Five cryptocurrencies that traders should monitor this week

BTCUSDT

Five cryptocurrencies 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 in April since 2015.
Ethereum, meanwhile, rose 44 percent during the same period, reaching a new all-time high of $ 3,000. These actions indicate a widespread 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 Cryptocurrency. Bybit statistics show that on April 29, Ethereum open futures increased by 52% compared to the previous month. This indicates that this Cryptocurrency sees the support of professional traders behind it. Kevin Telegraph co-author Marcel Pechman argues that such investors usually offer a higher market outlook than retail traders.
The strong performance of the Cryptocurrencies market continues to attract a wide range of investors. According to the Financial Times, investment company Andreessen Horowitz is seeking to raise $ 800 million to $ 1 billion in funding for another investment fund as demand grows. Capital flows to various Cryptocurrencies 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 cryptocurrency market is young and it will take “years” to determine its true value.
With these interpretations, we review the top 5 Cryptocurrency charts that may perform well over the next few days.

Five cryptocurrencies that traders should monitor this week

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 May 1 pattern, falling below the 50-day moving average of $ 56,833, indicates that sellers continue to sell higher.
If traders lower the price below the 20-day moving average (EMA20) to $ 55,723, the Bitcoin / Tether 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 indicates the balance between supply and demand. This may be a sign of fluctuations in a constant interval in the next few days.

BTCUSDT


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. 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 falling prices below the neckline. Until then, traders must carefully monitor the fluctuations and not make unreasonable purchases in the hope of raising prices.
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.

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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.

Five cryptocurrencies that traders should monitor this week


Solana (SOL)


The price of Solana 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.

SOLUSDT


If sellers keep the price of Solana below $ 48.64 for two consecutive days, Solana may fall to support at $ 40.51. 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.
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 way forward 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.
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.

SOLUSDT


On the other hand, if the price falls again from the resistance ahead, we can expect to see a 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.

Five cryptocurrencies that traders should monitor this week

Huobi Token (HT)


The price of Huobi Token reached a high of $ 26.89 on Saturday and reached a new high of $ 29.54 today. Sellers are trying to push the price below the starting point and trap buyers in AAVE traps.
If the price corrects and stabilizes at $ 26.89 in the next three days, there is a possibility of a slow fall to $ 22. Price recovery from this support could cause Hobby prices to fluctuate at a steady rate in the coming days.

HTUSDT


On the other hand, if buyers defend the $ 26.89 support 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.
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.

HTUSDT


Breaking the price below $ 26 may lower the price to the 20-day moving average. If the price in this area is 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.

Five cryptocurrencies that traders should monitor this week

Ethereum Classic (ETC)


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

ETCUSDT


The upward slope 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. Ethereum Classic could extend its rally to $ 53.21 if buyers are able to push the price above resistance.
On the other hand, if the price falls from the resistance ahead, sellers will lower the price of the 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.
The upward moving average and the position of the relative strength index in the buy saturation range indicate 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.

ETCUSDT


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 in a constant range for a while.

Five cryptocurrencies that traders should monitor this week

AAVE (AAVE)


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

AAVEUSDT


If the price of AAVE 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.
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 climbing is the least painful path ahead of the AAVE price.

AAVEUSDT


This uptrend will be weakened if sellers lower the price below the 20-day moving average. This may indicate that supply exceeds demand. AAVE prices may fall below the average 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.

Five cryptocurrencies that traders should monitor this week

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