Category: Analysis

The current bearish state of the crypto market is entering a different phase as we note a little more resistance from the bulls. However, the market has remained on a downtrend since the start of the month, having lost 5% weekly on an average. But there is hope.

Unlike the other bearish weeks, the market lost only 3.4% of value, signifying strong consolidation. The market opened at $2.23  trillion and peaked at $2.30 trillion and was hit with retracements that saw it dip as low $2 trillion but closed at $2.19 trillion. This would suggest that there were minimal losses across the market, even though the majority of the coins in the top 100 remain significantly down.

The top gainer throughout the period was Yearn.Finance ($YFI) as it went up by more than 60%.

Market fundamentals have been fairly flat with little to no long term effect on the prices of the of various cryptocurrencies. However, one of the biggest stories this week is that Tesla will start accepting DOGE as payment for its services. Dogecoin surged by more than 20% after announcement but failed to continue the trend.

Following the unavailability of strong fundamentals, the Fear and Greed index is also seeing a lot of stability below 30. We observed that the industry is unable to recover from bearish induced fear and as result,  the index is consistently shifting between 21 and 29 throughout the past seven days.

The market as of this time is better than the previous trading session as almost every cryptocurrency is significantly up. The effect of these hikes is seen in the image above. With a good start to the week, the question on everyone’s lips is: Will the bulls will sustain their lead?

Top Five Cryptocurrencies to Watch (Dec 20)

1. Bitcoin (BTC)

Bitcoin closed last week with deficits exceeding 6%. The coin started the period under consideration at $50,102 and surged to an intraweek high of $50,226 but hit resistance at this mark and came crashing down to $45,750. The next two days saw more price increases as the apex coin gained almost 5% as the bulls tried recovering from the previous loss.

Efforts to recover the loss ended in futility as the largest cryptocurrency digital was hit with more sellers’ congestion on Thursday and Friday as it lost 5% in total. The digital asset saw very few hikes after the price drop and went on to close at $46,704.

Several indicators still indicate that BTC is kneeling deep into bearish dominance. One such is the Pivot Point Standard (PPS). The apex coin is still trading below its Pivot Point and has failed to surge past its first pivot support in the past seven days. it still holds the second pivot support and did not test it during the time under consideration.

Bitcoin’s failure to pick up momentum has resulted in fresh concerns of another death cross. The fear becomes more imminent as the 50-day MA is slowly edging closer to the 200-day MA – hinting at an interception. Traders were thrilled to see the Moving Average Convergence Divergence (MACD) indicate a bullish cross.

The excitement is gradually fading as both MACD lines have converged and the crossing is yet to take place. The fast and the slow lines are closer than many would expect and have not separated as seen in the chart above. Amidst all the outlined bearish conditions, is there any ray of hope?

Paying close attention to the chart above, we noticed that although the much anticipated bullish cross is long overdue, there is a gradual decrease in trading volume. This is playing to the advantage of the buyers as their purchase is reflecting on the chart and will trigger more bullish actions.

2. Terra (LUNA)

A previous market outlook named LUNA as one of the coins to watch in December after it became the tenth largest coin by market cap. LUNA rose as high as $85, leading to predictions that the digital asset could end the year above $90. However, Terra has failed to sustain the uptrend and dipped as low as $65 per unit.

The projection is back on course as the ninth coin by market cap surged to $81 last week after seeing a low of $55. The project opened trading at $61 and closed the past seven days at $78 per unit – resulting in gains of more than 25%.

We saw LUNA retest the second pivot resistance at $78 during the past trading session. The asset under consideration is currently trading at $85 per unit which indicates that the $90 resistance may break as the buyers are defending this mark and preventing further slip.

We also observed that the ninth largest coin by market cap was mostly bullish throughout the last seven days. The same script has played out before and the effect is seen in the chart above. it is easy to conclude that terra may range this week based on recent price movements.

3. Avalanche (AVAX)

Avalanche ended the past week in profit and is one of the top gainers in the top 100s. The project opened the period under consideration at $88 and closed at $107, adding up to 22% increase. AVAX current feat has earned it a place in the top 10 as it flipped DOT to claim the 10th spot.

The coin saw a low of $75 and high of $117 over the past seven days – showing strong volatility. Long traders have been adding to their positions in the coin and these efforts are yielding the desired results as the tenth largest coin kicked off the current week on a positive note.

AVAX gained more 5% in the last 24 hours and looks to be off to a good start as it is currently at its highest in the past fourteen days. The asset under consideration is one of the many cryptocurrecies to watch this week as the most recent prices suggest more hikes ahead and hints at the coin hitting $130 this week.

The PPS also agrees with the above statement as the AVAX/USD pair is trading above its pivot point at $110 per unit. With the PP down, the pair will attempt to flip the first pivot resistance but will face strong resistance $130 which may flip provided market conditions remain the same.

4. Hedera (HBAR)

Hedera opened the previous intraweek session at $0.25 and closed at $0.32 adding up to a 26% increase at the end. The coin was quick to recover from the more than 5% drop it suffered eight days ago and experienced a number of hikes throughout the week.

The buyers rallied the market and retested the first pivot support at $0.26 and have sustained prices above the mark after ascension. Instinctively, many would expect HBAR to test its pivot point after flipping critical support. However, this is not the case as crypto is off to a bad start.

Nonetheless, Hedera appears to be a cryptocurrency to watch this week as it seems we are about to see a repeat of what played out during the previous intraweek session. The coin ended last week Monday negatively before making a swift recovery Tuesday. Following the same pattern as previously highlighted, the HBAR/USD pair may end the next seven days above $0.4.

5. Arweave (AR)

Arweave opened the previous intraweek session at $41 and closed at $59 amounting to a 41% increase at the end. The coin was quick to recover from the more than 18% drop it suffered at the start of the previous week and experienced a number of hikes till the end.

The AR/USD pair no doubt saw a lot of volatility as it retraced to as low as $34 and surged to a high of $61. The buyers rallied the market and retested the first pivot support at $42 and have sustained prices above the mark after ascension. As with HBAR, the pair was expected to test its pivot point after flipping the critical support.

However, this is not the case as the crypto is off to a bad start – losing more than 8% since over the past 24 hours. The coin ended last week Monday negatively but recovered on Tuesday. Unfortunately, the coin is still in the downtrend as of the time of writing.

Why is AR on the list of coins to watch this week? Widening the scope of the chart, we observed that the digital asset under consideration have enjoyed two consecutive weeks of profit before a negative one. The previous intraweek session was the first positive following a downtrend. Going by this pattern we may anticipate a recovery soon.

Conclusion

The start to December was not what most traders and investors anticipated when picking cryptocurrencies to watch. The market is off to a slow start as various cryptocurrencies see little or no increase on the first day of the month and this trend is still present at the time of writing.

The slow start becomes more evident in the past week as the crypto market went from the little skirmishes between the bears and the bulls to an all-out confrontation that left the latter defeated and the industry losing more than $300 billion.

Following the price drop that saw the industry dip as low as $2 trillion, we are seeing buybacks across the market at this time. As a result, the industry is up by more than 5% over the past 24 hours. The market is currently worth more than $2.38 trillion. The current valuation of the market shows a slight recovery from $2.05 trillion – in the last seven days.

Market sentiment at this time shows various cryptocurrencies enjoying more hikes and coming out of bearish dominance. The image below further explains the current situation of the industry. However, it is important to get an overview of what transpired in November as it will help project the possible outcome for this month.

During the first ten days of the past month, we note that the industry has seen tremendous increases in trading activities that have resulted in all-time highs for some cryptocurrencies. Unfortunately, the market was plagued by multiple FUDs that caused it to conclude in losses for the largest crypto assets.

One notable event that preceded the dip is China’s issuance of stern warnings to its state-owned enterprises (SOEs) against involvement in cryptocurrency mining activities. Other personalities like former presidential aspirant to the United States Hillary Clinton voiced negative concerns about cryptocurrencies.

The bulls also had the spotlight as Michael Saylor, revealed that MicroStrategy has bought about 7,002 BTC for a whopping $414.4 million in cash. El Salvador joined the firm in showing that it is  unwilling to give up its position as one of the largest holders of bitcoin, as it also bought more than 150 units.

The Fear and Greed index hit 21 – its lowest over the past thirty days. The market was notably bearish over the last 15 days of the eleventh month. The industry is currently the same as the metric  displays 25 as its current reading and hints at extreme fear in the market.

Following the massive wipeout last week, there has been no solid reply from the bulls aside from the small surges. Will we see a retaliation or will the bears extend their dominance?

Cryptocurrencies to Watch in December 2021

1. Bitcoin (BTC)

Bitcoin came out of the preceding month with losses of more than 7% as it closed at $56,974. The top coin saw a low of $53,300 and hit a high of $69,000 (ATH). Starting the last few days of the year on a rather cold note, many are skeptical of BTC outcome at the end.

Considering the ever-changing scene of the crypto market, it is only logical to consult previous records to get a little incite into the apex coin actions in the next few days. December is one of the many bullish months of the year.

This is illustrated in the image below as it shows only four of the eleven Decembers since 2010 have ended negatively for BTC. Although the four losses have nothing in common, a pattern is created when we split these months in two.

Another notable thing about the period under consideration is that the last month of the year seems to have a cushioning effect from the eleventh. For example, in 2018, bitcoin lost 32% in November and 9% in the next month. The same was seen in 2019.

Unfortunately, this is not the case with the largest cryptocurrency right now. The situation is worse than it was in November, as bitcoin is down by 13%. Are the records useless in this case? We note that BTC has also seen relative stability as it consolidated especially in 2018/19.

Following the same trend, the apex coin may range for the rest of the year, with few hikes and dips. What do the charts say? The charts only show how deep the first existing cryptocurrency is in its bearish dominance and shows no signs of recovery anytime soon.

2. Ethereum (ETH)

Last month, traders were hopeful that the second largest asset will hit $5,000 but it failed after surging to an all-time high above $4,800. The largest altcoin closed the preceding month at a 7% increase. Now, the hope seems to dwindle following the recent happenings in the market.

Nonetheless, previous market actions over the last two months of the year hinted at the possibility of Ether retesting, perhaps exceeding its all-time high. The image below suggests that overall, December is one of the bullish months for the asset under consideration.

The depiction also suggests that the last month of the year is better than the preceding in terms of price hikes. Considering the level of increase ether saw in the eleventh month, we may expect better performance in the concluding days of the year, and possibly a 10% increase as per the observations.

What do the charts say? As with BTC, the charts only show how deep ethereum is in the bearish dominance and show no signs of recovery anytime soon. However, we spot an uptrend in the making that started three days ago.

3. Terra (LUNA)

On November 30, Styllar recently announced their release of collectible NFT avatars on Terra (LUNA), each completely custom and of the highest quality on the blockchain. The collection is said to merge pop culture, fashion and NFTs into life

Many will remember Solana as one of the fastest rising coins. The secret to the surge the token saw was the launch of an NFT collection on its ecosystem. Similarly, Terra also has the same opportunity and so far has shown a lot of potential earning a place in the top cryptocurrencies to watch this December.

Last week, LUNA became the tenth largest coin by market cap as it rose as high as $85 – the new ATH. The above chart shows that the coin is not slowing down as it still maintains the uptrend. This crypto could end the year above $90.

4. Polygon (MATIC)

Polygon is one of the many cryptocurrencies to watch this month as it is in a league of its own. The coin closed the past week at a 24% increase and starting a new week with the same bullish trend. The coin is still on the rise at the time of writing.

Trading above $2.5, MATIC is showing no signs of slowing down as it has been up by 24% since the start of the week. Judging by this pace, it is safe to conclude that Polygon may end the year above $3.

Conclusion

The cryptocurrency market witnessed a period of peak volatility last week. The past seven days ended with the bears being the undisputed winners during their struggle for dominance. Market fundamentals played a big role in the end result of the past week.

The biggest correction that ravaged the various cryptocurrencies during the time under consideration was in response to a new COVID-19 scare. Pfizer, one of the leading companies in the Corona Virus vaccine production, discovered a new COVID-19 variant, designated “Nu,” which some parties claim could pose a problem for vaccination.

The announcement was met with panic as both the crypto industry and stocks responded with massive selloffs, as many feared the worst. Amidst the panic, experienced investors took advantage of the retracement and added more coins to their portfolio.

For instance, El Salvador’s President Nayib Bukele revealed that the country added 100 Bitcoin (BTC), approximately $5.4 million to its portfolio. The country has continued to show no sign of ever going back on its bitcoin adoption decision as it continues to accumulate more of the digital asset.

Some cryptocurrencies in the top 100 saw a late surge in the closing hours of the previous intraday sessions. Traders are looking more hopeful this week as reflected in the Fear and Greed Index. The metric dipped as low as 21 (the lowest in the last 30 days) last week  but has gradually increased and is at 33 as of the time of writing.

Source: Alternative 

Still fired by the late surge yesterday, most coins are holding on to their leads as shown in the chart below. On average, almost every cryptocurrency has gained 3% over the past 24 hours.

(Source: Coin360)

Will the bulls follow up on the price growth or will the bears seize control? Here are the top five cryptocurrencies to watch over the next seven days.

1. Bitcoin (BTC)

The most valued cryptocurrency opened the week at $58,600 after suffering a more than 10% decrease last week. The king coin has shown a lot of progress six days ago as it gained more than 5% – sparking hopes of a return to $60k . The surge saw it leave the low for the week and take a step closer to $60,000 but falling short by less than $500.

Bitcoin saw a low of  $53,524 and was about to end the past seven days in losses adding up to 5% but saved as a result of a rally over the past 24 hours. The top coin lost a little above 2% as it closed the week at $57,338.

One question on the minds of traders is whether the current price hike will continue through the next seven days. The answer to that question lies within how market fundamentals will play out in the coming days.

Adding to the worries of the buyer is that the most valued coin is trading below the Pivot Point at $57,250. The last seven days have seen the apex coin edge closer to testing the first Pivot Support at $47,500.

On the part of trend indicators, they all seem flat as there is no improvement since the assets crossed their various boundaries except one. The Moving Average Convergence Diveregence (MACD) is giving a spark of hope as the fast line is about intercepting the slow – hinting at an incoming uptrend.

The buyers may rally the apex coin as high as $60k this week as it is trading $57k. It is also important to note that the $59k resistance is one tough level to reckon with. Further slip into bearish dominance may result in Bitcoin dipping as low as $52,000.

2. Binance coin (BNB)

The largest exchange native token is one of the few cryptocurrencies to close in the past week in profit. The project closed at an almost 5% increase higher than it started. BNB has been hitting new highs en-route to a blockchain upgrade that is expected to make the asset more deflationary.

The last seven days saw the project hit a low of $550 and suggest that we may see a better low in the next seven days. Trading at $620 as of this time, $570 may be a level to bank on as most attempts to flip have been futile. Additionally, BNB may revisit $680 in the days leading up to the upgrade.

3. Ripple coin (XRP)

The last seven days marked the third consecutive period of loss. The sixth coin by market cap continued its downtrend after losing more than 10% two weeks ago as it loses 8% over the past seven days. The Moving Average Convergence Divergence (MACD) shaded more light as to why the seventh-largest crypto-asset keeps dipping.

Now MACD is showing a bit of good news as the bearish interception that took place and triggered a massive selloff is about to hit the reverse. This may be the needed boost to surge above $1.2 in the next seven days. The current price of XRP still suggests that the $0.90 support is still open for testing.

4. Sandbox (SAND)

SAND has been in a league of its own with the tremendous hikes it’s been experiencing. The project has made flipping its all-time high a tradition. The coin has seen a growth of more than 87% over the last seven days.

Trend indicator: Pivot Point Standard shows that $SAND is extremely bullish as it is currently trading above the fifth pivot resistance. MACD also agrees with the latter as both readings are the same.

On the other hand, price movement is painting a different picture. The SAND/USD pair have tested the $6 support thrice over the last six days but failed. We may see a retest and possible flipping mark this week.

5. Decentraland (MANA)

Following a more than 200% increase during the last seven days of October, the metaverse token took a short break and returned to bullish. The uptrends extended to the past week as Decentraland gained 41%.

As with Sandbox, the Pivot Point Standard shows that MANA is extremely bullish as it is currently trading above the fifth pivot resistance. MACD also agrees with the latter as both readings are the same.

On the other hand, price movement is painting a different picture. The MANA/USD pair have tested the $4.37 support thrice over the last six days and with just one success. We may see a retest and possible flipping mark this week.

Conclusion

This article highlighted five cryptocurrencies to watch this week. The above predictions coming true largely depend on market conditions remaining bullish for most parts of the next seven days, which of course is not guaranteed.  The volatile nature of the crypto space means investors and traders must do their own research and always keep an eye on the charts

The global cryptocurrency market cap is estimated at $2.65 trillion at the time of writing, finally  recovering from the setback suffered a few days back. The industry peaked at $2.89 trillion last week but was devalued due to retracement that brought the value as low as $2.41 trillion during that time.

Many traders are still at a loss as to the cause of the correction. One notable event that started the price decline is China intensifying its bids to crackdown on crypto, and the current week has already seen negative reports of a possible ban in India.

Following the decline in the prices of most cryptocurrencies, the general sentiment in the market as of the time was bearish as the fear and greed index was at 34. The reading has seen a sudden decrease following the correction across various crypto assets. There is currently a significant increase as it is at 50.

Putting aside the FUD and looking forward to a new week, we notice a significant improvement at the the moment compared to the past week. The image above shows more green labeled coins – further explaining the previous statement.

Unfortunately, not all the projects shown above are enjoying a notable increase. Will the current market conditions get even better?

Top Five Cryptocurrencies to Watch This week

1. Bitcoin (BTC)

Bitcoin’s current price suggests that the past week has not gone as planned for the bulls. BTC closed the past week with a more than 10% decrease with many crucial support flipping to resistance levels.

Bouyed by China’s latest crackdown, the apex coin dropped below $60,000. More support fell victim to the raging bears as the largest coin by market cap dipped below $56k. Last week, BTC saw a low $55,640.

One of the reasons for the prolonged stay and further retracement was that the bears capitalized on the market as we note that many traders panic sold below $60k. The largest cryptocurrency buy market cap saw a little bit of uptrend and hovered above $59,000.

Exchanging below $57,000, it is clear that the top coin suffered a 4% deficit from its opening price of $58,647 during the previous trading session. Bitcoin dipped below $56k during that time as it hit a low of $55,628.

BTC is one of the many cryptocurrencies to watch this week as the current price level is hinting at incoming massive price actions. On-chain analysis suggests that the supply of the most valued crypto assets is at its lowest – this a recipe for explosive actions.

The $56,000 mark is now considered a weak support following the insistent flipping. The support remains relevant as it is the key to returning above $60k. Failure to defend the level will result in further retracement that may leave Bitcoin at $54k.

2. Avalanche (AVAX)

Avalanche is now known as one of the big boys as it bursts its way up the top 100s and into the top 10. The project gained 34% last week – seeing a lot of volatility along the way. We saw AVAX flip one all-time high after another.

The coin peaked at $149 but a low of $83 during the past seven days. The tenth coin by market cap is on the rise and there is no sign of it stopping anytime as the buyers are aiming for a $200.

Since the start of the new week, Avalanche has surged to an high of $151 but could not continue the rally as it was me by gradual intensifying selloff largely led by increasing gas prices on the nascent blockchain project. If the market can shake off this negative fundamental news, the bid to $200 is still on and we may see AVAX hit $160 as the it has continually seen the need influx of cash to break resistance.

3. Polygon (MATIC)

Amidst the current bearish dominance witnessed across the crypto market, the MATIC/USD pair have shaken off losses from the previous week. Polygon lost 7.49% over the past seven days as it went as high as $1.76 but dipped as low as $1.44.

Rebouncing off the $1.44 support, the level is renowned as one of the top marks to crack. The current price of MATIC suggests that the closest critical support is $1.53. It is important for Polygon to hold on to $1.53 as it will ensure a tight squeeze back to $1.7 in the event of more retracement.

MATIC is one of the many cryptocurrencies to watch this week as the Moving Average Convergence Divergence (MACD) is showing more promising hikes this week. The chart above shows both lines about intercepting and indicating more bullish actions.

We also note the gradual influx of funds into the market. The Relative Strength Index (RSI) is also seeing a stable increase as shown above.

4. Elrond (EGLD)

Since MACD’s bullish interception two months ago, Elrond has been on the rise. The past week was the continuation of this bullish sentiment as the project gained 33%. Hitting an all-time high of $445 and seeing its lowest for the week at $285.

EGLD is still on the rise as both MACD lines are showing no signs of retracing. With this in mind, it is easy to see why the project is listed among the top five cryptocurrencies to watch this week.

Elrond is enjoying a bullish spillover from the past week as we noticed the continuation of the uptrend this week. The cryptocurrency has gone up by more than 15% since the start of the week and has hit a new ATH at $544.

Judging by the pace of the increase in price, we may conclude that the 23rd coin by market cap may flip the $600 resistance over the next seven days.

5. Flow (FLOW)

Closing the last seven days with almost 10% increase, FLOW looks on track to continue on the bullish path. Seeing a high of $15.3 and low $11.4, we observed the strength of the $11 support.

We may see a repeat of last week’s actions this week. Although Flow is trading below both the 50-day and 200-day MA, nonetheless the Moving Average  Convergence offers little comfort – hinting at further price action with more uptrends.

Conclusion

This article highlighted five cryptocurrencies to watch this week. The above predictions coming true largely depend on market conditions remaining bullish for most parts of the next seven days, which of course is not guaranteed.  The volatile nature of the crypto space means investors and traders must do their own research and always keep an eye on the charts.

The last seven days ended almost the same way it started as the crypto market was estimated at $2.65 trillion last week Monday and closed last week at $2.6 trillion. The market peaked at $2.67 trillion during that time and saw a low of $2.45 trillion.

We are seeing little change in traders’ concentration as we notice a drop in the market dominance of  major cryptocurrencies including Bitcoin.

(Source: Coin360)

With a bullish start to the week, here are five cryptocurrencies to watch:

1. Bitcoin (BTC)

The most valued coin had one of the least productive weeks over the last seven days. Bitcoin surged as high as $63k sparking speculations of a return to the ATH and close the last seven days with an increase of less than 1%.

The largest crypto by market cap saw a low of $56,425 and recovered as the close of the week edged closer. The king coin is enjoying its third day above $60,000. Unfortunately, the prolonged stay above $60k is causing more worries for the HODLers as crypto’s largest coin keep hitting new lows since the start of the week.

More bad news as the Moving Average Convergence Divergence (MACD) is still on the bearish path – the gap between both lines is getting wider. On-balance Volume (OBV) was also slightly down, revealing a drop in buying pressure.

Recent movement shows that once the OBV sees a dip as the one experienced, a retracement is inevitable. A reverse of the current situation will result in bitcoin picking up momentum and trading above $63k. A continuation of the bearish dominance may result in a retest of the $56k.

2. Ethereum (ETH)

Following the successful start of the Altair Beacon Chain update last week, more than 98.7% of nodes have been upgraded as of now. We also noted the gradual increase in the price of the second largest cryptocurrency as it hit a new ATH at $4,400 a few hours after the update and surged higher, hitting $4,460.

Ether closed last week with more than 5% increase. The coin saw a low of $3,893 during that time. We noticed that prices dipped to the sub-$4,000 but met support before or a little after $3,900.

The largest alt makes it to the list of cryptocurrencies to watch this week as traders’ actions hint at a possible hike to $4,500 and above. There are also clues pointing to the coin experiencing selloff after the mark. Nonetheless, the $3,800 support will continue to hold.

3. Binance Coin (BNB)

Binance coin hit a high of $542 and a low of $436 over the past seven days as it closed the week 10% higher than it started. The third largest coin by market is a little docile with regards to market fundamentals but is one of the many cryptocurrencies to watch this week.

The $430 mark has been tough to test as BNB did not dip to this mark last week, as the bulls defended the coin at $435. In the long term the $400 support one we could bank on. The last three days have seen the third largest coin trade consistently above $500 – making it the a critical mark as defending it will prevent further dip to $430.

MACD is still bullish following the positive cross. The fastest line as of this time is picking up momentum with no sign of dipping. We may see the BNB/USD pair hit $600 this week if the current market remains the same through the week.

4. Chiliz (CHZ)

Chiliz is the leading digital currency for sports by Malta-based FinTech provider and boasts of a partnership with some football clubs as well as the UFC and gaming organizations. The 75th coin by market cap is up by 31% over last week.

The coin peaked at $0.66 and hit a low of $0.27 during that time. CHZ did not flip the $0.27 support over the last seven days. The latest drop in the region makes it the second time the digital currency for sport is hitting this level since ascension.

The 75th largest project showed a lot of volatility. Going by the recent display, we may expect a retest of $0.27. We may expect that the $0.27 support may not flip based on previous price performance. CHZ may also hit $0.5 and higher in the next seven days.

5. Ravencoin (RVN)

Ravencoin is the official token of Raven, the online platform for Ethereum blockchain-based token reviews, designed to allow developers to receive constructive feedback about their projects.

The 104th largest coin is one of the many cryptocurrencies that are yet to join the bullish market. Ravencoin closed almost the same way it started the past seven days as record gains of 0.58 during this time. The coin saw a high of $0.017 and a low of $0.012.

REV is looking to join the market in the next seven days as the Moving Average Convergence Divergence is hinting at a possible increase in buying pressure. The REV/USD pair may surge as high as $0.20 if the we see a reverse of bearish sentiment.

Conclusion 

This article highlighted five cryptocurrencies to watch this week. The above predictions coming true largely depend on market conditions remaining bullish for most parts of the next seven days, which of course is not guaranteed.  The volatile nature of the crypto space means investors and traders must do their own research and always keep an eye on the charts

Compared to the previous week, the cryptocurrency market has gotten off to a slightly slower start this week with the global market cap up by less than one percent. As the markets become less volatile, investors are becoming even more curious about which cryptocurrencies to watch or keep an eye on.

This is especially so because most of the top 100 are getting overrun by bearish sentiments — resulting in a drop in the value of many projects in the last 12 hours. Amidst all the chaos, however, there is good news.

The United States has welcomed its first Bitcoin-linked exchange traded fund (ETF) after fund manager ProShares launched its Bitcoin Futures ETF on the New York Stock Exchange. The final prospectus submitted to the Securities and Exchange Commission (SEC) did not meet any opposition, paving the way for trading to begin on Tuesday.

The launch may be a needed boost for Bitcoin and the rest of the market to launch on assault at previous all-time high figures. While we speculate on the possibilities of that happening, here are the top four cryptocurrencies to watch keep an eye on.

Top Four Cryptocurrencies to Watch This Week

1. Bitcoin (BTC)

Last week, bitcoin surged as high as $62,933 but fell short of $63k. However, the recent launch of the futures-ETF product has propelled the largest cryptocurrency by market cap across $63k and whiskers away from the previous all-time high around $64k.

Based on the bullish price movements, the $58,000 support will likely hold and serve as a firm base for reclaiming the previous all-time high. One thing to keep an eye on, though, is whether BTC hits a new all-time high in one quick burst. We may likely see a gradual rise over the next 48 hours, until the all-time high price is attained.

2. Ethereum (ETH)

Despite Bitcoin’s gains, the largest alt is visibly struggling as it closed the last trading session losing 2.16%. Market conditions have improved as we noticed a reverse of yesterday’s event. As of the time of writing, the largest alt is currently gaining 1.36%.

The $3,600 support has held out for more than six days. The strength of this support is yet to be tested as right-wing traders have successfully prevented a dip to that level. Nonetheless, the market may continue to act as support through this week, provided market conditions remain the same.

A massive price rally may send Ether as high as $3,900 with eyes set at flipping the $4k resistance. As of the time of writing, the market fundamentals are fairly flat, leaving as to what to expect. Regardless, the Moving Average Convergence Divergence (MACD) is hinting at a further drop in price as both lines are about to intercept.

3. Stellar (XLM)

XLM was one of the top gainers last week as it increased by more than 10%, but struggle to maintain the momentum as the coin’s market condition hinted at a slight pullback.

Currently, XLM is trading $0.36, more than 3% lower than its closing price last week. The XLM/USD pair is on the second day of price drop and may close the day with its candle painted red. The $0.35 support is the first line of defense to ward off further price slips.

Indicators are not looking too good for Stellar as MACD is about to get a bearish cross. Stochastic oscillator is also dipping with both lines headed down. Both indicators may prompt XLM to drop as low as $0.34.

4. Pancakeswap (CAKE)

The last seven days have proved to be one of the most volatile for Pancakeswap’s CAKE. The token hit a high of $20.8 and a low of $17.2 as it recorded gains of more than 4%. Will this week be different?

On the daily chart, most of the candles are dojis — having small bodies and long wicks. Nonetheless, we noticed the start of an uptrend as the asset has been picking momentum since the start of the week.

The Moving Average Convergence Divergence (MACD) suggests an impending price dip as fast and slow lines may intercept in the next 24 hours. A massive dip may leave CAKE looking to rebound at $17 as the coin remains in accumulation phase.

Ultimately, how these cryptocurrencies to watch perform will largely depend on whether Bitcoin is able to maintain its impressive start to the week. If market conditions continue to be ideal, longer traders will likely carry the week as Uptober continues!