Current week’s top five cryptos to follow are BTC, ETH, BNB, XMR, and CAKE.

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The Bitcoin price remains below $50,000, but the loss of BTC supremacy may catapult ETH, BNB, XMR, and CAKE higher in the short term.

Corrections during a bull period are typically a bullish sign since they minimise frothy excitement and encourage stronger hands to reach the markets. However, the latest drop in Bitcoin (BTC) from its all-time high of $64,849.27 does not seem to have frightened off new investors.

According to DappRadar data, decentralised trading volumes have increased in the last week as traders might have exited lucrative Bitcoin positions to buy altcoins at current rock bottom rates.

Another indicator of interest in altcoins is the continued high volume of Dogecoin (DOGE), which remains the fourth most traded cryptocurrency by value, behind Bitcoin, Ether (ETH), and XRP, according to CoinMarketCap numbers.

Crypto market data daily view. Source: Coin360

The latest drop in Bitcoin was accompanied by sale from small-to-medium-sized whales, which unloaded $100,000 to $1 million in Bitcoin on exchanges. The larger-sized whales, on the other hand, have continued to aggregate throughout this time, which is a good indication.

While the long-term bullish narrative remains intact, there could be some further downside in the short term. In general, a correction does not stop until the supermarket crowd abandons ship and panic consumes the markets.

In such a volatile environment, let’s take a look at the top five cryptocurrencies that are expected to outperform the other big cryptocurrencies in the short term.

 

BTC/USDT

The bulls are trying hard to push the price back above the psychological level of $50,000 but are facing stiff resistance from the bears on every minor rise. This shows that the bears are trying to hold on to their advantage and extend the decline to the next critical support at $43,006.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($55,671) is sloping down and the relative strength index (RSI) is close to the oversold territory, suggesting the bears have the upper hand.

On April 24 and today, the BTC/USDT pair formed an inside day candlestick pattern, signalling indecision among bulls and bears. If the confusion resolves to the downside, the sale may get more intense, opening the door to a drop to $43,006.

If the bulls can lift the price beyond $52,129, the pair could see a relief rally that would most likely meet resistance at the 20-day EMA. If the price falls below this resistance, the chances of a split below $47.459 improve.

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This pessimistic viewpoint would be invalidated if the bulls drive and sustain the market past the 50-day moving average.

 

day simple moving average ($56,870).

BTC/USDT 4-hour chart. Source: TradingView

The bears have been selling on relief rallies to the 20-EMA, according to the 4-hour map. With all moving averages sloping downward and the RSI traded in the negative sector, the bears have the upper hand.

If bears push the price below $48,664.67, the pair could fall to $47,459. If this support is breached, the downtrend will restart.

A split over the 20-EMA, on the other hand, will be the first indication that the selling has stopped, and the bulls will have a chance to stretch the relief rally to the 50-SMA.

 

ETH/USDT

The bulls have once again defended the 20-day EMA ($2,235), indicating the trend remains strong and the buyers are accumulating on dips. Ether will now try to rally to the $2,545 to $2,645 overhead resistance zone.

ETH/USDT daily chart. Source: TradingView

A breach of the overhead zone could herald the start of the next leg of the uptrend, which could reach $2,745 and then $3,000. The rising moving averages and an RSI above 57 indicate that the direction of least resistance is to the upside.

In contrast to this assumption, if the price falls from the overhead resistance, the bears will attempt to push the ETH/USDT pair below the moving averages once more. If they are successful, the pair could begin a deeper correction to $1,542.

 

ETH/USDT 4-hour chart. Source: TradingView

The pair has developed a head and shoulders pattern, which will complete on a break and close below the neckline, according to the 4-hour map. A change like this could push the price down to the pattern’s $1,600 goal.

If the bulls can lift the market beyond $2,375, the pair could retest its all-time high of $2,645. Such a move would render the trend invalid, and the pair is likely to gain momentum on a break over $2,645.

 

BNB/USDT

Binance Coin (BNB) is currently consolidating in an ascending pattern. Bulls are buying dips to $480 help, while bears are protecting the $600 to $638.57 overhead resistance range. A range-bound behaviour after a clear uptrend indicates that traders are not in a rush to book earnings.

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BNB/USDT daily chart. Source: TradingView

Both moving averages are sloping upward, and the RSI is above 56, indicating that the bulls are in front. If buyers can lift the price beyond $530, the BNB/USDT pair can begin its journey to the range’s resistance at $600. The bears are expected to mount another strong resistance between $600 and $638. 57

If the price falls out of this band, the range-bound behaviour could last a few more days. If the bulls drive the price beyond $638.57, the pair could begin its path to $720 and then $832.

This optimistic viewpoint would be made null and void if the bears plunge and keep the price below $480. If this occurs, the selling could become more intense, and the pair could fall to the 50-day simple moving average ($368).

 

BNB/USDT 4-hour chart. Source: TradingView

The price is trapped within a big symmetrical triangle on the 4-hour map. While the market has recovered from the triangle’s support line, the bears are attempting to halt the relief recovery at the moving averages.

If this occurs and the market falls from its current stage, the bears will see an opening and attempt to sink the price below the triangle. If they are successful, the pair can begin a deeper correction to $348.

Alternatively, if the bulls bring the price above the moving averages, the pair can rise to the triangle’s resistance line. A breakout of the triangle may indicate that the uptrend has resumed.

 

XMR/USDT

Monero (XMR) is in a clear uptrend, and bearish efforts to initiate a downturn have failed, as bulls have actively bought dips near the $288.60 support.

XMR/USDT daily chart. Source: TradingView

The bulls have effectively defended the 20-day EMA ($335), and both moving averages are sloping higher, indicating that the buyers are in charge. The RSI, on the other hand, is displaying the first signs of a negative divergence, signalling that momentum might be fading.

If the price falls from its current level and breaks below the 20-day EMA, it could signal the start of a reversal to $288.60. If the bulls can lift the market beyond $424.55, the XMR/USDT pair could reach $498.

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XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart reveals that uncertainty has increased in recent days. The bears have consistently lost the 50-day moving average, but the bulls have vigorously bought the fall and moved the market up over the 20-day moving average.

A retest of $424.55 is probable if the pair bounces off the current stage and increases past $405.40. A break through this resistance could signal the start of the next leg of the uptrend. If the bears push the market below the moving averages, it is expected to fall to $288.60.

 

CAKE/USDT

Over the past few days, PancakeSwap (CAKE) has faced stiff resistance near the $28 mark. On April 23, the bears attempted to lower the price below the 20-day EMA ($24), but the bulls actively bought the fall, indicating that sentiment remains positive.

CAKE/USDT daily chart. Source: TradingView

An inverse head and shoulders trend is forming on the 4-hour chart. The trend goal for this bullish setup is $34.70. The 20-EMA has begun to climb, and the RSI has risen past 65, showing that the bulls have gained the upper hand.

In the event of a correction, the bulls will attempt to convert the pattern’s neckline into support. If they do so, the uptrend will resume. A break below $27.50, on the other hand, will tip the scales in favour of the bears, signalling more selling at higher levels.

CAKE/USDT 4-hour chart. Source: TradingView

An inverse head and shoulders trend is forming on the 4-hour chart. The trend goal for this bullish setup is $34.70. The 20-EMA has begun to climb, and the RSI has risen past 65, showing that the bulls have gained the upper hand.

In the event of a correction, the bulls will attempt to convert the pattern’s neckline into support. If they do so, the uptrend will resume. A break below $27.50, on the other hand, will tip the scales in favour of the bears, signalling more selling at higher levels.

 

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