Over the past few weeks, the crypto market looked like losing its key support as major altcoins like Bitcoin (BTC), Ethereum (ETH) and other altcoins were on the verge of losing their support area through price sell-offs. Despite the uncertainty, some altcoins have continued to look green in the face of a litmus test. Let’s talk about the top 5 cryptos to watch out for this week.
Disclaimer: The tips contained in this article should not be construed 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
Daily BTC Price Chart | Source: BTCUSDT on Tradingview.com
Last week BTC saw its price drop from a region of $19,200 to $18,100 in what appeared to be manipulation ahead of CPI news; BTC rallied from its key demand zone as the price surged to $19,600 before refusing to break through and hold above this region.
BTC’s price failed to close the weekly candle above $19,500, prompting mixed feelings for its next move and direction.
BTC is currently trading at $19,400; BTC price needs to break and close above $19,500 to trigger a potential price rally to a $20,200 region.
Top 5 Cryptos- Ethereum (ETH) price analysis on the daily chart (1D).
Daily ETH price chart | Source: ETHUSDT On Tradingview.com
Ethereum price had become a shadow of itself over the past few weeks after the successful launch of the “Ethereum Merge” as the price had not shown the uptrend it had when the price surpassed BTC and from 1,000 in the past few months $ rose to $2,024.
ETH price was rejected from $2,030 and continues to trend down. ETH price was rejected as the price tried to turn $1,400; ETH price dropped to a region of $1,270 which acted as a key support for ETH price.
The price of ETH is trading below the 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 zone. ETH price needs to convert $1,400 into support for the price to look safe.
Binance Coin (BNB) price analysis on the daily chart (1D).
Daily BNB Price Chart | Source: BNBUSDT on Tradingview.com
BNB price was rejected by its $300 resistance and it is currently trading at $270.
BNB lost its bullish structure despite showing strength; BNB price was pushed back to a low of $268 as the price rebounded and reclaimed its $270 support zone. The price of BNB needs to recover to a $280-$290 region for the price to remain safe.
BNB price is trading at $272 below the 50 and 200 Exponential Moving Averages (EMA), the $280 and $300 levels are acting as resistance for the BNB price.
Price analysis of Quant (QNT) on the daily chart (1D).
Daily QNT Price Chart | Source: QNTUSDT On Tradingview.com
QNT’s price continues to show uptrends and is holding well above the 50 and 200 EMAs. The price rallied from $100 and formed a good support in this region.
Despite the pullback in crypto assets in the market, QNT continues to look strong and respects the bullish trend line.
QNT price broke the $200 resistance which allowed QNT price to rally. QNT price is facing resistance at $260; If the price breaks this resistance we could see the price rally to $330 but if it fails to break the resistance then $200 would be a good support for QNT price.
Price analysis of LEO on the daily chart (1D).
Daily LEO Price Chart | Source: LEOUSDT On Tradingview.com
LEO price is looking bullish recently as the price is trying to break out above the 50 and 200 EMA which is preventing the price from rallying. If LEO price sustains above this region, we could see a price rally to $4.8
Featured image from Medium, charts from TradingView.com
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