Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, XTZ, AXS
The sentiment in the crypto markets can modify quickly as seen from the Crypto Fright and Greed Index, which rose from levels of extreme fright on Sept. 30 to neutral on Oct. 3. The sentiment may improve farther if Bitcoin (BTC) breaks out and sustains in a higher place the psychologically critical level at $50,000.
1 important consequence that may boost short-term sentiment is the Usa Securities and Exchange Commission'southward (SEC) conclusion on Bitcoin exchange-traded fund (ETF) applications. Although the SEC extended the borderline of four Bitcoin ETF applications by 45 days on Oct. 1, Bloomberg's senior ETF analyst Eric Balchunas is hopeful that a futures-backed Bitcoin ETF may receive the greenish signal by the middle of October.
Balchunas said the Bitcoin futures-based ETF applications, which have constitute back up from SEC chair Garry Gensler, "are very much alive and likely on schedule (we think 75% chance canonical in Oct)."
If bulls build on the recent force in Bitcoin and clear the hurdle at $50,000, several altcoins may option up momentum. Allow's written report the charts of the top five cryptocurrencies that may outperform in the short term.
BTC/USDT
Bitcoin broke above the 50-mean solar day simple moving average (SMA) ($46,633) on Oct. i, but the bears are attempting to stall the recovery near the resistance at $48,843.20. However, a positive sign is that bulls have not allowed the price to dip below the 50-twenty-four hours SMA.
The xx-day exponential moving boilerplate (EMA) ($45,141) has turned up and the relative strength index (RSI) is in the positive territory, indicating an advantage to the bulls. If buyers push the price higher up $48,843.20, the BTC/USDT pair could rally to $52,920.
This level may again act every bit stiff resistance but if bulls drive their way through, the head and shoulders pattern will exist invalidated. That could result in a pick-up in momentum and the pair could ascent to $60,000.
Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, it will suggest that higher levels are attracting aggressive selling from the bears. The pair may so drop toward $40,000.
Both moving averages on the four-hour nautical chart are sloping upwards and the RSI is near the overbought zone, indicating the path of least resistance is to the upside. The price has been consolidating in a tight range between $47,000 and $48,495 for some fourth dimension.
If bulls thrust the price above $48,843, the pair could rise to the psychological mark at $50,000 so challenge the stiff resistance at $52,920.
Conversely, if the price turns down and breaks below the 20-EMA, it will advise that short-term traders are booking profits. The pair could and so drop to $45,000 and later to the 50-SMA.
LUNA/USDT
Terra protocol'due south LUNA token broke above the downtrend line on Oct. 2 and bulls followed it upward with a pause above the all-fourth dimension loftier at $45.01 on Oct. 3. Even so, the long wick on Oct. 3'due south candlestick suggests that bears are attempting to defend the $45.01 level aggressively.
If the cost turns down from the current level but rebounds off the downtrend line, information technology will propose that the sentiment remains positive and traders are buying on dips.
The bulls will then make i more attempt to push the price above the $45.01 to $46.17 resistance zone and start the side by side leg of the uptrend. The psychological level at $50 may act as a resistance but if it is crossed, the LUNA/USDT pair may rally to $65.
On the reverse, if the price turns down and breaks below the twenty-mean solar day EMA ($36.30), the next stop could be the l-day SMA ($32.97). A intermission below this support will suggest that the bulls are losing their grip.
Although bulls pushed the toll above $45.01, the long wick on the candlestick shows selling at higher levels. The bears are currently attempting to trap the ambitious bulls who may accept gone long in a higher place $45.01.
The kickoff support on the downside is the xx-EMA. A potent bounciness off this support will advise the sentiment remains positive. The bulls then endeavour to propel the price above $46.17.
Alternatively, a suspension below the 20-EMA could pull the price down to the l-SMA. If this support cracks, the pullback may deepen to $33.
ATOM/USDT
Cosmos (ATOM) successfully held the breakout level at $32.32 on Sep. 29, which suggests that sentiment remains positive and bulls are buying on dips.
The bulls pushed the price higher up the 20-day EMA ($35.88) on Sept. 30, but the momentum has failed to choice up. This suggests that bears have not thrown in the towel nevertheless and are selling on rallies. The bulls will have to thrust and sustain the price above $44.80 to signal the resumption of the uptrend.
The long wick on Oct. 3's candlestick suggests selling at higher levels. If the price turns down from the current level and breaks below the 20-mean solar day EMA, the bears volition make one more than endeavour to sink the price beneath $32.32. If they succeed, the Atom/USDT pair could drop to the fifty-solar day SMA ($28.54).
The pair turned down from the resistance line of the symmetrical triangle, indicating that bears are defending this level aggressively. If the price rebounds off the moving averages, the bulls will make one more attempt to push button the price above the triangle.
If they succeed, the pair could rally to $44.80 and then to the psychological level at $fifty. A intermission and close higher up this level could open the doors for an up-motion toward the design target at $57.61.
On the contrary, if the price slips below the moving averages, the next stop could be the back up line. If this level cracks, the pair could drop to $28.83 and so to $24.fifty.
Related: Ethereum fractal from 2022 that resulted in seven,000% gains for ETH appears over again in 2022
XTZ/USDT
Tezos (XTZ) rebounded off the fifty-day SMA ($5.fifty) on Sept. 29 and the momentum picked up after the bulls pushed the price higher up the 20-day EMA ($6.xl) on Sept. 30.
Sustained buying pushed the price above the overhead resistance zone at $8.03 to $8.42. Both moving averages are sloping up and the RSI is nearly the overbought territory, indicating that bulls are in control.
If bulls sustain the toll in a higher place $8.42, it will suggest the start of a new uptrend. Contrary to this assumption, if bears pull and sustain the price below $8.03, it volition suggest profit-booking at college levels. The XTZ/USDT pair could then drop to the 20-day EMA.
The four-60 minutes chart shows the formation of a symmetrical triangle pattern, which usually acts as a continuation blueprint. The bulls pushed the price above the triangle and successfully held the breakout level, indicating the offset of an up-motility.
This setup has a pattern target at $11.33. The rising xx-EMA and the RSI in the overbought zone suggest that bulls accept an border.
The kickoff sign of weakness will be a close beneath $8.03. That could open the doors for a retest of the 20-EMA. A strong rebound off this level will advise that the sentiment remains positive and traders are buying on dips. Conversely, a suspension below the 20-EMA could pull the cost down to $7 and later to $half dozen.fifty.
AXS/USDT
Axie Infinity (AXS) soared above the previous best loftier at $94.67 on October. 1, which suggests the resumption of the uptrend. A coin striking a new all-time high is a positive sign as it shows strong demand from traders.
The AXS/USDT pair has been facing resistance near $120.57, but the positive sign is that bulls have not given upwardly much ground. This shows that traders are not hurrying to book profits after the contempo rally and are buying the dips.
The 20-twenty-four hour period EMA ($77) has started to turn up and the RSI is in the overbought zone, indicating that bulls have the upper hand. If buyers drive the toll above $120.57, the pair could start its northward march toward $150 and and then $165.58.
Contrary to this supposition, if bears pull the cost beneath the breakout level at $94.67, it may event in ambitious profit-booking by traders and the pair may then drop to the 20-day EMA.
The pair has rebounded off $103.22 and the bulls are currently attempting to button the toll to a higher place the overhead resistance at $110.50. The upsloping moving averages and the RSI in the overbought zone betoken the path of least resistance is to the upside.
If buyers push button the price in a higher place $110.50, the pair could retest the critical resistance at $120.57. A pause and shut in a higher place this level could bespeak the resumption of the uptrend.
On the other hand, if the cost turns downwards from the overhead resistance, the pair may consolidate for some time before starting the next directional move. The commencement sign of weakness will be a pause and close below the xx-EMA. Such a move will suggest that the bullish momentum has weakened and supply exceeds demand.
The views and opinions expressed hither are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves adventure, you should comport your ain enquiry when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-luna-atom-xtz-axs
Posted by: bullardandid1977.blogspot.com
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