Top 5 cryptocurrencies to watch this week: BTC, NEAR, ATOM, FTM, FTT

2 years ago

Bitcoin (BTC) has stopped its diminution and is attempting a betterment on with prime altcoins. Some traders person been fearing a monolithic sell-off successful Bitcoin but Capriole CEO Charles Edwards said that Bitcoin’s worst crashes person happened “due to miner capitulation (December 2018 and March 2020), erstwhile BTC fell beneath accumulation costs.” However, the current accumulation outgo of Bitcoin was $34,000, which is good beneath the existent price.

In a motion that organization investors stay bullish connected the crypto assemblage adjacent aft the caller fall, Cathie Wood's Ark Invest bought 6.93 cardinal shares of the peculiar acquisition acquisition institution that volition merge with Circle, the main relation of USD Coin (USDC) and the second-largest stablecoin successful presumption of marketplace capitalization.

Another motion that the crypto markets are maturing is the information that nonfungible tokens (NFTs) person not responded negatively to the autumn successful crypto prices. A caller study by DappRadar said that NFT trading successful the archetypal 10 days of 2022 generated $11.90 cardinal compared to $10.7 cardinal successful Q3 2021.

Could Bitcoin proceed its betterment and propulsion prime altcoins higher? Let’s survey the charts of the top-5 cryptocurrencies to find out.

BTC/USDT

The bulls are struggling to propel Bitcoin supra the 20-day exponential moving mean ($44,415) for the past fewer days but a insignificant affirmative is that buyers person not fixed up overmuch ground. This suggests that bulls are buying connected each insignificant dip.

If buyers propulsion and prolong the terms supra the 20-day EMA, it volition awesome a imaginable alteration successful trend. The BTC/USDT brace could past rally to the 50-day elemental moving mean ($47,987) wherever the bears whitethorn again equine a stiff resistance. A interruption and adjacent supra this absorption could wide the way for a rally to $52,088.

Contrary to this assumption, if the terms fails to emergence supra the 20-day EMA, it volition suggest that the sentiment remains antagonistic and traders are selling connected rallies. The bears volition past effort to descend the terms beneath the captious enactment astatine $39,600. If they succeed, the brace could widen its downtrend.

The moving averages person flattened retired and the comparative spot scale (RSI) is conscionable supra the midpoint connected the 4-hour chart. This suggests a range-bound enactment successful the abbreviated term. The brace could stay stuck betwixt $39,600 and $45,456.

A interruption and adjacent supra $45,456 could tilt the vantage successful favour of the bulls, signaling the commencement of a imaginable rally to $52,088. Alternatively, a interruption and adjacent beneath $39,600 could bespeak the resumption of the downtrend.

NEAR/USDT

NEAR Protocol’s NEAR token is successful a beardown uptrend. The terms broke supra the erstwhile all-time precocious astatine $17.95 connected Jan. 11, signaling the resumption of the up-move. The bears pulled the terms backmost beneath $17.95 connected Jan. 12 but the bulls bought this dip and reclaimed the level connected Jan. 13.

Both moving averages are sloping up and the RSI is successful the affirmative territory, indicating that the way of slightest absorption is to the upside. If bulls bash not let the terms to dip beneath the breakout level astatine $17.95, the NEAR/USDT brace could rally to $25.44.

Alternatively, if bears propulsion the terms beneath $17.95, the brace could driblet to the 20-day EMA ($16.42). A bounce disconnected this level could support the uptrend intact but a interruption and adjacent beneath it volition suggest that traders are rushing to the exit. The brace could past diminution to $13.

The 4-hour illustration shows that the terms has been taking enactment astatine the 20-EMA. The upsloping moving averages and the RSI successful the affirmative territory bespeak that the short-term inclination favors the buyers.

If bulls propel the terms supra $20.59, the uptrend could begin. The brace could past emergence to $22 and aboriginal to $25.

Contrary to this assumption, if the terms drops beneath the 20-EMA, it volition bespeak that short-term traders whitethorn beryllium booking profits. The brace could past driblet to the 50-SMA. A interruption and adjacent beneath this enactment volition bespeak the commencement of a deeper correction.

ATOM/USDT

Cosmos (ATOM) is attempting to signifier an inverse caput and shoulders pattern, which volition implicit connected a breakout and adjacent supra the overhead absorption astatine $44.80.

The rising moving averages and the RSI successful the overbought territory bespeak that the way of slightest absorption is to the upside. A adjacent supra $44.80 could unfastened the gates for a rally to the intelligence level astatine $50 and past toward the signifier people astatine $69.42.

Alternatively, if the terms turns down from the overhead resistance, the ATOM/USDT brace could driblet to the 20-day EMA ($36). This is simply a cardinal level for the bulls to defend. If the terms rebounds disconnected this level, the bulls volition again effort to thrust the brace supra the overhead absorption and resume the uptrend.

A interruption and adjacent beneath the 20-day EMA volition beryllium the archetypal motion that the up-move could beryllium losing steam. The brace could past driblet to $32.90.

The 4-hour illustration shows that the terms has breached retired of the symmetrical triangle pattern, indicating that the uncertainty has resolved successful favour of the buyers. The bears whitethorn effort to support the overhead absorption astatine $44.80 but if they fail, the brace could rally to the signifier people astatine $51.19.

Alternatively, if the bears successfully support the absorption astatine $44.80, the brace could driblet to the 20-EMA. If the terms rebounds disconnected this support, the bulls volition again effort to wide the overhead hurdle. This affirmative presumption volition beryllium negated connected a interruption and adjacent beneath the 50-SMA.

FTM/USDT

Fantom (FTM) is successful a beardown uptrend. The terms enactment of the past fewer days has formed an inverse (IH&S) which volition implicit connected a interruption and adjacent supra $3.17.

The bears whitethorn effort to stall the rally astatine $3.48 but if bulls propulsion the terms supra this level, the adjacent limb of the uptrend could begin. The up-move could archetypal scope $4 and aboriginal proceed its travel toward the signifier people astatine $5.11.

Contrary to this assumption, if the terms turns down from the overhead resistance, the bears volition effort to propulsion the FTM/USDT brace to the 20-day EMA ($2.62). If the terms turns up from this level, it volition suggest that the sentiment remains affirmative and traders are buying the dips.

However, a interruption and adjacent beneath this enactment volition awesome the commencement of a deeper correction to the 50-day SMA ($2.07).

The bears attempted to stall the up-move astatine $3.17 but the bulls had different plans. They bought the dip to the 20-EMA and person pushed the terms supra the overhead barrier. If bulls prolong the terms supra the breakout level, it volition awesome the resumption of the uptrend.

On the different hand, if bears propulsion the terms beneath $3.17, the brace could driblet to the 20-EMA. This is an important level to ticker retired for due to the fact that a interruption and adjacent beneath it could bespeak that the existent breakout whitethorn person been a bull trap. The brace could past driblet to $2.80 and aboriginal to the 50-SMA.

FTT/USDT

FTX Token (FTT) has been successful a beardown corrective signifier for the past respective weeks. The bulls pushed the terms supra the downtrend enactment connected Jan. 14, signaling a imaginable alteration successful trend.

The moving averages are connected the verge of a bullish crossover and the RSI has risen supra 64 aft forming a affirmative divergence. This suggests that bulls are attempting a comeback. If the terms sustains supra the downtrend line, the FTT/USDT brace could emergence to $53.50.

Contrary to this assumption, if the terms turns down from the existent level and breaks beneath the moving averages, it volition suggest that the breakout was a bull trap. That could propulsion the terms down to $33.76. A interruption and adjacent beneath this enactment could unfastened the doors for a imaginable driblet to $24.

The 4-hour illustration shows the enactment of a falling wedge pattern. The buyers pushed the terms supra this signifier and person besides cleared the horizontal absorption astatine $45.07.

Both moving averages are sloping up and the RSI is successful the overbought zone, indicating that bulls person the precocious hand. If bulls support the terms supra $45.07, the brace could commencement its march toward the intelligence absorption astatine $50.

This affirmative presumption volition invalidate if the terms turns down and re-enters the wedge. Such a determination volition bespeak that request dries up astatine higher levels.

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.

View source