Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, XMR, UNI
Bitcoin (BTC) has long been touted as digital gold by crypto enthusiasts. Now every bit the digital asset faces its commencement economic crisis since its birth, Bitcoin has validated the narrative and outperformed gold by a large margin in 2020. This suggests two of import things, Bitcoin is here to stay and it is a meliorate bet than gold.
Some popular traditional investors have already jumped on the Bitcoin bandwagon and analysts at Whalemap believe that institutions accept been the main buyers in the $12,000 to $fifteen,000 range.
The over-the-counter trading desk-bound at Galaxy Digital also reported an increase in trading volumes by the institutional investors. The visitor'due south CEO Mike Novogratz and head of sales Tim Plakas, both showed confidence that more traditional investors and funds could enter the crypto space in 2021.
While about investors seem to exist bullish on Bitcoin, on-chain data suggests that some whales believe that the rally could have topped out in the brusk-term, hence, they take turned into sellers.
Let's clarify the charts of the top-five cryptocurrencies to determine whether the rally may go along for some more time or is a curt-term elevation effectually the corner.
BTC/USD
Bitcoin (BTC) has not closed below the 10-week exponential moving boilerplate ($15,613) since Oct. viii. This shows that the trend is stiff and the bulls have been buying on every minor dip without waiting for a larger correction.
The upsloping moving averages and the relative strength alphabetize in the overbought territory suggest that bulls are in control. The buyers are currently attempting to sustain the price to a higher place the immediate support at $xvi,000.
If they succeed, the BTC/USD pair could resume its uptrend with the side by side target objective at $17,200.
Conversely, if the pair drops below the x-24-hour interval EMA, it will suggest turn a profit booking by traders at higher levels. In that location is a minor back up at $14,800 but if that also cracks, the correction could extend to $14,000.
The 10-EMA on the 4-hr chart has flattened out and the RSI is close to the midpoint, which suggests a balance between supply and demand. The bearish difference on the RSI warns of weakening momentum.
If the bears can elevate the price beneath the 50-simple moving average, a driblet to $14,800 and so to $14,400 is possible.
Reverse to this supposition, if the price rebounds off the current levels or from the l-SMA and rises above $sixteen,500, the next leg of the uptrend could begin.
ETH/USD
Ether (ETH) has turned around from $478.058 on November. 13, which is just below the strong overhead resistance at $488.134 where the previous rally had topped out on Sep. i. It is usual to await some amount of turn a profit booking near the resistance.
All the same, if the bulls do not permit the ETH/USD pair to requite up much footing, information technology will increase the possibility of a breakout of $488.134. To a higher place this level, the bears may again try to stall the rally at the psychological level at $500.
If the bulls tin can thrust the price in a higher place the $488.134 to $500 resistance zone, the rally may extend to $550. The upsloping moving averages and the RSI in the positive zone, suggest advantage to the bulls.
This positive view will be invalidated if the cost breaks beneath the 10-twenty-four hours EMA. If that happens, the pair may drop to $420 and then to $400. Such a motility could signal to a possible range formation in the brusque-term.
The iv-hour chart shows that the pair has broken below the support line of the rising wedge blueprint and the RSI has also formed a bearish difference.
Moreover, the downsloping 10-EMA and the RSI in the negative zone, suggest that bears take the upper paw.
If the pair sustains below the l-SMA, a fall to $440 then to $424 is possible. This brusque-term bearish view will be negated if the price turns effectually and rises in a higher place $478.058.
XRP/USD
XRP had been stuck in a range betwixt $0.23 to $0.26 for over two months. The range resolved to the upside with a strong breakout of $0.26 on Nov. thirteen. However, the bears are unlikely to give up without a fight.
The tussle between the bulls and the bears could pull the price down to the breakout level of $0.26. If the bulls buy this dip and the price rebounds off the breakout level, it volition suggest that traders are buying equally they conceptualize higher levels in the future.
The upsloping 10-mean solar day EMA ($0.258) and the RSI in the positive territory suggest that bulls have the upper mitt. The adjacent target on the upside is $0.30.
Contrary to this supposition, if the bears pull the XRP/USD pair back below $0.26, it could grab several aggressive bulls off guard who may then have to liquidate their positions in a bustle.
The ensuing panic selling could sink the pair below the 50-day SMA ($0.248) and keep information technology range-jump for a few more days.
The moving averages on the 4-hour nautical chart are sloping upward and the RSI is above 59, suggesting the advantage is with the bulls.
If the pair rebounds off the current levels, it will betoken that the bulls are ownership on dips to the 10-EMA, which shows that the sentiment has turned bullish.
Opposite to this supposition, if the bears sink the price below the 10-EMA, a retest of $0.26 volition be on the cards. If the price breaks and sustains below this back up, information technology will suggest that bears have made a comeback.
XMR/USD
Monero (XMR) had been in a correction since topping out on Oct. 26. The bulls pushed the altcoin above the downtrend line on Nov. 10 and are currently attempting to propel the price above the $118.10 to $120.7773 resistance zone.
If they succeed, the XMR/USD pair could motility up to $128 and if this level is also scaled, the rally may extend to $139.2885. The 10-solar day EMA ($115) has flattened out and the RSI is just below the midpoint, which suggests that the selling pressure has reduced.
This bullish view will be invalidated if the toll turns downwards from the electric current levels or the overhead resistance zone and plummets back below $110. Such a move could elevate the toll downwardly to $104.
The 4-hour chart shows the formation of an ascending triangle pattern that will complete on a breakout and close above $118.10. This bullish setup has a target objective of $132.ninety.
On the other mitt, if the bears sink the cost below the back up line of the triangle, it will invalidate the bullish setup and could drag the price down to $110.
Both moving averages are flat and the RSI is just higher up the midpoint, which suggests a balance between supply and demand. The break above or beneath the triangle could commencement the side by side brusk-term trending motion.
UNI/USD
Uniswap (UNI) bottomed out at $one.7563 on Nov. 5 and since then embarked on a stiff uptrend. The up-move in the past few days has resulted in a rally of over 136%.
The x-day EMA ($3.27) has turned upward and the RSI has risen from shut to the oversold zone to the overbought territory. This suggests that the bulls are back in the game. They will now endeavour to push the toll to the psychological level of $5.
This level may act as a resistance as the bears will try to stall the up-move in the $5 to $v.55 zone. Nevertheless, if the bulls practice non give up much ground from this zone, then the uptrend could continue.
The starting time sign of weakness will be a pause below the 10-day EMA. Such a move will advise profit booking past the short-term traders and shorting by the aggressive bears.
The iv-hour chart shows that both moving averages are sloping upward and the RSI is in the overbought zone. This suggests that the bulls are in control. The immediate resistance is at $four.50 where the bears may try to stall the rally.
If the bulls defend the ten-EMA on the downside, information technology volition suggest that the momentum all the same favors the bulls. This positive view could exist invalidated if the price turns down and sustains below the $3.l back up.
The views and opinions expressed hither are solely those of the writer and practise not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves take chances, you lot should deport your own research when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-eth-xrp-xmr-uni
Posted by: mcdonaldyone1997.blogspot.com
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