Top 5 cryptocurrencies to watch this week: BTC, NEAR, ATOM, FTM, FTT

Bitcoin (BTC) has stopped its decline and is attempting a recovery along with select altcoins. Some traders have been fearing a massive sell-off in Bitcoin but Capriole CEO Charles Edwards said that Bitcoin’s worst crashes have happened “due to miner capitulation (December 2018 and March 2020), when BTC fell below production costs.” However, the current production cost of Bitcoin was $34,000, which is well below the current price.In a sign that institutional investors remain bullish on the crypto sector even after the recent fall, Cathie Wood’s Ark Invest bought 6.93 million shares of the special purchase acquisition company that will merge with Circle, the principal operator of USD Coin (USDC) and the second-largest stablecoin in terms of market capitalization.Crypto market data daily view. Source: Coin360Another sign that the crypto markets are maturing is the fact that nonfungible tokens (NFTs) have not responded negatively to the fall in crypto prices. A recent report by DappRadar said that NFT trading in the first ten days of 2022 generated $11.90 billion compared to $10.7 billion in Q3 2021.Could Bitcoin continue its recovery and pull select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies to find out.BTC/USDTThe bulls are struggling to propel Bitcoin above the 20-day exponential moving average ($44,415) for the past few days but a minor positive is that buyers have not given up much ground. This suggests that bulls are buying on every minor dip.BTC/USDT daily chart. Source: TradingViewIf buyers push and sustain the price above the 20-day EMA, it will signal a possible change in trend. The BTC/USDT pair could then rally to the 50-day simple moving average ($47,987) where the bears may again mount a stiff resistance. A break and close above this resistance could clear the path for a rally to $52,088.Contrary to this assumption, if the price fails to rise above the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then attempt to sink the price below the critical support at $39,600. If they succeed, the pair could extend its downtrend.BTC/USDT 4-hour chart. Source: TradingViewThe moving averages have flattened out and the relative strength index (RSI) is just above the midpoint on the 4-hour chart. This suggests a range-bound action in the short term. The pair could remain stuck between $39,600 and $45,456.A break and close above $45,456 could tilt the advantage in favor of the bulls, signaling the start of a possible rally to $52,088. Alternatively, a break and close below $39,600 could indicate the resumption of the downtrend.NEAR/USDTNEAR Protocol’s NEAR token is in a strong uptrend. The price broke above the previous all-time high at $17.95 on Jan. 11, signaling the resumption of the up-move. The bears pulled the price back below $17.95 on Jan. 12 but the bulls bought this dip and reclaimed the level on Jan. 13.NEAR/USDT daily chart. Source: TradingViewBoth moving averages are sloping up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If bulls do not allow the price to dip below the breakout level at $17.95, the NEAR/USDT pair could rally to $25.44.Alternatively, if bears pull the price below $17.95, the pair could drop to the 20-day EMA ($16.42). A bounce off this level could keep the uptrend intact but a break and close below it will suggest that traders are rushing to the exit. The pair could then decline to $13.NEAR/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has been taking support at the 20-EMA. The upsloping moving averages and the RSI in the positive territory indicate that the short-term trend favors the buyers.If bulls propel the price above $20.59, the uptrend could begin. The pair could then rise to $22 and later to $25.Contrary to this assumption, if the price drops below the 20-EMA, it will indicate that short-term traders may be booking profits. The pair could then drop to the 50-SMA. A break and close below this support will indicate the start of a deeper correction.ATOM/USDTCosmos (ATOM) is attempting to form an inverse head and shoulders pattern, which will complete on a breakout and close above the overhead resistance at $44.80.ATOM/USDT daily chart. Source: TradingViewThe rising moving averages and the RSI in the overbought territory indicate that the path of least resistance is to the upside. A close above $44.80 could open the gates for a rally to the psychological level at $50 and then toward the pattern target at $69.42.Alternatively, if the price turns down from the overhead resistance, the ATOM/USDT pair could drop to the 20-day EMA ($36). This is a key level for the bulls to defend. If the price rebounds off this level, the bulls will again attempt to drive the pair above the overhead resistance and resume the uptrend.A break and close below the 20-day EMA will be the first sign that the up-move could be losing steam. The pair could then drop to $32.90.ATOM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has broken out of the symmetrical triangle pattern, indicating that the uncertainty has resolved in favor of the buyers. The bears may attempt to defend the overhead resistance at $44.80 but if they fail, the pair could rally to the pattern target at $51.19.Alternatively, if the bears successfully defend the resistance at $44.80, the pair could drop to the 20-EMA. If the price rebounds off this support, the bulls will again try to clear the overhead hurdle. This positive view will be negated on a break and close below the 50-SMA.Related: Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merchFTM/USDTFantom (FTM) is in a strong uptrend. The price action of the past few days has formed an inverse (IH&S) which will complete on a break and close above $3.17. FTM/USDT daily chart. Source: TradingViewThe bears may attempt to stall the rally at $3.48 but if bulls push the price above this level, the next leg of the uptrend could begin. The up-move could first reach $4 and later continue its journey toward the pattern target at $5.11.Contrary to this assumption, if the price turns down from the overhead resistance, the bears will attempt to pull the FTM/USDT pair to the 20-day EMA ($2.62). If the price turns up from this level, it will suggest that the sentiment remains positive and traders are buying the dips.However, a break and close below this support will signal the start of a deeper correction to the 50-day SMA ($2.07).FTM/USDT 4-hour chart. Source: TradingViewThe bears attempted to stall the up-move at $3.17 but the bulls had other plans. They bought the dip to the 20-EMA and have pushed the price above the overhead barrier. If bulls sustain the price above the breakout level, it will signal the resumption of the uptrend.On the other hand, if bears pull the price below $3.17, the pair could drop to the 20-EMA. This is an important level to watch out for because a break and close below it could indicate that the current breakout may have been a bull trap. The pair could then drop to $2.80 and later to the 50-SMA.FTT/USDTFTX Token (FTT) has been in a strong corrective phase for the past several weeks. The bulls pushed the price above the downtrend line on Jan. 14, signaling a possible change in trend.FTT/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI has risen above 64 after forming a positive divergence. This suggests that bulls are attempting a comeback. If the price sustains above the downtrend line, the FTT/USDT pair could rise to $53.50.Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, it will suggest that the breakout was a bull trap. That could pull the price down to $33.76. A break and close below this support could open the doors for a possible drop to $24.FTT/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a falling wedge pattern. The buyers pushed the price above this pattern and have also cleared the horizontal resistance at $45.07. Both moving averages are sloping up and the RSI is in the overbought zone, indicating that bulls have the upper hand. If bulls maintain the price above $45.07, the pair could start its march toward the psychological resistance at $50.This positive view will invalidate if the price turns down and re-enters the wedge. Such a move will indicate that demand dries up at higher levels.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 1/14: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level.Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Daily cryptocurrency market performance. Source: Coin360Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right counterparties and necessary regulations are in place, asset pools at SEBA may invest in Bitcoin at the right time. Buehler portrayed a bullish picture for Bitcoin, saying a rally to $75,000 was possible. Will Bitcoin and most major altcoins remain range-bound in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from the 20-day exponential moving average ($44,681) on Jan. 13 indicating that bears continue to sell on rallies. The bears will now attempt to pull the price back to the strong support at $39,600.BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) is in negative territory, indicating that the path of least resistance is to the downside. If sellers sink and sustain the price below $39,600, the BTC/USDT pair could extend the decline to $30,000.However, the bulls are unlikely to give up easily at $39,600. A strong rebound off the current level or from $39,600 will suggest accumulation at lower levels. The pair could then remain range-bound between $39,600 and $45,456 for a few days. A break and close above $45,456 will be the first indication that the correction may be over. The pair could then start its northward march toward $52,088.ETH/USDTEther’s (ETH) rebound off the support line of the descending channel on Jan. 10 could not even reach the 20-day EMA ($3,485) which suggests that demand dries up at higher levels.ETH/USDT daily chart. Source: TradingViewThe moving averages are sloping down and the RSI is below 40, suggesting that bears are in control. The sellers will now try to pull the price to the zone between the psychological level at $3,000 and the support line of the channel. A break and close below $2,652 will signal the start of the next leg of the downtrend.On the contrary, if the price turns up from the current level, the bulls will make one more attempt to push the ETH/USDT pair above the 20-day EMA. If they succeed, the pair could rise to the resistance line of the channel and later to the 50-day simple moving average ($3,893). The bulls will have to push and sustain the price above this level to signal that the downtrend could be over.BNB/USDTBinance Coin (BNB) is facing strong resistance at the 20-day EMA ($487) but a minor positive is that the bulls have not given up much ground. This suggests that traders are not rushing to the exit. BNB/USDT daily chart. Source: TradingViewIf the price breaks above the 20-day EMA, the bulls will try to clear the overhead hurdle at the downtrend line. If they can pull it off, the BNB/USDT pair will signal a possible change in trend. The pair could then attempt a rally to $617.Conversely, if the price turns down from the 20-day EMA or the downtrend line, it will suggest that bears are selling on rallies. That could keep the pair stuck inside the channel for a few more days. SOL/USDTSolana (SOL) reached the 20-day EMA ($157) on Jan. 13 but the bulls could not clear this overhead hurdle. This suggests that the bears have not yet given up and are selling on rallies.SOL/USDT daily chart. Source: TradingViewThe bears will now attempt to resume the downtrend by pulling the price below the support at $130. If they do that, the SOL/USDT pair could decline to the next important support at $116. The downsloping moving averages and the RSI in the negative territory indicate that the path of least resistance is to the downside.Contrary to this assumption, if the price rises above the 20-day EMA, the pair could rally to the resistance line of the channel. The bulls will have to push the pair above the channel to signal a possible change in trend.ADA/USDT Cardano (ADA) turned down from the 50-day SMA ($1.35) on Jan. 13 but the bulls did not allow the price to break below the $1.18 support. This suggests that bulls are buying on dips. ADA/USDT daily chart. Source: TradingViewThe bulls will now attempt to push and sustain the price above the 50-day SMA. If they manage to do that, the ADA/USDT pair could rally to the resistance line of the descending channel. A break and close above the channel could indicate that the downtrend has ended.Alternatively, if the price turns down from the 50-day SMA, it will suggest that bears continue to sell on rallies. The sellers will then try to sink the pair below $1.18 and pull the price to the critical support at $1.XRP/USDTRipple (XRP) turned down from the 20-day EMA ($0.80) on Jan. 13 but a minor positive is that bulls did not allow the price to dip below the support at $0.75. This indicates accumulation at lower levels.XRP/USDT daily chart. Source: TradingViewIf bulls drive the price above the moving averages, it will suggest that the bears may be losing their grip. The XRP/USDT pair could then rise to the overhead resistance at $1. If the price turns down from this level, the pair could remain range-bound between $1 and $0.75 for a few more days. A break and close above $1 will signal the start of an up-move toward $1.41.Conversely, if the price turns down from the 20-day EMA, the bears will attempt to pull the pair below the $0.75 to $0.69 support zone and resume the downtrend to $0.60.LUNA/USDTTerra’s LUNA token broke and closed above the resistance line of the channel on Jan. 12. The bears tried to pull the price below the 20-day EMA ($78.61) on Jan. 13 but failed. This indicates that bulls are defending the support aggressively.LUNA/USDT daily chart. Source: TradingViewThe buyers are currently attempting to push and sustain the price above the channel and the overhead resistance at $83.86. If they manage to do that, the LUNA/USDT pair could rally to $93.81.The 20-day EMA is trying to turn up and the RSI has risen into the positive territory, indicating that buyers are attempting a comeback.This positive view will invalidate if the price turns down from the current level and breaks below the moving averages. That could pull the price down to the support line of the channel.Related: Bitcoin dips below $42K as new forecast says breakout ‘most probable outcome’ for BTC priceDOT/USDTPolkadot (DOT) turned down from the 20-day EMA ($26.81) on Jan. 13 but the positive sign is that the bulls did not give up much ground. This indicates that bulls are viewing the dips as a buying opportunity.DOT/USDT daily chart. Source: TradingViewThe bulls are currently trying to sustain the price above the moving averages. If they do that, the DOT/USDT pair could rise to the overhead resistance at $32.78. The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand.If the price turns down from $32.78, the pair may extend its stay inside the range for a few more days. The next trending move may start on a break and close above the overhead resistance at $32.78 or on a break below the support at $22.66.AVAX/USDTAvalanche (AVAX) turned down from the 20-day EMA ($96) on Jan. 13, indicating that bears continue to sell on rallies. The price has dipped back to the uptrend line of the symmetrical triangle, which could act as a support.AVAX/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the buyers will again attempt to propel the price above the moving averages. If they succeed, the AVAX/USDT pair could rally to the downtrend line of the triangle.A break and close above the triangle will suggest that the correction could be over. The pair may then rise to $128.Contrary to this assumption, if the price slips below the uptrend line of the channel, the pair may retest the critical level at $75.50. If this support cracks, the pair could start a decline toward $57 and then $50.DOGE/USDTDogecoin (DOGE) broke and closed above the 20-day EMA ($0.16) on Jan. 13, which was the first indication that the selling pressure may be reducing. That was followed by another sharp move today which pushed the price above the stiff overhead resistance at $0.19.DOGE/USDT daily chart. Source: TradingViewHowever, the long wick on today’s candlestick suggests that bears continue to sell at higher levels. If the price sustains below $0.19, the DOGE/USDT pair could drop to the moving averages and extend its range-bound action for a few more days.Conversely, if the price sustains above $0.19, the bulls will make one more attempt to clear the overhead resistance zone at $0.22 to $0.24. If they manage to do that, the pair could rally toward $0.30.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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