Top 5 Cryptocurrencies to Watch This Week: BTC, XRP, NEAR, XMR, WAVES

Bitcoin (BTC) fell below $40,000 on March 4 and remained below that level throughout the weekend.

Despite the volatile cryptocurrency price action over the past few days, Glassnode data shows that since December 2021, institutional investors have been gradually accumulating Bitcoin through Grayscale Bitcoin Trust (GBTC) shares.

Another positive sign is that fund managers are not panicking and dumping their holdings in GBTC. This suggests that fund managers may be long-term bullish. So they're getting out of short-term pain.

Bitcoin could remain under pressure if U.S. stocks continue to fall, Bloomberg Intelligence said in a March 4 crypto market outlook report. But in the end, they expect the cryptocurrency to rise. On the other hand, if the stock market recovers, then Bitcoin could "rise at a faster pace" if past patterns repeat themselves.

While crypto markets are facing strong headwinds, select altcoins are showing signs of life. Let's examine a chart of the top five cryptocurrencies that could benefit from a Bitcoin rally.

Bitcoin/USDT

Bitcoin fell below the moving averages on March 4, indicating that bears are trying to gain the upper hand. On March 5 and 6, the bulls attempted to push the price back above the moving averages to trap the aggressive bears, but failed.

If the price sustains below the moving averages, the bears will attempt to pull the BTC/USDT pair to the support line of the ascending channel. The bulls are likely to defend this level aggressively. A strong bounce off this support would suggest that BTC/USDT could extend its stay inside the channel for a few more days.

This short-term bearish view will be invalidated if the price rises from current levels and breaks above the 20-day exponential moving average ($40,474). This would indicate strong buying at lower levels. The bulls will then attempt to push the price towards the resistance line of the channel. The next trend is likely to start after BTC/USDT breaks above this channel or breaks below it.

The 20-day EMA on the 4-hour chart has turned down and the relative strength index (RSI) is in negative territory, suggesting that bears have the upper hand. If the price falls below $38,000, BTC/USDT could drop to $37,000 and then to $35,500.

Contrary to this assumption, if the price recovers from current levels and rises above the 20 EMA, it will indicate strong buying at lower levels. Bullish momentum could pick up after BTC/USDT broke out and settled above the 50-day simple moving average. This could open the door for a possible rally towards $45,000.

XRP/USDT

XRP has been trying to rise above the downtrend line for the past few days, but the bears have taken hold. A small positive is that the bulls have not given up and are trying to defend the 50-day SMA ($0.72).

The flat moving averages and RSI around the median don't give the bulls or bears a clear advantage. If the bulls push and sustain the price above the downtrend line, momentum could pick up and XRP/USDT could rise to $0.91.

A breakout and close above this level could clear the way for a possible retest of psychological resistance at $1. Conversely, if the price slides down and sustains below $0.69, it will signal that the bears are back in control. Then XRP/USDT could drop to $0.62.

The 4-hour chart shows that XRP/USDT is currently fluctuating between $0.80 and $0.70. If buyers push the price above the downtrend line, XRP/USDT could challenge the overhead resistance at $0.80. A breakout and close above this level could indicate that the bulls have the upper hand. XRP/USDT may first climb to $0.85 and then to $0.91.

Contrary to this assumption, if the price turns down from the moving averages, it is a sign that bears are selling on a rally. Then XRP/USDT could drop to $0.70. If this level breaks, the sell-off could accelerate and XRP/USDT could drop to $0.62.

NEAR/USDT

The NEAR Agreement (NEAR) is sandwiched between the moving averages of the past few days. This suggests that bears sell on rallies to the 50-day SMA ($11), while bulls buy on dips to the 20-day SMA ($10).

The RSI is near the median and the 20-day EMA is flattening, suggesting a balance between bulls and bears. If the price rebounds from the current levels and breaks above $12, it will indicate that the bulls are making a comeback. The NEAR/USDT pair is likely to rally towards $14, where it may again encounter strong resistance from the bears.

Contrary to this assumption, if the price breaks and sustains below the 20-day EMA, it will indicate that the bears have the upper hand. NEAR/USDT could then drop to the strong support at $8.

NEAR/USDT regained bullish momentum after breaking the downtrend line, but the rally faces stiff resistance at $12. The bears have pulled the price below the 20-day EMA, but the bulls have managed to defend the 50-day SMA.

If the buyers push and sustain the price above the 20-day EMA, the bulls will make another attempt to clear the overhead hurdle of $12. Alternatively, if the price breaks below the 50-day SMA, selling could intensify and NEAR/USDT could drop to $9.50.

XMR/USDT

Monero (XMR) has been correcting within a descending channel for the past few weeks. The bulls are buying dips at $134 and attempting to form a bottom pattern.

This caused the price to consolidate between $134 and $188 for the past few days. The 20-day EMA ($164) is flattening out and the RSI is close to the median, suggesting a balance between supply and demand.

This equilibrium will favor buyers if they push and sustain the price above $188. This would complete a double bottom pattern with a target of $242. However, the rebound is unlikely to be easy as the bears are expected to mount a strong defense at the channel's resistance line.

Contrary to this assumption, if the price turns down and breaks below $155, the bears will attempt to pull the XMR/USDT pair to $134.

The 4-hour chart shows that the bulls pushed the price above the downtrend line but were unable to sustain the higher levels. This shows that the bears are aggressively defending this level. The moving averages are flattening out and the RSI is just below the median, suggesting a balance between supply and demand.

If the price turns down and breaks below $155, the short-term trend could turn to the bears. Conversely, a close above the downtrend line could improve the outlook for a possible move to overhead resistance at $188.

WAVES/USDT

Waves (WAVES) formed a double bottom pattern at $8 and rallied sharply to $21. The moving averages are forming a bullish crossover and the RSI is in overbought territory, suggesting that the bulls have the upper hand.

The bears pose a serious challenge around $20, but on a positive note the bulls have not given up much ground. If the price rises from the current levels, it will indicate that the bulls are buying on dips. This will increase the probability of a retest at $21.

If the bulls push and sustain the price above $21, WAVES/USDT could regain momentum and rally to $24 and then $27. This positive view will be invalidated in the short-term if the bears pull WAVES/USDT lower and sustain it below $16.

The 4-hour chart shows that a correction from $21 has pulled the RSI from deeply overbought levels to just below the median. The bulls bought at the 38.2% Fibonacci retracement level of $16 and pushed the price back above the 20-day EMA.

If the price sustains above the 20-day EMA, the bulls will attempt to propel WAVES/USDT above the overhead resistance at $21.

Contrary to this assumption, if the price pulls back from current levels and breaks below the moving averages, it would indicate that short-term traders may be eager to exit. This could pull WAVES/USDT to $14, then $13.