Top 5 cryptocurrencies to watch this week: BTC, MANA, MKR, ZEC, KCS

2 years ago

Bitcoin (BTC) has been comparatively calm during the play arsenic crypto traders effort to rebuild the markets aft the Terra LUNA debacle. With macro factors not supportive, respective analysts expect the recovery to beryllium a dilatory grind.

Crypto probe steadfast Delphi Digital said successful a caller study that the rally successful the United States dollar scale (DXY) had pushed its 14-month comparative spot scale “above 70 for the archetypal clip since its precocious 2014 to 2016 tally up.”

Historically, 11 retired of 14 specified instances had resulted successful the DXY rising astir 5.7% implicit the pursuing 12 months. If the inverse correlation betwixt the DXY and Bitcoin remains intact, that could spell occupation for crypto investors.

Arthur Hayes, erstwhile CEO of crypto derivatives level BitMEX, said successful his latest blog station that the crypto markets “must beryllium allowed clip to heal” aft the bloodbath. He said that if Bitcoin drops to $20,000 and Ether (ETH) to $1,300, he would crook into a buyer.

Although crypto markets are successful a downtrend, periodic carnivore marketplace rallies could connection short-term trading opportunities. Let’s survey the charts of the top-5 cryptocurrencies that whitethorn bounce if the sentiment improves.

BTC/USDT

Bitcoin attempted a beardown bounce connected May 13 but the agelong wick connected the day’s candlestick suggests that bears are successful nary temper to fto spell of their advantage. However, a insignificant affirmative is that the bears person not been capable to prolong the terms beneath the important enactment astatine $28,805.

The betterment could deed a hurdle astatine the 38.2% Fibonacci retracement level astatine $31,721 and again astatine the 20-day exponential moving mean ($33,985).

If the terms turns down from either resistance, the bears volition fancy their chances and effort to descend the BTC/USDT brace beneath $26,700. If they negociate to bash that, the downtrend could resume. The adjacent enactment connected the downside is $25,000 and past $21,800.

Contrary to this assumption, if buyers thrust the terms supra the 61.8% Fibonacci retracement level astatine $34,823, it volition suggest that the selling unit whitethorn beryllium weakening. That could effect successful a crisp rally to the 50-day elemental moving mean ($39,626) wherever the bears are again expected to airs a beardown challenge.

The bulls are buying the dips to the captious enactment astatine $28,805 portion the bears are attempting to stall the betterment astatine the downtrend line. The 20-EMA has flattened retired and the RSI has risen to the midpoint, indicating a equilibrium betwixt proviso and demand.

If buyers propel the terms supra the downtrend line, it volition bespeak vantage to buyers. The bulls could past propulsion the terms to $32,659. A interruption and adjacent supra this level could wide the way for a imaginable rally to the 200-SMA.

Conversely, if bears propulsion the terms beneath $28,805, the brace could driblet to $27,700. The bulls are apt to support this enactment aggressively due to the fact that a interruption beneath it could awesome the resumption of the downtrend.

MANA/USDT

Decentraland (MANA) has been successful a beardown downtrend for the past respective days. The bulls aggressively defended the diminution to $0.60 connected May 12 resulting successful a betterment to the 20-day EMA ($1.36).

In a downtrend, the bears merchantability connected rallies to the 20-day EMA. If the terms turns down sharply from the existent level, the bears volition again effort to retest the enactment astatine $0.60. A interruption and adjacent beneath this level could bespeak the resumption of the downtrend. The MANA/USDT brace could past widen its diminution to the intelligence level astatine $0.50.

Conversely, if bulls bash not springiness up overmuch crushed from the existent level, it volition suggest that traders are buying connected dips. That could heighten the prospects of a interruption supra the 20-day EMA. If that happens, the brace could rally to the 50-day SMA ($1.94).

The beardown rebound disconnected the 0.60 level has risen supra the 50-SMA. Although bears tried to propulsion the brace down, the bulls bought the dips to the 20-EMA. This suggests that bulls are attempting a comeback. The buyers volition present effort to propulsion the terms to the 200-SMA which is apt to enactment arsenic a beardown resistance.

Contrary to this assumption, if the terms turns down from the existent level and breaks beneath the 20-EMA, it volition suggest that bears are progressive astatine higher levels. That could propulsion the terms down to $0.95. If this level cracks, the brace could retest the important enactment astatine $0.60.

MKR/USDT

Maker (MKR) bounced disconnected the intelligence enactment astatine $1,000 connected May 12 indicating that bulls are defending this level with each their might. The bulls pushed the terms to the 50-day SMA ($1,754) connected May 13 but the agelong wick connected the day’s candlestick shows beardown selling astatine higher levels.

However, a affirmative motion is that the bulls did not springiness up crushed connected May 13 and resumed the alleviation rally. The 20-day EMA ($1,440) has started to crook up and the RSI is conscionable supra the midpoint, suggesting a insignificant vantage to buyers.

The bulls volition effort to thrust the terms supra the 50-day SMA. If they succeed, it volition wide the way for a imaginable rally to the 200-day SMA ($2,179).

Alternatively, if the terms turns down from the existent level oregon the 50-day SMA, it volition suggest beardown selling astatine higher levels. The bullish momentum could weaken if bears propulsion and prolong the terms beneath the 20-day EMA.

The 200-SMA has been repeatedly acting arsenic a beardown absorption but a affirmative motion is that the bulls are buying the dips to the 20-EMA. This suggests a alteration successful sentiment from selling connected rallies to buying connected dips.

If buyers prolong the terms supra the 200-SMA, the MKR/USDT brace could prime up momentum and rally to $1,800 and aboriginal to $1,900. Conversely, if the terms turns down from the existent level and breaks beneath the 20-EMA, the brace could driblet to the 50-SMA.

ZEC/USDT

Zcash (ZEC) has successfully held the beardown enactment astatine $81 successful the past fewer days. Although bears pulled the terms beneath this enactment connected May 11 and May 12, they could not prolong the little levels. This indicates beardown request from the bulls.

The ZEC/USDT brace could present emergence to the 20-day EMA ($114). This level had acted arsenic a beardown hurdle during the erstwhile pullback connected May 5. Therefore, the bears volition effort to stall the betterment astatine the 20-day EMA.

If they negociate to bash that, the terms could again driblet toward the important enactment astatine $81. The bears volition person to prolong the terms beneath this level to commencement the adjacent limb of the downtrend.

Alternatively, if bulls propulsion the terms supra the 20-day EMA, the brace could emergence to $135 wherever the bears whitethorn equine a beardown defense. The bulls volition person to propulsion the terms supra the 200-day SMA ($150) to awesome a imaginable alteration successful trend.

The bulls person pushed the terms supra the 50-SMA connected the 4-hour chart, This suggests that request remains intact astatine higher levels. The 20-EMA has started to crook up and the RSI is successful the affirmative zone, indicating that sellers whitethorn beryllium losing their grip.

The buyers could look absorption successful the portion betwixt $108 to $116 but if they flooded this barrier, the betterment could scope $135.

On the downside, the archetypal motion of weakness volition beryllium a interruption and adjacent beneath $87. That could unfastened the doors for a retest of the important enactment portion betwixt $81 and $69. A interruption and adjacent beneath $69 could bespeak the resumption of the downtrend.

KCS/USDT

KuCoin Token (KCS) rebounded sharply disconnected the beardown enactment astatine $9 connected May 12. The alleviation rally has risen supra the archetypal hurdle astatine the 38.2% Fibonacci retracement level astatine $12.89, which is simply a mild positive.

The KCS/USDT brace could adjacent emergence to the 50% retracement level astatine $14.95 and aboriginal rally to the captious overhead absorption astatine the 20-day EMA ($15.45). This is an important level to support an oculus connected due to the fact that a interruption supra it could awesome that the downtrend whitethorn person ended.

Contrary to this assumption, if the terms turns down sharply from the existent level, the bears volition again effort to descend the brace beneath the important enactment astatine $9. If this level cracks, the brace could resume its downtrend and diminution to $5 and thereafter to $4.40.

The bulls person pushed the terms to the 50-SMA indicating a beardown comeback attempt. The 20-EMA has started to crook up gradually and the RSI has jumped into the affirmative territory, suggesting that the way of slightest absorption is to the upside.

If bulls propulsion the terms supra the 50-SMA, the brace could rally to $15. The bullish momentum could prime up further if buyers flooded this barrier. This affirmative presumption could invalidate successful the abbreviated word if the terms turns down from the 50-SMA and breaks beneath $12. The bears volition past effort to descend the brace to the beardown enactment astatine $9.

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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