BTC, LTC, FIL, FTT, and MIOTA are the top five cryptocurrencies to monitor this week.

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BTC bulls are still attempting to switch $50,000 to support, and if this happens, LTC, FIL, FTT, and MIOTA may rise higher.

Bitcoin (BTC) is battling to maintain a price over $50,500, but that hasn’t stopped altcoins from following in Ether’s (ETH) footsteps after the top-ranked altcoin reached $4,000 on September 3. This has increased Ether’s market dominance above 20%, while Bitcoin’s dominance has decreased to 41.1 percent.

However, Bitcoin’s recent trepidation has not changed Bloomberg senior commodity strategist Mike McGlone’s perspective, who maintains a $100,000 goal on Bitcoin and a $5,000 target on Ether.

Crypto market data daily view. Source: Coin360

Aside from the top two cryptocurrencies, the nonfungible token (NFT) sector has piqued the interest of investors since July. Jordan Finneseth, a Cointelegraph contributor, recently claimed that the recent reduction in transaction volumes, among other things, could be signalling a capital shift away from NFTs and towards the decentralised financial industry.

Let’s have a look at the charts of the top five cryptocurrencies that could outperform in the short term.

 

BTC/USDT

Bitcoin broke above the $50,500 resistance on Sep. 3 to hit $51,000 but the long wick on the day’s candlestick suggests a lack of buying at higher levels. That was followed by a Doji candlestick pattern on Sep. 4, indicating indecision among the bulls and the bears.

BTC/USDT daily chart. Source: TradingView

The negative divergence on the relative strength index (RSI) indicates that the bullish momentum is fading, but the upsloping moving averages show that the path of least resistance is to the upward.

The BTC/USDT pair may restart its climb if buyers push the price beyond $51,000. The first stop might be $55,000, but if this level is breached, the uptrend could reach $60,000.

If the price falls from the $50,500 to $51,000 resistance zone, it could reach the 20-day exponential moving average ($47,998).

This is a crucial support for the bulls because if it cracks, the pair might remain range-bound between $46,200 and $50,500 for a few days. A break and close below $46,200 could sink the pair to the 50-day simple moving average ($43,291).

BTC/USDT 4-hour chart. Source: TradingView

The price has been moving back and forth between the 20-EMA and the above zone. This narrowing of the range is likely to result in a major breakout in the near future. If buyers push the price above $51,000, the bullish momentum may ramp up, indicating a return of the uptrend.

If, on the other hand, the price falls below the moving averages, it indicates that bears are fiercely defending the above resistance zone. This might reduce the price to $46,200. A bounce off this support could keep the pair range-bound for a little longer, but a break below it indicates that the bulls’ hold is slipping.

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LTC/USDT

The bulls are attempting to push and sustain Litecoin (LTC) above the overhead resistance at $225.30. If they succeed, it will complete a rounding bottom pattern that may start a new uptrend.

LTC/USDT daily chart. Source: TradingView

The lengthy wick on the Sep. 4 candlestick indicated selling near the overhead resistance, but the bulls did not give up much ground. They are attempting to overcome the above obstacle once more.

If they can keep the price above $225.30, the LTC/USDT pair may begin an uptrend to $300, and then to the pattern target of $347.30. The rising 20-day EMA ($184) and an overbought RSI signal that the route of least resistance is to the upward.

This bullish outlook will be rendered null and void if the price falls from its current level and breaks below the 20-day EMA.

LTC/USDT 4-hour chart. Source: TradingView

On the 4-hour chart, the bears attempted to halt the uptrend at the overhead resistance level of $225.30, but the bulls did not give up much ground. This means that buyers will continue to pile in on any little dip.

Both moving averages are sloping upward, and the RSI is in the overbought zone, indicating that the bulls are in control. A closing above $225.30 might pave the way for a run to $250.40. A break and closing below the 20-EMA, on the other hand, will be the first warning of weakness.

 

FIL/USDT

Filecoin’s FIL token has broken above the overhead resistance at $98 today. This completes a rounding bottom pattern, suggesting the start of a new uptrend. The bottoming formation has a pattern target at $156.

FIL/USDT daily chart. Source: TradingView

The 20-day EMA ($79) has turned up and the RSI has soared above 81, indicating a possible trend change. Usually, the breakout from a major pattern retests the breakout level. In this case, the price may drop to $98.

If bulls flip the $98 level into support, the FIL/USDT pair could resume its uptrend. On the contrary, if bears pull and sustain the price below $98, it will suggest that the recent breakout was a bull trap. The pair may then drop to the 20-day EMA.

If the price rebounds off this support, the bulls may once again try to propel the price above the overhead resistance and resume the uptrend. The bears will have to sink the price below the 20-day EMA to gain the upper hand.

FIL/USDT 4-hour chart. Source: TradingView

This indicates that bears have not yet given up and are striving to halt the upward trend. The RSI’s negative divergence shows that the bullish momentum is slowing.

If the price falls below $57.93, the FTT/USDT pair could fall to the 20-day EMA ($53). A big bounce off this level indicates that bulls are piling in on dips. Buyers will next try to push the stock above the $63.13 to $70.72 resistance zone once more. If they are successful, the duo may rise to $84.

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This bullish outlook will be rendered null and void if the price falls below the 20-day EMA. A move like this would imply that the recent breakout over $63.13 was a bull trap.

 

FTT/USDT

FTX Token (FTT) broke above the previous all-time high at $63.13 on Sep. 1 and followed it up with a new all-time high at $70.72 on Sep. 2. A new all-time high is a sign of strength but the bulls have not been able to sustain the price above the breakout level at $63.13.

FTT/USDT daily chart. Source: TradingView

This indicates that bears have not yet given up and are striving to halt the upward trend. The RSI’s negative divergence shows that the bullish momentum is slowing.

If the price falls below $57.93, the FTT/USDT pair could fall to the 20-day EMA ($53). A big bounce off this level indicates that bulls are piling in on dips. Buyers will next try to push the stock above the $63.13 to $70.72 resistance zone once more. If they are successful, the duo may rise to $84.

This bullish outlook will be rendered null and void if the price falls below the 20-day EMA. A move like this would imply that the recent breakout over $63.13 was a bull trap.

 

FTT/USDT 4-hour chart. Source: TradingView

The 4-hour chart depicts the creation of a falling triangle pattern, which will be completed on a break and closing below $59. The pattern target for this bearish setup is $47.50. The flat 20-EMA and the RSI slightly above the middle do not give either the bulls or the bears a clear advantage.

If buyers drive and sustain the price above the downtrend line, the bearish pattern will be invalidated. The price might then rise to $65 and eventually to $70.72. A break and closing above this level could signal the beginning of the next leg of the uptrend.

 

IOTA/USD

IOTA (MIOTA) rallied sharply from $0.96 on Sep. 1 to $2.08 on Sep. 4. This up-move pushed the RSI above 82, suggesting that the rally was overextended in the short term.

MIOTA/USDT daily chart. Source: TradingView

Profit-taking is currently taking place in the MIOTA/USDT pair, and it may fall to the first support level at the 38.2 percent Fibonacci retracement level of $1.64. A big rebound from this level indicates that traders are buying on slight dips.

The bulls will then seek to push the price above $2.08. If they are successful, the pair might gain momentum and rally to $2.40 and eventually $2.67.

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Alternatively, if bears pull the market below $1.64 and keep it there, the next stop might be between the 50 percent retracement level at $1.51 and the 61.8 percent retracement level at $1.38. A deeper downturn could cause the next leg of the upswing to be delayed.

 

MIOTA/USDT 4-hour chart. Source: TradingView

The 4-hour chart’s lengthy wick above the psychological barrier of $2 indicates that bears are attempting to defend this level. Profit-taking might drive the price down to the 20-EMA, which would most likely operate as a strong support.

If the stock bounces strongly off the 20-EMA, it indicates that sentiment remains favourable and bulls are accumulating on dips. Buyers will next attempt to restart the upswing by pushing the price above $2.08.

The first warning of weakness will be a break and closing below the 20-EMA. This could pave the way for a further drop to $1.50.

 

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