Top 5 cryptocurrencies to watch this week: BTC, VET, THETA, RUNE, AAVE

2 years ago

Bitcoin (BTC) is attempting to clasp supra its closest enactment level and traders are watching to spot if the terms tin stay beardown and close supra the 2022 yearly unfastened price astatine $46,200 for the 2nd week successful a row.

April has historically been the best performing period of the twelvemonth for the S&P 500, according to Sam Stovall, main concern strategist astatine CFRA. If past repeats itself and the adjacent correlation betwixt the U.S. equity markets and Bitcoin continues, it could bode good for the crypto markets successful the adjacent term.

Another sentiment booster could beryllium that the 19th cardinal Bitcoin entered circulation connected April 1. For the remaining 2 cardinal Bitcoin, the crypto markets volition person to hold for a agelong clip due to the fact that the past Bitcoin is expected to beryllium mined by 2140. This could displacement absorption connected however lone a tiny quantity of Bitcoin is near to beryllium mined and its increasing request could pb to scarcity and boost prices higher.

Could Bitcoin clasp supra its captious enactment and if it does, volition altcoins rally? Let’s survey the charts of the top-5 cryptocurrencies that whitethorn widen their betterment successful the abbreviated term.

BTC/USDT

Bitcoin is witnessing a pugnacious tussle betwixt the bulls and the bears adjacent the important level astatine $45,400. The bears tried to propulsion and prolong the terms beneath this level but the bulls held their ground. This suggests that the bulls are attempting to flip the level into support.

The upsloping 20-day exponential moving mean ($44,333) and the comparative spot scale (RSI) successful affirmative territory bespeak the way of slightest absorption is to the upside. The captious level to ticker connected the upside is the 200-day elemental moving mean ($48,276).

If bulls thrust the terms supra this barrier, the BTC/USDT brace is apt to prime up momentum. The rally could look insignificant absorption astatine the intelligence level astatine $50,000 but if this level is crossed, the adjacent halt could beryllium $52,000.

Contrary to this assumption, if the terms turns down from the existent level oregon the overhead resistance, the bears volition again effort to propulsion the brace beneath $45,400 and the 20-day EMA. If that happens, the brace could driblet to the 50-day SMA ($41,615).

The 4-hour illustration shows that the terms has been correcting since hitting the absorption enactment of the ascending channel. Recovery attempts by the bulls are facing stiff absorption astatine the downtrend line. If bulls propulsion and prolong the terms supra the downtrend line, the brace could emergence to the absorption enactment of the channel.

A interruption and adjacent supra the transmission could awesome the resumption of the uptrend. Alternatively, if the terms turns down from the downtrend line, the bears volition effort to descend the brace to $44,000. If this level cracks, the diminution whitethorn widen to $42,594.

VET/USDT

VeChain (VET) surged supra the overhead absorption astatine $0.07 connected March 27 but the bears stalled the betterment astatine the 200-day SMA ($0.09). A insignificant affirmative is that the bulls person not allowed the terms to descent beneath the breakout level astatine $0.07.

If the terms turns up from the existent level, the bulls volition marque 1 much effort to wide the overhead hurdle astatine the 200-day SMA. If they negociate to bash that, it volition suggest a imaginable alteration successful trend. The VET/USDT brace could past rally to $0.10 and aboriginal to $0.13.

The rising 20-day EMA ($0.06) and the RSI successful the affirmative territory bespeak vantage to buyers. This bullish presumption volition invalidate if the terms turns down and breaks beneath the 20-day EMA. Such a determination could propulsion the brace to the 50-day SMA ($0.05).

The 20-EMA has flattened retired and the RSI is adjacent the midpoint connected the 4-hour chart, indicating a equilibrium betwixt proviso and demand. If the terms breaks supra $0.08, the bulls volition effort to propel the brace supra $0.09. If they bash that, the brace could widen its up-move.

Conversely, if the terms turns down and breaks beneath the 50-SMA, the brace could driblet to the captious level astatine $0.07. If bulls flip this level into support, the brace volition again effort to emergence supra $0.09 but if the enactment astatine $0.07 cracks, the bears whitethorn beryllium backmost successful the game.

THETA/USDT

Theta Network’s THETA token has been range-bound betwixt $2.50 and $4.40 for the past respective weeks. The bulls attempted to propulsion the terms supra the overhead absorption but failed. This suggests that the bears proceed to support the level aggressively.

If the terms does not interruption beneath $3.80, it volition suggest that traders are not closing their positions successful a hurry arsenic they expect the up-move to continue. The upsloping 20-day EMA ($3.54) and the RSI adjacent the overbought portion bespeak that the way of slightest absorption is to the upside.

If buyers thrust the terms supra the overhead portion betwixt $4.40 and the 200-day SMA ($4.77), it volition awesome the commencement of a imaginable uptrend. The THETA/USDT brace could past prime up momentum and rally to $6.

Contrary to this assumption, if the terms slides beneath the 20-day EMA, the adjacent halt could beryllium the 50-day SMA ($3.17). Such a determination volition suggest that the brace whitethorn stay range-bound for a fewer much days.

The 4-hour illustration shows that the bears person repeatedly thwarted attempts by the bulls to thrust the terms supra the overhead absorption astatine $4.40. The 20-EMA has flattened retired and the RSI is adjacent the midpoint, indicating a equilibrium betwixt proviso and demand.

If the terms slips beneath the 50-SMA, the short-term vantage could tilt successful favour of the sellers. The terms could past driblet to $3.50. On the different hand, the bulls volition summation the precocious manus if the terms breaks and sustains supra the overhead resistance.

RUNE/USDT

THORChain (RUNE) has been trading wrong a ample descending triangle signifier for respective months. The crisp rally of the past fewer days pushed the terms to the downtrend enactment of the triangle wherever the bears are mounting a beardown resistance.

If the terms turns down from the existent level, the RUNE/USDT brace could driblet to the 20-day EMA ($9.75). This is an important level to ticker retired for due to the fact that if the terms rebounds disconnected the 20-day EMA, it volition suggest that the sentiment remains affirmative and traders are buying connected dips.

That whitethorn heighten the prospects of a interruption supra the downtrend line. If that happens, the bearish triangle setup volition invalidate, which could beryllium a bullish sign. The brace whitethorn past rally to $17.

This bullish presumption volition beryllium negated successful the abbreviated word if the terms turns down and breaks beneath the 20-day EMA. That could propulsion the brace down to the 200-day SMA ($7.88).

The 4-hour illustration shows that the brace is facing beardown absorption adjacent $13. A insignificant affirmative is that the bulls person not allowed the terms to dip and prolong beneath $11. Therefore, this becomes an important level to support an oculus on.

If the terms breaks beneath this support, the brace could driblet to the adjacent large enactment astatine $10. Conversely, if the terms rebounds disconnected $11, the buyers volition again effort to resume the uptrend by driving the brace supra the overhead resistance.

AAVE/USDT

Aave (AAVE) broke retired of the downtrend enactment connected March 29 which indicated a imaginable alteration successful trend. The bears tried to stall the betterment astatine the 200-day EMA ($226) but the bulls did not springiness up overmuch ground.

The buying resumed connected April 1 and the AAVE/USDT brace broke supra the 200-day SMA. If the terms sustains supra the 200-day SMA, it volition awesome the commencement of a caller up-move.

If bulls thrust the terms supra $262, the rally whitethorn widen to the intelligence level astatine $300. The bears whitethorn equine a stiff absorption astatine this level but if bulls flooded this barrier, the up-move could scope $350.

This bullish presumption volition invalidate successful the abbreviated word if the terms turns down and plummets beneath the 200-day SMA. The bears could past propulsion the terms to the 20-day EMA ($187).

The 4-hour illustration shows that the bulls are buying the dips to the 20-EMA. If bulls propulsion the terms supra $261.20, the uptrend could resume. This rally could look absorption successful the overhead portion betwixt $283 and $300.

The RSI is showing signs of a antagonistic divergence, indicating that the bullish momentum whitethorn beryllium weakening. If the terms turns down and breaks beneath the 20-EMA, it volition suggest that the short-term bulls whitethorn beryllium booking profits. That could descend the brace to the 50-SMA.

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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