Altcoins Price AnalysisBitcoin Price Analysis

Five digital currencies that traders should monitor this week


The price of Bitcoin closed its monthly candle with a decrease of 1.98% compared to the previous month. Bybit data show that this is the first negative monthly candle closure since April 2015.

Ethereum, meanwhile, rose 44 percent during the same period, reaching a new all-time high of $ 3,000. These actions show that there is a wide divergence between Ethereum and Bitcoin; This divergence indicates that the market has matured and that the good performance of bitcoins no longer has as much of an impact on coin reels as in the past.

Ethereum’s uptrend has attracted many buyers to buy this digital currency. Biobit statistics show that on April 29, Ethereum’s open futures contracts increased by 52% compared to the previous month. This indicates that this digital currency has the support of professional traders behind it. Coin Telegraph co-author Marcel Pechman argues that such investors usually offer a higher market outlook than retail traders.

The strong performance of the digital currency market continues to attract a wide range of investors. According to the Financial Times, investment firm Andreessen Horowitz is seeking to raise $ 800 million to $ 1 billion in funding for another investment fund as demand grows. Capital flows to various digital currency projects show that investors have an upward long-term view of the market.

William Stromberg, CEO of T. Rowe Price, said in a recent interview with Baltimore Business magazine that the digital currency market is young and that it will take “years” to determine its true value.

With these interpretations, we examine the charts of the top 5 digital currencies that may perform well in the next few days.

Bitcoin (BTC)

The price of Bitcoin reached its moving average on April 30, but buyers failed to take full advantage of the opportunity. The Dodge Kendall pattern on May 1 and fell below the 50-day moving average of $ 56,833 indicates that traders continue to sell higher.

If traders lower the price below the 20-day moving average (EMA20) to $ 55,723, the Bitcoin / Tetra pair may fall to $ 52,323 and then to $ 50,460. The smooth line of moving averages and the Relative Strength Index (RSI) near the middle range of the chart indicate the balance between supply and demand. This may be a sign of fluctuations in a constant interval in the next few days.

Five digital currencies that traders should monitor this week
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Given that the price of Bitcoin has recovered above the 20-day moving average in the area of ​​$ 58,469 today, the price scenario will be more credible. Such a move indicates that buyers are buying even in small palms. The price of Bitcoin is likely to rise to $ 61.825. At this level, buyers are likely to face strong resistance from sellers.

It seems that the bitcoin chart is creating the right shoulder of the redhead pattern. Of course, it should not be forgotten that it is too early for such a claim. This pattern may be complemented by a fall below the neckline. Until then, traders must carefully monitor the fluctuations and not make reckless purchases in the hope of raising prices.

Five digital currencies that traders should monitor this week
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In the 4-hour timeframe, buyers raised the price above the $ 57,500 resistance but failed to maintain it. After that, the sellers lowered the price below this level and are trying to break the support of the 20-day moving average area.

A strong price return from this support area could strengthen buyers’ resolve to make another attempt to cross the $ 57,500 barrier. If buyers succeed, the price of Bitcoin can start its journey to the destination of $ 61,825. On the other hand, if sellers break the price below the 50-day moving average (SMA50), it is likely to fall to 50,460.

Solana (SOL)

Solana’s price managed to break the resistance barrier of $ 48.64 on Saturday and soon reached a historic high of 49.99. It should not be forgotten that the $ 50 level acts as a psychological resistance and the sellers managed to use this area to lower the price to $ 48.64.

If sellers keep Solana’s price below $ 48.64 for two consecutive days, Solana may fall to $ 40.51 support. The price revival from this support level will indicate that buyers are looking for accumulation in the price floor. In this case, they will once again try their luck at overcoming the $ 50 resistance.

Five digital currencies that traders should monitor this week
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If successful, the Solana will be priced at $ 56.77 first and then hit the $ 68.05 target. Moving averages are rising and the relative strength index is showing a saturation of buying; That is, the simplest trend ahead is for Solana.

This uptrend will be nullified if the price breaks the 20-day moving average in the $ 38 area. In that case, the price of Solana may fall to a simple 50-day moving average in the $ 26 area.

Five digital currencies that traders should monitor this week
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The 4-hour chart shows that buyers are looking to defend the 20-day moving average. If the price rises from $ 48.64 to $ 49.99, it can be said that the price acceleration has accelerated. The slow growth of the 20-day moving average and the entry of the relative strength index into the positive range indicate that buyers have the upper hand.

On the other hand, if the price falls again due to the resistance, we can expect to fall below the moving averages. In that case, sellers are likely to break the price down to $ 40.51. Price recovery from this area could cause fluctuations in a constant range in the next few days.

Hobby Token (HT)

The Hobby Token reached a high of $ 26.89 on Saturday, hitting a new high of $ 29.54 today. Sellers are trying to push prices below the starting point and trap buyers.

If the price corrects and stabilizes at $ 26.89 in the next three days, it is likely to fall slowly to $ 22. Price recovery from this support could cause Hobby prices to fluctuate at a steady rate in the coming days.

Five digital currencies that traders should monitor this week
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On the other hand, if buyers defend the support of $ 26.89 and do not allow it to fall below $ 25, it indicates that they are buying at any price floor. Breaking the price above $ 29.54 could continue the uptrend. In this case, the next target will be $ 36.54.

The moving average at $ 20.54 and the entry of the relative strength index into the buy saturation zone indicate the buyers’ control over the market.

Buyers and sellers are looking to solidify their position at $ 26.89. While sellers pushed the price down to $ 26.10, they failed to maintain it; This means that buyers have bought on this floor.

Five digital currencies that traders should monitor this week
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The upward slope of moving averages and the placement of the relative strength index in the buy saturation range mean that buyers have the upper hand. However, buyers were not very successful in bringing the price to $ 29.54. This failure can lead to increased volatility in the short term.

Breaking the price below $ 26 may lower the price to the 20-day moving average. If prices in this area are accompanied by a strong recovery, buyers will try again to continue the upward trend. In addition, breaking the 20-day moving average can be a signal of a stronger correction.

Classic Ethereum (ETC)

Market sellers are still trying to weaken the Ethereum Classic price jump from $ 38 to 41.61. However, the recent candlelight vigor shows that buyers are buying at the floor price.

The upside of the 20-day moving average at $ 28.74 and the relative strength index in the sell-off range indicate that buyers are more powerful than sellers. If buyers can push the price above the resistance, Ethereum Classic could extend its rally to $ 53.21.

Five digital currencies that traders should monitor this week
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On the other hand, if the price falls from the resistance ahead, sellers will lower the price of Classic Ethereum to the 20-day moving average. Breaking this support indicates that the uptrend has weakened and is likely to fall to $ 22.20.

Five digital currencies that traders should monitor this week
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The upward moving average and the position of the relative strength index in the buy saturation range show that buyers control the market more than sellers. However, sellers do not give up easily and try to weaken the price trend until the next resistance.

Breaking the 20-day moving average will be the first sign of a weakening uptrend. This can lower the price to a simple 50-day moving average. This may cause the price of classic Ethereum to fluctuate within a constant range for some time.

آوی (AAVE)

Buyers today raised the price of Avi to $ 489 resistance. However, they were not very successful in stabilizing the area and maintaining the uptrend, and sellers lowered prices to the range of 480 to 280. This means that sellers seek to trap buyers.

Five digital currencies that traders should monitor this week
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If the price falls below the 20-day moving average, it indicates that buyers are not buying on the floor. In this case, we may see a fall to the simple moving average of 50 in the $ 383 area and the price get stuck in a constant range.

Five digital currencies that traders should monitor this week
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The 4-hour chart shows that buyers have bought on the floor formed in the 20-day moving average area and again raised the price above $ 489 to $ 512. The upward slope of the moving averages and the placement of the relative strength index at the level of 63 indicate that the ascent is the least painful way forward for the price.

This uptrend will be weakened if sellers lower the price below the 20-day moving average. This may indicate that supply exceeds demand. Avi prices may fall below the 50-day moving average. If this support works, we may see a price stabilization in the range of $ 420 to $ 289 for a few days. Then there is the possibility of a new trend.

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