Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, ACH*, FTM

2 years ago

Bitcoin (BTC) fell close to $34,000 connected Jan. 21, which reflects a 50% diminution from the $69,000 all-time precocious made connected Nov. 10, 2021. Altcoins besides could not subordinate the inclination and faced aggravated selling pressure, which pulled the full crypto marketplace capitalization to $1.6 trillion, a 46% diminution from its November 2021 all-time precocious adjacent $3 trillion.

It is not lone the crypto markets that are facing selling by investors. The S&P 500 has besides plummeted 8% year-to-date. However, golden has outperformed and risen astir 1.76% during the period, cementing its billing arsenic a harmless haven asset.

Several retail traders who purchased Bitcoin adjacent its all-time precocious are voicing their concerns connected societal media. However, El Salvador’s President Nayib Bukele does not look to beryllium disquieted by the caller autumn arsenic helium recently announced a acquisition of 410 Bitcoin astatine an mean terms of astir $36,585 per coin.

Could Bitcoin and altcoins witnesser a bounce aft the caller carnage? Let’s survey the charts of the top-5 cryptocurrencies that whitethorn outperform if a alleviation rally starts.

BTC/USDT

Bitcoin plunged beneath the $39,600 to $37,332. enactment portion connected Jan. 21, indicating panic selling. The selling continued connected Jan. 22 and the terms dipped to $34,008.

The crisp autumn of the past fewer days has pulled the comparative spot scale (RSI) adjacent the 20 level, suggesting that the selling whitethorn person been overdone successful the abbreviated term. Usually, specified oversold levels are followed by a consolidation oregon alleviation rally.

Recovery attempts are apt to look beardown absorption successful the overhead zone. If the $37,332 to $39,600 portion flips into resistance, it volition awesome that the sentiment remains antagonistic and traders are selling connected rallies.

The bears volition past effort to resume the downtrend and descend the BTC/USDT brace to the large enactment astatine $30,000. A interruption and adjacent supra the 20-day exponential moving mean ($41,427) volition beryllium the archetypal denotation that bears whitethorn beryllium losing their grip.

The 4-hour illustration shows that the brace is trading wrong a descending transmission pattern. The bears pulled the terms beneath the transmission but person not been capable to prolong the little levels. This suggests beardown buying by the bulls who person pushed the terms backmost into the channel.

The brace could emergence to the 20-EMA wherever the bears whitethorn again airs a stiff challenge. If the terms turns down from this absorption and plummets beneath $34,008, the selling could intensify. Conversely, a interruption supra the 20-EMA could unfastened the doors for a imaginable emergence to the absorption enactment of the channel.

LUNA/USDT

Terra’s LUNA token has been trading wrong a descending transmission for the past fewer days. The terms dropped to the enactment enactment of the transmission connected Jan. 22 but the bulls purchased this dip aggressively arsenic seen from the agelong process connected the day’s candlestick.

The LUNA/USDT brace could effort a pullback to the moving averages and past to the downtrend enactment of the channel. If bulls propel the terms supra the channel, the brace could emergence toward $87.90 and aboriginal to $93.81.

Contrary to this assumption, if the terms turns down from the existent level oregon the moving averages, it volition suggest that bears are selling connected each insignificant rally. The brace could past retest the enactment enactment of the channel. A interruption beneath this enactment could accelerate the selling.

The 4-hour illustration shows that the alleviation rally has reached the 20-EMA which is an important level to ticker retired for. The marginally downsloping 20-EMA and RSI conscionable beneath the midpoint bespeak a insignificant vantage to bears.

If bulls thrust the terms supra the 20-EMA, the brace could effort a rally toward the downtrend enactment of the channel. Alternatively, if the terms turns down from the existent level, the bears volition fancy their chances and strive to propulsion the brace to the enactment enactment of the channel.

ATOM/USDT

Cosmos (ATOM) turned down from the overhead absorption astatine $40 connected Jan. 17 and plummeted to the 200-day elemental moving mean ($27.57) connected Jan. 22.

The ATOM/USDT brace has rebounded sharply disconnected the 200-day SMA, suggesting that bulls are defending this level aggressively. The buyers volition present effort to propulsion the terms to the 20-day EMA ($35.91).

A interruption and adjacent supra this level could bespeak that the correction whitethorn beryllium over. The brace could past rally to the captious overhead absorption astatine $44.80.

This affirmative presumption volition invalidate if the terms turns down from the existent level oregon the 20-day EMA and breaks beneath the 200-day SMA. Such a determination could unfastened the doorway for a imaginable driblet to $20.

The 4-hour illustration shows a treble apical formation, which completed connected a interruption and adjacent beneath $34. This topping retired signifier has a people nonsubjective of $23.20 and the brace plunged to an intraday debased astatine $27.31.

The alleviation rally from the little levels is facing stiff absorption astatine the breakdown level astatine $34. If bulls propulsion and prolong the terms supra this resistance, the brace could emergence to the downtrend line. A interruption and adjacent supra this enactment volition suggest a imaginable alteration successful trend.

ACH/USDT

Alchemy Pay (ACH) aims to span the spread betwixt the crypto and fiat satellite by achieving seamless transactions betwixt the 2 economies. Its caller concern with MEXC Global volition supply users with respective outgo options successful Japan, Korea, and Indonesia.

Alchemy Pay besides teamed up with Algorand and Avalanche to bring nonstop fiat outgo channels specified arsenic Visa, Mastercard, PayPal and respective section outgo channels to their network.

A caller concern with NIUM volition assistance Alchemy Pay little costs for its clients successful the 190+ countries wherever NIUM operates. NIUM’s licences successful financially important regions specified arsenic the United Kingdom, Europe, U.S., Singapore, Hong Kong and Australia, volition assistance Alchemy Pay successful penetrating these markets.

The network added enactment to Dai aft a caller collaboration with MakerDAO and besides announced a concern with IoTeX (IOTX). The integration enables IOTX to beryllium utilized for business-to-business (B2B) oregon customer-to-business (C2B) payments successful respective parts of the world.

The project’s aggregate partnerships person helped it to grow its enactment to much than 70 countries with 300 outgo channels reaching much than 2 cardinal merchants. ACH was besides listed connected Binance speech connected Jan. 10, making it easier for a larger excavation of traders to transact the coin

ACH has been steadily declining since hitting an all-time precocious successful August 2021. This suggests that traders person been booking profits connected rallies.

THE ACH/USDT brace plunged beneath the beardown enactment portion astatine $0.056 to $0.045 connected Jan. 21, but a insignificant affirmative is that bears could not physique upon this advantage. This indicates beardown request astatine little levels.

If buyers propulsion the terms backmost supra the overhead zone, respective assertive bears who whitethorn person sold precocious whitethorn get trapped. This could effect successful a abbreviated compression which whitethorn propulsion the brace to the downtrend enactment of the descending triangle. The bullish momentum could prime up connected a interruption and adjacent supra the triangle.

On the different hand, if the terms turns down from the overhead zone, it volition suggest a alteration successful sentiment from bargain connected dips to merchantability connected rallies. The bears volition past effort to descend the terms beneath $0.03 and resume the downtrend.

FTM/USDT

Fantom (FTM) broke supra the $3.17 overhead absorption connected Jan. 16 but could not wide the adjacent hurdle astatine $3.48. This whitethorn person attracted profit-booking by traders, resulting successful a crisp pullback.

The bears pulled the terms beneath the 50-day SMA ($2.14) connected Jan. 22 but could not descend the FTM/USDT brace to the 200-day SMA ($1.57). Strong buying by the bulls has pushed the brace backmost supra the 50-day SMA.

The bulls volition present effort to propulsion and prolong the terms supra the 20-day EMA. If they negociate to bash that, the brace could retest the overhead zone.

Conversely, if the terms turns down from the existent level oregon the 20-day EMA, it volition suggest that traders are selling connected rallies. The bears volition past effort to propulsion the brace beneath the 200-day SMA.

The 4-hour illustration shows the enactment of a head-and-shoulders pattern, which had a people nonsubjective astatine $1.70. The brace bounced from $1.77 and has reached the 20-EMA, which is acting arsenic a stiff resistance.

If the terms turns down from the existent level, the bears volition effort to resume the downtrend and descend the brace to $1.30. Conversely, if the terms rises and sustains supra the 20-EMA, the brace could rally to the neckline of the bearish setup and past emergence to $3.00.

LEO/USD

UNUS SED LEO (LEO) plunged and closed beneath the ascending transmission signifier connected Jan.21 but a insignificant affirmative is that bulls bought astatine little levels and are attempting to propulsion the terms backmost supra the moving averages.

If they succeed, the LEO/USD brace could retest the overhead absorption astatine $3.92. A interruption and adjacent supra this level could bespeak the resumption of the uptrend. The brace could past emergence to the absorption enactment of the channel.

If bulls thrust the terms supra the channel, the brace could prime up momentum. This affirmative presumption volition invalidate if the terms turns down from the existent level and breaks beneath $3.37. The brace could past driblet to the beardown enactment astatine the 200-day SMA ($3.19).

The 4-hour illustration shows that bulls repeatedly attempted to propulsion and prolong the terms supra the overhead absorption astatine $3.85 but failed. This whitethorn person attracted profit-booking, resulting successful a diminution to the beardown enactment astatine $3.40.

The crisp rebound disconnected $3.40 indicates assertive buying astatine the level. The bulls volition present effort to propulsion the terms to $3.85. If bulls wide the overhead portion betwixt $3.85 to $3.92, the uptrend could resume. This affirmative presumption volition invalidate connected a interruption and adjacent beneath $3.40.

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.

*Disclaimer: ACH is simply a featured cryptocurrency from 1 of Cointelegraph’s sponsors, its inclusion did not impact this terms analysis.

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