Top FIve Cryptocurrencies to Watch This Week (April 30)

Most cryptocurrencies are down considerably and have retested several essential levels. Ethereum retraced by over 5% in the most recent market and dropped below $3k.

A few minutes ago, Binance founder Changpeng Zhao was imprisoned for four months for failing to establish adequate anti-money laundering protections. The crypto market is reacting to this news as the bleeding market has worsened in the past hour.

In response, the global cryptocurrency market cap is down by almost 2%, bringing the total loss to over 4% on the 24-hour scale. Some of the top losers over the last 24 hours included SEI, HNT, and LDO, as they lost over 10% each.

With the decline getting deeper, how will the market perform this week?

Top Five Cryptocurrencies to Watch

1. Bitcoin (BTC)

Bitcoin is not off to a good start this week, continuing the trend it experienced last week. During the previous week, the coin closed with losses exceeding 3%. It surged to a high of $67k but dropped to a close at $63k as the bulls failed to sustain prices.

Following a Monday marked by intense price volatility, the asset is seeing huge supply as more traders sell off their bags. As a result of the bearish action, the apex coin is currently exchanging at $60,700. The current price shows recovery, as it tested $59k but rebounded.

Nonetheless, indicators are blaring. One such is the moving average convergence divergence. Following a close bullish convergence, the 12-day EMA continues its descent and is at its lowest level in a year. The decline will continue if the bulls fail to force price recovery in the coming days.

The relative strength index points to a reversal in price trajectory. The metric is currently trending at its lowest mark in a year. Based on previous movements, the coin sees a buyback when the RSI hits this level.

If that happens, the apex coin will attempt recovery. Having regained stability above the 61% Fib, the asset will look to gain strength above the 78% Fib at $66k. However, if the selloff continues, BTC will retrace as low as $56k.

2. Toncoin (TON)

Toncoin is yet to recover from its decline. During the previous week, it peaked at $6.23, sparking speculations of a return to its previous high. However, this never happened, as it ended the session at $5.42, with losses exceeding 11%.

Since the new week started, the coin has lost over 6%. However, it showed signs of recovery a few hours ago, peaking at $5.42 but retracing after hitting a brick wall. Due to this, the price went downhill, and it is exchanging at five as the bulls defend the support.

Nonetheless, the bullish action had little to no effect on indicators like RSI as it continued its downtrend—the metric places the bears at an advantage as it is currently at 41. Nonetheless, previous trends reveal that buyback is imminent as the relative strength index approaches a level the bulls have defended recently.

If this happens, the asset will hold the $5 support for the rest of the week. It will also attempt the first pivot resistance at $6.64. To achieve this feat, the bulls must accumulate above $6.

On the other hand hand, if the bearish trend continues, TON may slip below $5 to test its pivot point at $4.46.

3. Tron (TRX)

Tron experienced a lot of bullish push during the previous week as Justin Sun continued his bullish escapades. As a result, the asset gained over 9% and hit a peak of $0.12 for the first time in almost fourteen days.

However, it failed to continue the bullish trend, as it is currently down by over 2% on the weekly scale. During the previous intraday session, it attempted $0.11 but met support and rebounded. The same is playing out during the current session. The asset rebounded at its prior low and is exchanging at its previous low.

RSI is at the same level as the previous day in response to the most recent trend. However, MACD is hinting at further price declines. The 12-day EMA halted its ascent and will start a downtrend if the TRX has a bearish close today.

The chart pattern is also printed as a bear flag due to the previous bullish trend. Traditionally, following the bearish pattern, the asset will experience significant declines. Based on previous price movements, the asset may retrace to as low as $0.115 this week and continue downwards. If the current selloff worsens, it may drop as low as $0.110.

4. Hedera (HBAR)

During the previous week, Hedera displayed a lot of volatility. This came as it enjoyed a massive push from fundamentals. Rumors of the asset getting a new use case with BlackRock made waves. According to the reports, the asset managers were going to use the project to tokenize some real-world assets.

In response, it surged by over 73% in 24 hours. The firm refuted the claim the next day, and HBAR retracted it following the announcement.

It showed minor signs of recovery during the previous intraday session but failed to hold the uptick as prices retraced. It has not made any positive moves since the current session started, as it is seeing one of its most significant declines.

It is currently down by over 9%, exchanging below its first pivot support at $0.94. The relative strength index suggests room for further decline as it is at 45, giving the bears an advantage. If the downtrend continues, the token will return to its previous low at $0.074.

Nonetheless, the bulls will attempt recovery. If the market trajectory changes, they may push for a retest of $0.11 in the coming day.

5. Bonk (BONK)

Bonk is currently on the decline and shows no signs of recovery. The bulls attempted a buyback during the previous intraday session, as the coin retraced to a low of $0.000023 but closed at its opening price.

Currently down by over 11%, the token rebounded from a low of $0.000021. A closer look at the moving average convergence divergence suggests a continuation of the downtrend. The 12-day EMA is heading downhill and will intercept the 26-day EMA in bearish convergence

Nonetheless, the coin is trading above the 50-day EMA, which means it is still maintaining its bullish posture. This could spell out a possible recovery for the asset. It will return and look to climb above $0.000025.