The popular meme coin Dogecoin (DOGE) has delivered over 100% ROI over the past few days. Also, the cryptocurrency market has seen some big gains with Bitcoin (BTC) closing above $20,000. Therefore, the crypto market started the new week with an advantage. However, it is very important to set goals in an environment where there are still uncertainties. Crypto analyst James Obonde shares the top 5 cryptos to watch out for this week.
The leading cryptocurrency Bitcoin (BTC) ranks first
From the chart, BTC price bounced off the $19,200 region. Also, BTC price formed a strong support above $20,500. It later rose to $20,800. The weekly close before the monthly close was more bullish. So, it is possible that we may see BTC price gaining more traction over the next few days.
BTC is trading at $20,400 at the time of writing. BTC is struggling to climb above the $21,200 zone, which is acting as a strong resistance for the price to rise. If there is a break above $21,200 and a close and support formation, a rally to the $22,000 zone is likely, which is acting as an area of interest for most sellers.
In second place is the leading altcoin Ethereum (ETH)
Ethereum had an uptrend to $2,030 ahead of the “Merge”. However, it later lost traction. However, in recent weeks, it has outperformed BTC. ETH price was rejected at $2,030. This appears to be a resistance to the bullish trend of ETH. The price saw selling to the $1,570 region before continuing its spiral decline to the $1,260 region where it created demand for buy orders.
ETH is aiming for a rally to the $1,720 region, above the 50 Exponential Moving Average (EMA) at $1,620 on the daily timeframe. If Ethereum maintains its bullish structure, it is possible that we could see the price retest $1,720 with high supply as a key resistance zone.
Third cryptocurrency Binance Coin (BNB)
BNB price was rejected at the $327 resistance. This caused BNB to take a big hit. It also led the price to drop to the $260 zone and lose the key support. BNB responded quickly with a rebound, retrieving $300 from this zone.
Meanwhile, BNB maintained its bullish structure despite the rejection. A break above $335 is possible for BNB to retest the region at $400 and possibly $450. The coin found decent support at $300, which corresponds to the 50 and 200 EMA. BNB needs to stay up to have any chance of higher trending.
Chainlink (LINK) ranks fourth
Chainlink (LINK) is preparing to break out of its long accumulation phase. In this environment, the coin continued to show bullish trends rising well above the 50 EMA.
Considering how fundamentally strong LINK is, LINK price needs to rise and protect above $8 for it to rise to the $9.5 zone.
Latest cryptocurrency Solana (SOL)
Solana price is aiming to move higher into the $40 zone as the market looks more promising. So the SOL formed a bullish pattern after breaking out of a descending triangle with good volume.