Top Five Cryptocurrencies to Watch This Week (May 13)

Cryptocurrencies to Watch in October 2021

Most cryptocurrencies have seen significant price declines over the last 24 hours. As a result, the global cryptocurrency market cap is down by over 2% in the last 24 hours, compared to less than 4% in the previous seven days.

The latest decline comes amid reports of Gamestop’s massive rallies. Following the hike in stock value, GME traded for $80 per share in the early hours of May 14. This sparked speculation about whether this is a sign the alt-season is arriving soon.

Pepe’s latest run further supports this claim. It is up by over 21% on the weekly scale, having attained a new ATH a few hours ago.

However, the most recent surge in some altcoins did not affect major coins in the top 10. Will they pick up?

Top five Cryptocurrencies to Watch

1. Bitcoin (BTC)

Bitcoin is edging closer to testing its seven-day support at $60,500. The latest move shows the apex coin lost all the gains it had accumulated during the previous intraday session. The gains came amidst fresh endorsements from two US senators.

Due to this, it is yet to register any notable price changes on the weekly scale. It is also printing a doji in response to the most recent trend. With the pattern of closing lower than it started the week, BTC will retest $60k.

Nonetheless, the mark held out following several attempts within the last seven days. The price mark is also close to the 61% Fibonacci retracement level, which many expect rebounds at following a significant dip.

The bulls will also look to restart the uptrend. They will look to reclaim stability above $65k, as many analysts suggest that this is the make-or-break level for the top asset. The apex coin must decisively flip the pivot point at $64k.

However, the moving average convergence divergence indicates a further price decline. The 12-day EMA has halted its ascent and may start downhill as the coin loses momentum and buying volume. If this happens, the bears will eye a decline to $59k.

2. Pepe (PEPE)

PEPE surged to a new ATH barely 24 hours after the previous one. During the previous intraday session, it started trading at $0.0000087 but peaked at $0.0000111, the all-time high as of May 13. Following the milestone, several traders took profit. As a result, the asset ended the day with less than half its total profit.

The same trend took place during the current session, as the token surged to a new ATH. It went less than 3% higher as it climbed above its second pivot resistance at $0.0000113. As with the previous day, traders took profit, and speculation of the asset’s next price action differs greatly as uncertainty grows.

Nonetheless, if the bullish trend continues, the bulls will look to retest the second PR. Flipping it decisively will result in the PEPE surging as high as $0.000012. MACD points to this possibility as the indicator 12-day EMA continues its uptrend.

However, the relative strength index is blaring warnings. Due to the recent bullish move, the asset has been overbought as it has crossed 70. This means the coin will experience notable corrections in the coming days.

If the bearish reading plays out, the token will sink as low as the first pivot resistance at $0.0000089. The bulls must defend this level, as failure will result in a drop to $0.0000080.

3. Render (RNDR)

Render is currently seeing one of the biggest corrections in weeks. It is struggling to keep its price above it seven-day support at $9.90. Nonetheless, it is experiencing significant demand concentration at the first pivot resistance.

Nonetheless, the most recent price movements are the opposite of what the asset had during the previous intraday session. It gained almost 4% compared to the more than 10% loss during the present intraday session.

In response to the most recent change in trend, MACD is printing sell signals. The 12-day EMA halted its uptrend. It’s lightly arched downwards and will start going downhill if selling pressure continues. This will result in the start of a bearish convergence. Additionally, RSI is at 54 after dropping from 67 in less than 24 hours as selling pressure mounts.

Currently trading above the 50-day EMA, a further price decline will see the asset retest this critical metric. It could also drop to $9.30 after it loses its current support at $9.90.

On the other hand, the bulls will attempt buyback. The next target may be the second pivot resistance at $12. Nonetheless, the asset must gain stability above $11 to achieve this feat.

4. Floki Inu (FLOKI)

Floki is also seeing a significant change in value in the last seven days. It gradually attained its seven-day high during the previous intraday session as it started trading at $0.00016 and surged to $0.00019. It faced massive corrections at the mark afterward and ended the day with gains of over 8%.

It attained a new high during the current session. The Ethereum token peaked at $0.00020 but is trading at $0.00019, which signifies gains of over 3%. The latest surge also marks an over 10% increase on the weekly scale.

Nonetheless, in response to the most recent surges, the relative strength index is on the rise. It is at 56 which places the bulls at an advantage and hints at further price increases.

In the same vein, MACD is printing buy signals. The 12-day EMA is on the uptrend following a close bearish divergence. The latest change in trajectory comes amidst the growing buying pressure the asset is seeing.

With the bearish readings from these indicators, Floki will continue to trade above its pivot point at $0.00017. It will edge to retest the first pivot resistance at $0.00023. To attain this, the asset must gain stability above its seven-day resistance at $0.00020.

5. Worldcoin (WLD)

Worldcoin is facing a lot of backlash from the crypto community following the announcement of a possible dump by insiders. They estimated the dump would be around billions worth of WLD, which would result in a massive price decline.

Some traders sold their bags in a bid to avert such losses. This explains the asset’s current downtrend. It has been down by over 15% in the last 24 hours as several indicators flipped bearish. Nonetheless, the most recent dump is a continuation of the previous day’s trend that saw it lost over 5%.

It remains to be seen if the decline will continue. It will retrace as low as $4.30 if the downtrend continues. However, the bulls may attempt recovery the coming days.