Top 5 cryptocurrencies to watch this week: BTC, ADA, AXS, LINK, FTT

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ADA, AXS, LINK and FTT could start a strong recovery in the next few days if BTC holds the $45,000 support level.
Bitcoin (BTC) is trying to post its second straight weekly gain and end it with its highest weekly close since the start of the year. According to on-chain data from Glassnode, the recovery in the price of bitcoin was driven by demand in the spot markets. This should please the bulls as history shows that demand in the spot market leads to a sustained uptrend.

Another positive sign is strong demand for the ProShares Bitcoin exchange traded (ETF) strategy over the past two weeks, which has seen its exposure hit all-time highs. Arcane Research said the strong inflows “suggest there is growing interest in bitcoin through traditional investment vehicles.”

Daily view of cryptocurrency market data. Source: Coin360
In addition to Bitcoin, investors are attracted to the broader crypto space. Venture capital buyers poured $4 billion into the crypto space in the last three weeks of February, according to research firm Fundstrat.

Will buyers be able to maintain the momentum and prolong the Bitcoin and altcoin recovery? Let’s examine the charts of the top 5 cryptocurrencies that can do well in the short term.

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Bitcoin/US dollar
The long wick on the March 25 Bitcoin candlestick shows bears defending the upper resistance at $45,400. On a small positive note, the bulls did not lose positions much, indicating that traders are in no hurry to close their positions.

BTC/USDT daily chart. Source: Trading View
The 20-day exponential moving average of $42,025 is up and the Relative Strength Index (RSI) is in positive territory, indicating that the bulls are taking over. If buyers push the price above $45,400, the BTC/Tether (USDT) pair could rise to the rising channel resistance line.

This level could again become a hurdle, but if the bulls break it, the pair could rise to the psychological $50,000 level.

Contrary to this assumption, if the price turns down from $45,400, the bears will try to pull the pair towards the strong support at $42,594. This is an important level to watch on the downside because if the bulls reverse it towards support, a break above $45,400 would be more likely.

The bears need to drag the price below the moving averages and hold it to signal that the bulls have failed.

4-hour BTC/USDT chart. Source: Trading View
In the 4 hours chart, the price turned down from the upper resistance, but the bulls did not allow the pair to fall below the 20-EMA. This suggests that traders are buying on every small dip.

Rising moving averages and RSI near the overbought zone suggest that the path of least resistance is up. This bullish view will be invalidated in the short term if price breaks below the 20-EMA and holds there. In this case, the pair could drop to $42,594.

ADA/USDT
Cardano (ADA) has been holding above the critical $1 level for the past few days. This suggests that the bulls, who may have been buying at lower levels, are not planning an aggressive rally as they expect the rally to continue.

Daily ADA/USDT chart. Source: Trading View
The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that the bulls are in control. If buyers push and hold the price above $1.26, the bullish momentum could increase and the ADA/USDT pair could rise to the next critical resistance level at $1.60.

Alternatively, if the price reverses down from $1.26 but recovers from $1.00, this would mean the pair could oscillate between the two levels for a few more days. The bears need to drop and keep the price below the moving averages to negate the bullish outlook.

ADA/USDT, 4-hour chart. Source: Trading View
The 4-hour chart shows the bears aggressively defending the upper resistance at $1.20, but with little gain, the bulls prevented the price from holding below the 20-EMA. If the price rises from current levels, the bulls will make another attempt to break the $1.20 barrier and take the pair higher to $1.26.

If a

Source: CoinTelegraph

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