Top Five Cryptocurrencies to Watch This Week (Jan 23)
The top five cryptocurrencies to keep an eye on this week have demonstrated significant promise. These assets also experienced significant changes in their valuations over this time, in addition to the more than 4% increase seen across the market last week. But APT was among the top gainers over the preceding seven-day period.
As its upswing entered its third week in a row, the cryptocurrency concluded with gains of more than 60%. After several months of low volatility, another coin made a splashy comeback. As it recaptured important levels, Axie Infinity ended the prior week with a gain of 33%.
Top Five Cryptocurrencies to Watch
The asset recovered crucial levels over the previous week as the bulls saw brief success. The top coin gained more over 8% on Saturday, which was one of the week’s major high points. Additionally, it tested at a level not seen since September 2022.
The coin is not off to a good start this week as we noted tiny candles for the previous two days. This is a further sign of Bitcoin’s poor trading activity. The asset has not yet experienced any significant changes in value, according to a glance at the weekly chart.
Even though these are unfavorable signs, it’s crucial to remember that the previous week also began slowly before a decisive breakout. BTC might retake another important mark if attitude stays the same as it did the previous week. This weekend, the $25k resistance might be put to the test.
While indicators are silent, the 12-day EMA has a tiny downward arch, which might be a sign of more downtrends to come. There is a chance that BTC might revisit $22k, depending on how much it drops.
Ethereum had a thrilling during the previous intraweek session. It regained a crucial level, like the majority of cryptocurrencies to watch this week; it climbed beyond $1,600 and reached a high of $1,680. We are witnessing such movements for the first time since November.
ETH is preparing for more volatility as we focus on the new week. Although there was relatively little trading activity during the previous intraday session, trading conditions are different now. Many people worry about further downward trends given the most recent 4% decline. Additionally, indicators appear to be quite bearish.
Of all these metrics, let’s examine the Moving Average Convergence Divergence first. The 12-day exponential moving average (EMA) is curved downward and may cross the 26-day EMA; if the most recent price decline persists, a bearish divergence is about to occur. Another negative indicator is the Relative Strength Index.
The RSI is at its lowest point in the recent ten days, indicating a sharp drop in buying pressure. Since ethereum dropped to a low of $1,533, which is a sign that the barrier may fall this week, the $1,500 support is one of the important levels to keep an eye on right now.