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Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE

Bitcoin (BTC) and most major altcoins remain under pressure as supports give way and bears sell at each rally attempt. This negative sentiment pulled the Crypto Fear & Greed Index to 10/100 on Jan. 8, one of its lowest readings ever. In comparison, 2021 had started on a bullish note with the reading hitting levels of 93/100, indicating “extreme greed.”This weak opening in the new year has not unnerved Bloomberg Intelligence analyst Mike McGlone who remains bullish. He said in a recent analysis that Bitcoin may rally to $100,000 and Ether (ETH) to $5,000 this year. Crypto market data daily view. Source: Coin360However, some analysts argue that Bitcoin may struggle to maintain its bullish trend in an environment where interest rates are rising. Holger Zschaepitz questioned whether Bitcoin could hold up without “rock-bottom rates and trillions of dollars in central bank money and government stimmy.”Could Bitcoin bounce off the strong support, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.BTC/USDTBitcoin’s downtrend has reached the strong support at $39,600. The price formed a Doji candlestick pattern on Jan. 8, indicating indecision among the bulls and the bears.BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) is near the oversold zone, indicating that the path of least resistance is to the downside. If bears pull the price below $39,600, the selling could intensify and the BTC/USDT pair could start its journey to the next strong support at $28,805.On the other hand, if the price rises from the current level, the pair could rise to the 20-day exponential moving average ($45,876). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That will increase the likelihood of a break below $39,600 I .The bulls will have to push and sustain the price above the moving averages to indicate a possible change in trend.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the selling momentum picked up on a break and close below $45,456. The bulls are attempting to arrest the decline at $40,501 but the recovery attempt is likely to face strong selling near the 20-EMA.If the price turns down from the 20-EMA, the bears will attempt to sink the pair below $39,600 and extend the downtrend.Alternatively, a break and close above the 20-EMA could push the pair to the 50-simple moving average. If bulls push the price above this resistance, it will suggest that bears may be losing their grip.LINK/USDTChainlink (LINK) has been trading in a large range between $15 and $35.33 for the past few months. The bulls have pushed the price above the moving averages and the RSI has risen close to the overbought zone, indicating that buyers have the upper hand in the short term.LINK/USDT daily chart. Source: TradingViewThe bears posed a strong challenge near $27.61 for the past few days but the bulls did not allow the price to dip below the 20-day EMA ($23.23). This indicates that the sentiment has changed from sell on rallies to buy on dips.If bulls maintain the price above $27.61, the LINK/USDT pair could rise to 30 and thereafter to the overhead resistance at $35.33. This bullish view will invalidate if the price turns down from the current level and breaks below the moving averages. The pair could then drop to $18.LINK/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has broken above the overhead resistance at $27.61. The bears will now attempt to stall the up-move at $30. If the subsequent correction does not break below $27.61, it will increase the possibility of a rally to $35.33.On the contrary, if the price turns down from the current level, it will suggest that the break above $27.61 may have been a bull trap. The bears will then try to pull the price below the 50-SMA. If they do that, the next stop could be $22.ICP/USDTInternet Computer (ICP) broke and closed above the downtrend line on Jan. 4 which was the first indication that the downtrend could be ending. The bears tried to trap the aggressive bulls and pull the price back below the 20-day EMA ($29) but failed.ICP/USDT daily chart. Source: TradingViewThe bulls again pushed and closed the price above the downtrend line on Jan. 8. The moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls are attempting a comeback.If buyers push and sustain the price above $38.02, the ICP/USDT pair could rally to $45.79. This level may again act as a stiff hurdle but if crossed, the up-move may reach $58.30.Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will indicate that the breakout above the downtrend line may have been a bull trap.ICP/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that bulls have pushed the price above $33.29 but are struggling to clear the hurdle at $38.02. This suggests that bears continue to sell near the overhead resistance. This has kept the pair sandwiched between the two levels.If bulls push and sustain the price above $38.02, the pair could extend its up-move. On the contrary, if the price turns down from the overhead resistance, the bears will attempt to pull the pair below $33.29. If they manage to do that, the pair could drop to the 50-SMA.Related: Even after the pullback, this crypto trading algo’s $100 bag is now worth $20,673LEO/USDUNUS SED LEO (LEO) has been trading in a gradual uptrend for the past several weeks where the 50-day SMA ($3.55) has been acting as a strong support. LEO/USD daily chart. Source: TradingViewThe bears attempted to pull the price below the 50-day SMA on Jan. 7 but the bulls did not relent. This resulted in a strong rebound on Jan. 8 which pushed the LEO/USD pair back above the 20-day EMA ($3.69).The bulls will now attempt to drive the price above the all-time high at $3.92. If they succeed, the pair may resume its uptrend and reach $4.25. This positive view will invalidate if the price turns down and plummets below the 50-day SMA. That could start a correction to $3.40.LEO/USD 4-hour chart. Source: TradingViewThe pair has been trading inside an ascending channel pattern. The bears mounted a strong resistance near $3.85, which may have attracted profit-booking from short-term traders. That pulled the pair down to the support line of the channel where buyers stepped in and arrested the decline.The bulls are again attempting to push and sustain the price above $3.85. If they manage to do that, the pair could start its journey toward the resistance line of the channel. The bears will have to sink and sustain the price below the channel to invalidate the bullish view. ONE/USDTHarmony (ONE) has been trading between the 20-day EMA ($0.27) and $0.33 for the past few days. This suggests that bulls are buying on dips and bears are selling on rallies.ONE/USDT daily chart. Source: TradingViewThe rising 20-day EMA and the RSI in the positive territory suggest advantage to buyers. If bulls drive the price above $0.33, the up-move could resume. The ONE/USDT pair could then attempt to rise to $0.38.Contrary to the assumption, if the price breaks below the 20-day EMA, it will suggest that bears have overpowered the bulls. That could pull the pair down to the 50-day SMA ($0.24) and later to $0.21.ONE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart has been rising inside an ascending channel pattern. Although bulls pushed the price above the channel, they could not sustain the higher levels. This suggests that bears tried to trap the aggressive bulls.The price dipped back into the channel but a minor positive is that it bounced off the 50-SMA. This indicates that sentiment remains positive and bulls are buying on dips.If the price rises above the 20-EMA, the pair could again rally to the resistance line of the channel. A break and close above this level could signal a pick up in momentum. Conversely, a break and close below the 50-SMA could pull the pair down to the support line of the channel.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Top 5 cryptocurrencies to watch this week: BTC, LUNA, FTM, ATOM, ONE

Bitcoin (BTC) continues to languish below the psychological level at $50,000 in the first few days of the New Year, indicating a lack of aggressive buying by traders. Former BTCC CEO Bobby Lee said the exodus of the Chinese traders who had until Dec. 31 to exit Chinese exchanges may have kept prices lower into the year-end.However, President Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin could rally to $100,000 this year. President Bukele also said that two more countries will accept Bitcoin as legal tender in 2022.Crypto market data daily view. Source: Coin360The increased crypto adoption by institutional investors in 2021 is another long-term positive. According to CoinShares, net inflows into crypto funds in 2021 were more than $9.3 billion. A majority of over two-thirds of the crypto inflows were into Bitcoin.Could Bitcoin start a new up-move in January pulling select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.BTC/USDTBitcoin has been trading between the 20-day exponential moving average ($48,720) and the strong support at $45,456 for the past few days. This suggests that buying dries up at higher levels.BTC/USDT daily chart. Source: TradingViewBoth moving averages are turning down and the relative strength index (RSI) is in the negative zone, indicating that bears have the upper hand. If the price turns down from the 20-day EMA, the bears will try to sink the price below $45,456. If they manage to do that, the next leg of the downtrend to $42,000 and then to $40,000 could begin.Contrary to this assumption, if the price breaks above the 20-day EMA, the BTC/USDT pair could rise to the 50-day simple moving average ($52,332). A break and close above this level could signal the start of a new up-move that could reach the 61.8% Fibonacci retracement level at $58,686.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is range-bound between $45,456 and $51,936.33. The price has rebounded off $45,456 and if bulls push the pair above the 50-SMA, it will suggest accumulation at lower levels. That could drive the price toward $51,936.33.Conversely, if the price turns down from the 50-SMA, the bears will make one more attempt to pull the pair below $45,456. If they succeed, the pair could resume the downtrend with the next target objective at $38,975.67.LUNA/USDTTerra’s LUNA token is attempting to resume its uptrend but the bears have other plans, drawing a line near $93.81.LUNA/USDT daily chart. Source: TradingViewThe upsloping moving averages and the RSI in the positive territory suggest a slight edge to the buyers. If the price once again rebounds off the 20-day EMA ($82), it will indicate that bulls continue to accumulate on dips.The LUNA/USDT pair will then try to break above $93.81 and challenge the all-time high at $103.60. A break and close above this resistance could start the next leg of the uptrend to $135.26.Conversely, if the price turns down and breaks below the 20-day EMA, it will signal a change in the short-term trend. The pair could then drop to $65.15.LUNA/USDT 4-hour chart. Source: TradingViewThe bounce off $81.11 is facing selling in the zone between the 50% Fibonacci retracement at $92.35 and the 61.8% retracement level at $95.01. The bears will now try to pull the price below the 20-EMA and the uptrend line.If they do that, the pair could drop to $84 and then to $81.11. A break and close below this support could signal that bears are back in the game.On the contrary, if the price rebounds off the current level or the uptrend line, the buyers will try to drive the pair above $95.01 and retest the overhead resistance at $103.60.FTM/USDTFantom (FTM) has turned down from the overhead resistance at $2.67, which suggests that bears are defending this level with vigor.FTM/USDT daily chart. Source: TradingViewThe FTM/USDT pair could drop to the 20-day EMA which could act as a strong support. A sharp rebound off this support will suggest that buyers are accumulating on dips. The rising 20-day EMA ($2.03) and the RSI above 68 suggest that the path of least resistance is to the upside. A break and close above $2.67 will suggest that bulls are back in the game. The pair could then start its northward march toward $3.17 and then to $3.48. The bears will have to pull and sustain the price below $2 to invalidate the bullish sentiment.FTM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows a rounding bottom formation, which will complete on a break and close above the overhead resistance at $2.67. If the price rebounds off the 20-EMA, the bulls will again try to overcome the barrier at $2.67. If that happens, the up-move could begin.Conversely, if the price breaks below the 20-EMA, it will suggest that the short-term bullish momentum could be weakening. The pair could then drop to the 50-SMA and later to the strong support at $2.Related: Three reasons why PlanB’s stock-to-flow model is not reliableATOM/USDTCosmos (ATOM) broke and closed above the overhead resistance at $34 on Jan. 1. The moving averages have completed a bullish crossover, indicating that bulls have the upper hand. ATOM/USDT daily chart. Source: TradingViewIf the price sustains above $34, the bullish momentum could pick up further and the ATOM/USDT pair could rise to $38 and later to $43.28. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls are in control.Contrary to this assumption, if the price breaks and closes below $34, it will suggest that bears are attempting to trap the aggressive bulls. The pair could then drop to the 20-day EMA ($28). If the price rebounds off this level, the bulls will make one more attempt to clear the overhead hurdle but if the pair breaks below the moving averages, the decline could extend to $25.ATOM/USDT 4-hour chart. Source: TradingViewBoth moving averages are sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. If the price rebounds off the 20-EMA, it will signal that sentiment remains positive and traders are buying on dips.The up-move could resume on a break and close above $37. Conversely, if bears pull the price below the 20-EMA, it may lead to profit-booking from short-term traders. That may pull the price down to the 50-SMA. ONE/USDTHarmony (ONE) has reached the downtrend line where the bears are likely to mount a stiff resistance. If the price turns down from the current level, the altcoin could dip to the 20-day EMA ($0.24).ONE/USDT daily chart. Source: TradingViewIf the price rebounds off the 20-day EMA, it will suggest that the sentiment remains bullish and traders are accumulating on dips. The bulls will then again attempt to push the price above the downtrend line.If they succeed, it will suggest the start of a new up-move. The first target on the upside is $0.34 and a break above it could result in a retest at $0.38. This positive view will invalidate if the price turns down and breaks below $0.21. ONE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a cup-and-handle pattern, which will complete on a break and close above $0.29. This reversal setup has a pattern target at $0.38. It is unlikely to be a straight dash to the target objective because bears are likely to mount a strong resistance at $0.34.Conversely, if the price turns down from the current level, it could drop to the moving averages. If this support cracks, the ONE/USDT pair could decline to $0.21. A bounce off this support could keep the pair range-bound between $0.21 and $0.27 for some time.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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