Top 5 cryptocurrencies to watch this week: BTC, BNB, LUNA, MANA, SAND
Bitcoin (BTC) and most major altcoins have been struggling to recover from the sharp fall seen on Nov. 26. This indicates that traders may be nervous to buy at current levels due to the doubtfulness regarding the new heavily-mutated coronavirus strain detected in Due south Africa.
According to a CryptoCompare report, Bitcoin's assets under management decreased nine.five% to $48.70 billion in November. On the other hand, the AUM of altcoin-based crypto funds increased 5.4% to $16.lx billion.
This indicates that traders may accept booked profits in Bitcoin and rotated function of that money into altcoins.
Celsius founder and CEO Alex Mashinsky is unfazed by the recent decline and viewed the fall equally a buying opportunity. He said on Nov. 28 that he had "bought almost $10m worth of Bitcoin and Ether at the current levels" as he anticipates Bitcoin to rally to $lxx,000. Mashinsky added that he would cut his latest purchases in half if Bitcoin breaks the support at $50,000.
If Bitcoin recovers from the electric current level, select altcoins may too attract investor attention. Permit'due south analyze the charts of the top five cryptocurrencies that may remain in focus in the side by side few days.
BTC/USDT
Bitcoin has been correcting in a descending channel for the past few days. The bulls are attempting to defend the 100-day unproblematic moving average (SMA) ($54,064) for the by ii days just the shallow bounciness indicates a lack of urgency to accumulate at the current level.
The downsloping 20-twenty-four hours exponential moving boilerplate (EMA) ($58,521) and the relative strength index (RSI) beneath 39 indicate that bears are in command. If the price rebounds off the current level, the bulls may hit a wall at the 20-24-hour interval EMA.
If the price again turns downwards from the xx-day EMA, it will increase the prospects of a break below the 100-day SMA. The pair could and then challenge the support line of the channel. A break below the channel could intensify selling and sink the BTC/USDT pair to $forty,000.
The bulls will have to push and sustain the price above the channel to betoken that the correction may be over. The pair could pick up bullish momentum on a suspension and shut above $61,000.
The RSI on the 4-hour chart has formed a bullish divergence, indicating that the selling pressure could be reducing. If bulls button the price higher up the twenty-EMA and the fifty-SMA, the pair could rise to $sixty,000.
This is an of import resistance for the bulls to overcome because the previous two recoveries faltered near this level.
If the price turns downward from the electric current level or the overhead resistance and breaks below $53,500, the selling could accelerate. The pair could then drop to the strong back up at $50,000.
BNB/USDT
Binance Coin (BNB) is witnessing a tussle between the bulls and the bears near the xx-solar day EMA ($590). Although the toll dipped and closed beneath the 20-day EMA on Nov. 26, the bears could not build upon this reward.
The bears again pulled the price below the 20-day EMA on November. 29 but the long tail on the candlestick shows accumulation at lower levels. The apartment twenty-day EMA and the RSI near the midpoint indicate a balance betwixt supply and demand.
If bulls button the price higher up $621.30, the BNB/USDT pair could again rally to the overhead resistance zone at $669.30 to $691.80.
Alternatively, if the cost turns downwards and closes below the 20-day EMA, the pair could drib to the fifty-day SMA ($546). A intermission and close below this support could extend the pullback to the 100-day SMA ($487) and then to $440.
The price rebounded off the uptrend line on the four-hour nautical chart but the bears are attempting to arrest the recovery well-nigh the 20-EMA. If the price continues lower, the bears will again try to sink the pair beneath the uptrend line.
If they can pull it off, the pair could drop to the support zone between $564.xx and $553.80. A intermission beneath this zone could result in a sharper decline to $510.
Conversely, if bulls push and sustain the price above the 20-day EMA, the pair could rise to $621.30 and pick up momentum above it.
LUNA/USDT
Terra'south LUNA token is trading inside an ascending aqueduct blueprint. The bulls successfully defended the support line of the channel between Nov. 24–26 and pushed the price in a higher place the 20-24-hour interval EMA ($44.33) on Nov. 29.
If bulls sustain the toll to a higher place the 20-day EMA, the LUNA/USDT pair could rise to $52 and so retest the all-time loftier at $54.95. The rally could face strong selling near the resistance line of the channel.
Contrary to this supposition, if the price fails to sustain above the twenty-24-hour interval EMA, it volition indicate that traders are selling on rallies.
The bears volition so once again endeavor to sink the toll below the channel. If they manage to do that, it will point a possible change in trend. The pair could then drop to $32 and afterward to $24.
The 4-hour chart shows that bulls pushed the price in a higher place the overhead resistance at $45.54 merely they are struggling to sustain the pair higher up information technology. This indicates that bears are attempting to pull the price dorsum below the breakout level and trap the aggressive bulls.
The 20-EMA has turned upwards and the RSI is in the positive zone, indicating that bulls have a slight reward. If the price rises from the electric current level or rebounds off $45.54, it will suggest accumulation on dips.
Conversely, a interruption and close below the moving averages could tilt the short-term reward in favor of bears. The pair could then drop to $38.
Related: The Holy Grail for crypto traders: Consistent average returns over 5%
MANA/USDT
Decentraland (MANA) turned downward from $5.90 on Nov. 25 simply the long tail on the candlesticks of the by two days shows that bulls are attempting to defend the zone between the 38.2% Fibonacci retracement level at $4.48 and the 50% retracement level at $4.05.
The bulls will now attempt to bulldoze the toll higher up the all-time high at $5.xc and resume the uptrend. If they manage to do that, the MANA/USDT pair could commencement its journey toward the side by side target objective at $7.87.
The rising moving averages and the RSI in the positive territory indicate that bulls have the upper mitt.
This bullish view volition invalidate in the almost term if the toll turns downwardly and breaks beneath the twenty-day EMA ($3.88). Such a move will bespeak that supply exceeds demand. The pair may then dip to $3.ten.
The pair bounced off the 50-SMA but the bears are aggressively defending the overhead resistance at $5. The bears volition now effort to sink and sustain the price beneath the l-SMA. If they succeed, it will suggest the start of a deeper correction to $3.ninety and later to $3.50.
On the contrary, if the price turns up from the electric current level or the fifty-SMA, the bulls will endeavor to thrust and sustain the price to a higher place $v. That could accelerate buying and the pair may rally to $five.50 and then to $v.90.
SAND/USDT
The Sandbox (SAND) has been correcting the strong up-movement of the past few days. The bulls are attempting to abort the pullback in the zone between the 38.2% Fibonacci retracement level at $$6.02 and the fifty% retracement level at $5.26.
If the price rises from the current level, it will bespeak that sentiment remains positive and traders are buying on every minor dip. The bulls will so try to bulldoze the cost higher up the overhead resistance at $8.48.
If they succeed, the SAND/USDT pair could resume its up-motility with the side by side target objective at $x.52. This bullish view will invalidate in the short term if the price turns down from the current level and breaks beneath the 20-day EMA ($4.84).
The pair bounced off the fifty-SMA on the 4-hour chart and the bulls have pushed the price above the falling wedge pattern. If bulls sustain the price above the 20-EMA, the pair could ascent to $7.l and then challenge the all-fourth dimension high.
Opposite to this assumption, if the toll turns down from the current level or the overhead resistance and breaks below the fifty-SMA, it will signal that traders may be booking profits on relief rallies. That could open the doors for a deeper fall to $4.l.
The views and opinions expressed here are solely those of the author and practice non necessarily reverberate the views of Cointelegraph. Every investment and trading motion involves risk, you should bear your ain inquiry when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-bnb-luna-mana-sand
Posted by: carsonshooke.blogspot.com
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