The crypto market looks much better ahead of the new week than in previous weeks, with Bitcoin (BTC) closing the week on a high and aiming to reclaim a key region of $20,000. Despite the uncertainty, some altcoins have continued to look green in the face of the bear market, with many exciting projects coming up and others gaining more attention in the crypto space due to the community and partnership deals. Let us discuss on top 5 cryptos you should pay attention to this week.
Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and invest only what you can afford to lose.
Top 5 Cryptos- Bitcoin (BTC) Price Analysis On The Daily Chart
From the chart, the price of BTC was rejected from $21,500 after facing an earlier rejection from a region of $25,000 as the price has struggled to show such bullish strength as price rallied from a weekly low of $18,500.
BTC is currently trading at $19,400 at the point of writing this article. The price of BTC has shown great strength as bulls defended the price from losing the key support zone at $18,500; if BTC’s price loses this key support, we could see the price going down lower and panic setting into the market.
The price of BTC closed the week with a good candle above $19,500 after a long time which signifies a good sign, and possible relief would be on the horizon as we head into the monthly close for BTC price.
BTC needs to reclaim $20,500 for more relief rallies; if the price of BTC fails to reclaim this region, we could see more of a dead cat bounce.
Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Life after “Ethereum Merge” hasn’t been what everyone expected as the price of ETH has lost a huge percentage of the rally price made, from a weekly low of $900 to a high of $2,030.
ETH price was rejected from $1,650 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,260, which formed strong support to prevent the price from going lower.
With the current market looking promising ahead of the monthly close, we could see ETH price retesting $1,450 as a key resistance region.
Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart
The price of BNB was rejected from its resistance of $300 and is currently trading at $270.
BNB has tried to hold its key support zone as the price lost this zone to a region of $265, but the price quickly bounced to reclaim the region of $270. The price of BNB needs to rally away from its key support; if the price of BNB breaks and closes below this $270, we could see BNB struggling to trade above $250.
Price Analysis Of Polygon (MATIC) On The Daily (1D) Chart
The price of MATIC has continued to show bullish trends holding well above the 50 EMA after breaking out of a descending triangle as the price aims to break and close above $0.91.
If the price of MATIC breaks and closes above $0.91, we could see a price attempt to breach $1; if the price of MATIC fails, a retest of $0.77 support would be on the table as this has proven to be a key support for MATIC price.
Top 5 Cryptos –Price Analysis Of Aptos (APT) On The Hour (1H) Chart
APT has formed a bullish pattern with its release on major platforms, including Binance, as this coin has continued to ring in the ears of many traders.
The price of APT rallied from a low of $7 on its launch to a high of $10.2 as the price faced resistance in the 1H timeframe. With the hype of APT being sustained, we could see the price increase.
Featured image from NBTC, Charts from TradingView.com