The new week is off to an average start as relative stability returns to the major coins in the top 100. Most of the coins in the top 10 are only down 1 or 2% and the global cryptocurrency market cap is only down by 0.3%.
Market fundamentals, however, are already pulsating with life as the world comes to terms with the fact that cryptocurrencies are almost inevitable.
Famous whistleblower Edward Snowden recently made a post acknowledging that governments cannot stop Bitcoin. Snowden came to this conclusion after reviewing the “failure of coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency.”
He tweeted:
Sometimes I think back to this and wonder how many people bought #Bitcoin then.
It’s up ~10x since, despite a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency.
China even banned it, but it just made Bitcoin stronger. https://t.co/pbnOFGfaVf
— Edward Snowden (@Snowden) October 3, 2021
Following an already splendid start to October, here are the top four cryptocurrencies to watch this week.
Bitcoin took a step closer to $50k a few minutes ago as it flipped the $49,000 resistance – recording a new 20-day high. The leading cryptocurrency is only down by 1.13% over the last 24 hours, hitting $46,900 before rebounding quickly within a few hours. Overall, Bitcoin is still bullish as it trades above its pivot point.
Both the 50-day and 200-day are still below the current price mark; hinting at a possible continuation of the uptrend. If this happens, we may see BTC retest $50k this week. Following the king coin actions above $46k, the $42k mark is now a long term support the $45,000 support may not flip anytime soon as fundamentals are holding no hint of an incoming FUD.
Defending bitcoin from attacks at $45,000 will guarantee a continual retest of the $49k resistance. The buildup to testing the first pivot resistance is expected to start at $51,000 will start once the bulls can sustain prices above $49,000. The king coin will not dip as low as the first pivot support at $37,900 this week.
Axie Infinity currently sits in the 20th spot by market cap ranking. The coin’s market cap totaled at $8.7 billion with AXS hitting an all-time high of $161 a few minutes to the time of writing.
The 20th coin by market cap is trading at $139 per unit indicating a 11.36% drop from the ATH. Using the the Pivot Point Standard, it’s clear that the AXS/USD pair have enjoyed price hikes over for the most part of the last five days.
AXS is in price discovery and nowhere close to bearish sentiment, having flipped three pivot resistances last week. We are seeing a spillover of bullish sentiment from the previous week, although any bearish takeover may leave Axie infinity struggling at $105 as it is the closest support to the current price. The odds of seeing a new all-time high, however, remain very high.
Helium is going through a little cooldown after six days of breaking resistance non stop. The currently ranked 59th coin by market cap is trading above its pivot point after a 15% increase during the previous trading session.
HNT rise comes to an abrupt end after hitting resistance at $21.7. The coin dipped below the 50-days MA ($20.6) and has been unable to recover. The HNT/USD pair tested the $19.5 support but could not break it as a little rally started pushing the pair above $20.
Recent price movements show that HNT has had several buildups to $21 from the $19.5 support in previous times. We may see the same unfold as HNT may pickup momentum and surge as high as $21 this week.
Holo is also going through a cooldown after gradually surging over the last five days. Efforts by buyers to bring HOT out of its bearish dominance seem to fail as the coin is still trading below its pivot point.
The 50-days MA ($0.0099) as well as the 200-days MA ($0.01) are above the current price – $0.0092 and look a few feet away from it. HOT pivot point at $0.0096 got flipped a few hours to the time of writing creating anticipation for when the coin will finally steady above it.
Price action last week was filled with seller congestion as the HNT/USD pair suffered dips two days into the week. We may see the same pattern unfold this week. HOT could climb as high as $0.01 within the next seven days – breaking the Moving Average barrier.
Conclusion
This article highlighted four 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!
