The crypto market looks a lot better ahead of the new week compared to previous weeks as we saw some major rallies from the like of DOGE with over 100% return on investment within the space of few days and the price of Bitcoin (BTC) closing the week on a high ahead of its monthly close with high hopes of reclaiming $22,000 and higher if possible.
The price of some altcoins has continued to look green in the face of the bear market with many exciting projects coming up and other projects gaining more attention in the crypto space due to the community and partnership deals. Let us discuss on top 5 cryptos you should pay attention to this week.
Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and never invest more than what you can afford to lose.
Top 5 Cryptos- Bitcoin (BTC) Price Analysis On The Daily Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com
From the chart, the price of BTC bounced off from the region of $19,200 showing so much bullish uptrend as the price of BTC rallied to a region of $20,800 after forming strong support above $20,500. With the weekly close looking more bullish ahead of the monthly close we could see the price of BTC gain more traction in the next few days.
BTC is currently trading at $20,800 at the point of writing this article. The price of BTC has struggled to break above the region of $21,200 acting as strong resistance for the price to trend higher.
A breakout and close above $21,200 and forming support could see the price of BTC rally to a region of $22,000 acting as an area of interest for most sellers. (Supply zone)
Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com
The price of Ethereum in recent weeks outperformed BTC after showing a bullish trend ahead of “The Merge” rising to a region of $2,030.
ETH price was rejected from $2,030 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,570 before continuing its spiral decline to a region of $1,260 where it formed demand for buy orders.
The price of ETH trade at $1,620 above the 50 Exponential Moving Average (EMA) on the daily timeframe as the price aims for a rally to a region of $1,720.
If the ETH price maintains its bullish structure, we could see the price retesting $1,720 as a key resistance region with high supply.
Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart
Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com
The price of BNB was rejected from its resistance of $327 which saw the price of BNB suffer a huge blow with the price dropping to a region of $260 losing its key support. BNB’s price responded swiftly as the price bounced off from that region reclaiming $300.
BNB has maintained its bullish structure despite the rejection. A break of above $335 could see the price of BNB retesting the region of $400 and possibly $450.
The price of BNB has found good support at $300 which corresponds to the 50 and 200 EMA. BNB needs to hold above to have a chance of trending higher.
Price Analysis Of Chainlink (LINK) On The Daily (1D) Chart
Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com
The price of Chainlink (LINK) has continued to show bullish trends holding well above the 50 EMA as the price of LINK look set to break out from its long accumulation phase.
The price of LINK needs to break out and close above $8 price to rally to a region of $9.5 considering how fundamentally strong the price of LINK is as we head towards its staking plan in December.
Top 5 Cryptos- Price Analysis Of SOL On The Daily (1D) Chart
Daily LINK Price Chart | Source: LINKUSDT On Tradingview.com
SL has formed a bullish pattern after breaking out of a descending triangle with good volume as the price of SOL aims to rally to a region of $40 with the market looking more promising.
Featured image from zipmex, Charts from TradingView.com