Top Five Cryptocurrencies to Watch This Week (May 6)

Cryptocurrencies To Monitor

Most cryptocurrencies are currently seeing a significant decrease in value. The crypto market fell victim to another wave of bearish fundamentals.

One such is the ongoing hunt by the United States Security and Exchange Commission. The regulator sent wells notice to Robinhood’s trading platform, spreading panic among its users and other crypto assets. A few hours ago, the SEC chairman made an appearance on CNBC. He stated that most tokens are securities under the law of the land.

The statement by the SEC chairperson forbodes other attempts by the regulators to go after other cryptocurrencies.

Nonetheless, the crypto market saw a lot of volatility during the previous week. Over the last seven days, its worth increased by over 4%. However, it is on the decline at this time. Will it improve?

Top Five Cryptocurrencies to Watch

1. Bitcoin (BTC)

Bitcoin is struggling at $63k following the statement by the SEC chairman. Nonetheless, the trend started during the previous intraday. The apex coin surged to a high of $65,500. In response, speculation of an attempt at $70k gradually gained more attention.

However, the asset closed with losses of almost 2%. Still bearish, BTC has yet to register any significant changes in value. Nonetheless, it has crossed several metrics that point to further price declines, including the 50-day EMA. The current day marks the second consecutive day of the asset’s failure to close above it.

This consistently places the bears at an advantage. Coupled with the growing selling pressure on the $63k support, the relative strength index has started its descent in response to the slight increase in selling volume.

If the current level buckles under pressure, the apex coin will retest the next critical mark at $62k. If the bulls fail to defend the $62k support, BTC will retrace as low as $60k.

On the other hand, it is worth noting that the 12-day EMA is still on an uptrend, which may mean the bulls’ impending attempt at a buyback. If this plays out, Bitcoin may reclaim $65k.

2. Render (RNDR)

Amidst the growing concern in the market, AI token Render is on an uptrend. Over the last week, it surged from a low of $6.88 and retested $10. Although it failed to close above it, it registered gains of over 23%.

The token continued the uptrend and has gained stability above $10. A few hours ago, it retested $11 but fell short at $10.5 as it lost momentum. Nonetheless, the accumulation/distribution asserts that the uptrend is buoyed by pure demand as the metric rises in response to the current price movement.

Additionally, the moving average convergence divergence maintains its positive posture. The metric displayed a bullish divergence a few days ago and shows no signs of halting. The bulls will continue the surge.

Based on previous price movements, the bears will attempt a sell-off at $11. Nonetheless, the mark is not challenging. As a result, RNDR will look to climb as high as $12 within the next five days. However, it may fail to flip decisively.

On the other hand, a change in price trajectory will result in the asset retracing. Previous price movements suggest a notable demand concentration at $9.

3. Ethena (ENA)

Ethena is seeing considerable increases at the time of this writing. However, the candle it’s printing hints at an impending change in price trajectory. It started trading at the current intraday session at $0.89 and surged to a high of $1.03.

Currently trading at $0.92, the asset lost over half its previous gains. Nonetheless, it is up by over 3%. The most recent surge continues the previous day’s trend, which saw the coin gain over 9%.

The current price suggests that the uptrend is coming to a halt. This comes after many traders took profit at the peak. With little buyback, it is unable to return to this mark.

In response, the accumulation/distribution is heading downhill. According to the rules governing this metric, traders should expect a price decline when it’s down, and prices are not. If this plays out, the asset may experience corrections.

However, price movements suggest that the retracement will not be severe. This is due to the significant demand concentration at $0.80. Nonetheless, if it slips, it will rebound $0.70.

The chart also points to another attempt at $1. If this plays out, the asset will look to retest $1.10 before the week runs out.

4. Neo (NEO)

Since the new week started, NEO has yet to register any positive change in price. It is down by over 5% as the price struggle continues. Most of the losses this week occurred during the previous intraday session when the asset started trading at $16.7 and surged to a high of $17.2.

After attaining the high, it experienced massive corrections. Due to this, it retested the $16 support but failed to flip it. As the charts suggest, it is trading below the critical mark and is edging for more downtrends.

In response to the growing selling pressure on the asset, the relative strength index is also on the decline. Currently, at 42, it places the bears at an advantage and hints at further downward price movement. Additionally, MACD is silent and has printed no other signals since the bearish divergence.

If the downtrend continues, the asset will slip below its current price. The bulls must defend $15, as failure to do so will result in NEO dropping as low as $14. Nonetheless, significant demand concentration at this mark may mean a possible rebound.

On the other hand, the red candle the asset is printing indicates an impending buyback. If that happens, it gains stability above $17.

5. Helium (HNT)

HNT has been down by over 10% since the start of the week. It lost 3% during the previous intraday session and continued the decline with an over 8% decline during the current session.

In response to this consistent decline, RSI is below 50, placing the bears at an advantage. Additionally, the moving average convergence divergence is also printing sell signals. This comes as the 12-day EMA is heading downhill and will intercept the 26-day EMA.

With the bearish readings, the asset may retrace as low as $3.80. Nonetheless, there is a small demand concentration at $4.80. On the other hand, the coin may see small attempt above $5.