Top 5 cryptocurrencies to watch this week: BTC, ETH, XTZ, KCS, AAVE

Related: Bitcoin will set a new 9-week record for losing streak, with the BTC rate dropping 22% in May.

Tezos (XTZ), remains in a downtrend and consolidating. Bulls pushed the rate higher than the 20-day EMA ($ 2) May 24, but they were not able to sustain the healing. On May 26, the rate fell listed below the 20-day EMA.

ETH/USDT 4-hour chart. Source: TradingView.

Bulls will try to push the cost greater than the downtrend line, and challenge the 20 day exponential moving average ($ 30.538). If they succeed, the BTC/USDT pairing could acquire momentum and reach the 50-day SMA ($ 35,000.

If the cost drops listed below the present level, it will suggest that bears will continue to protect the 20 day EMA. The sellers will attempt to decrease the set to $1.75, which could result in a fall to $1.64.

The 20-EMA is where bears might mount a strong defense after the bounce from $1,700 support. The possibilities of the cost falling listed below $1,700 might increase if the price falls from this level. The sag could resume if that takes place.

Favorable news is the reality that Bitcoin whales are buying market corrections. Glassnode data has actually revealed that the number Bitcoin whale wallets holding a balance of a minimum of 10,000 Bitcoin has increased to its acme considering that February 2021. Their long-term outlook for Bitcoin is bullish, as evidenced by the accumulation in their whale wallets.

AVE/USDT.

If the overhead resistance is broken, the bears will try to lower the pair listed below $28,630. If they accomplish that target at $24,601, the set will form a bearish coming down triangle pattern.

The bears will win if the rate falls listed below $28,630. This could result in a retest at $26,700 of the critical assistance.

If it falls listed below the 200-SMA or present level, the pair could also drop to the uptrendline. The price might drop to $1.61 if it closes and breaks below this assistance.

The XTZ/USDT rate might increase to the 50-day SMA ($ 2.45) if bulls push it above the 20-day EMA. If resistance gives way, purchasers will attempt to press the price higher than the uptrend line.

The pair has dealt with stiff resistance at 200-SMA, the small correction recommends that bulls are buying in minor dips. The next stop for bulls is $17.14. If they press the rate greater than the 200-SMA, it might be $17.14. The next leg of the up-move could begin with a break and close above the 200-SMA.

Ethereum (ETH), has remained in a sag, but the bulls are attempting to stop the decline at the crucial support of $1700. The rate recovered from this assistance on May 28, and the bulls are trying to continue the recovery on May 29,.

This balance could be tilted in their favor if buyers press the cost higher than $110. The set could rise to $130, then $143. The bears will win if the price falls listed below $90. This could lead to a decrease in the set to $80, and after that to $70.

The Dow Jones Industrial Average, which had actually been in decrease for 8 consecutive weeks, rebounded strongly recently and ended up 6.2% greater. Bitcoin (BTC), nevertheless, has actually not been in a position to match the performance of US equities markets. It is now threatening to put out a red candle for the ninth successive week.

The opportunities of the price falling listed below $1,700 could increase if the price falls from this level. Bulls pushed the price higher than the 20-day EMA ($ 2) May 24, but they were not able to sustain the recovery. On May 26, the rate fell listed below the 20-day EMA.

BTC/USDT 4-hour chart. TradingView.

KCS/USDT.

Bitcoin is still stuck in a tight variety, in between the drop line at $28,630 and the assistance at $28,630. On May 26, and May 27, the bears managed to pull the rate down listed below $28,630, but it was unable to sustain lower levels. The cost rebounded on May 28.

AAVE/USDT 4-hour chart. Source: TradingView.

KuCoin Token, (KCS), broke above the 20 day EMA ($ 15.61), however the bulls could not press the cost greater than the 50-day SMA ($ 17.19). Short-term traders might have been tempted to book earnings by this, and the rate fell below the 20-day EMA again on May 26.

Daily chart of BTC/USDT Source: TradingView.

XTZ/USDT 4-hour chart. Source: TradingView.

Daily view of crypto market information. Source: Coin360.

BTC/USDT.

The 20-EMA has actually flattened and the 50 SMA on the 4-hour chart are now at the middle of the curve. This recommends a balance between supply/demand.

ETH/USDT.

Daily chart of ETH/USDT Source: TradingView.

If it falls below the existing level or 20-day EMA, the bears will try to decrease the price below $1,700. If they are successful with $1,300 as the next significant assistance, the pair could resume its down pattern.

Bulls should keep the price above the 20 day EMA. There is a possibility of a break below the 50-day SMA if that occurs. The KCS/USDT set might rally to $18.44, and after that to the 200 day SMA ($ 19.63).

AAVE rallied to $1101 at the 20-day EMA on May 23, but bulls could not push it above that level. This suggests that bears are continuing to safeguard the level aggressively, however it is a minor plus that buyers have actually not lost much ground.

Daily chart AAVE/USDT TradingView.

The overhead resistance of $2,159 could be reached if bulls press the rate greater than the 20-day EMA ($ 2,036). The pair could remain variety bound in between $2,159 to $1,700 for a couple of more days if the rate falls below this resistance.

The reverse could be true. If bulls press the price greater than the 20-EMA, it may reach the 50-SMA. The resistance level at this level might be a barrier once again, but bulls can overcome it and the set might rally to psychological resistance at $2,000.

Contrary to popular belief, a decrease in the cost from its present level will suggest that traders are buying rallies. Breaking below $14.92 might lead to an additional drop to $12.90.

The 4-hour chart shows the pair oscillating between $90 to $110 for a long time. The 20-EMA is flattish, the 50-SMA is flattish, and the RSI simply above the middlepoint. This recommends a balance in between supply/demand.

The negative descending triangle pattern of the sag line will be negated if bulls push the price higher than the downtrend. This could cause a brief capture, as short-term bears may close their positions. This could break the ice for a rally towards the 200-SMA.

The overhead resistance of $2,159 could be reached if bulls push the cost higher than the 20-day EMA ($ 2,036). The pair might stay variety bound in between $2,159 to $1,700 for a couple of more days if the rate falls below this resistance.

The rate increases above the 20-day EMA and indicates the beginning of a stronger relief rally. The AAVE/USDT pairing might rally to the 50 day SMA ($ 132), where bears might again install a strong defense.

Bitcoin will likely start a short-term healing, and other altcoins will likely do the same. Lets take a look at the charts of top-5 cryptocurrencies that could lead the relief rally.

The 4-hour chart shows that the rate recuperated from the 200 SMA, but it got better off the uptrend line. Bulls have actually raised the cost above 50 SMA and will now attempt to conquer the overhead hurdle at 200 SMA. It will signal the start of a short-term upward-move if they are successful.

Blockware Solutions pointed out that the Mayer Multiple metric, which measures the 200-day simple motion average and the present price, was languishing at “near some the most affordable readings ever tape-recorded.” There are also other indications that suggest that Bitcoin may be attempting to reach a bottom.

You need to look into all elements of trading and financial investment before making any choice.
Learn more.

Daily chart of KCS/USDT Source: TradingView.

The short-term bulls might also close their positions if the price falls below the current level, or the 20-day EMA, and falls below $89 This might bring the rate down to $79, and after that to $64.

Favorable divergence in the relative strength sign (RSI), recommends that bearish momentum might be compromising, and that a rally might be simply around the corner.

XTZ/USDT.

If the price falls below the overhead resistance, bears might pull the pair to the 38.2% Fibonacci level at $14.20, and after that to the 50% level at $13.30. This area is expected to provide strong support.

The bears were not able to capitalize on their advantage and keep the cost below 20-day EMA. This shows strong buying by bulls at lower levels. On May 29, the purchasers pushed the cost above the 20 day EMA.

Daily chart of XTZ/USDT Source: TradingView.

KCS/USDT 4-hour chart. Source: TradingView.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Jeannine Cruz

Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami