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Sunday, December 5, 2021

6 Cryptocurrencies You Should Follow This Week


hello everyone. before moving on to the video we ask you to support us and subscribe to our channel, please. The cryptocurrency Bitcoin is facing rejection of over $ 40,000. But if the bulls don’t stop making the move, a few altcoins could continue their uptrend. bitcoin has attracted several institutional investors over the past few months.

However, with a market capitalization of over $ 700 billion, many institutions are likely to consider buying Bitcoin. Similarly, there is a trend of investors for Ethereum, which has a market value of approximately $ 180 billion. Institutional adoption of the first two cryptocurrencies seems to attract a large number of venture capitalists and early investors to smaller projects that have gained good size but have not yet reached their full potential.

Although the risk is high with these types of investments, the returns can be equally attractive. Unicorn status, a term used in the old markets for companies with a market capitalization of over $ 1 billion, is used in the cryptocurrency market for assets with a market capitalization of over $ 1 billion.

For this reason, there is more than one project to choose from. If the big players jump on these unicorns, they are likely to recover strongly. This will benefit early retail investors who have an advantage over institutions. While these gains can take a long time, traders can take advantage of sharp spikes in a few altcoins in the short term. Let’s examine the charts of the top 5 cryptocurrencies that may continue to rise in the next few days.

Bitcoin climbed above the overall resistance of $ 38,000 on February 5th and followed this rise with another upward move on February 6th. However, the Bitcoin bulls were unable to move higher, as seen from the long wick on the day’s candlestick. Failure of the bulls to keep the price above $40,000 caused profit-taking today.

The bears are trying to push the price below $ 38,000 and push the price further below that level. If successful, the BTC and USD pair could drop to the 20-day exponential moving average of $ 35,386. If the pair returns from the 20-day EMA, the bulls will once again try to resume the uptrend.

It stands before us as a break zone between $ 40,000 and $ 41,959overall resistance zone. This zone marks the beginning of the next leg of the uptrend. It can also pull the price towards the $ 50,000 level. Conversely, if the bears pull the price below the 20-day EMA, the pair could drop to the the50-day simple moving average level of $32,840.

If this support is also broken, the pair could drop to the $ 28,850 support. The 4-hour chart shows that the bulls pushed the price up from the $ 38,000level to $ 40,000. However, the pair recovered from the $ 40,952.16level. This indicates that the bears are active at higher levels. The pair has dropped below the 20-EMA and the relative strength index is just above the midpoint.

This indicates that momentum may be weakening. The pair can now drop to the 50-SMA. If the pair returns from the 50-SMA, the bulls will make another attempt to continue the uptrend, but if the 50-SMA breaks, the correction could deepen to the $ 32,000 level. Polkadot is in a strong uptrend. The bulls pushed the price above the $ 19.40 resistance on Feb. 03. However, as a result of such a rise, they got tired and retreated to rest. The latest situation shows that the bears are trying to stop the uptrend.

However, the positive sign is that the bulls do not allow the price to stay below $ 19.40.This shows that traders are not aggressively taking profits and buying every small drop. If the bulls can now push the price above $ 21.73, the next leg of the uptrend could begin.

On the upside, the main target is $ 24.08 followed by the $ 30 level. Rising moving averages andRSI above 61 show the bulls are in control. Contrary to this assumption, if the bears make a move and pull the price below the 20-day SMA level of $ 17.43, this will indicate that bullish momentum is weakening.

The Polkadot and dollar pair could then take some more time, swinging between $ 19.40 and $ 14.72.The 4-hour chart shows the formation of an asymmetrical triangle that often acts as a continuation pattern. The bears tried to lower the price below the triangle.

But the sharp recovery in the 50-SMA suggests lower levels of aggressive purchases. If the bulls can push the price above the triangle, it will shift the advantage in favour of the bulls. The pattern target of the break above the triangle is $ 24.16. On the other hand, if the bears keep the price below the triangle, the pair could drop to $ 15. Chainlink price closed above the $ 25.78 overall resistance on Feb. 5. However, the bulls could not maintain their bullish momentum the next day.

This situation shows that the bears are aggressively defending the $ 25.78 and $ 27 resistance zone. However, the long tail on today’s candlestick indicates that the bulls are buying dips towards the 20-day EMA level of $ 22.83. The upward moving averages and the RSI in the positive zone indicate that the path of least resistance is up.

If the bulls can push the price above the general resistance zone, the next leg of the uptrend could begin. The next level to be followed up is $ 30, and if this level is exceeded, the price could move up and reach $ 33.Conversely, if the bears pull the price below the 20-day EMA, the LINK and USDrate could extend its range-bound movement fora few more days between $ 20.11 and $ 25.78.

The 4-hour chart shows the formation of an ascending triangle pattern. If the pair returns from the current level, the bulls will make another attempt to push the price above the general resistance zone.

If they succeed, the pair could rise to the $ 31.45 pattern target. Conversely, if the bears keep the price below the support line, the pair could drop towards $ 22.61and then $ 21.65. The marginally downward sloping20-EMA and RSI in the negative zone offer the bears a small advantage. StellarThe tight range between $ 0.325 and $ 0.35started to rise on February 6th.

This rise indicates that the bulls outwit the bears. If the bulls can now keep Stellar Lumens above $ 0.40, the next leg of the uptrend could begin. The upward moving averages and the RSI near the overbought zone indicate that the bulls are commanding the recent price action.

Above $ 0.40, the Stellar and dollar rate could rise to $ 0.50, where the bears could show stiff resistance again. If the bulls fail to close the price above$ 0.40, the pair could fall back to $ 0.35.A strong recovery from this support will show that the bulls are making moves for support. This will increase the probability of moving above the $ 0.40 level. Contrary to this assumption, if the bears pull the price below the 20-day EMA ($ 0.315), it will show that the current breakout is a bear trap.

The 4-hour chart shows the pair breaking off a symmetrical triangle with a pattern target of $ 0.445.Both moving averages are rising and the RSI is in the positive territory. This shows that the bulls are in control. If the price bounces off the 20-EMA, it will show that investors are saving on dips.

This will increase the likelihood that the uptrend will restart. Conversely, a break below the 20-EMA will be the first sign that momentum may be weakening. Theta is currently consolidating in an uptrend. Price action over the past few days has formed an ascending triangle pattern that will complete at a breakout and close above $ 2.51. The bulls pushed the price above $ 2.51on February 5th, but could not continue its upward movement.

This indicates that the bears are trying to defend the resistance at $ 2.51. However, the positive sign is that the bulls don’t allow the price to drop below the 20-day EMA level of $ 2.09. If the price returns from current levels, the bulls will try to push the THETA and USD pair above the $ 2.51 level.

If they are successful, the pair can continue to the next leg of the uptrend. The pattern target of the triangle breakout is $ 3.56.This bullish pattern will become invalid if the bears drop the price below the triangle. The 20-EMA on the 4-hour chart started to decline and the RSI fell into the negative territory. This shows that the bears are trying to make a comeback.

A break below $ 2.10 could pull the price into the triangle’s support line. On the other hand, if the price rises from the current levels or the support line of the triangle, this will indicate that the bulls are buying on dips. Later, the bulls will try to push the price above the $ 2.51 resistance again.

Read More: BUY STELLER ON COINBASE

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