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Top cryptocurrencies to watch out for this week

By
Redakcja
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5 min reading

Bitcoin (BTC) bulls has fought for the $30,000 level in the last few days but the failure to get a tough rebound has some traders worried that the price will most probably decrease to new lows. According to Ecoinometrics the present correction “looks very similar to 2013” when Bitcoin took at least 197 days to reach a height of a new all-time high and a bottom formed after a 69% correction from the all-time high.

Bitcoin (BTC) bulls has fought for the $30,000 level in the last few days but the failure to get a tough rebound has some traders worried that the price will most probably decrease to new lows. According to Ecoinometrics the present correction “looks very similar to 2013” when Bitcoin took at least 197 days to reach a height of a new all-time high and a bottom formed after a 69% correction from the all-time high.

If this happens again, then the traders will need to wait patiently as the present correction has only been in play for 95 days. At $30,000, Bitcoin has gone down to 54% from its record-high, with a 69% correction could sink it down to $20,000. Based on a recent report, Delphi Digital highlighted trading activity has fallen out more than 60% from the highs in May. The imitative market has also seen a withdrawal of leverage traders and the Bitcoin futures open interest is back to the early 2021 levels. Delphi Digital considers this as a bullish sign as they think that “stronger-handed participants are the ones primarily contributing to current open interest levels.” 

BTC/USDT

Bitcoin is trying to get ahead the $31,000 support but the long wick on today’s candlestick points out that buying will be drained out at higher level. The bears will now attempt to once again sink the price below the $31,000 support. The 20-day dramatic moving average ($33,174) is going down and the relative strength index (RSI) is in the negative zone, mentioning that bears have the upper hand. If sellers dump the price below $31,000, the BTC/USDT pair could drop to the next support at $28,000. 

The $31,000 to $28,000 zone seems like a dangerous situation for the bulls because if the zone breaks, the sentiment will go rough further and could lead to liquidation. If the bulls can maintain and increase the price above the 50-day simple moving average ($34,925), it will point out that selling pressure is reducing.

MATIC/USDT 

Polygon (MATIC) has been rectified for the last few days and price has gone up to the strong zone at $0.74 to $0.68. The bulls are likely to support this zone aggressively. Even though the moving averages are going down, the RSI trying to rebound off the oversold territory. This shows that aggressive bulls are trying to begin a relief rally. The first resistance on the upside is the 20-day EMA ($1) if the price goes down from this level and breaks below the support zone, the downtrend could start and the MATIC/USDT pair may go down to $0.54 and then $0.34. 

Basically, if the price goes up from the present level, the bulls will try again to propel the price higher than the 20-EMA. If they try to increase the price above 20-EMA. If they end up doing that then the pair could rise to the 50-SMA. Above this resistance, the relief rally may reach $1.05. 

THETA/USDT

THETA has been in a downtrend since reaching out at $15.88 on April 16. The down sloping averages points out that bears are in command but the oversold levels on the RSI points out the chances for a countertrend rally. The first resistance on the upside is the 20-day EMA ($5.68). 

If the price goes down from this resistance, the bears will make one more try to bring down the THETS/USDT pair down the support zone. A break under $3.85 will start the next leg of the downtrend that could reach $2.60. if the bulls are able to push and maintain the price above the 20-EMA, the pair could increase to the 50-SMA. This level may be seen as an act of resistance but if the buyers are able to get over this barrier, the pair could get ahead the next overhead resistance at $6. 

CRO/USDT

Crypto.com Coin (CRO) has been range-bound between $0.14 and $0.08 for the last few days. The price has gone down from $0.13 on July 14 but on the brighter side the bulls are trying to obstruct the correction near the moving averages. Both moving averages have demolished and the RSI is slightly under the midpoint, showing a balance between supply and demand. The bears took out the price under the support at $0.108 but they weren’t able to build up on the advantage. The price recovered and increased up to 20-EMA but the bulls could not clear this problem. This proves that the bears have not given up yet and selling on rallies.

 If the price goes down from the present level and breaks below $0.10, the pair could reach the strong support at $0.08. if the bears sink and sustain the price under $0.108, the pair could begin its journey toward the critical support at $0.08.

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