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Top 5 cryptocurrencies to look this week:BTC, DOT, LUNA, AVAX, EGLD

7 min reading

Even as Bitcoin integrates, DOT, LUNA, AVAX, and EGLD may continue to go up.

According to a PlanB survey, the majority of market participants remain optimistic on Bitcoin and expect a rally to $288,000 by the beginning of 2022.

In an interview on Nov. 3, Real Vision founder Raoul Pal also presented a bullish picture for cryptocurrencies. According to him, the current bull run is unlikely to  to top out in December of this year and may extend to between March and June of the next year.Pal expects that the possible launch of Ethereum 2.0 and the possibility of an Ether (ETH) exchange-traded fund in the first half of 2022 will attract institutional investors and cause a massive rally.

Let's look at the trends of the top five cryptocurrencies to see if they can stay in the focus and outperform in the short term-

BTC/USDT

On Nov. 2, Bitcoin went above the bullish flag pattern, but buyers were unable to capitalize on the move and push the price above the overhead resistance zone at $64,854 to $67,000. This suggests that the bears haven't given up yet and are trying to halt the upward trend.

Bulls are defending the 20-day exponential moving average ($60,794) strongly, which is a positive indicator. Buyers will try to push the price above the above resistance zone once more.

If they succeed, bullish momentum will certainly increase, and the BTC/USDT pair will likely surge to the pattern target of $89,476.12.

If the market breaks and sinks back into the flag pattern, this bullish view will be nullified. The pair could then fall to the 50-day SMA ($54,883). The bulls are likely to provide strong buying support in the zone between the 50-day SMA and $52,920.

The pair is range-bound between $63,732.39 and $59,500 on the 4-hour chart. A balance between supply and demand is shown by the flat moving averages and the relative strength index (RSI) close above the middle.

The bulls will try to push the price over the overhead resistance zone between $63,732.39 and $64,270 if the price rebounds off the moving averages. If they succeed, the pair might retest the all-time high.

A break below the moving averages, on the other hand, might pull the pair towards the strong support zone at $59,500 to $58,000. If this zone is violated, the bears will gain the upper hand. After that, the pair might correct to $55,267.61.

DOT/USDT

On Nov. 1, Polkadot (DOT) surged and broke through the overhead resistance at $49.78. The negative divergence was invalidated when the RSI broke above the downtrend line. This indicates that the uptrend has resumed.

On November 6, the bears attempted to pull the price down below the breakout level, but the long tail on the candlestick shows that bulls are buying on dips. The rising moving averages and RSI near the overbought zone indicate that the path of least resistance is up.

The DOT/USDT pair could rally to $63.08 if bulls push the price over $55.09. The bears may have different plans and try to push the market below the breakout level at $49.78.

The pair is rising inside an ascending channel on the 4-hour chart. While bulls were able to push the price above the channel, they were unable to extend their lead. This means that the bears are putting up a strong effort against the resistance.

The bulls will try to clear the overhead obstacle again after rebounding from the channel's centerline. If they succeed, the pair may gain momentum.

Alternatively, if the price breaks below the centerline and turns down from the current level or overhead resistance, the pair may drop to the support line. The uptrend will be maintained if the price bounces off this level, but a break below it will signal a possible trend change.

LUNA/USDT

On November 4, the LUNA token from the Terra protocol broke and closed above the overhead barrier at $49.54. On November 5 and 6, the bears attempted to drive the price back below the breakout level, but were unable to do so. Bulls are buying on dips, according to this indicator.

If bulls can push the price over $53.18, the LUNA/USDT pair may rally to the wedge's resistance line, where bears are expected to put up a strong fight. If bulls push the price above the wedge, the bullish momentum could pick up.

If the price falls below the current level or the above resistance, the pair could drop to the wedge's support line.A break and close below this support level will indicate a possible trend change. The price of the pair may then fall to $35.

The bulls pushed the price over the triangle's resistance line, indicating that they had overcome the bears' barrier. The bulls vigorously defended the breakout level as the sellers attempted to pull the price back into the triangle.

On the 4-hour chart, both moving averages are sloping up, and the RSI is in positive territory, indicating a buyer's edge. If bulls can push the price above $53.18, the pair might rally to the $62.59 pattern target.

AVAX/USDT

Avalanche (AVAX) has broken over the overhead resistance level of $79.80 after trading near it for the past three days. 

This suggests that the uptrend may be about to resume. Bulls are in control, as seen by rising moving averages and an RSI in overbought zone. The AVAX/USDT pair might rally to $93.04 and then try to challenge the psychological level of $100 if the price stays above $79.80.

In contrast to this assumption, if the price falls from its current level and falls below $79.80, it indicates that markets have rejected higher levels. The pair may then fall to the 20-day EMA ($69.51).

On the 4-hour chart, a rounding bottom pattern was formed, which was completed on a breakthrough and close above $79.80. If bulls can keep the price above $79.80, the pair could start moving north toward the $108.56 pattern target.

On the downside, $79.80 is the first important level to keep an eye on. A recovery off this level would suggest that bulls are aggressively buying on dips, increasing the chances of the uptrend resuming.

A fall below $79.80, on the other hand, may send the pair below $72. A break below this level will indicate that the bears have re-entered the game.

EGLD/USDT

On Nov. 3, Elrond (EGLD) surpassed the previous all-time high of $303.03, which is a positive indicator. On November 5 and 6, the bears attempted but failed to drive the market back below the breakout level.

An ascending triangle pattern formed on the 4-hour chart, which completed on a break and closed above $303.03. The pattern target for this favourable setup is $427, but the rally may not be linear because the bears are likely to make a strong challenge at $355.

The first sign of weakness will be a break below the 20-EMA. This might pull the price lower, possibly to the breakout level of $303, which the bulls must defend.If this support cracks, the pair may drop to the 50-SMA and then to the trendline of the triangle.

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