Top 5 cryptocurrencies to watch this week: BTC, FTT, XTZ, KCS, HNT

June 12, 2022 Coin Telegraph

Bitcoin

Bitcoin managed to bounce off a critical support and if the higher levels sustain, FTT, XTZ, KCS and HNT could attract buyers.

Bitcoin (BTC) is threatening to drop to its worst weekly close since December of 2020. The crypto markets are in are held firmly in a vice grip and the selling accelerated following a higher-than-expected inflation report from the United States on June 10.

It is not only the crypto markets that are facing the brunt, even U.S. equities markets finished the week ending June 10 with sharp losses. Risky assets may remain volatile in the near term as traders await the outcome of the U.S. Federal Open Market Committee meeting on June 14 and June 15.

*Crypto market data daily view. Source:* *Coin360*

Bloomberg Intelligence senior commodities strategist Mike McGlone warned that if the stock markets continue to drop, then it will signal that most assets may have seen their peak exuberance in the past two years.

Could Bitcoin find support at lower levels and will that attract buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that are likely to move up if the sentiment improves.

BTC/USDT

Bitcoin broke below the trendline on June 10 which negated the developing ascending triangle pattern. The bears maintained their selling pressure and pulled the price below the strong support of $28,630 on June 11.

The long tail on the June 12 candlestick shows that bulls are attempting to defend the support at $26,700. If buyers propel the price back above the breakdown level of $28,630, it will suggest that the BTC/USDT pair may remain range-bound between $32,659 and $26,700 for some time.

On the other hand, if the price turns down from $28,630, it will suggest that bears have flipped the level into resistance. That could increase the possibility of a break below $26,700. If that happens, the selling could intensify and the pair may drop to $22,000 and later to $20,000.

*BTC/USDT 4-hour chart. Source: TradingView*

The pair rebounded sharply from $26,890, indicating aggressive buying near the crucial level of $26,700. The bulls will attempt to push the price back above the breakdown level of $28,630. If that happens, the next stop could be the 50-simple moving average. A break and close above this level could clear the path for a possible rally to $32,000.

The downsloping 20-EMA and the RSI in the negative zone indicate that bears have the upper hand. If the price turns down from $28,630, the bears will make one more attempt to sink the pair below $26,700 and resume the downtrend.

FTT/USDT

FTX Token (FTT) has been in a downtrend for the past several months but the RSI has formed a positive divergence, indicating that the bearish momentum may be weakening.

The bulls pushed the price above the 20-day EMA ($29) on June 9 but could not sustain the higher levels. The bears pulled the price back below the 20-day EMA but the bulls did not give up much ground. Sustained buying by the bulls has pushed the price above the resistance on June 12.

The FTT/USDT pair could rally to the 50-day SMA ($32) and if this level is crossed, the up-move may reach $35. This positive view could invalidate if the price turns down and breaks below $25. Such a move will suggest the start of the next leg of the downtrend.

*FTT/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows the formation of an inverse head and shoulders pattern that will complete on a break and close above the neckline. If that happens, the pair could start a new up-move toward the pattern target of $34.

On the contrary, if the price fails to sustain above the neckline, it will suggest that bears are not willing to let go of their advantage. The sellers will then try to pull the price below $26. If they succeed, the pair could slide to $25.

XTZ/USDT

Tezos (XTZ) rose above the 50-day SMA ($2.14) on June 9 but the bulls could not build upon this strength. This suggests that the bears are active at higher levels.

Strong selling by the bears pulled the price below the moving averages and the XTZ/USDT pair dropped to the crucial support zone of $1.61 to $1.45. If the price rebounds off this zone, the bulls will again try to push the pair above the 50-day SMA and challenge the overhead resistance at $2.36.

This positive view could invalidate if the price continues lower and slips below the support zone. If that happens, the pair could resume its downtrend and drop toward the psychological level of $1.

*XTZ/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows the price is stuck inside the range between $2.30 and $1.61. Usually, when the price consolidates in a range, traders buy near the support and sell close to the resistance. That is what happened as seen from the rebound off $1.61.

The bears may try to sell on rallies to the 20-EMA but if bulls clear this hurdle, the likelihood of the pair rising to $2.30 increases. To invalidate this view, bears will have to sink and sustain the price below $1.61. If that happens, the pair may drop to $1.45.

KCS/USDT

KuCoin Token (KCS) rallied sharply from its May 12 intraday low of $9.50 and reached $18 on May 31. This sharp up-move may have tempted short-term traders to book profits, which started the current correction.

The buyers will try to defend the zone between the 50% Fibonacci retracement level of $13.75 and the 61.8% retracement level of $12.75. If the price rebounds off this zone, the bulls will attempt to push the KCS/USDT pair above the moving averages.

If they manage to do that, it will suggest that the correction may be over. The pair could then retest the critical resistance at $18.

Alternatively, if the price continues lower and breaks below $12.75, it will suggest that traders may be rushing to the exit. That could increase the possibility of a 100% retracement to $9.50.

*KCS/USDT 4-hour chart. Source: TradingView*

The bulls attempted to stall the decline near $15 but the bears continued their selling and pulled the price below the support. Although the price is trading below $15, a minor positive is that the bulls have not allowed the bears to extend the decline.

The buyers will attempt to push the price back above $15 and the 20-EMA. If they succeed, it will suggest that lower levels continue to attract strong buying. That could push the price to $16.30 and next to $17.

Conversely, if the price turns down from $15, it will suggest that bears have flipped the level into resistance. That could open the doors for a further decline to the $14 to $13.50 zone.

HNT/USDT

Helium (HNT) has been in a downtrend for the past several months. The buyers attempted a recovery and pushed the price above the 50-day SMA ($10.86) on June 9 but the bears had other plans.

The bears sold aggressively at $12.50 on June 10 and trapped the aggressive bulls. That led to long liquidation which pulled the price back below the 20-day EMA ($9.69) on June 11. The bulls will attempt to stall the decline at the strong support at $8 and form a higher low.

If they manage to do that, the HNT/USDT pair will again attempt to rise above the moving averages and challenge the resistance at $12.50.

This positive view could invalidate in the near term if the price breaks below $8. If that happens, the pair could slide to the May 12 intraday low of $6.54. A break below this level will suggest the resumption of the downtrend.

*HNT/USDT 4-hour chart. Source: TradingView*

The break and close below $11 intensified selling and resulted in a waterfall decline. The moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating advantage to bears.

The attempt to start a recovery is facing strong resistance near $9.50. If this level is crossed, the next hurdle may be the 20-EMA. A break above this resistance will be the first sign that the selling pressure may be reducing.

Alternatively, if the price turns down from the overhead resistance and breaks below $8.50, the pair could drop to the strong support at $8.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Top 5 cryptocurrencies to watch this week: BTC, ETH, XTZ, KCS, AAVE

May 29, 2022 Coin Telegraph

Aave

Bitcoin is attempting to form a higher low at $28,630 and if that happens, ETH, XTZ, KCS and AAVE may rally in the near term.

After declining for eight successive weeks, the Dow Jones Industrial Average rebounded sharply last week to finish higher by 6.2%. However, Bitcoin (BTC) has not been able to replicate the performance of the United States equities markets and is threatening to paint a red candle for the ninth week in a row.

A positive sign is that Bitcoin whales have been buying the market correction. Glassnode data shows that the number of Bitcoin whale wallets with a balance of 10,000 Bitcoin or more has risen to its highest level since February 2021. The accumulation in the whale wallets suggests that their long-term view for Bitcoin remains bullish.

Blockware Solutions highlighted that the Mayer Multiple metric which compares the 200-day simple moving average with the current price was languishing “near some of the lowest readings on record.” The firm said a few other indicators also suggest that Bitcoin is attempting to form a bottom.

If Bitcoin starts a recovery in the short term, certain altcoins are likely to follow it higher. Let’s study the charts of the top-5 cryptocurrencies that may lead the relief rally.

BTC/USDT

Bitcoin remains stuck inside a tight range between the downtrend line and the support at $28,630. The bears pulled the price below $28,630 on May 26 and May 27 but could not sustain the lower levels. This resulted in a rebound on May 28.

The bulls will now try to push the price above the downtrend line and challenge the 20-day exponential moving average ($30,538). If they succeed, the BTC/USDT pair could pick up momentum and the rally could reach the 50-day SMA ($35,181).

The positive divergence on the relative strength index (RSI) suggests that the bearish momentum could be weakening and a rally may be around the corner.

On the other hand, if the price turns down from the overhead resistance, the bears will again try to pull the pair below $28,630. If they manage to do that, the pair will complete a bearish descending triangle pattern, which has a target objective at $24,601.

The 20-EMA and the 50-SMA on the 4-hour chart have flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand.

If bulls drive the price above the downtrend line, the negative descending triangle pattern will be negated. That could result in a short squeeze as the short-term bears may close their positions. That could clear the path for a possible rally to the 200-SMA.

Conversely, the bears will come out on top if the price turns down and plummets below $28,630. That could result in a retest of the crucial support at $26,700.

ETH/USDT

Ethereum (ETH) has been in a downtrend but the bulls are attempting to stall the decline at the crucial support of $1,700. The price rebounded off this support on May 28 and the bulls are attempting to build on the recovery on May 29.

The RSI is forming a bullish divergence, indicating that the downtrend may be weakening. If bulls push the price above the 20-day EMA ($2,036), the ETH/USDT pair could rise to the overhead resistance at $2,159. The bears are expected to defend this level aggressively. If the price turns down from this resistance, the pair may remain range-bound between $2,159 and $1,700 for a few days.

On the other hand, if the price turns down from the current level or the 20-day EMA, the bears will again attempt to sink the pair below $1,700. If they succeed, the pair may resume its downtrend with the next major support at $1,300.

*ETH/USDT 4-hour chart. Source: TradingView*

The bounce off the $1,700 support has reached the 20-EMA where the bears may mount a strong defense. If the price turns down from this level, it could enhance the prospects of a break below $1,700. If that happens, the downtrend may resume.

Conversely, if bulls push the price above the 20-EMA, the pair may rise to the 50-SMA. This level may again act as a resistance but if bulls clear this hurdle, the pair could rally to the psychological resistance at $2,000.

XTZ/USDT

Tezos (XTZ) is consolidating in a downtrend. Although bulls pushed the price above the 20-day EMA ($2) on May 24, they could not sustain the recovery. The price dipped back below the 20-day EMA on May 26.

The 20-day EMA is flattening out and the RSI is above 46, suggesting that the selling pressure is reducing. If bulls push the price above the 20-day EMA, the XTZ/USDT pair could rally toward the 50-day SMA ($2.45). If this resistance also gives way, the buyers will attempt to push the price above the uptrend line.

In contrast, if the price turns down from the current level, it will suggest that bears continue to defend the 20-day EMA. The sellers will then attempt to sink the pair below $1.75 which could open the doors for a fall to $1.64.

The 4-hour chart shows the recovery turned down from the 200-SMA but the pair bounced off the uptrend line. The bulls have pushed the price above the 50-SMA and will now attempt to clear the overhead hurdle at the 200-SMA. If they manage to do that, it will suggest the start of a short-term up-move.

Alternatively, if the price turns down from the current level or the 200-SMA, the pair may drop to the uptrend line. A break and close below this support could pull the price down to $1.61.

KCS/USDT

KuCoin Token (KCS) broke above the 20-day EMA ($15.61) on May 20 but the bulls could not push the price above the 50-day SMA ($17.19). This may have tempted short-term traders to book profits, which pulled the price back below the 20-day EMA on May 26.

The bears could not build upon their advantage and sustain the price below the 20-day EMA, indicating strong buying by the bulls at lower levels. The buyers have pushed the price back above the 20-day EMA on May 29.

If bulls sustain the price above the 20-day EMA, the possibility of a break above the 50-day SMA increases. If that happens, the KCS/USDT pair may rally to $18.44 and later to the 200-day SMA ($19.63).

Contrary to this assumption, if the price turns down from the current level, it will suggest that traders are selling on rallies. A break and close below $14.92 could open the doors for a further decline to $12.90.

The pair has been facing stiff resistance at the 200-SMA but the shallow correction indicates that bulls are buying on minor dips. If bulls push the price above the 200-SMA, the next stop could be $17.14. A break and close above this level could start the next leg of the up-move.

Conversely, if the price turns down from the overhead resistance, the bears may pull the pair down to the 38.2% Fibonacci retracement level at $14.20 and then to the 50% retracement level at $13.30. This zone is likely to act as a strong support.

AAVE/USDT

AAVE rallied to the 20-day EMA ($101) on May 23 but the bulls could not push the price above it. This suggests that bears continue to defend the level aggressively but a minor positive is that the buyers have not given up much ground.

If the price turns up and breaks above the 20-day EMA, it will indicate the start of a stronger relief rally. The AAVE/USDT pair could then rally to the 50-day SMA ($132) where the bears may again mount a strong defense.

Alternatively, if the price turns down from the current level or the 20-day EMA and breaks below $89, the short-term bulls who may have purchased at lower levels could close their positions. That could pull the price down to $79 and later to $64.

*AAVE/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the pair has been oscillating between $90 and $110 for some time. The 20-EMA and the 50-SMA are flattish and the RSI is just above the midpoint, suggesting a balance between supply and demand.

This equilibrium could tilt in favor of buyers if they push and sustain the price above $110. If they do that, the pair could rally toward $130 and then $143. Conversely, if the price plummets below $90, the bears will gain the upper hand. The pair could then decline to $80 and later to $70.

Coin Bureau Says Kava and One ‘Seriously Impressive’ Altcoin Remain in Long Term Uptrends Despite Correction

May 23, 2022 The Daily Hodl

Top 5 cryptocurrencies to watch this week: BTC, MANA, MKR, ZEC, KCS

May 16, 2022 Coin Telegraph

Bitcoin

Bitcoin could eventually attempt a relief rally which might trigger a rebound in MANA, MKR, ZEC and KCS price.

Bitcoin (BTC) has been relatively calm during the weekend as crypto traders try to rebuild the markets after the Terra LUNA debacle. With macro factors not supportive, several analysts expect the recovery to be a slow grind.

Crypto research firm Delphi Digital said in a recent report that the rally in the United States dollar index (DXY) had pushed its 14-month relative strength index “above 70 for the first time since its late 2014 to 2016 run up.”

Historically, 11 out of 14 such instances had resulted in the DXY rising about 5.7% over the following 12 months. If the inverse correlation between the DXY and Bitcoin remains intact, that could spell trouble for crypto investors.

Arthur Hayes, the former CEO of crypto derivatives platform BitMEX, said in his latest blog post that the crypto markets “must be allowed time to heal” after the bloodbath. He said that if Bitcoin drops to $20,000 and Ether (ETH) to $1,300, he would turn into a buyer.

Although crypto markets are in a downtrend, periodic bear market rallies could offer short-term trading opportunities. Let’s study the charts of the top-5 cryptocurrencies that may bounce if the sentiment improves.

BTC/USDT

Bitcoin attempted a strong bounce on May 13 but the long wick on the day’s candlestick suggests that bears are in no mood to let go of their advantage. However, a minor positive is that the bears have not been able to sustain the price below the crucial support at $28,805.

The recovery could hit a hurdle at the 38.2% Fibonacci retracement level at $31,721 and again at the 20-day exponential moving average (EMA)($33,985).

If the price turns down from either resistance, the bears will fancy their chances and try to sink the BTC/USDT pair below $26,700. If they manage to do that, the downtrend could resume. The next support on the downside is $25,000 and then $21,800.

Contrary to this assumption, if buyers drive the price above the 61.8% Fibonacci retracement level at $34,823, it will suggest that the selling pressure may be weakening. That could result in a sharp rally to the 50-day simple moving average (SMA) ($39,626) where the bears are again expected to pose a strong challenge.

The bulls are buying the dips to the critical support at $28,805 while the bears are attempting to stall the recovery at the downtrend line. The 20-EMA has flattened out and the RSI has risen to the midpoint, indicating a balance between supply and demand.

If buyers propel the price above the downtrend line, it will indicate advantage to buyers. The bulls could then push the price to $32,659. A break and close above this level could clear the path for a possible rally to the 200-SMA.

Conversely, if bears pull the price below $28,805, the pair could drop to $27,700. The bulls are likely to defend this support aggressively because a break below it could signal the resumption of the downtrend.

MANA/USDT

Decentraland (MANA) has been in a strong downtrend for the past several days. The bulls aggressively defended the decline to $0.60 on May 12 resulting in a recovery to the 20-day EMA ($1.36).

In a downtrend, the bears sell on rallies to the 20-day EMA. If the price turns down sharply from the current level, the bears will again try to retest the support at $0.60. A break and close below this level could indicate the resumption of the downtrend. The MANA/USDT pair could then extend its decline to the psychological level at $0.50.

Conversely, if bulls do not give up much ground from the current level, it will suggest that traders are buying on dips. That could enhance the prospects of a break above the 20-day EMA. If that happens, the pair could rally to the 50-day SMA ($1.94).

*MANA/USDT 4-hour chart. Source: TradingView*

The strong rebound off the 0.60 level has risen above the 50-SMA. Although bears tried to pull the pair down, the bulls bought the dips to the 20-EMA. This suggests that bulls are attempting a comeback. The buyers will now attempt to push the price to the 200-SMA, which is likely to act as a strong resistance.

Contrary to this assumption, if the price turns down from the current level and breaks below the 20-EMA, it will suggest that bears are active at higher levels. That could pull the price down to $0.95. If this level cracks, the pair could retest the crucial support at $0.60.

MKR/USDT

Maker (MKR) bounced off the psychological support at $1,000 on May 12 indicating that bulls are defending this level with all their might. The bulls pushed the price to the 50-day SMA ($1,754) on May 13 but the long wick on the day’s candlestick shows strong selling at higher levels.

However, a positive sign is that the bulls did not give up ground on May 13 and resumed the relief rally. The 20-day EMA ($1,440) has started to turn up and the RSI is just above the midpoint, suggesting a minor advantage to buyers.

The bulls will attempt to drive the price above the 50-day SMA. If they succeed, it will clear the path for a possible rally to the 200-day SMA ($2,179).

Alternatively, if the price turns down from the current level or the 50-day SMA, it will suggest strong selling at higher levels. The bullish momentum could weaken if bears pull and sustain the price below the 20-day EMA.

*MKR/USDT 4-hour chart. Source: TradingView*

The 200-SMA has been repeatedly acting as a strong resistance but a positive sign is that the bulls are buying the dips to the 20-EMA. This suggests a change in sentiment from selling on rallies to buying on dips.

If buyers sustain the price above the 200-SMA, the MKR/USDT pair could pick up momentum and rally to $1,800 and later to $1,900. Conversely, if the price turns down from the current level and breaks below the 20-EMA, the pair could drop to the 50-SMA.

ZEC/USDT

Zcash (ZEC) has successfully held the strong support at $81 in the past few days. Although bears pulled the price below this support on May 11 and 12, they could not sustain the lower levels. This indicates strong demand from the bulls.

The ZEC/USDT pair could now rise to the 20-day EMA ($114). This level had acted as a strong hurdle during the previous pullback on May 5. Therefore, the bears will try to stall the recovery at the 20-day EMA.

If they manage to do that, the price could again drop toward the crucial support at $81. The bears will have to sustain the price below this level to start the next leg of the downtrend.

Alternatively, if bulls push the price above the 20-day EMA, the pair could rise to $135 where the bears may mount a strong defense. The bulls will have to push the price above the 200-day SMA ($150) to signal a potential change in trend.

*ZEC/USDT 4-hour chart. Source: TradingView*

The bulls have pushed the price above the 50-SMA on the 4-hour chart. This suggests that demand remains intact at higher levels. The 20-EMA has started to turn up and the RSI is in the positive zone, indicating that sellers may be losing their grip.

The buyers could face resistance in the zone between $108 to $116 but if they overcome this barrier, the recovery could reach $135.

On the downside, the first sign of weakness will be a break and close below $87. That could open the doors for a retest of the crucial support zone between $81 and $69. A break and close below $69 could indicate the resumption of the downtrend.

KCS/USDT

KuCoin Token (KCS) rebounded sharply off the strong support at $9 on May 12. The relief rally has risen above the first hurdle at the 38.2% Fibonacci retracement level at $12.89, which is a mild positive.

The KCS/USDT pair could next rise to the 50% retracement level at $14.95 and later rally to the critical overhead resistance at the 20-day EMA ($15.45). This is an important level to keep an eye on because a break above it could signal that the downtrend may have ended.

Contrary to this assumption, if the price turns down sharply from the current level, the bears will again attempt to sink the pair below the crucial support at $9. If this level cracks, the pair could resume its downtrend and decline to $5 and thereafter to $4.40.

The bulls have pushed the price to the 50-SMA indicating a strong comeback attempt. The 20-EMA has started to turn up gradually and the RSI has jumped into the positive territory, suggesting that the path of least resistance is to the upside.

If bulls push the price above the 50-SMA, the pair could rally to $15. The bullish momentum could pick up further if buyers overcome this barrier. This positive view could invalidate in the short term if the price turns down from the 50-SMA and breaks below $12. The bears will then try to sink the pair to the strong support at $9.