Top 5 Cryptocurrencies to Watch This Week: BTC, NEAR, FTT, ETC, XMR

Bitcoin (BTC) fell from a high of $47,200 on April 5 to a low of $42,107 on April 8, suggesting that short-term traders may be selling Bitcoin, who may prefer to lock in their profits. However, price action remained stuck in a tight range over the weekend, suggesting that supply and demand are in balance.

Bitcoin whales on crypto exchange Bitfinex remain unmoved and continue to buy BTC despite the Crypto Fear and Greed Index being in the fear zone.

Interestingly, a large investor continues to buy $1 million in Bitcoin per day, but does not attempt to time the market, but uses a dollar-cost averaging strategy.

Another whale taking advantage of the drop to add more bitcoin to its existing inventory is Terra. Wallets associated with the Luna Foundation Guard added 4,130 bitcoins this week, bringing their total holdings to 39,897.98 bitcoins.

Will Bitcoin Rally Big As Whales Buy? Will select altcoins head higher in the short term too? Let’s examine the chart of the top 5 cryptocurrencies that could outperform if sentiment improves.

Bitcoin/USDT

Bitcoin bounced off the support at $42,594 on April 7, but the bulls were unable to break above the 20-day EMA ($43,922) barrier on April 8. This may have attracted a sell-off from traders, pulling the price below the $42,594 support.

A small positive is that the bulls are attempting to defend the 50-day simple moving average ($42,620). If the bulls push and sustain the price above the 20-day exponential moving average ($43,923), it will increase the chances of range-bound action in the near term. Then, BTC/USDT may oscillate between the 50-day SMA and the 200-day SMA ($48,219) for a few days.

Conversely, a weak bounce off the 50-day SMA would indicate a lack of aggressive buying at current levels. The bears will then try to capitalize on this opportunity and sink the pair below the 50-day SMA. If they succeed, BTC/USDT could drop to the psychological $40,000 level, and if that level also breaks, the next stop could be the support line of the ascending channel.

The 4-hour chart shows that the bounce off the $42,594 support ended at the 20-day EMA. This shows that the bears are selling at higher levels.

The 20-day EMA is sloping down and the relative strength index (RSI) is in negative territory, suggesting a positive for sellers.

The sell-off could intensify if the price turns lower and breaks below $42,000. BTC/USDT could then drop to $40,000, where buyers may again attempt to arrest the decline.

Alternatively, a breakout and close above the 20 SMA could open the door for a possible recovery to the 50 SMA. The bulls must push and sustain the price above $45,400 to gain the upper hand.

NEAR/USDT

Near Protocol (NEAR) declined sharply from the overhead resistance at $20 on April 8, when the long wick on the candlesticks on that day indicated that the bears were aggressively defending the overhead resistance.

NEAR/USDT could drop to the 20-day EMA ($15), which could act as a strong support. If the price bounces off this level, it will indicate that the bulls continue to buy on dips. The bulls will then try again to push NEAR/USDT to new all-time highs. The rising 20-day EMA and the RSI in positive territory point to favor for buyers.

Contrary to this assumption, if the price plummets below the 20-day EMA, it would suggest that traders may be taking big profits. This could open the door for a possible drop to the 50-day SMA ($12).

The 4-hour chart shows that the price bounced repeatedly from below the 50-day SMA. This suggests that buyers continue to accumulate on dips. If the price rises from the current levels and rises above the 20 EMA, the bulls will make another attempt to push the price towards $20.

Conversely, short-term traders may be eager to exit if the price declines and sustains below $16. This could pull NEAR/USDT towards $14.50. If this level breaks, it will indicate that the bears are back in the market.

FTT/USDT

FTX Token (FTT) broke out and closed above $49 on March 24, but the bulls were unable to turn the level into support during the retest. The price declined below the 200-day SMA ($47) and reached the 50-day SMA ($45).

A small positive is that buyers are attempting to defend the 50-day moving average. If the bulls push the price back above the 200-day SMA and overhead resistance at $49, it will indicate strong buying at lower levels.

The bullish momentum could pick up after the breakout and close above $54. FTT/USDT may rally towards the pattern target of $66.

Conversely, if the price fails to break above the 200-day SMA, the chances of a break below the rising trendline of the triangle increase. If that happens, FTT/USDT could drop to $40 and then to $37.

The 4-hour chart shows that FTT/USDT has been in a descending channel. Although the bears pulled the price below the support line of the channel, they were unable to sustain lower levels. This suggests that a break below the channel could be a bear trap.

If the bulls push the price higher and sustain it above the 20-day EMA, FTT/USDT could rise towards the 50-SMA. This level could act as resistance again, but if the bulls overcome it, the next stop could be the downtrend line. A breakout and close above this mark could signal a possible change in trend.

This positive view will be invalidated if the price turns down from current levels and falls below $44.

ETC/USDT

Ethereum Classic (ETC) formed a double bottom pattern when it broke above and closed above the overhead resistance at $38. The price then rallied to the pattern target of $52 on March 29 and started profit-taking. This pulled the price to the breakout level of $38.

Buyers will attempt to turn the breakout level at $38 into support. If they succeed, it would signal a shift in sentiment from selling on rallies to buying on dips.

If the price turns higher from current levels or rebounds from $38 and breaks above $45, it will indicate that the correction may be over. Buyers will then try again to push ETC/USDT to $53. A breakout and close above this level will signal a resumption of the uptrend.

This positive view will be invalidated if the price continues lower and breaks below the 50-day SMA ($35).

The 4-hour chart shows that ETC/USDT bounced off the $38 level, but the bulls are struggling to keep the price above the 20 EMA. This shows that the bears are selling at higher levels.

A smaller positive is that the bulls are not giving up much advantage at the 20-day EMA. This increases the probability of a breakout of this resistance. If this happens, the price could rise towards the 50-day SMA. A break and close above this resistance could open the door for a move to $48 and then to $53.

Contrary to this assumption, if the price breaks below $38, selling could intensify and ETC/USDT could drop to $32.

XMR/USDT

When Monero (XMR) broke out and closed above the downtrend line, it signaled a potential trend change. Although the bears are trying to pull the price back below the downtrend line, the bulls are not letting up.

The bears are attempting to arrest gains at the $239 resistance, but today's long wicks suggest buying at lower levels. The upsloping 20-day EMA ($216) and the RSI in the positive territory point to favor for the buyers.

If buyers sustain the price above $239, XMR/USDT could recover further and rally towards $255.

On the other hand, if the price turns down from the current levels, it will suggest that the bears are aggressively defending the overhead resistance at $239. A break and close below the 20-day EMA would be the first sign that the bullish momentum may be weakening. ETC/USDT could then drop to the 50-day SMA ($190).

ETC/USDT has been in a gradual upward trend for the past few days. The failure of the bulls to sustain the price above $239 attracted short-term traders to take profits, but the bears were unable to pull the price below the 20 EMA. This indicates strong buying at lower levels.

The upside could accelerate if buyers push and sustain the price above $239. Alternatively, if the price turns down again from $239, ETC/USDT could drop to $209 and remain range-bound between these two levels for a few days.