Top 5 cryptocurrencies to watch this week: BTC, ETH, SOL, MATIC, FTM
On Oct. 15, news that a Bitcoin (BTC) substitution-traded fund (ETF) could start trading as early as next week sent Bitcoin price to $62,933 but the rally has cooled off since then.
Some market participants believe that traders who bought the rumor of blessing for a Bitcoin ETF product may sell on the news. Crypto trading firm QCP Upper-case letter said in an update that the approval of futures-based ETFs is unlikely to provide a long-term heave for Bitcoin prices similar to the one seen in the fourth quarter of 2022.
While high volatility cannot exist ruled out in the nearly term, investors should focus on the major trend and not get caught in minor corrections that are function of the path to new all-time highs.
According to Foxbit founder João Canhada, his daughter has earned a half dozen,500% turn a profit on the one Bitcoin gift she received when she was built-in in 2022. Although she couldn't have traded the coin at such a young historic period, the returns show that patient investors who are not perturbed past a minor fall can stop up with huge returns.
Could Bitcoin's rally to a new all-time high pull altcoins along with it? Let'southward study the charts of the peak five cryptocurrencies that could outperform in the curt term.
BTC/USDT
Bitcoin soared above the $58,000 resistance and the psychological marker at $threescore,000 on Oct. xv. The bears are attempting to stall the upwardly-move at $62,933 but the positive sign is that bulls have not given up much footing. This suggests that traders are not closing their positions after the recent up-move considering they anticipate another leg upward.
Both moving averages are sloping up and the relative strength alphabetize (RSI) is in the overbought zone, indicating that bulls are in control. If the cost turns upwards from the electric current level and breaks above the $62,933 to $64,854 resistance zone, the BTC/USDT pair may rally to $75,000.
The immediate back up to spotter on the downside is $58,000. A break and shut beneath this level could prompt short-term traders to book profits, pulling the price down to the twenty-mean solar day exponential moving average (EMA) ($54,336).
A bounce off the 20-mean solar day EMA volition suggest that sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to resume the uptrend. On the contrary, a interruption and close beneath the 20-day EMA volition suggest that the bullish momentum has weakened.
The pair has been rising in a steady uptrend on the 4-hour nautical chart. The bears accept not been able to sink and sustain the cost below the 50-uncomplicated moving average since the pair bankrupt above the symmetrical triangle.
If the cost rebounds off the 20-EMA, the possibility of a break in a higher place $62,933 may increase considering it will suggest that traders are not waiting for a deeper correction to buy. This bullish assumption will invalidate if bears sink and sustain the pair beneath the 50-SMA. Such a motility could open the doors for a drop to $54,000 and so to $52,290.
ETH/USDT
Ether'southward (ETH) break and close above the neckline on Oct. xiv completed the inverse head and shoulders design. The long wick on the Oct. 16 candlestick suggests that bears are attempting to stall the up-move in the $4,000 to $4,027.88 zone.
If the price turns downwards from the current level, the ETH/USDT pair could drop to the breakout level at the neckline. This is an important back up for the bulls to defend. If the cost rebounds off this level, the bulls volition again try to clear the overhead hurdle.
A breakout and close above $4,027.88 could articulate the path for a rally to the all-fourth dimension loftier at $4,372.72 and next to the pattern target at $4,657. Conversely, a break below the moving averages could sink the price to $3,257. The bears will gain the upper hand if this support is breached.
The bears are defending the psychological resistance at $4,000 while bulls are trying to proceed the toll above the 20-EMA. The RSI has dropped close to the midpoint and the 20-EMA is flattening out, suggesting a possible consolidation in the near term.
A intermission and shut higher up $four,000 could signal the resumption of the upward-move. Conversely, a break below the neckline of the setup volition be the first sign that the momentum may be weakening. The pair could then turn down to $iii,400.
SOL/USDT
Solana (SOL) broke out and closed to a higher place the downtrend line on October. 15, which is the commencement sign that bulls are attempting a comeback. The bears tried to pull the price dorsum beneath the downtrend line on Oct. 16 merely failed.
If bulls sustain the cost higher up the downtrend line, the SOL/USDT pair could rise to the 61.80% resistance at $177.eighty. This is an important level for the bears to defend considering if bulls clear this hurdle, the pair could rise to the 78.6% retracement level at $194.60 and later on retest the all-time high at $216.
Contrary to this assumption, if the cost turns down from the electric current level or the overhead resistance and breaks below the moving averages, it will propose that traders are closing their positions on pullbacks. The pair could and so drop to the critical support at $116.
The 4-60 minutes chart shows that the pair has been trading betwixt $156.36 and $165.61 since breaking out of the downtrend line. If buyers propel and sustain the price above $165.61, the uptrend may resume.
The first target is the overhead zone between $174.86 and $177.79. Alternatively, a break and close beneath $156.36 could open the doors for a pass up to $147.xi. Until then, the pair may continue to consolidate in the tight range.
Related: Why HODL for 48 hours? Because your altcoin wallet will cheers
MATIC/USDT
Polygon (MATIC) has been trading in a large range between $1 and $i.eighty for the by few days. The twenty-mean solar day EMA ($i.32) has started to turn upwardly and the RSI has risen into the positive territory, indicating that bulls are attempting to gain the upper hand.
The MATIC/USDT pair could rise to $1.eighty, which is likely to act as a tough obstruction. If the price turns downward from this resistance, the pair could driblet to the 20-day EMA.
A strong rebound off this back up will advise that sentiment has turned positive and traders are buying on dips. That will increment the possibility of a break and shut above $1.80.
If that happens, the pair could get-go a new uptrend to $2.40 and then retest the all-fourth dimension high at $2.70. Conversely, if the price turns down from the electric current level and breaks below the moving averages, the pair could slide to $1.20 and and then to $i.
Both moving averages are sloping up and the RSI is in the positive zone, suggesting that bulls have the upper mitt in the short term. The bulls pushed the price in a higher place the overhead resistance zone at $1.45 to $1.50 merely selling at higher levels has pulled the price back into the zone.
If the cost rebounds off the 20-EMA, the bulls volition brand one more attempt to resume the up-move. A breakout and shut higher up $ane.63 could clear the path for a rally to $1.80. This positive view will invalidate if the cost turns down and breaks below $ane.45.
FTM/USDT
Fantom's FTM token is in a strong uptrend. The bulls successfully defended the breakout level at $1.94, indicating that sentiment remains positive and traders are ownership on dips.
The upsloping moving averages point advantage to buyers just the negative deviation on the RSI is alert that the bullish momentum may be weakening. If bulls push the price higher up $2.45, the uptrend may continue, with the next target objective at $3.20.
On the other paw, if the price turns down from $2.45, the FTM/USDT pair may drop to $1.94 and consolidate between these ii levels for a few days. A break and close below the xx-day EMA ($1.85) may betoken the start of a deeper correction.
The bulls are currently attempting to sustain the price above the descending aqueduct. If they manage to do that, the pair could rise to $ii.45. This level may act as stiff resistance but if bulls overcome it, the uptrend may resume.
Alternatively, if the toll fails to sustain above the channel, it will propose that need dries up at higher levels. The pair may then keep to trade inside the channel. A pause and close below the channel could pull the pair downwards to $1.50.
The views and opinions expressed hither are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves adventure, yous should conduct your own research when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-eth-sol-matic-ftm
Posted by: colehinging.blogspot.com
0 Response to "Top 5 cryptocurrencies to watch this week: BTC, ETH, SOL, MATIC, FTM"
Post a Comment