Top 5 cryptocurrencies to watch this week: BTC, LUNA, AVAX, ETC, EGLD

2 years ago

Bitcoin (BTC) roseate supra $42,000 connected March 19 but the bulls proceed to look a beardown situation from the bears astatine higher levels.

Although Bitcoin’s terms has recovered from $37,578 connected March 13, Cointelegraph marketplace expert Marcel Pechman highlighted that the long-to-short nett ratio of apical traders crossed 3 large exchanges shows that professional traders person not been buying aggressively.

But portion Bitcoin struggles astatine higher levels, prime altcoins are showing strength. Twitter relationship BTCFuel anticipates that altcoins could beryllium entering “the last limb up of the hype phase” and may highest successful the Summer.

Glassnode information shows that investors person withdrawn astir 550,000 Ether (ETH) from centralized exchanges year-to-date. Due to the outflows, the exchanges’ nett Ether equilibrium has plummeted from 31.68 cardinal Ether successful June 2020 to 21.72 cardinal Ether.

Could Bitcoin clasp supra the intelligence level astatine $40,000 and volition that displacement absorption to altcoins? Let’s survey the charts of the astir notable 5 cryptocurrencies to find out.

BTC/USDT

Bitcoin is facing absorption adjacent $42,594 which suggests that traders are cautious astatine higher levels. The terms could present descent to the moving averages, which is an important enactment to support an oculus on.

If the terms rebounds disconnected the moving averages, it volition suggest that the bulls are not waiting for a deeper correction to buy. That could amended the prospects of a interruption and adjacent supra the overhead resistance. If that happens, the BTC/USDT brace could rally to $45,400 and aboriginal to the absorption enactment of the ascending channel.

Contrary to this assumption, if the terms turns down and breaks beneath the moving averages, the brace could descent toward $37,000. A bounce disconnected this enactment volition suggest that the brace whitethorn stay range-bound betwixt $37,000 and $42,594 for a fewer days.

The bears volition person to propulsion and prolong the terms beneath the enactment enactment of the transmission to awesome the resumption of the downtrend.

The 4-hour illustration shows that bears are defending the overhead absorption astatine $42,594. If the terms rebounds disconnected the 20-exponential moving average, the bulls volition effort to propulsion the brace supra the overhead resistance. If they negociate to bash that, the brace could rally toward $45,400.

Conversely, if the terms slips beneath the 20-EMA, it volition suggest that the short-term traders whitethorn beryllium selling adjacent the overhead resistance. That could unfastened the doors for a imaginable driblet to the 50-simple moving average. If this enactment cracks, the diminution could widen to $37,000.

LUNA/USDT

Terra’s LUNA token rebounded disconnected the 20-day EMA ($86) connected March 18, indicating beardown buying astatine little levels. Both moving averages are sloping up and the comparative spot scale (RSI) is successful the affirmative territory, indicating an vantage to buyers.

If buyers thrust and prolong the terms supra $96, the LUNA/USDT brace could situation the all-time precocious astatine $105. A interruption and adjacent supra this absorption volition suggest the resumption of the uptrend. The brace could archetypal rally to $115 and past to $125.

Alternatively, if the terms turns down from $96, the brace could again driblet to the 20-day EMA. A interruption and adjacent beneath this enactment volition suggest that the bullish momentum is weakening. The brace could past descent to the beardown enactment portion astatine $75 to $70.

The brace has been consolidating betwixt $85 and $96. Although the bears had pulled the terms beneath $85, they could not prolong the little levels. This indicates beardown buying connected dips. Both moving averages are crisscrossing each other, suggesting a range-bound enactment successful the adjacent term.

If the terms rises supra $96, the vantage volition displacement successful favour of buyers and the brace could past rally to $105.

Conversely, if the terms turns down from $96, the brace could driblet to the moving averages and past to $85. The bears volition person to propulsion and prolong the terms beneath the $85 to $82 enactment portion to awesome the commencement of a deeper correction.

AVAX/USDT

Avalanche (AVAX) broke and closed supra the downtrend enactment of the descending transmission connected March 18, indicating a imaginable alteration successful trend. However, the bears person different plans and are presently attempting to propulsion the terms backmost beneath the breakout level.

If the terms turns down from the existent level but rebounds disconnected the downtrend enactment of the channel, it volition suggest that the breakout is valid. That increases the anticipation of a rally to the intelligence level astatine $100. The rising 20-day EMA ($78) and the RSI successful the affirmative portion bespeak vantage to buyers.

Conversely, if the terms re-enters the transmission and breaks beneath the moving averages, it volition bespeak that the caller breakout was apt a bull trap. That whitethorn drawback respective buyers disconnected guard, resulting successful a imaginable diminution beneath the uptrend line.

The 4-hour illustration shows that the emergence supra the transmission had pushed the RSI into the overbought territory. This whitethorn person resulted successful profit-booking from short-term traders. The brace could present driblet to the 20-EMA, which is apt to enactment arsenic a beardown support.

If the terms rebounds disconnected this level, it volition suggest that the sentiment has turned bullish and traders are buying connected dips. That volition summation the likelihood of the continuation of the up-move.

On the contrary, a interruption and adjacent into the transmission volition suggest that the bullish momentum has weakened. That could propulsion the brace down to the 50-SMA.

ETC/USDT

Ethereum Classic (ETC) picked up momentum aft it broke and closed supra the downtrend line. Strong buying has pushed the terms adjacent the stiff overhead absorption astatine $38. The bears are apt to support this level with vigor.

If the terms turns down from the existent level, the ETC/USDT brace could driblet to $32. The 20-day EMA ($28) has started to crook up and the RSI is successful the overbought zone, putting the vantage with the buyers.

If the terms does not springiness up overmuch crushed from the existent level oregon rebounds powerfully disconnected $32, the bulls volition again effort to wide the overhead hurdle astatine $38. If they succeed, the brace could rally to $45 and thereafter to $50.

Alternatively, if the terms turns down and breaks beneath $32, the adjacent halt could beryllium the 20-day EMA. A interruption and adjacent beneath this level volition suggest that bears are backmost successful the game.

The 4-hour illustration shows that the brace embarked connected a vertical rally aft breaking retired of the downtrend line. This pushed the RSI heavy into the overbought territory. Such overbought levels are usually followed by crisp declines.

The brace could driblet to the 38.2% Fibonacci retracement level astatine $33 and aboriginal to the 50% retracement level astatine $32. The bulls are apt to support this portion aggressively. If the terms rebounds disconnected this enactment zone, the buyers volition effort to thrust the brace supra the overhead absorption and resume the uptrend.

The bullish momentum whitethorn weaken connected a interruption and adjacent beneath $32. The brace could past driblet to the 61.8% Fibonacci retracement level astatine $30.

EGLD/USDT

Elrond (EGLD) broke and closed supra the moving averages connected March 15, indicating that bulls are attempting a comeback. The bears person been attempting to propulsion the terms backmost beneath the moving averages but the bulls person thwarted their efforts.

The 20-day EMA ($151) has started to crook up gradually and the RSI has risen into the affirmative territory. This suggests that the way of slightest absorption is to the upside. If buyers propulsion the terms supra $169, the EGLD/USDT brace could widen its up-move to the intelligence level astatine $200. The bears are expected to equine a beardown defence astatine this level.

This affirmative presumption volition invalidate if the terms turns down and plummets beneath the 20-day EMA. Such a determination volition suggest that the caller interruption supra the 50-day SMA ($155) whitethorn person been a carnivore marketplace rally. The brace could past again driblet to $125.

The bulls pushed the terms supra the overhead absorption astatine $160 but the bears rapidly pulled the terms down and attempted to trap the assertive bulls. Although the terms broke beneath the 20-EMA, the bears did not physique upon this advantage. This indicates beardown buying astatine little levels.

The bulls person again pushed the terms backmost supra $160 and are trying to resume the up-move. The bullish momentum could prime up connected a interruption and adjacent supra $169. This affirmative presumption volition beryllium negated if the terms turns down and breaks beneath $152.

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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