The crypto market saw prices move from key support across all boards, with the crypto marketcap finding some relief recently as it aims to reclaim its resistance of $1.2 trillion. This has led to market sentiments returning bullish, with many crypto assets rallying from the key support and producing double-digit gains. Let us focus on the top 5 cryptocurrencies you should pay attention to this week.
Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and never invest more than what you can afford to lose.
TOP 5 Cryptocurrencies – Bitcoin (BTC) Price Analysis
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.comFrom the chart, the price of BTC was rejected from $20,400, with bulls trying to push the price above this region, acting as resistance for BTC price.
BTC is currently trading at $19,200 at the point of writing this article. The price of BTC could not break out of the ascending triangle it formed as the price continued to range in the triangle with the hopes of breaking out to the upside. The price of BTC at $18,800 continues to act as support for BTC price; a break below this price could see BTC retesting lower support of $17,700-$17,000.
A breakout above the ascending triangle could see the price rally to a high of $21,500-$22,000.
Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Despite the price of Ethereum in recent weeks outperforming BTC after showing a bullish trend ahead of “The Merge,” the price has faced resistance to breaking above $1,400, with the next key support at $1,000 looking more likely for price.
ETH price was rejected from $1,370 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,250, with the price bouncing off this region to a high of $1,320.
The price of ETH at the point of writing is $1,325, trading below the 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.
If the ETH price maintains its bearish structure, we could see the price retesting $1,200-$1,000 as a key support region with high demands.
Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart
The price of BNB was rejected from its resistance of $290 and is currently trading at $280.
BNB has failed to maintain its bullish structure, a break of about $270 could see the price of BNB retesting the region of $240 as support.
TOP 5 Cryptocurrencies – Price Analysis Of Maker DAO (MKR) On The Daily (1D) Chart
The price of MKR has continued to show bullish trends holding well above the 8 and 20 EMA after a successful break out of the descending triangle creating a more bullish scenario.
With the market looking more stable, we could see MKR retest the region of $1,200. If the price of MKR experiences a sell-off, we could see a price retest of $800 acting as a support area.
Price Analysis Of Polygon (MATIC) On The Daily (1D) Chart
The price of MATIC has formed a bullish pattern (ascending triangle) with a potential breakout to the upside; a breakout and close above the ascending triangle would mean the price rallying to a high of $1.
Featured image from zipmex, Charts from TradingView.com
