Presenting Before You The Top 5 Cryptocurrencies To Watch This Week: BTC, ETH, ADA, XMR, CRO
A quick round-up of how the top cryptocurrencies are faring this week. Are they rallying up to Bitcoin? Read on for more on the news.
The Bitcoin And Altcoins
It was observed that finally moving above the $10K mark was Bitcoin and as analysis suggested that BTC as well as altcoins continue to rally together.
For the first time since mid-February the total crypto market capitalisation has reached $300 billion as it is a huge positive suggesting increased investor interest in cryptocurrencies and the interest largely was in smaller altcoins with Bitcoin taking a back seat until early this morning.
The fact lies here that Ether has recently joined the altseason party and when it once broke out of its resistance the price skyrocketed higher. For several traders, this comes to result in a missed opportunity who did not buy on the breakout.
As it has been range-bound for a long time, traders are now likely to expect a similar move from the top-ranked cryptocurrency on CoinMarketCap
Thereafter several bulls are coming to start buying Bitcoin without even waiting for the breakout and short positions likely to cover what could provide the needed push to carry the price above the stiff overhead resistance and as momentum picks up, there could be a buying stampede as the traders fear missing out on the rally.
It is better to provide insight into whether altcoins are continuing to lead the market as also the upcoming week is critical in case Bitcoin will join in and shift traders’ focus away from altcoins.
Breaking above the $ 10,000 level today for the first time since early June, Bitcoin is likely to boost sentiment as the bears are unlikely to give up without a fight as they aggressively defend the $ 10,000- $ 10,400 resistance zone.
Here we find the positive thing is that bulls have not given up much ground currently as the price dipped back below the $ 10,000 levels suggesting the minor dips are being purchased.
Increasing the possibility of a break above the $ 10,400 resistance is this change in sentiment as the price sustains above $ 10,400 resulting in short covering and aggressive buying by the bulls.
Quickly carrying the price to $ 11,870.50 is such a move that is the pattern target of the breakout from the bullish ascending triangle pattern.
Completing a bullish inverse head and shoulders pattern is a breakout and close above $ 10,400 that has a target objective of $ 16,997. As the bears will aggressively defend the $ 14,000 levels this target is likely to be achieved in the medium term.
If the price turns down from the current levels the bullish view will be invalidated breaking below the trendline of the ascending triangle.
Suggesting that the bulls have the upper hand both moving averages are sloping up and the relative strength index is in the overbought zone as the price is currently consolidating between the $ 9,800- $ 10,000 level as the positive sign.
A move to $ 10,400 levels is likely in case the bulls push the price above $ 10,000 sustaining the higher levels for four hours and breaking above this level it is sure to be a huge positive and result in the sharp move higher.
Invalidated in the short term is this bullish view if the bears sink and sustain the price below the 20-exponential moving average and indicating that the momentum has weakened and could lead to a minor consolidation.
On July 22, Ether broke above the $ 254.556- $216.006 range after consolidating for about two months as it attracted buying by the bulls who were waiting on the side-lines for the up move to resume.
Pushing the second-ranked cryptocurrency on CoinMarketCap, to the first target level of $ 320, was the aggressive buying with the relative strength index risen above the 80s level suggesting that the rally has now found to be overbought in that of the short term.
Profit booking by the short-term traders is possible as the price is close to a stiff resistance resulting in a minor correction or consolidation with the strong uptrend of the pullbacks usually lasting for one to three days after which the uptrend resumes. The next level to watch out for is $ 366 if the bulls can propel the price above $320.
A drop to the 20-EMA is possible if the bears can sink the price below $ 300 and then bounce off this support indicating the bulls continue to view the dips as a buying opportunity with the uptrend likely to pick up momentum once again if the prices close above $320.
In case the bears sink and sustain the price below the 20-EMA contrary to the assumption is the pair could consolidate for a few days.
Breaking above the symmetrical triangle and making a new 52-week high is Cardano indicating that the uptrend is strong and the bulls continue to buy the higher levels expecting the rally to extend further.
After breaking out of a pattern, usually, the price retests the breakout levels and in case the trend is strong only a consolidation occurs.
The sixth-ranked cryptocurrency on CoinMarketCap currently is facing profit booking at $ 0.1543051 resulting in a minor correction or consolidation.
The bulls will attempt to resume the up move extending the rally to $ 0.173 and then to $0.20 if the price rebounds off $ 0.13 aggressively. If the bears sink the price below $0.12, the bullish up move will be invalidated.
As it was suggested by history, the pair corrects when the RSI rises above the 80 levels with the current pullback likely to find the support at the 20-EMA as the strong rebound off this level indicates strength and increase the possibility of the resumption of the uptrend.
Consolidating between $60 - $70 for two months, Monero has the range resolved to the upside with a breakout and also closes above $ 70 on July 22 suggesting that the bulls have overpowered the bears.
Today it was observed that the immediate target of the breakout from the range was positioned at a high of $ 79.10 as it is now attempted by bears to pull the price back into the range and retesting of the $ 70 levels is possible.
Rebounding off this support is the 16th ranked cryptocurrency on CoinMarketCap as it acts as a new floor and signals the possible start of a new uptrend.
The rally could reach $ 95 and then the first target on the upside is $ 85 and if the momentum can scale this level. If the bears drag the price below $ 70, this bullish view will be invalidated.
Likely to be the 20-EMA the first support on the downside comes as a strong rebound off this level offering an entry opportunity to the traders but if the support breaks it could also signal a deeper pullback to $ 70.
In a strong uptrend, Crypto.com Coin continues to make higher highs and higher lows as the moving averages are sloping up and the RSI is in overbought zone suggesting that bulls are in command.
It was found that pushing the ninth-ranked cryptocurrency on CoinMarketCap above the $ 0.15306- $ 0.15416 resistance zone as the price does close above this zone increasing the possibility of a move to $ 0.174114 and thereby to $ 0.20.
The bulls do however fail to sustain the price above the resistance zone with a minor correction or consolidation which is possible with the bullish view coming to be invalidated if the bears then sink the price which goes below the 20-day EMA (as the $0.143).
It is possible that in case the bears sink the price below both these supports, it may drop to the 50-simple moving average and below that to $ 0.14 as such a move could signal to weaken momentum resulting in a few days of consolidation.
The Final Thoughts
All these altcoins along with Bitcoin have a promising future since the world is adopting the new technology on the rise.