The previous week’s crypto market looked so bullish as many altcoins rallied with over 100% gains in less than two days, with the likes of DOGE, BAND, and MASK running the show creating the feeling of euphoria that comes with the bull market. The price of Bitcoin (BTC) closing the week on a high ahead of a new week was a good sign, but there have been mixed feelings as the price of BTC dropped to a region of $20,600. In the face of that, the price of some altcoins has continued to look green in the face of the bear market, with many exciting projects coming up and other projects gaining more attention in the crypto space due to the community and partnership deals. Let us discuss on top 5 cryptos you should pay attention to this week.
Disclaimer: The picks listed in this article should not be taken as investment advice. Always research and never invest more than you can afford to lose.
Top 5 Cryptos- Bitcoin (BTC) Price Analysis On The Daily Chart
From the chart, the price of BTC was rejected from $21,500 with a bullish bias as the price rallied from a region of $19,200 with good volume.
BTC is currently trading at $20,800 when writing this article. The price of BTC looked strong, holding up its support at $20,500 with high hopes of rallying back to the region of $21,500-$22,500.
A breakdown below this $20,500 support holding the price of BTC could see the price going lower to a region of $19,000 which is seen as a demand zone for BTC prices over the weeks.
Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
The price of Ethereum in recent weeks outperformed BTC after showing a bullish trend ahead of “The Merge,” rising to a region of $2,030.
ETH price was rejected from $1,630 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,570 at the point of writing.
The price of ETH is trading above the 50 Exponential Moving Average (EMA) on the daily timeframe.
If the price of ETH breakdown below $1,500, we could see the price retesting $1,400-$1,300 as a key support region with high demands.
Top 5 Cryptos- Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart
The price of BNB was rejected from its resistance of $335 after successive trials but was able to break and close above it, rallying to a high of $350 before facing resistance to a region of $400.
BNB has maintained its bullish structure despite the rejection. A break of about $290 could see the price of BNB retesting the region of $250 as support.
BNB has found good support at $300, corresponding to the 50 EMA. BNB needs to hold above to have a chance of trending higher.
Price Analysis Of Chainlink (LINK) On The Daily (1D) Chart
The price of LINK has continued to show bullish trends holding well above the range channel after a successful breakout.
Despite the pullback across crypto assets in the market, LINK has continued to look strong.
The price of LINK needs to break and close above $9.2 for the price to rally to a region of $10 ahead of its anticipated staking.
Price Analysis Of LTC On The Daily (1D) Chart
LTC has formed a bullish pattern after breaking out of a range channel and forming support at $65. If LTC holds this support area and as the market bounces to the upside, we could see the price of LTC retesting $90-$100, acting as resistance for the price.
Featured image from zipmex, Charts from TradingView.com