The crypto market saw prices move from key support across all boards, with the crypto marketcap finding some relief recently as it aims to reclaim its resistance of $1.2 trillion. This has led to market sentiments returning bullish, with many crypto assets rallying from the key support and producing double-digit gains. Let us focus on the top 5 cryptocurrencies 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 never invest more than what you can afford to lose.
TOP 5 Cryptocurrencies – Bitcoin (BTC) Price Analysis
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.comDaily BTC Price Chart | Source: BTCUSDT On Tradingview.comFrom the chart, the price of BTC was rejected from $20,400, with bulls trying to push the price above this region, acting as resistance for BTC price.
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A breakout above the ascending triangle could see the price rally to a high of $21,500-$22,000.
Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.comDespite the price of Ethereum in recent weeks outperforming BTC after showing a bullish trend ahead of “The Merge,” the price has faced resistance to breaking above $1,400, with the next key support at $1,000 looking more likely for price.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?ETH price was rejected from $1,370 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,250, with the price bouncing off this region to a high of $1,320.
The price of ETH at the point of writing is $1,325, trading below the 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.
If the ETH price maintains its bearish structure, we could see the price retesting $1,200-$1,000 as a key support region with high demands.
Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart
Daily BNB Price Chart | Source: BNBUSDT On Tradingview.comThe price of BNB was rejected from its resistance of $290 and is currently trading at $280.
BNB has failed to maintain its bullish structure, a break of about $270 could see the price of BNB retesting the region of $240 as support.
TOP 5 Cryptocurrencies – Price Analysis Of Maker DAO (MKR) On The Daily (1D) Chart
Daily MKR Price Chart | Source: MKRUSDT On Tradingview.comThe price of MKR has continued to show bullish trends holding well above the 8 and 20 EMA after a successful break out of the descending triangle creating a more bullish scenario.
With the market looking more stable, we could see MKR retest the region of $1,200. If the price of MKR experiences a sell-off, we could see a price retest of $800 acting as a support area.
Price Analysis Of Polygon (MATIC) On The Daily (1D) Chart
Daily MATIC Price Chart | Source: MATICUSDT On Tradingview.comThe price of MATIC has formed a bullish pattern (ascending triangle) with a potential breakout to the upside; a breakout and close above the ascending triangle would mean the price rallying to a high of $1.
Featured image from zipmex, Charts from TradingView.com
