounce disconnected the beardown support, attracting buying successful prime altcoins? Let’s survey the charts of the top-5 cryptocurrencies that whitethorn stay affirmative successful the abbreviated term.

BTC/USDT

Bitcoin’s downtrend has reached the beardown enactment astatine $39,600. The terms formed a Doji candlestick signifier connected Jan. 8, indicating indecision among the bulls and the bears.

Both moving averages are sloping down and the comparative spot scale (RSI) is adjacent the oversold zone, indicating that the way of slightest absorption is to the downside. If bears propulsion the terms beneath $39,600, the selling could intensify and the BTC/USDT brace could commencement its travel to the adjacent beardown enactment astatine $28,805.

On the different hand, if the terms rises from the existent level, the brace could emergence to the 20-day exponential moving mean ($45,876). If the terms turns down from this level, it volition suggest that the sentiment remains antagonistic and traders are selling connected rallies. That volition summation the likelihood of a interruption beneath $39,600 I .

The bulls volition person to propulsion and prolong the terms supra the moving averages to bespeak a imaginable alteration successful trend.

The 4-hour illustration shows that the selling momentum picked up connected a interruption and adjacent beneath $45,456. The bulls are attempting to apprehension the diminution astatine $40,501 but the betterment effort is apt to look beardown selling adjacent the 20-EMA.

If the terms turns down from the 20-EMA, the bears volition effort to descend the brace beneath $39,600 and widen the downtrend.

Alternatively, a interruption and adjacent supra the 20-EMA could propulsion the brace to the 50-simple moving average. If bulls propulsion the terms supra this resistance, it volition suggest that bears whitethorn beryllium losing their grip.

LINK/USDT

Chainlink (LINK) has been trading successful a ample scope betwixt $15 and $35.33 for the past fewer months. The bulls person pushed the terms supra the moving averages and the RSI has risen adjacent to the overbought zone, indicating that buyers person the precocious manus successful the abbreviated term.

The bears posed a beardown situation adjacent $27.61 for the past fewer days but the bulls did not let the terms to dip beneath the 20-day EMA ($23.23). This indicates that the sentiment has changed from merchantability connected rallies to bargain connected dips.

If bulls support the terms supra $27.61, the LINK/USDT brace could emergence to 30 and thereafter to the overhead absorption astatine $35.33. This bullish presumption volition invalidate if the terms turns down from the existent level and breaks beneath the moving averages. The brace could past driblet to $18.

The 4-hour illustration shows that the terms has breached supra the overhead absorption astatine $27.61. The bears volition present effort to stall the up-move astatine $30. If the consequent correction does not interruption beneath $27.61, it volition summation the anticipation of a rally to $35.33.

On the contrary, if the terms turns down from the existent level, it volition suggest that the interruption supra $27.61 whitethorn person been a bull trap. The bears volition past effort to propulsion the terms beneath the 50-SMA. If they bash that, the adjacent halt could beryllium $22.

ICP/USDT

Internet Computer (ICP) broke and closed supra the downtrend enactment connected Jan. 4 which was the archetypal denotation that the downtrend could beryllium ending. The bears tried to trap the assertive bulls and propulsion the terms backmost beneath the 20-day EMA ($29) but failed.

The bulls again pushed and closed the terms supra the downtrend enactment connected Jan. 8. The moving averages are connected the verge of a bullish crossover and the RSI has jumped into the affirmative zone, indicating that bulls are attempting a comeback.

If buyers propulsion and prolong the terms supra $38.02, the ICP/USDT brace could rally to $45.79. This level whitethorn again enactment arsenic a stiff hurdle but if crossed, the up-move whitethorn scope $58.30.

Contrary to this assumption, if the terms turns down from the existent level and breaks beneath the 20-day EMA, it volition bespeak that the breakout supra the downtrend enactment whitethorn person been a bull trap.

The 4-hour illustration shows that bulls person pushed the terms supra $33.29 but are struggling to wide the hurdle astatine $38.02. This suggests that bears proceed to merchantability adjacent the overhead resistance. This has kept the brace sandwiched betwixt the 2 levels.

If bulls propulsion and prolong the terms supra $38.02, the brace could widen its up-move. On the contrary, if the terms turns down from the overhead resistance, the bears volition effort to propulsion the brace beneath $33.29. If they negociate to bash that, the brace could driblet to the 50-SMA.

LEO/USD

UNUS SED LEO (LEO) has been trading successful a gradual uptrend for the past respective weeks wherever the 50-day SMA ($3.55) has been acting arsenic a beardown support.

The bears attempted to propulsion the terms beneath the 50-day SMA connected Jan. 7 but the bulls did not relent. This resulted successful a beardown rebound connected Jan. 8 which pushed the LEO/USD brace backmost supra the 20-day EMA ($3.69).

The bulls volition present effort to thrust the terms supra the all-time precocious astatine $3.92. If they succeed, the brace whitethorn resume its uptrend and scope $4.25. This affirmative presumption volition invalidate if the terms turns down and plummets beneath the 50-day SMA. That could commencement a correction to $3.40.

The brace has been trading wrong an ascending transmission pattern. The bears mounted a beardown absorption adjacent $3.85, which whitethorn person attracted profit-booking from short-term traders. That pulled the brace down to the enactment enactment of the transmission wherever buyers stepped successful and arrested the decline.

The bulls are again attempting to propulsion and prolong the terms supra $3.85. If they negociate to bash that, the brace could commencement its travel toward the absorption enactment of the channel. The bears volition person to descend and prolong the terms beneath the transmission to invalidate the bullish view.

ONE/USDT

Harmony (ONE) has been trading betwixt the 20-day EMA ($0.27) and $0.33 for the past fewer days. This suggests that bulls are buying connected dips and bears are selling connected rallies.

The rising 20-day EMA and the RSI successful the affirmative territory suggest vantage to buyers. If bulls thrust the terms supra $0.33, the up-move could resume. The ONE/USDT brace could past effort to emergence to $0.38.

Contrary to the assumption, if the terms breaks beneath the 20-day EMA, it volition suggest that bears person overpowered the bulls. That could propulsion the brace down to the 50-day SMA ($0.24) and aboriginal to $0.21.

The 4-hour illustration has been rising wrong an ascending transmission pattern. Although bulls pushed the terms supra the channel, they could not prolong the higher levels. This suggests that bears tried to trap the assertive bulls.

The terms dipped backmost into the transmission but a insignificant affirmative is that it bounced disconnected the 50-SMA. This indicates that sentiment remains affirmative and bulls are buying connected dips.

If the terms rises supra the 20-EMA, the brace could again rally to the absorption enactment of the channel. A interruption and adjacent supra this level could awesome a prime up successful momentum. Conversely, a interruption and adjacent beneath the 50-SMA could propulsion the brace down to the enactment enactment of the channel.

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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