Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, XTZ, AXS
The sentiment withinside the crypto markets can extrade speedy as visible from the Crypto Fear and Greed Index, which has risen from stages of severe worry on Sept. 30 to impartial today. The sentiment may also enhance similarly if Bitcoin (BTC) breaks out and sustains above the psychologically crucial degree at $50,000.
One vital occasion which could increase brief-time period sentiment is the U.S. Securities and Exchange Commission’s (SEC) choice on Bitcoin exchange-traded fund (ETF) programs. Although the SEC prolonged the cut-off date of 4 Bitcoin ETF programs through forty five days on Oct. 1, Bloomberg’s senior ETF analyst Eric Balchunas is hopeful that a futures-subsidized Bitcoin ETF may also acquire the inexperienced sign through the center of October.
Crypto marketplace facts each day view. Source: Coin360
Balchunas stated the Bitcoin futures-primarily based totally ETF programs, that have located assist from SEC chair Garry Gensler, “are very lots alive and in all likelihood on schedule (we suppose 75% hazard authorized in Oct).”
If bulls construct at the current power in Bitcoin and clean the hurdle at $50,000, numerous altcoins may also select out up momentum. Let’s look at the charts of the top-five cryptocurrencies which could outperform withinside the brief time period.
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Bitcoin broke above the 50-day easy shifting average ($46,633) on Oct. 1 however the bears are trying to stall the recuperation close to the resistance at $48,843.20. However, a advantageous signal is that bulls have now no longer allowed the rate to dip under the 50-day SMA.
BTC/USDT each day chart. Source: TradingView
The 20-day exponential shifting average ($forty five,141) has grew to become up and the relative power index (RSI) is withinside the advantageous territory, indicating benefit to the bulls. If shoppers push the rate above $48,843.20, the BTC/USDT pair should rally to $52,920.
This degree may also once more act as stiff resistance however if bulls bulldoze their manner through, the pinnacle and shoulders sample could be invalidated. That should bring about a select out-up in momentum and the pair should upward thrust to $60,000.
Contrary to this assumption, if the rate turns down from the modern degree and breaks under the shifting averages, it’s going to advocate that better stages are attracting competitive promoting from the bears. The pair may also then drop closer to $40,000.
BTC/USDT 4-hour chart. Source: TradingView
Both shifting averages at the 4-hour chart are sloping up and the RSI is close to the overbought region, indicating the course of least resistance is to the upside. The rate has been consolidating in a decent variety between $47,000 and $48,495 for a while.
If bulls thrust the rate above $48,843, the pair should upward thrust to the mental mark at $50,000 after which task the stiff resistance at $52,920.
Conversely, if the rate turns down and breaks under the 20-EMA, it’s going to advocate that brief-time period buyers are reserving earnings. The pair should then drop to $forty five,000 and later to the 50-SMA.
Terra protocol’s LUNA token broke above the downtrend line on Oct. 2 and bulls observed it up with a ruin above the best-ever excessive at $forty five.01 today. However, the lengthy wick on today’s candlestick indicates that bears are trying to shield the $forty five.01 degree aggressively.
LUNA/USDT each day chart. Source: TradingView
If the rate turns down from the modern degree however rebounds off the downtrend line, it’s going to advocate that the sentiment stays advantageous and buyers are shopping for on dips.
The bulls will then make one extra try and push the rate above the $forty five.01 to $46.17 resistance region and begin the subsequent leg of the uptrend. The mental degree at $50 may also act as a resistance however if it’s far crossed, the LUNA/USDT pair may also rally to $65.
On the contrary, if the rate turns down and breaks under the 20-day EMA ($36.30), the subsequent forestall will be the 50-day SMA ($32.97). A ruin under this assist will advocate that the bulls are dropping their grip.
LUNA/USDT 4-hour chart. Source: TradingView
Although bulls driven the rate above $forty five.01, the lengthy wick at the candlestick indicates promoting at better stages. The bears are presently trying to entice the competitive bulls who may also have long past lengthy above $forty five.01.
The first assist at the disadvantage is the 20-EMA. A robust soar off this assist will advocate the sentiment stays advantageous. The bulls then try and propel the rate above $46.17.
Alternatively, a ruin under the 20-EMA should pull the rate right all the way down to the 50-SMA. If this assist cracks, the pullback may also deepen to $33.
Cosmos (ATOM) efficaciously held the breakout degree at $32.32 on Sep. 29, which indicates that sentiment stays advantageous and bulls are shopping for on dips.
ATOM/USDT each day chart. Source: TradingView
The bulls driven the rate above the 20-day EMA ($35.88) on Sept. 30 however the momentum has did not select out up. This indicates that bears have now no longer thrown withinside the towel but and are promoting on rallies. The bulls will need to thrust and maintain the rate above $44.eighty to sign the resumption of the uptrend.
The lengthy wick on today’s candlestick indicates promoting at better stages. If the rate turns down from the modern degree and breaks under the 20-day EMA, the bears will make one extra try and sink the rate under $32.32. If they succeed, the ATOM/USDT pair should drop to the 50-day SMA ($28.54).
ATOM/USDT 4-hour chart. Source: TradingView
The pair grew to become down from the resistance line of the symmetrical triangle, indicating that bears are protecting this degree aggressively. If the rate rebounds off the shifting averages, the bulls will make one extra try and push the rate above the triangle.
If they succeed, the pair should rally to $44.eighty after which to the mental degree at $50. A ruin and near above this degree should open the doorways for an up-circulate closer to the sample goal at $fifty seven.61.
On the contrary, if the rate slips under the shifting averages, the subsequent forestall will be the assist line. If this degree cracks, the pair should drop to $28.eighty three after which to $24.50.
Related: Ethereum fractal from 2017 that ended in 7,000% profits for ETH seems once more in 2021
Tezos (XTZ) rebounded off the 50-day SMA ($five.50) on Sept. 29 and the momentum picked up after the bulls driven the rate above the 20-day EMA ($6.40) on Sept. 30.
XTZ/USDT each day chart. Source: TradingView
Sustained shopping for driven the rate above the overhead resistance region at $8.03 to $8.42. Both shifting averages are sloping up and the RSI is close to the overbought territory, indicating that bulls are in control.
If bulls maintain the rate above $8.42, it’s going to advocate the begin of a brand new uptrend. Contrary to this assumption, if bears pull and maintain the rate under $8.03, it’s going to advocate profit-reserving at better stages. The XTZ/USDT pair should then drop to the 20-day EMA.
XTZ/USDT 4-hour chart. Source: TradingView
The 4-hour chart indicates the formation of a symmetrical triangle sample, which normally acts as a continuation sample. The bulls driven the rate above the triangle and efficaciously held the breakout degree, indicating the begin of an up-circulate.
This setup has a sample goal at $11.33. The growing 20-EMA and the RSI withinside the overbought region advocate that bulls have an edge.
The first signal of weak point could be a near under $8.03. That should open the doorways for a retest of the 20-EMA. A robust rebound off this degree will advocate that the sentiment stays advantageous and buyers are shopping for on dips. Conversely, a ruin under the 20-EMA should pull the rate right all the way down to $7 and later to $6.50.
Axie Infinity (AXS) soared above the preceding all-time excessive at $94.sixty seven on Oct. 1, which indicates the resumption of the uptrend. A coin hitting a brand new all-time excessive is a advantageous signal because it indicates robust call for from buyers.
AXS/USDT each day chart. Source: TradingView
The AXS/USDT pair has been going through resistance close to $120.fifty seven however the advantageous signal is that bulls have now no longer given up lots ground. This indicates that buyers aren’t hurrying to ee-e book earnings after the current rally and are shopping for the dips.
The 20-day EMA ($77) has commenced to show up and the RSI is withinside the overbought region, indicating that bulls have the top hand. If shoppers pressure the rate above $120.fifty seven, the pair should begin its northward march closer to $one hundred fifty after which $165.58.
Contrary to this assumption, if bears pull the rate under the breakout degree at $94.sixty seven, it is able to bring about competitive profit-reserving through buyers and the pair may also then drop to the 20-day EMA.
AXS/USDT 4-hour chart. Source: TradingView
The pair has rebounded off $103.22 and the bulls are presently trying to push the rate above the overhead resistance at $110.50. The upsloping shifting averages and the RSI withinside the overbought region suggest the course of least resistance is to the upside.
If shoppers push the rate above $110.50, the pair should retest the crucial resistance at $120.fifty seven. A ruin and near above this degree should sign the resumption of the uptrend.
On the alternative hand, if the rate turns down from the overhead resistance, the pair may also consolidate for a while earlier than beginning the subsequent directional circulate. The first signal of weak point could be a ruin and near under the 20-EMA. Such a circulate will advocate that the bullish momentum has weakened and deliver exceeds call for.
The perspectives and reviews expressed right here are totally the ones of the writer and do now no longer always mirror the perspectives of Cointelegraph. Every funding and buying and selling circulate entails risk, you need to behavior your very own studies while creating a choice.