Home News Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, MATIC, FTM

Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, MATIC, FTM

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The weekend failed to stoke optimistic sentiment among cryptocurrencies investors, and on Oct. 31, both Bitcoin (BTC) and Ether (ETH) declined. The bulls will now attempt to close over the psychological $60,000 mark for the third week in a row and for the first time in a month.

The stock-to-flow developer PlanB forecasted this level as the “worst-case scenario” for October, so it’s another level of interest for traders. In August and September of last year, PlanB’s worst-case assumption was shown to be right.

Crypto market data daily view. Source: Coin360

Apart from the short-term appeal, investors should keep in mind that Bitcoin was created on Jan. 3, 2009, at a price of $0.0008, and has since risen 8,374,999,900% to a high of $67,000.

The hodlers’ path was not easy, as there were multiple gut-wrenching corrections along the way, each of which prompted a few pundits to predict the demise of Bitcoin. In retrospect, all of these drops turned out to be excellent purchasing opportunities.

Today is the 13th anniversary of the publishing of the Bitcoin white paper on Oct. 31, 2008, which paved the stage for the world’s largest financial upheaval.

Let’s have a look at the charts of the top five cryptocurrencies that can catch traders’ interest in the next few days.

BTC/USDT

The price of bitcoin has established a flag pattern, but bulls have been unable to push it above it. Short-term traders may have been tempted to sell when the price failed to break through the overhead resistance, pulling the price down to the 20-day exponential moving average ($59,679).

BTC/USDT daily chart. Source: TradingView

The BTC/USDT pair might fall below the pattern’s support line if bears bring the price below the 20-day EMA. The bulls must defend this level of support since a break below it invalidates the setup. The pair may then fall to $52,920, which would be the next level of support.

The bulls will try once again to push the pair above the flag if the price bounces off the 20-day EMA. If they succeed, the pair may revisit the all-time high of $67,000 before rallying to the pattern goal of $89,476.12.

BTC/USDT 4-hour chart. Source: TradingView

Bears are vigorously defending the resistance line, as shown on the 4-hour chart. The pair has fallen below its moving averages, and a break below $60,000 might lead to a drop to the support line.

Bulls are likely to purchase heavily at this level. If the pair bounces off the support line, it might stay in the downward channel. To signal the conclusion of the corrective phase, the bulls will need to push the price above the resistance line and keep it there.

ETH/USDT

On Oct. 29, Ether broke over the all-time high of $4,375, but the bulls were unable to sustain the rally. On Oct. 30, the bears dragged the price down below the breakthrough level, showing that selling is aggressive at higher levels.

ETH/USDT daily chart. Source: TradingView

The ETH/USDT pair may fall to the 20-day EMA ($4,010), which the bulls must defend. The bulls will attempt to push the pair over $4,460.47 if the price bounces off this support.

If that occurs, the two may be able to restart their quest for the $5,000 psychological milestone. Breaking below the 20-day EMA, on the other hand, may lead to a drop below $3,888. The pair may stay range-bound for a few days if the price bounces off this level.

To gain the upper hand, the bears will need to knock the price down to $3,888 and keep it there. This might lead to a drop to the 50-day simple moving average ($3,564).

ETH/USDT 4-hour chart. Source: TradingView

For the previous several days, the pair has been moving in an upward channel. Bulls will seek to push the pair over $4,460.47 if the price bounces off the 50-SMA. After that, the pair may rally to the channel’s resistance line. The upswing can be accelerated if the channel is broken and closed above.

If the price falls below the 50-day moving average, a drop below the channel’s support line is expected. A recovery off this level might keep the uptrend going, but a break below the channel would signal that the bulls are losing control.

BNB/USDT

On Oct. 29, Binance Coin (BNB) broke over the overhead barrier at $518.90, but the bulls were unable to extend their lead. This indicates that there is a shortage of demand at higher levels.

BNB/USDT daily chart. Source: TradingView

The price has been dragged down below $518.90 by the bears. If the BNB/USDT pair remains below this level, the psychological support at $500 and subsequently the 20-day EMA ($480) might be the next targets. This is a crucial support for the bulls to maintain.

If the price bounces off the 20-day EMA, it indicates that traders are buying on dips and sentiment is still favourable. The bulls will next aim to restart the upswing by forcing the price over the $518.90 to $540.50 overhead zone.

If the price falls below the 20-day EMA, the correction will likely intensify, and the pair would likely fall below the 50-day SMA ($431).

BNB/USDT 4-hour chart. Source: TradingView

The price has retreated to the 20-EMA, which is expected to operate as firm support. If the pair bounces off this level, bulls will try to restart the uptrend and drive the price to the pattern goal of $554, then to $600.

If the price falls below the 20-EMA, it means the bullish momentum is fading in the short term. After that, the pair might drop to the 50-SMA and the inverse head and shoulders pattern’s neckline. A breach below this level might signal a trend shift.

MATIC/USDT

On Oct. 28, Polygon (MATIC) soared and closed above the overhead resistance zone around $1.71 to $1.79, signalling the beginning of a fresh rally.

MATIC/USDT daily chart. Source: TradingView

After breaking through a big resistance level, the price usually drops and retests the breakout level. The bulls will now attempt to convert the $1.79 to $1.71 zone into support and utilise it as a springboard for resuming the upswing.

A breakout and closing above $2.22 might pave the way for a rally to $2.43 and a retest of the all-time high of $2.70. Bulls are in charge, as seen by the rising 20-day EMA ($1.65) and strong RSI.

If bears pull and hold the price below the 20-day EMA, this bullish view will be invalidated. This suggests that the recent break over $1.79 was a bull trap.

MATIC/USDT 4-hour chart. Source: TradingView

The price has slipped to the 50-SMA on the 4-hour chart, which is anticipated to operate as solid support. If bulls can push the price above the downtrend line, it might indicate that selling pressure is easing.

Alternatively, the pair might drop to $1.71 if the price breaks below the 50-SMA. This level is expected to operate as powerful support once more, but if it cracks, the selling might become much more intense. Following that, the pair might fall below $1.50.

FTM/USDT

On Oct. 28, Fantom (FTM) burst out to a new all-time high, but the bulls were unable to keep it going. The day’s candlestick has a lengthy wick, indicating that traders profited at higher levels.

FTM/USDT daily chart. Source: TradingView

Bulls often purchase falls to the 20-day EMA ($2.52) in an upswing. If the price rises from its present level, it indicates that traders are buying on dips and the mood is still strong. The bulls will then try to push the price over $3.48, which is the overhead barrier.

If they succeed, the FTM/USDT pair may restart its uptrend, with the next target being $4.10 and a rise to the psychological threshold of $5 as a result.

Contrary to popular belief, a breach below the 20-day EMA indicates that traders are continuing to liquidate their positions. The pair may then fall to the 50-day simple moving average ($1.86). The RSI’s negative divergence indicates that the bullish momentum is fading.

FTM/USDT 4-hour chart. Source: TradingView

On the 4-hour chart, the moving averages completed a bearish crossing and the RSI sank into the negative zone, indicating that bears had the upper hand. The last breakthrough level at $2.45 provides the first support on the downside.

A strong comeback from this level would indicate that bulls are aiming to convert it to support. If that happens, the pair may try to climb back to $3, and then to $3.48. If bears drag the stock below $2.45, this optimistic perspective will be invalidated.

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