In the previous weeks, the cryptocurrency market looked like it was about to lose its major support with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies on the verge of losing their support zone as the sell-off continued. Despite the uncertainty, some altcoins continued to appear green in the face of any sunflower test. Let’s discuss the top 5 cryptocurrencies to watch out for this week.
Disclaimer: The choices included in this article should not be taken as investment advice. Always do your research and never invest more than you can afford to lose.
Top 5 Cryptos- Bitcoin (BTC) Price Analysis on the Daily Chart
Last week saw Bitcoin drop from $19,200 to $18,100 with what looked like manipulation ahead of CPI news; BTC bounced off the main demand zone as the price climbed to $19,600 before it faced a refusal to break and continue above this zone.
Bitcoin price failed to close the weekly candle above $19,500, which created mixed feelings regarding its next move and direction.
BTC is currently trading at $19,400; BTC price needs to break and close above $19,500 to ignite a potential price rally to the $20,020 area.
Top 5 Crypto- Ethereum (ETH) price analysis on the daily (1D) chart
The price of Ethereum in recent weeks has become a shadow of itself after the successful launch of the “Ethereum Merge” as the price failed to show the uptrend it had when the price outperformed BTC in recent months, rising from $1,000 to $2,024.
ETH price rejected from $2030 and continues to the downside. ETH price rejected when price attempted to flip $1,400; ETH price saw its price drop to the $1,270 area, which acted as a major support for ETH price.
ETH price is trading under 50 and 200 Exponential Moving Averages (EMA) on the daily time frame.
If ETH price maintains its bearish structure, we could see the price retest $1,000 as a demand area. ETH price needs to flip $1,400 to support the price to appear safe.
Binance Coin (BNB) Price Analysis on the Daily (1D) Chart
BNB price rejected from its $300 resistance and is currently trading at $270.
BNB lost its ascending structure despite showing strength. BNB price declined to $268 as the price bounced back to reclaim the $270 support area. BNB price needs to rise to the $280-$290 area for the price to remain safe.
BNB price is trading at $272 below the 50 and 200 EMAs, and the $280 and $300 values act as resistance for BNB price.
Quantity Price Analysis (QNT) on the Daily (1D) Chart
QNT price continues to show steady upward trends above the 50 and 200 EMAs. The price saw a rally from $100, forming a good support around that area.
Despite the pullback across the crypto-assets in the market, QNT continued to look strong, respecting the uptrend line.
QNT price broke the resistance at $200, enabling QNT price to move higher. QNT price is facing resistance at $260; If the price breaks this resistance, we can see the price rise to $330, but if it fails to break the resistance, then $200 will be a good support for QNT price.
LEO Price Analysis on the Daily Chart (1D)
LEO price is looking bullish lately as the price is trying to break above the 50 and 200 EMAs, preventing the price from rising. If LEO holds above this area, we could see the price rise to $4.8
Featured image from Medium, Charts from TradingView.com