Top 5 cryptocurrencies to watch this week: BTC, AVAX, MATIC, EGLD, MANA
Bitcoin (BTC) is witnessing a tough tussle near the $58,000 mark but that has non stopped select altcoins from striking a new all-time high. This shows that traders are watching the fundamental developments on private coins.
I of the recent top-performing major altcoins has been Avalanche (AVAX), which has soared more than 120% in November. The money caught traders' attending leading up to the announcement by bookkeeping firm Deloitte, which plans to build its disaster relief platforms on the Avalanche blockchain.
In another step that shows growing crypto adoption, El Salvador'south President Nayib Bukele announced the launch of Bitcoin Metropolis, which will exist powered by geothermal energy and initially funded by $ane billion worth of Bitcoin bonds.
Could strong buying at lower levels heave Bitcoin to a higher place $60,000 and will altcoins participate in the recovery? Let's study the charts of the top five cryptocurrencies that could attract traders' attending in the short term.
BTC/USDT
Bitcoin reversed direction from $55,600 on Nov. xix but the recovery is facing resistance at the l-day simple moving average (SMA) ($60,187). The moving averages are on the verge of a bearish crossover and the relative strength index (RSI) is in the negative area, indicating that bears are making a potent comeback.
If the price turns down from the current level, the bears will attempt to extend the correction by pulling the BTC/USDT pair below $55,600. If that happens, the next finish could be the potent support zone at $l,000 to $52,500.
If the cost rebounds off this zone, the bulls will try to push the pair above the moving averages and the downtrend line. Such a motility volition indicate that the corrective phase may be over. The bulls will then endeavour to bulldoze the price in a higher place the all-fourth dimension high at $69,000.
Alternatively, a pause below the psychological support at $50,000 could intensify selling equally traders blitz to the exit. The pair could and so drop to $45,000 and later to $40,000.
The four-60 minutes chart shows that bears pulled the price below the strong support at $58,000 but they could non build upon this advantage. The bulls bought the dip and have pushed the price back above the twenty-exponential moving average (EMA).
If the toll sustains in a higher place $58,000, the pair could rally to the downtrend line. A break and close to a higher place this resistance could indicate that bulls take the upper hand. The pair could and so rally to $62,000 and later to $67,000.
Conversely, if the price turns down from the current level and breaks below $55,600, information technology will signal the possible showtime of a deeper correction.
AVAX/USDT
Avalanche is in a strong uptrend and has consistently been making new highs for the past few days. The bulls pushed the price to a higher place the 200% Fibonacci extension level at $146.xviii November. 21 but the long wick on the mean solar day'southward candlestick shows turn a profit-booking at higher levels.
The rising 20-twenty-four hours EMA (96) indicates that bulls are in command but the RSI near 80 suggests that the rally may be overheated in the near term. This could effect in a minor correction or consolidation in the next few days.
If the price turns down from the electric current level of $110, then the 20-twenty-four hours EMA may human action as a strong support. A sharp rebound off either level will propose that the bulls are viewing the dips every bit a buying opportunity. The pair could and so march toward the 261.viii% Fibonacci extension level at $175.58.
Contrary to this assumption, if the price breaks beneath the twenty-day EMA, it will suggest that traders are rushing to the exit. That may pull the AVAX/USDT pair to $81.
The pair has turned down from $147, indicating aggressive profit-booking at higher levels. The bears will at present attempt to pull the cost to the xx-EMA, which is likely to act as a stiff support.
If the cost rebounds off the 20-EMA, it will betoken strong buying on dips. The bulls will then try to resume the uptrend by pushing the pair above $147.
Reverse to this assumption, if the toll breaks below the 20-EMA, the selling could advance and the pair may drop to $110. Such a motion will suggest that the bulls may be losing their grip. The pair could thereafter drop to the 50-SMA.
MATIC/USDT
Polygon (MATIC) has been trading within an ascending channel blueprint for the past few days. The bulls pushed the price higher up the resistance line of the aqueduct on October. 28 and 29 only failed to sustain the breakout. This may accept prompted selling from short-term traders.
The bears again successfully dedicated the resistance line on November. 3. This started the downwards journey toward the trendline of the channel. The downsloping twenty-day EMA ($i.69) and the RSI just below the midpoint point a minor advantage to sellers.
If the price turns down from the current level, the MATIC/USDT pair could drop to the trendline. The bulls are expected to defend this level aggressively. If the toll rebounds off the trendline and rises above the twenty-24-hour interval EMA, it will indicate that the selling pressure level may be decreasing. That may signal the starting time of the due north journey toward the resistance line.
Reverse to this assumption, if bears sink the price below the trendline, it could issue in a decline to the psychological support at $i.
The four-hour chart shows that bulls are attempting to stage a relief rally from the stiff back up zone at $1.l to $1.40. The 20-EMA has started to plough upwardly and the RSI is most the center, indicating that the selling pressure may be reducing.
If bulls drive the price above $i.70, the pair could rise to $1.80. A break and close to a higher place this level will indicate strength. The pair could then outset its upwards-move toward $2.fifteen. On the downside, the selling may advance if the bears pull the price below $ane.forty.
Related: Seeing red? FUD that! Here's what you should accept bought instead of Bitcoin last calendar week
EGLD/USDT
The bears tried to pull Elrond (EGLD) below the breakout level at $303.03 from Nov. 16 to xviii but the bulls bought the dips as seen from the long tail on the candlesticks. Strong buying on Nov. nineteen pushed the price in a higher place the overhead resistance at $338.seventy.
This resumed the uptrend and the EGLD/USDT pair has reached nigh its pattern target at $427. The sharp rally has pushed the RSI deep into the overbought zone, suggesting that a minor consolidation or correction could be around the corner.
The first back up on the downside is the breakout level at $338.seventy and and so the twenty-solar day EMA ($325). If the toll rebounds off either level, it will suggest that traders continue to buy on dips. The bulls will then attempt to resume the uptrend with the next target objective at $500.
This positive view will be invalidated if the price turns down and plummets below the breakout level at $303.
The four-hour chart shows that bears tried to stall the up-motion at $400 but the bulls were in no mood to relent. Sustained buying at higher levels pushed the pair in a higher place the psychological barrier. The rise twenty-EMA and the RSI in the overbought zone indicate that bulls are firmly in the driver'southward seat.
The first important level to sentry on the downside is $380. If bears pull the price below this support, the pair may drop to the 20-EMA. A strong rebound off this back up could keep the uptrend intact but a break below information technology volition suggest that the bullish momentum may be weakening.
MANA/USDT
Decentraland (MANA) turned down from the 78.6% Fibonacci retracement level at $four.35 on November. twenty. This indicates that traders may be selling on rallies.
The MANA/USDT pair could now drop to the firsthand support at $three.50 and if this level gives way, the correction could deepen to the 20-twenty-four hours EMA ($3.11). If the price rebounds off either support, it will suggest that sentiment remains positive and traders are buying on dips.
The bulls will then try to push button the cost to $4.36. A break and close above this resistance could open the doors for a rally to $4.94. This positive view will invalidate if the price continues lower and breaks below the twenty-day EMA.
The pair has been rising within an ascending channel blueprint. The failure of the bulls to push the price above the resistance line may have prompted selling from traders, pulling the price below the 20-EMA.
Both moving averages take flattened out and the RSI has dipped about the midpoint, suggesting that the bullish momentum may be weakening. The pair could at present drop to the trendline of the channel where buying may emerge.
If the price rebounds off the trendline, the pair could go along its up-move inside the channel. The buyers will and then try to push the price to the resistance line. The bullish momentum could selection upward on a break and close above the aqueduct.
The views and opinions expressed here are solely those of the writer and practice not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves risk, you should bear your ain research when making a conclusion.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-avax-matic-egld-mana
Posted by: pinsonsair1976.blogspot.com
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