Top 5 cryptocurrencies to watch this week: BTC, LTC, LINK, VET, AXS
Bitcoin'southward (BTC) bullish sentiment received a minor setback on Nov. 12 after the Securities and Commutation Commission (SEC) rejected VanEck'south Bitcoin commutation-traded production that would have tracked Bitcoin's spot price.
However, this negative development was followed by the successful activation of the Taproot soft fork on November. xiii. Bitcoin developer Hampus Sjöberg, who runs a Taproot dedicated website, told Cointelegraph that the "greatest win" was that Taproot showed that Bitcoin could do network upgrades and that was of import for the longevity of the network.
Analysts from Decentrader as well pointed out that Bitcoin'south last major upgrade was the implementation of Segwit in Baronial 2022 and this was followed by a abrupt rally from $iv,000 to $20,000 in iv months.
Could Bitcoin echo its previous bullish functioning following the Taproot upgrade and pull altcoins higher? Let's written report the charts of the pinnacle five cryptocurrencies that may resume the uptrend in the next few days.
BTC/USDT
Bitcoin has pulled back to the 20-twenty-four hours exponential moving boilerplate (EMA) ($62,954), which is an important back up to proceed an eye on. Traders by and large buy the dip to the xx-day EMA in a strong uptrend.
The upsloping moving averages bespeak that buyers have the upper hand but the negative divergence on the relative forcefulness index (RSI) warns that the bullish momentum may be weakening.
If the price rebounds off the xx-24-hour interval EMA, the bulls will try to push the price above the all-time loftier at $69,000 and resume the uptrend. The BTC/USDT pair could then rally to $75,000.
Alternatively, a pause and close below the twenty-day EMA volition indicate that traders may exist rushing to the exit. The pair could then drib to the 50-day simple moving average (SMA) ($57,938). A break below this support could betoken the start of a deeper correction to $52,920.
The iv-60 minutes chart shows that the pair is consolidating between $60,000 and $67,000. Although the bulls pushed the cost above the resistance of the range, they could non sustain the higher levels. The pair has again dipped dorsum into the range.
The 20-EMA is sloping down marginally and the RSI is just below the midpoint, suggesting that the price may gradually drift downwardly to $60,000. A stiff bounce off this level could extend the range-bound action for some more than time just a break beneath it could signal a trend change.
Alternatively, if the cost turns up from the current level, the bulls may challenge the overhead resistance zone at $67,000 to $69,000.
LTC/USDT
Litecoin (LTC) completed a rounding bottom formation when information technology bankrupt and airtight to a higher place the overhead resistance at $225.30. The toll speedily picked upwardly momentum and rose to the psychological barrier at $300 where the bears mounted a strong resistance.
The altcoin has been correcting for the past few days merely the 20-day EMA ($224) has started to turn upwards and the RSI is just below the overbought zone, indicating that bulls have the upper hand. If the toll turns up from the current level or rebounds off $225.xxx, the buyers will attempt to resume the uptrend.
A interruption and close above $300 could open the doors for a farther rally to $340. The bears are likely to have other plans every bit they will effort to pull and sustain the price below the breakout level at $225.30. If they can pull it off, the LTC/USDT pair may drop to the l-twenty-four hour period SMA ($192).
The four-60 minutes chart shows that the pair is trading inside a falling wedge pattern. The xx-EMA has flattened out and the RSI is near the midpoint, indicating a remainder between supply and demand.
This equilibrium could tilt in favor of the bulls if they push and sustain the price above the wedge. The pair could then rise to $280 and later to $295.seventy. This level may act as a strong resistance simply if bulls overcome this hurdle, the pair could rally to the target objective at $302.x.
Alternatively, if the price breaks beneath the 50-SMA, the selling could intensify and the pair may drop to the strong support at $225.30.
LINK/USDT
The bulls drove Chainlink (LINK) above the overhead resistance at $35.23 on November. 9, 10 and 11 but could non sustain the price above it. This suggests that bears are defending this level with vigor.
Both moving averages are sloping upwards and the RSI is above 55, suggesting that bulls take a slight edge. If the price rebounds off the xx-day EMA ($32.27), the buyers will make some other endeavour to clear the overhead hurdle.
If they manage to do that, the LINK/USDT pair could signal the start of a new uptrend. The outset target on the upside is $42.fifty and so $47.50. This bullish view will be negated if the toll breaks beneath the xx-twenty-four hours EMA. Such a motion could pull the price down to the 50-day SMA ($28.83).
The pair has been rise inside an ascending channel for the past few days. The bulls attempted to push the price higher up the channel on Nov. 10 but failed. This may have prompted profit-booking by the bulls and shorting past the aggressive bears.
The price could now drop to the support line of the channel where buying may sally. A potent rebound off this support will suggest that bulls proceed to buy at lower levels. The pair may then continue to move upward inside the aqueduct. A break and close below the channel volition signal a possible change in trend.
Related: Bitcoin sets upward blast-biting weekly close after Taproot goes live
VET/USDT
VeChain (VET) broke above the potent overhead resistance at $0.15 on Nov. four, indicating that bulls had overpowered the bears. The price has dipped dorsum to the breakout level and the bears are attempting to pull the cost below it and trap the aggressive bulls.
The twenty-day EMA ($0.15) is sloping up and the RSI is in the positive territory, indicating a minor advantage to the bulls. If the toll rebounds off the current level, the bulls will try to button the VET/USDT pair higher up $0.19 and resume the upwards-motility. The pair could then rally to $0.24.
Contrary to this assumption, if the price breaks and sustains below $0.15, it will suggest that markets take rejected the higher levels. The pair could then drop to the l-day SMA ($0.12) and subsequently to $0.x.
The four-60 minutes nautical chart shows that bulls pushed the price above the resistance line of the ascending aqueduct pattern but they could not build upon this advantage. This indicates that demand dries upwards at higher levels.
The price has again dipped back into the aqueduct and the moving averages have completed a bearish crossover. This suggests that the pair could gradually slide to the support line of the channel.
A strong rebound off the support line could go along the uptrend intact and the price may go on to trade inside the channel. The bears volition take to pull and sustain the price below the aqueduct to proceeds the upper hand.
AXS/USDT
Axie Infinity (AXS) is correcting in an uptrend and has been trading inside an ascending channel pattern for the past few days. The price has dipped to the xx-day EMA ($141) where the bulls are trying to arrest the decline.
The 20-solar day EMA has flattened out and the RSI has dropped near the midpoint, suggesting that buyers may be losing their grip. A intermission below the xx-twenty-four hours EMA could pull the price to the back up line of this channel.
The buyers are expected to defend this level aggressively. If the toll rebounds off the support line, information technology volition suggest that the upward-movement remains intact. The AXS/USDT pair will then endeavor to ascent to the all-fourth dimension high at $166.09.
A suspension and close above the all-fourth dimension loftier could articulate the path for a possible rally to the resistance line of the channel at $183. This positive view will invalidate on a interruption and close below the ascending aqueduct.
The pair has been consolidating betwixt $166.09 and $131.eighteen. The price has been trading below the 20-EMA on the 4-60 minutes chart, indicating that bears are defending this resistance aggressively. This increases the possibility of a drop to the support of the range at $131.eighteen.
If the price rebounds off this support, information technology volition suggest that bulls continue to accumulate at lower levels. The pair may then extend its range-jump activeness for a few more days.
Conversely, a pause and close below $131.eighteen could signal a possible modify in the short-term trend. The pair may then drop to the $115 to $120 support zone. If this zone also cracks, the pass up could extend to the psychological support at $100.
The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own enquiry when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-ltc-link-vet-axs
Posted by: brittenwhoul1972.blogspot.com
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