• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, September 23, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Top 5 cryptocurrencies to watch this week: BTC, ADA, UNI, LINK, CHZ

August 15, 2022
in Crypto News
Reading Time: 8 mins read
A A
Top 5 cryptocurrencies to watch this week: BTC, ADA, UNI, LINK, CHZ
ShareShareShareShareShare

Related articles

Analysts Split – Rally to $1.80 or Dip to $0.41?

Analysts Split – Rally to $1.80 or Dip to $0.41?

September 23, 2023
Veteran Investors Who Predicted Fantom (FTM) Rise, Says This Bitcoin Fork Could Do the Same

Veteran Investors Who Predicted Fantom (FTM) Rise, Says This Bitcoin Fork Could Do the Same

September 23, 2023

Covered:

Top 5 Cryptocurrencies To Watch

The S&P 500 rose for the fourth successive week as investors cheered on signs that inflation may have peaked. Bitcoin (BTC) and select altcoins also extended their recovery, suggesting that investors are increasing their exposure to risk assets.

A similar trend has played out in the cryptocurrency markets. Altcoins, led by Ether (ETH), have outperformed Bitcoin after clarity on Ethereum’s Merge, according to analysts at Glassnode.

Crypto market data daily view. Source: Coin360

However, trading firm QCP Capital is cautious about the momentum in the altcoin market. They highlighted that the open interest on Ether options had surged to $8 billion, exceeding Bitcoin option OI which was at $5 billion. Glassnode suggested that traders have been booking profits on the spread between their spot long Ether versus the quarterly short Ether futures positions.

Could Bitcoin and the altcoins extend their recovery in the next few days? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.

 

BTC/USDT

Bitcoin rose above the overhead resistance of $24,668 on Aug. 13 and Aug. 14 but the bulls could not sustain the higher levels. This indicates that bears are selling on rallies but repeated breach of an overhead resistance tends to weaken it.

blank
BTC/USDT daily chart. Source: TradingView

The gradually upsloping 20-day exponential moving average of $23,414 and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If bulls sustain the price above $25,000, the momentum could pick up further and the BTC/Tether (USDT) pair could rally to $28,000.

Best Crypto Exchanges For 2022
Trending

Best Crypto Exchanges For 2022

This level may act as a stiff resistance but if bulls clear this hurdle, the rally could extend to $32,000. The critical level to watch on the downside is the 20-day EMA. A bounce off it will indicate that the sentiment remains positive and traders are buying on dips.

On the contrary, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that bears remain active at higher levels. The pair could then drop to the 50-day simple moving average of $21,976.

blank
BTC/USDT 4-hour chart. Source: TradingView

The $24,668 level is witnessing a tough battle between the bulls and the bears. The upsloping moving averages indicate advantage to buyers but the negative divergence on the RSI suggests the momentum may be weakening.

If the price breaks below the 20-EMA, it will signal a minor advantage to the bears. The pair could then decline to the 50-SMA and later to $23,600. Alternatively, if the price turns up from the 20-EMA and rises above $25,050, the up-move may resume.

ADA/USDT

Cardano (ADA) broke and closed above the overhead resistance at $0.55 on Aug. 13. This indicates that the uncertainty has resolved in favor of the bulls.

blank
ADA/USDT daily chart. Source: TradingView

The rising 20-day EMA of $0.52 and the RSI in the positive territory indicate that bulls have the upper hand. The ADA/USDT pair could rally to $0.63 and then to the strong overhead resistance at $0.70. This level is likely to attract strong selling by the bears.

Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the break above $0.55 may have been a bull trap. The pair could then decline to the 50-day SMA of $0.49 and later to $0.45.

blank
ADA/USDT 4-hour chart. Source: TradingView

The pair completed an ascending triangle pattern on a break and close above the overhead resistance at $0.55. This pushed the RSI on the 4-hour chart to overbought levels, which may have tempted short-term traders to book profits.

The price may drop to the breakout level of $0.55. If bulls flip this level into support, the pair may continue its up-move to the pattern target at $0.65. This positive view could invalidate in the near term if the price plummets below the uptrend line.

UNI/USDT

Uniswap (UNI) has been consolidating between $8.11 and $9.83 for the past few days. This suggests that the bulls are buying the dips but the bears are defending the overhead resistance.

blank
UNI/USDT daily chart. Source: TradingView

The longer the price remains in the range, the stronger the breakout will be from it. The 20-day EMA of $8.54 is sloping up and the RSI is in the positive territory, indicating an advantage to buyers. If bulls thrust the price above $9.83, the UNI/USDT pair could pick up momentum and rally toward $10.55 and later to $12.

Alternatively, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the pair may continue its range-bound action for some more time. The bears will have to sink and sustain the price below $8.11 to gain the upper hand.

blank
UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are defending the zone between $9.50 and $9.83. If the price breaks below $8.74, the sellers will attempt to sink the pair to the strong support at $8.11. The buyers are expected to buy the dip to this level.

The flattening moving averages and the RSI near the midpoint suggest that the range-bound action may continue for some more time. The next trending move could start on a break above $9.83 or on a close below $8.11.

Related: Bitcoin hits $25K as bearish voices call BTC price ‘double top’

LINK/USDT

Chainlink (LINK) has been trading in a large range between $5.50 and $9.50 for the past several weeks. The bulls attempted to push the price above the range on Aug. 12 but the bears held their ground.

blank
LINK/USDT daily chart. Source: TradingView

The 20-day EMA of $8.00 is sloping up and the RSI is in the positive territory, indicating that bulls have the upper hand. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to clear the overhead hurdle at $9.50. If they succeed, the LINK/USDT pair could rally to $12.30 and then to $13.50.

Instead, if the price breaks below the 20-day EMA, it will indicate that traders are booking profits near the resistance. That could sink the pair to the 50-day SMA of $7.00 and increase the stay inside the range for a few more days.

blank
LINK/USDT 4-hour chart. Source: TradingView

The price turned down from the overhead resistance at $9.50 and broke below the 20-EMA on the 4-hour chart. This suggests that traders may be booking profits. The pair could drop to the 50-SMA, which may act as a strong support.

If the price rebounds off the 50-SMA, the bulls will again try to push the pair above $9.50. If they succeed, the pair could start the next leg of the up-move. On the other hand, if the price slips below the 50-SMA, the pair could decline to $8.29.

CHZ/USDT

Chiliz (CHZ) has been in a strong recovery for the past few days but the long wick on the Aug. 14 candlestick suggests that bears are defending the overhead resistance at $0.19.

blank
CHZ/USDT daily chart. Source: TradingView

Although the rising 20-day EMA of $0.14 indicates an advantage to buyers, the RSI in the overbought territory suggests a minor correction or consolidation in the short term. If the price turns down from the current level, the first critical level to watch on the downside is the 20-day EMA.

A strong rebound off this level will suggest that the bulls are viewing the dips as a buying opportunity. That will improve the prospects of a break above the overhead resistance. If that happens, the CHZ/USDT pair could rally to $0.22 and then to $0.24.

Alternatively, if the price slips below the 20-day EMA, the pair could slide to the 50-day SMA of $0.12. Such a move will suggest that the pair may form a range in the near term.

blank
CHZ/USDT 4-hour chart. Source: TradingView

The sharp rally in the pair pushed the RSI deep into the overbought territory on the 4-hour chart, indicating that a correction or consolidation was possible. The same may have started and the pair could decline to the 20-EMA, which is an important level to keep an eye on.

If the price rebounds off the 20-EMA, it will suggest that the positive sentiment remains intact. The buyers will then again try to resume the up-move. This bullish view will be negated in the near term if the price breaks and sustains below the 50-SMA.

*This article originally appeared on Cointelegraph.

 

Credit: Source link

ShareTweetSendPinShare
Previous Post

UN calls for comprehensive crypto regulation in developing countries

Next Post

Will Terra founder Do Kwon ever return to South Korea?

Related Posts

Analysts Split – Rally to $1.80 or Dip to $0.41?

Analysts Split – Rally to $1.80 or Dip to $0.41?

September 23, 2023

The recent XRP price recovery above 50 cents has sparked different reactions from various analysts, with some calling for price...

Veteran Investors Who Predicted Fantom (FTM) Rise, Says This Bitcoin Fork Could Do the Same

Veteran Investors Who Predicted Fantom (FTM) Rise, Says This Bitcoin Fork Could Do the Same

September 23, 2023

Seasoned crypto investors who successfully predicted the rise of Fantom (FTM) are now pointing to a particular Bitcoin fork. With...

Will Stellar (XLM) See a Price Surge on September 28?

Will Stellar (XLM) See a Price Surge on September 28?

September 23, 2023

XRP investors are gearing up for a major announcement on September 29th with the altcoin possibly recording similar gains to...

Learn how Bitcoin Spark takes the best from Ethereum

Learn how Bitcoin Spark takes the best from Ethereum

September 23, 2023

Bitcoin Spark (BTCS) has been gaining momentum lately, leaving many wondering what led to its sudden growth. To understand the...

Coinbase Obtains Registration with Bank of Spain

Coinbase Obtains Registration with Bank of Spain

September 23, 2023

Table of Content Coinbase announced it registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.  ...

Load More
Next Post
Will Terra founder Do Kwon ever return to South Korea?

Will Terra founder Do Kwon ever return to South Korea?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

SEC Delays BlackRock, Fidelity, And Other's Spot Bitcoin ETF Applications

SEC Delays BlackRock, Fidelity, And Other's Spot Bitcoin ETF Applications

August 31, 2023
Global Legal Insights Fintech 2023: Ireland | Walkers – JDSupra – JD Supra

Global Legal Insights Fintech 2023: Ireland | Walkers – JDSupra – JD Supra

September 23, 2023
OpenAI draws scrutiny from Polish authorities over alleged violations of EU General Data Protection Regulation

OpenAI draws scrutiny from Polish authorities over alleged violations of EU General Data Protection Regulation

September 21, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Coinbase CEO Brian Armstrong Stands Against AI Regulation – BeInCrypto
  • Analysts Split – Rally to $1.80 or Dip to $0.41?
  • Bitcoin Blockchain Is Fighting Fraud In Guatemala’s Presidential Elections

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$26,582.000.22%
  • ethereumEthereum(ETH)$1,592.770.11%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.04%
  • binancecoinBNB(BNB)$210.32-0.04%
  • rippleXRP(XRP)$0.51-0.64%
  • usd-coinUSDC(USDC)$1.00-0.08%
  • staked-etherLido Staked Ether(STETH)$1,593.140.11%
  • dogecoinDogecoin(DOGE)$0.0614740.25%
  • cardanoCardano(ADA)$0.2456510.78%
  • solanaSolana(SOL)$19.420.73%
  • ToncoinToncoin(TON)$2.28-0.31%
  • tronTRON(TRX)$0.0837700.56%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • polkadotPolkadot(DOT)$4.020.36%
  • matic-networkPolygon(MATIC)$0.520.42%
  • litecoinLitecoin(LTC)$65.031.12%
  • shiba-inuShiba Inu(SHIB)$0.0000083.64%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,539.000.11%
  • bitcoin-cashBitcoin Cash(BCH)$208.250.52%
  • chainlinkChainlink(LINK)$7.143.46%
  • daiDai(DAI)$1.00-0.01%
  • leo-tokenLEO Token(LEO)$3.84-0.40%
  • true-usdTrueUSD(TUSD)$1.000.03%
  • uniswapUniswap(UNI)$4.260.57%
  • stellarStellar(XLM)$0.1138860.07%
  • avalanche-2Avalanche(AVAX)$8.900.68%
  • moneroMonero(XMR)$142.33-1.74%
  • okbOKB(OKB)$42.72-0.33%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • binance-usdBinance USD(BUSD)$1.00-0.07%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • ethereum-classicEthereum Classic(ETC)$15.250.68%
  • cosmosCosmos Hub(ATOM)$7.080.28%
  • hedera-hashgraphHedera(HBAR)$0.0513182.43%
  • filecoinFilecoin(FIL)$3.230.57%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • crypto-com-chainCronos(CRO)$0.0505240.69%
  • lido-daoLido DAO(LDO)$1.490.28%
  • quant-networkQuant(QNT)$90.631.53%
  • internet-computerInternet Computer(ICP)$2.961.48%
  • MantleMantle(MNT)$0.391343-0.69%
  • vechainVeChain(VET)$0.016982-0.09%
  • AptosAptos(APT)$5.12-0.11%
  • makerMaker(MKR)$1,284.210.87%
  • nearNEAR Protocol(NEAR)$1.110.36%
  • ArbitrumArbitrum(ARB)$0.82-1.92%
  • optimismOptimism(OP)$1.290.67%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.0450840.36%