Top Four Cryptocurrencies to Watch This Week: Bitcoin, Ethereum, Stellar, and CAKE
Compared to the previous week, the cryptocurrency market has gotten off to a slightly slower start this week with the global market cap up by less than one percent. As the markets become less volatile, investors are becoming even more curious about which cryptocurrencies to watch or keep an eye on.
This is especially so because most of the top 100 are getting overrun by bearish sentiments — resulting in a drop in the value of many projects in the last 12 hours. Amidst all the chaos, however, there is good news.
The United States has welcomed its first Bitcoin-linked exchange traded fund (ETF) after fund manager ProShares launched its Bitcoin Futures ETF on the New York Stock Exchange. The final prospectus submitted to the Securities and Exchange Commission (SEC) did not meet any opposition, paving the way for trading to begin on Tuesday.
The launch may be a needed boost for Bitcoin and the rest of the market to launch on assault at previous all-time high figures. While we speculate on the possibilities of that happening, here are the top four cryptocurrencies to watch keep an eye on.
Top Four Cryptocurrencies to Watch This Week
1. Bitcoin (BTC)
Last week, bitcoin surged as high as $62,933 but fell short of $63k. However, the recent launch of the futures-ETF product has propelled the largest cryptocurrency by market cap across $63k and whiskers away from the previous all-time high around $64k.
Based on the bullish price movements, the $58,000 support will likely hold and serve as a firm base for reclaiming the previous all-time high. One thing to keep an eye on, though, is whether BTC hits a new all-time high in one quick burst. We may likely see a gradual rise over the next 48 hours, until the all-time high price is attained.
2. Ethereum (ETH)
Despite Bitcoin’s gains, the largest alt is visibly struggling as it closed the last trading session losing 2.16%. Market conditions have improved as we noticed a reverse of yesterday’s event. As of the time of writing, the largest alt is currently gaining 1.36%.
The $3,600 support has held out for more than six days. The strength of this support is yet to be tested as right-wing traders have successfully prevented a dip to that level. Nonetheless, the market may continue to act as support through this week, provided market conditions remain the same.
A massive price rally may send Ether as high as $3,900 with eyes set at flipping the $4k resistance. As of the time of writing, the market fundamentals are fairly flat, leaving as to what to expect. Regardless, the Moving Average Convergence Divergence (MACD) is hinting at a further drop in price as both lines are about to intercept.
3. Stellar (XLM)
XLM was one of the top gainers last week as it increased by more than 10%, but struggle to maintain the momentum as the coin’s market condition hinted at a slight pullback.
Currently, XLM is trading $0.36, more than 3% lower than its closing price last week. The XLM/USD pair is on the second day of price drop and may close the day with its candle painted red. The $0.35 support is the first line of defense to ward off further price slips.
Indicators are not looking too good for Stellar as MACD is about to get a bearish cross. Stochastic oscillator is also dipping with both lines headed down. Both indicators may prompt XLM to drop as low as $0.34.
4. Pancakeswap (CAKE)
The last seven days have proved to be one of the most volatile for Pancakeswap’s CAKE. The token hit a high of $20.8 and a low of $17.2 as it recorded gains of more than 4%. Will this week be different?
On the daily chart, most of the candles are dojis — having small bodies and long wicks. Nonetheless, we noticed the start of an uptrend as the asset has been picking momentum since the start of the week.
The Moving Average Convergence Divergence (MACD) suggests an impending price dip as fast and slow lines may intercept in the next 24 hours. A massive dip may leave CAKE looking to rebound at $17 as the coin remains in accumulation phase.
Ultimately, how these cryptocurrencies to watch perform will largely depend on whether Bitcoin is able to maintain its impressive start to the week. If market conditions continue to be ideal, longer traders will likely carry the week as Uptober continues!