Home News Top 5 cryptocurrencies to watch this week: BTC, LTC, LINK, VET, AXS

Top 5 cryptocurrencies to watch this week: BTC, LTC, LINK, VET, AXS

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The optimistic atmosphere around Bitcoin (BTC) suffered a little blow on November 12 when the Securities and Exchange Commission (SEC) rejected VanEck’s Bitcoin exchange-traded product, which was intended to mirror the market price of Bitcoin.

However, on November 13, the Taproot soft fork was successfully activated, reversing this unfavourable trend. The “biggest success,” according to Bitcoin creator Hampus Sjöberg, who operates a Taproot devoted website, was that Taproot demonstrated that Bitcoin can do network updates, which is critical for the network’s long-term viability.

Crypto market data daily view. Source: Coin360

Bitcoin’s latest big upgrade, according to Decentrader analysts, was the installation of Segwit in August 2017, which was followed by a four-month rise from $4,000 to $20,000.

Could Bitcoin’s prior bullish behaviour after the Taproot update be repeated, causing altcoins to rise in value? Let’s have a look at the charts of the top five cryptocurrencies to see if they’ll resume their upward trend in the coming days.

BTC/USDT

Bitcoin has retreated to the 20-day exponential moving average ($62,954), a key support level to monitor. In a strong uptrend, traders tend to purchase the drop to the 20-day EMA.

BTC/USDT daily chart. Source: TradingView

The upsloping moving averages show that buyers have the upper hand, but the relative strength index (RSInegative )’s divergence cautions that the bullish momentum may be fading.

The bulls will aim to take the price over the all-time high of $69,000 and restart the uptrend if the price bounces off the 20-day EMA. The BTC/USDT pair may then rise to $75,000 in value.

A break and closure below the 20-day EMA, on the other hand, may signal that traders are fleeing the market. After that, the pair might fall to the 50-day simple moving average ($57,938). If this support is breached, a larger decline to $52,920 might begin.

BTC/USDT 4-hour chart. Source: TradingView

The pair is consolidating between $60,000 and $67,000, according to the 4-hour chart. The bulls were able to push the price above the range’s barrier, but they were unable to keep it there. The duo has returned to the range once more.

The 20-EMA is slanting down slightly, and the RSI is just below the midway, indicating that the price may steadily decline to $60,000. A solid recovery off this level might keep the market range-bound for a little longer, but a break below it could signify a trend shift.

Bulls may attempt the overhead resistance zone at $67,000 to $69,000 if the price rises from its current position.

LTC/USDT

With a break and closing above the overhead resistance at $225.30, Litecoin (LTC) completed a rounded bottom pattern. The price immediately gained traction and climbed to $300, where the bears put up a strong fight.

LTC/USDT daily chart. Source: TradingView

For the past several days, the cryptocurrency has been correcting, but the 20-day EMA ($224) has begun to rise, and the RSI is just below the overbought zone, suggesting that bulls have the upper hand. Buyers will try to restart the uptrend if the price rises from its present level or rebounds from $225.30.

A break and close over $300 may pave the way for a run to $340. The bears are likely to have different ideas, as they aim to bring the price below the breakthrough level of $225.30 and keep it there. If they succeed, the LTC/USDT pair might fall to the 50-day SMA ($192).

LTC/USDT 4-hour chart. Source: TradingView

The pair is trading within a falling wedge formation on the four-hour chart. The 20-EMA has flattened down, and the RSI is nearing the middle, indicating a supply-demand equilibrium.

If the bulls can push and keep the price above the wedge, this balance might shift in their favour. After that, the pair might jump to $280, then $295.70. This level may function as a stumbling block for bulls, but if they can get beyond it, the pair might rise to the $302.10 goal.

If the price falls below the 50-day moving average, selling might get more intense, and the pair could drop below $225.30, which is a solid support level.

On Nov. 9, 10, and 11, the bulls pushed Chainlink (LINK) over the overhead resistance at $35.23, but they couldn’t keep it there. This indicates that the bears are putting up a strong fight to keep this level.

LINK/USDT daily chart. Source: TradingView

The RSI is above 55 and both moving averages are trending up, suggesting that bulls have a little advantage. If the price rises over the 20-day EMA ($32.27), buyers will try to break through the overhead barrier once more.

The LINK/USDT pair might signify the commencement of a new upswing if they are successful in doing so. On the upside, $42.50 and $47.50 are the first two targets. If the price falls below the 20-day EMA, this bullish outlook is invalidated. The price might drop to the 50-day SMA ($28.83) as a result of such a move.

LINK/USDT 4-hour chart. Source: TradingView

For the previous three days, the pair has been steadily climbing within an ascending channel. On November 10, the bulls tried unsuccessfully to push the price above the channel. Profit-booking by bulls and shorting by aggressive bears might have resulted as a result of this.

It’s possible that the price may now fall to the channel’s support line, where buyers will emerge. Bulls will continue to purchase at lower levels if there is a significant comeback from this support. The couple might then advance up the channel further. A break and closure below the channel might indicate a trend shift.

VET/USDT

On November 4, VeChain (VET) broke through the heavy overhead resistance at $0.15, signalling that bulls had beaten the bears. The bears are seeking to bring the market below the breakthrough level in order to imprison the aggressive bulls.

VET/USDT daily chart. Source: TradingView

The 20-day EMA ($0.15) is trending up, and the RSI is positive, indicating that the bulls have a little edge. Bulls will aim to push the VET/USDT pair over $0.19 and restart the uptrend if the price bounces off the present level. After that, the pair may rise to $0.24.

Contrary to popular belief, if the price falls below $0.15 and stays there, it means that the market has rejected the higher levels. After that, the pair might decline to the 50-day SMA ($0.12), and then to $0.10.

VET/USDT 4-hour chart. Source: TradingView

Bulls pushed the price above the ascending channel pattern’s resistance line on the 4-hour chart, but they were unable to maintain their lead. This means that with larger levels of demand, demand dries up.

The price has re-entered the channel and the moving averages have completed a bearish crossing. This means that the pair may begin to drift towards the channel’s support line.

A strong rebound from the support line might keep the uptrend going and allow the price to stay within the channel. To gain the upper hand, the bears will have to drag and keep the price below the channel.

AXS/USDT

For the previous three days, Axie Infinity (AXS) has been correcting in an uptrend and trading within an ascending channel pattern. The price has slipped to the 20-day EMA ($141), where bulls are attempting to halt the downward trend.

AXS/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out, and the RSI has slipped around the middle, indicating that buyers are losing control. A break below the 20-day EMA might push the price below the channel’s support line.

The buyers are likely to fiercely defend this level. If the price bounces off the support line, it means that the uptrend is still intact. The AXS/USDT pair will then attempt to reach $166.09, the all-time high.

A break and closure above the all-time high might pave the way for a potential rally to the channel’s $183 resistance line. On a break, this bullish perspective will be invalidated, and the price will close below the ascending channel.

AXS/USDT 4-hour chart. Source: TradingView

The pair has been trading in a range of $166.09 to $131.18. On the 4-hour chart, the price has been trading below the 20-EMA, indicating that bears are fighting this barrier hard. This raises the risk of a dip to the range’s support level of $131.18.

If the price bounces off this support, it means bulls are still buying at lower levels. The pair’s range-bound behaviour might then be extended for a few more days.

A break and close below $131.18, on the other hand, might indicate a probable shift in the short-term trend. The pair may then drop to the $115-$120 support area. If this zone also begins to fracture, the drop might reach the psychological support level of $100.

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