Top 5 cryptocurrencies to watch this week: BTC, LTC, FIL, FTT, MIOTA
Bitcoin (BTC) is struggling to sustain higher up $50,500, but that has not stopped the altcoins from post-obit in Ether's (ETH) footsteps subsequently the top-ranked altcoin hitting $4,000 on Sept. 3. This has pushed Ether'southward market authority to a higher place 20%, while Bitcoin's authorisation has shrunk to 41.1%.
Nevertheless, Bitcoin'south hesitation in the past few days has non altered the outlook of Bloomberg senior article strategist Mike McGlone, who has retained a $100,000 target on Bitcoin and $5,000 on Ether.
Apart from the top two cryptocurrencies, the nonfungible token (NFT) sector had been attracting the attention of investors since July. Cointelegraph contributor Jordan Finneseth recently suggested that the contempo drib in transaction volumes and a few other reasons could be signaling a rotation of upper-case letter from NFTs to the decentralized finance (DeFi) sector.
Allow's study the charts of the top v cryptocurrencies that may outperform in the short term.
BTC/USDT
Bitcoin (BTC) broke higher up the $50,500 resistance on Sept. 3 to hit $51,000, but the long wick on the day's candlestick suggests a lack of buying at higher levels. That was followed by a Doji candlestick design on Sept. four, indicating indecision among the bulls and the bears.
The negative divergence on the relative force alphabetize (RSI) suggests that the bullish momentum may be weakening, only the upsloping moving averages signal that the path of least resistance is to the upside.
If buyers bulldoze the cost above $51,000, the BTC/USDT pair could resume its uptrend. The commencement terminate could be $55,000, but if this resistance is crossed, the upward-movement could reach $60,000.
Conversely, if the price turns down from $50,500 to the $51,000 resistance zone, the pair may drop to the twenty-day exponential moving average (EMA) ($47,998).
This is an important support for the bulls considering if it cracks, the pair may remain range-spring between $46,200 and $l,500 for a few days. A suspension and close below $46,200 could sink the pair to the fifty-day elementary moving average (SMA) ($43,291).
The price has been trading between the 20-day EMA and the overhead zone. This tightening of the range is likely to result in a potent breakout soon. If buyers push the price above $51,000, the bullish momentum could pick up, signaling the resumption of the uptrend.
Alternatively, if the cost slides below the moving averages, it volition propose that bears are aggressively defending the overhead resistance zone. That could pull the price down to $46,200. A bounce off this support could keep the pair range-bound for some more time, but a break beneath it volition bespeak that bulls may be losing their grip.
LTC/USDT
The bulls are attempting to push and sustain Litecoin (LTC) higher up the overhead resistance at $225.30. If they succeed, information technology will consummate a rounding lesser design that may start a new uptrend.
The long wick on the Sept. 4 candlestick showed selling nearly the overhead resistance, but the positive sign is that bulls did not cede much ground. They are again attempting to overcome the overhead hurdle.
If they can sustain the price above $225.30, the LTC/USDT pair could get-go an up-movement to $300 and later to the pattern target at $347.thirty. The rising 20-twenty-four hours EMA ($184) and the RSI in the overbought zone betoken the path of least resistance is to the upside.
This bullish view volition invalidate if the price turns downward from the current level and breaks below the 20-day EMA.
The four-hr chart shows the bears tried to stall the upwards-move at the overhead resistance at $225.xxx, but the bulls did not give upward much ground. This suggests that buyers continue to accumulate on whatever minor dip.
Both moving averages are sloping up and the RSI is in the overbought zone, indicating that bulls are in command. A interruption and close above $225.xxx could open the doors for a rally to $250.40. Conversely, a break and shut below the 20-twenty-four hour period EMA volition exist the first sign of weakness.
FIL/USDT
Filecoin (FIL) broke higher up the overhead resistance at $98 on Sept. 6. This completes a rounding bottom pattern, suggesting the showtime of a new uptrend. The bottoming germination has a pattern target at $156.
The 20-day EMA ($79) has turned up and the RSI has soared above 81, indicating a possible tendency change. Unremarkably, the breakout from a major pattern retests the breakout level. In this case, the price may drop to $98.
If bulls flip the $98 level into support, the FIL/USDT pair could resume its uptrend. On the contrary, if bears pull and sustain the price beneath $98, it volition propose that the recent breakout was a bull trap. The pair may and then driblet to the 20-twenty-four hour period EMA.
If the price rebounds off this support, the bulls may once once again try to propel the price above the overhead resistance and resume the uptrend. The bears will have to sink the price beneath the xx-solar day EMA to gain the upper hand.
The 4-60 minutes chart shows strong momentum in favor of buyers. That has pushed the RSI deep into the overbought territory, indicating the possibility of a pocket-size correction or consolidation in the short term.
If bulls do not surrender much ground, it will suggest that traders are non booking profits, as they anticipate another leg college. That will increment the likelihood of the resumption of the uptrend.
However, the bears are likely to have other plans. They volition effort to pull the price dorsum below $98 and trap the aggressive bulls.
FTT/USDT
FTX Token (FTT) broke above the previous all-fourth dimension high at $63.13 on Sept. one and followed information technology up with a new all-time high at $70.72 on Sept. ii. A new all-time loftier is a sign of strength, but the bulls accept non been able to sustain the price above the breakout level at $63.thirteen.
This suggests that bears take not yet given up and are attempting to stall the up-move. The negative divergence on the RSI suggests that the bullish momentum may be slowing down.
If bears pull the price beneath $57.93, the FTT/USDT pair could drop to the 20-twenty-four hours EMA ($53). A strong bounce off this level volition propose that bulls are accumulating on dips. The buyers will then again effort to push the toll above the $63.13 to $70.72 resistance zone. If they manage to do that, the pair could rally to $84.
This positive view will invalidate if the price breaks below the twenty-day EMA. Such a movement will suggest that the recent breakout to a higher place $63.13 was a bull trap.
The four-hour chart shows the formation of a descending triangle pattern, which will complete on a break and shut below $59. This bearish setup has a pattern target at $47.fifty. The flat 20-twenty-four hours EMA and the RSI just above the midpoint practise non requite a articulate advantage either to the bulls or the bears.
If buyers drive and sustain the price higher up the downtrend line, it will invalidate the bearish pattern. The price may so rally to $65 and subsequently to $seventy.72. A breakout and close higher up this level could start the adjacent leg of the uptrend.
Related: Nigeria plans CBDC rollout, Salvadoran retirees protest Bitcoin Law, Twitter to add BTC and ETH tipping characteristic: Hodler's Digest, Aug. 29-Sept. 4
IOTA/USD
IOTA (MIOTA) rallied sharply from $0.96 on Sept. ane to $2.08 on Sept. four. This up-move pushed the RSI higher up 82, suggesting that the rally was overextended in the curt term.
The MIOTA/USDT pair is currently witnessing profit-booking and it may drop to the first support at the 38.2% Fibonacci retracement level at $1.64. A strong rebound off this level will suggest that traders are ownership on minor dips.
The bulls will and so make ane more attempt to push the price to a higher place $ii.08. If they succeed, the pair could pick upwards momentum and rally toward $2.40 and and then $2.67.
Alternatively, if bears pull and sustain the price below $1.64, the next stop could be in the zone between the 50% retracement level at $1.51 and the 61.8% retracement level at $1.38. A deeper correction could delay the showtime of the side by side leg of the uptrend.
The long wick on the four-60 minutes nautical chart in a higher place the psychological barrier at $2 shows that bears are attempting to defend this level. Turn a profit-booking may pull the price down to the 20-24-hour interval EMA, which is likely to act as a strong back up.
If the price rebounds off the 20-solar day EMA with force, information technology will suggest that the sentiment remains positive and bulls are accumulating on dips. The buyers will and so try to resume the uptrend by thrusting the price to a higher place $two.08.
A break and shut below the 20-twenty-four hour period EMA volition be the first sign of weakness. That may open up the doors for a farther reject to $1.fifty.
The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading motility involves risk, yous should conduct your ain inquiry when making a decision.
Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-ltc-fil-ftt-miota
Posted by: wardunty1992.blogspot.com
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