Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE


LINK, ICP, LEO and ONE may rebound if merchants sense that Bitcoin’s promoting is close to completion.

Bitcoin (BTC) and most main altcoins stay below stress as helps give method and bears promote at every rally try. This unfavourable sentiment pulled the Crypto Concern & Greed Index to 10/100 on Jan. 8, considered one of its lowest readings ever. Compared, 2021 had began on a bullish word with the studying hitting ranges of 93/100, indicating “excessive greed.”

This weak opening within the new 12 months has not unnerved Bloomberg Intelligence analyst Mike McGlone who stays bullish. He mentioned in a latest evaluation that Bitcoin could rally to $100,000 and Ether (ETH) to $5,000 this 12 months.

Crypto market information each day view. Supply: Coin360

Nonetheless, some analysts argue that Bitcoin could wrestle to keep up its bullish development in an atmosphere the place rates of interest are rising. Holger Zschaepitz questioned whether or not Bitcoin may maintain up with out “rock-bottom charges and trillions of {dollars} in central financial institution cash and authorities stimmy.”

May Bitcoin bounce off the sturdy help, attracting shopping for in choose altcoins? Let’s research the charts of the top-5 cryptocurrencies which will stay constructive within the quick time period.

BTC/USDT

Bitcoin’s downtrend has reached the sturdy help at $39,600. The value shaped a Doji candlestick sample on Jan. 8, indicating indecision among the many bulls and the bears.

BTC/USDT each day chart. Supply: TradingView

Each shifting averages are sloping down and the relative power index (RSI) is close to the oversold zone, indicating that the trail of least resistance is to the draw back. If bears pull the worth beneath $39,600, the promoting may intensify and the BTC/USDT pair may begin its journey to the subsequent sturdy help at $28,805.

Alternatively, if the worth rises from the present stage, the pair may rise to the 20-day exponential shifting common ($45,876). If the worth turns down from this stage, it can recommend that the sentiment stays unfavourable and merchants are promoting on rallies. That can enhance the probability of a break beneath $39,600 I .

The bulls must push and maintain the worth above the shifting averages to point a attainable change in development.

BTC/USDT 4-hour chart. Supply: TradingView

The 4-hour chart exhibits that the promoting momentum picked up on a break and shut beneath $45,456. The bulls are trying to arrest the decline at $40,501 however the restoration try is prone to face sturdy promoting close to the 20-EMA.

If the worth turns down from the 20-EMA, the bears will try to sink the pair beneath $39,600 and lengthen the downtrend.

Alternatively, a break and shut above the 20-EMA may push the pair to the 50-simple shifting common. If bulls push the worth above this resistance, it can recommend that bears could also be shedding their grip.

LINK/USDT

Chainlink (LINK) has been buying and selling in a wide variety between $15 and $35.33 for the previous few months. The bulls have pushed the worth above the shifting averages and the RSI has risen near the overbought zone, indicating that consumers have the higher hand within the quick time period.

LINK/USDT each day chart. Supply: TradingView

The bears posed a powerful problem close to $27.61 for the previous few days however the bulls didn’t enable the worth to dip beneath the 20-day EMA ($23.23). This means that the sentiment has modified from promote on rallies to purchase on dips.

If bulls keep the worth above $27.61, the LINK/USDT pair may rise to 30 and thereafter to the overhead resistance at $35.33. This bullish view will invalidate if the worth turns down from the present stage and breaks beneath the shifting averages. The pair may then drop to $18.

LINK/USDT 4-hour chart. Supply: TradingView

The 4-hour chart exhibits that the worth has damaged above the overhead resistance at $27.61. The bears will now try to stall the up-move at $30. If the following correction doesn’t break beneath $27.61, it can enhance the potential for a rally to $35.33.

Quite the opposite, if the worth turns down from the present stage, it can recommend that the break above $27.61 could have been a bull lure. The bears will then attempt to pull the worth beneath the 50-SMA. In the event that they do this, the subsequent cease could possibly be $22.

ICP/USDT

Web Pc (ICP) broke and closed above the downtrend line on Jan. 4 which was the primary indication that the downtrend could possibly be ending. The bears tried to lure the aggressive bulls and pull the worth again beneath the 20-day EMA ($29) however failed.

ICP/USDT each day chart. Supply: TradingView

The bulls once more pushed and closed the worth above the downtrend line on Jan. 8. The shifting averages are on the verge of a bullish crossover and the RSI has jumped into the constructive zone, indicating that bulls are trying a comeback.

If consumers push and maintain the worth above $38.02, the ICP/USDT pair may rally to $45.79. This stage could once more act as a stiff hurdle but when crossed, the up-move could attain $58.30.

Opposite to this assumption, if the worth turns down from the present stage and breaks beneath the 20-day EMA, it can point out that the breakout above the downtrend line could have been a bull lure.

ICP/USDT 4-hour chart. Supply: TradingView

The 4-hour chart exhibits that bulls have pushed the worth above $33.29 however are struggling to clear the hurdle at $38.02. This means that bears proceed to promote close to the overhead resistance. This has stored the pair sandwiched between the 2 ranges.

If bulls push and maintain the worth above $38.02, the pair may lengthen its up-move. Quite the opposite, if the worth turns down from the overhead resistance, the bears will try to drag the pair beneath $33.29. In the event that they handle to try this, the pair may drop to the 50-SMA.

Associated: Even after the pullback, this crypto buying and selling algo’s $100 bag is now price $20,673

LEO/USD

UNUS SED LEO (LEO) has been buying and selling in a gradual uptrend for the previous a number of weeks the place the 50-day SMA ($3.55) has been performing as a powerful help.

LEO/USD each day chart. Supply: TradingView

The bears tried to drag the worth beneath the 50-day SMA on Jan. 7 however the bulls didn’t relent. This resulted in a powerful rebound on Jan. 8 which pushed the LEO/USD pair again above the 20-day EMA ($3.69).

The bulls will now try to drive the worth above the all-time excessive at $3.92. In the event that they succeed, the pair could resume its uptrend and attain $4.25. This constructive view will invalidate if the worth turns down and plummets beneath the 50-day SMA. That might begin a correction to $3.40.

LEO/USD 4-hour chart. Supply: TradingView

The pair has been buying and selling inside an ascending channel sample. The bears mounted a powerful resistance close to $3.85, which can have attracted profit-booking from short-term merchants. That pulled the pair all the way down to the help line of the channel the place consumers stepped in and arrested the decline.

The bulls are once more trying to push and maintain the worth above $3.85. In the event that they handle to try this, the pair may begin its journey towards the resistance line of the channel. The bears must sink and maintain the worth beneath the channel to invalidate the bullish view.

ONE/USDT

Concord (ONE) has been buying and selling between the 20-day EMA ($0.27) and $0.33 for the previous few days. This means that bulls are shopping for on dips and bears are promoting on rallies.

ONE/USDT each day chart. Supply: TradingView

The rising 20-day EMA and the RSI within the constructive territory recommend benefit to consumers. If bulls drive the worth above $0.33, the up-move may resume. The ONE/USDT pair may then try to rise to $0.38.

Opposite to the belief, if the worth breaks beneath the 20-day EMA, it can recommend that bears have overpowered the bulls. That might pull the pair all the way down to the 50-day SMA ($0.24) and later to $0.21.

ONE/USDT 4-hour chart. Supply: TradingView

The 4-hour chart has been rising inside an ascending channel sample. Though bulls pushed the worth above the channel, they may not maintain the upper ranges. This means that bears tried to lure the aggressive bulls.

The value dipped again into the channel however a minor constructive is that it bounced off the 50-SMA. This means that sentiment stays constructive and bulls are shopping for on dips.

If the worth rises above the 20-EMA, the pair may once more rally to the resistance line of the channel. A break and shut above this stage may sign a decide up in momentum. Conversely, a break and shut beneath the 50-SMA may pull the pair all the way down to the help line of the channel.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes threat, it’s best to conduct your individual analysis when making a choice.

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