The launch of the Futures-based ETF proved to be the needed boost for the price of the most valued coin last week. We saw Bitcoin hit $64,000 after the ETF went live. The launch also played a vital role in BTC’s new all-time high.
The new week is also starting with a lot of positivities. Anthony Scaramucci, the founder of Skybridge Capitals, while speaking in a CNBC Capital Connection interview today, Scaramucci named a few skeptics who did not initially believe in Bitcoin until they conducted research about the world’s largest cryptocurrency and reiterated that when more people understand bitcoin, they will be moved to invest.
As the crypto market is off to a good start, let’s look at the top five cryptocurrencies to watch this week.
BTC/USDT
The most valued coin has gone up by more than 4% in the last 24 hours. Prices are also reacting positively to the good market fundamentals. The pair is currently trading above $63,000 after recording an intraday high of $63,500.
We noticed a change in price movement as the bears failed to dip the price of BTC below $60,000 after successfully doing it for more than three days. The current intraday low is $60,650 – showing that the bulls are mounting strong defense at $60k.
The week is looking more productive, we may expect to see the largest coin by market cap enjoy more price hikes. As the coin picks momentum, it may rise past the $65,000 mark. A surge above the $65k may the bitcoin to retest its all-time high.
It is also important to note that the first crypto is expected to face more retracement as MACD intercepted over the last 48 hours. A further price slip may bring BTC as low as testing the $59,000 support.
ETH/USDT
Ether is enjoying more stability over the $4,000 mark as it moved from the continual flipping of the mark to hitting $4,200 for the second time in the last seven days. The move is powered by a gradual increase in buying pressure, as revealed by the Relative Strength Index (RSI).
The 3.38% increase in price shows the coin aiming for a surge above $4,500. With the increase in buying pressure, we may see the previous statement come true. MACD is looking good as both lines are maintaining distance between themselves.
ETH latest feat has given rise to a bearish chart. Looking at the chart, it is easy to spot the rising wedge. This is an indication that the leading altcoin may suffer retracements.
SOL/USDT
Solana had a tremendous run last week. it closed the last seven at gains of more than 25%. The SOL/USDT pair hit a high of $216 and low of $153. The current sixth coin by market cap reclaimed this spot during the time under consideration – unseating XRP.
The past week has seen the pair steer clear of the $150 support. We may expect the same this week as SOL is also off to a good start – increasing by more than 6% in the last 24 hours.
MACD crossed five days ago, kicking off the start of a new uptrend. The crypto is still picking up momentum since the bullish cross with no signs of dipping. We may see the pair flip the $230 resistance within the next seven days.
ONE/USDT
Harmony also went on a bullish spree during the past week as it value per unit went 27% higher than it started the week. The ONE/USDT pair hit a high of $0.32 and low of $0.21 during the time under consideration.
The pair will look to continue the spree this week. The coin is currently up by 17% in the last 24 hours. If the price increase continues, ONE may hit $0.38 this week. RSI also shows a continual increase in bullish activity on the coin.
NEXO/USDT
NEXO enjoyed several hikes over the last seven days. This resulted in the 78th coin by market cap increasing by more than 50% during the time. The NEXO/USDT pair hit a high of $2.86 and low $1.59.
Nexo will continue price hikes this week. Looking at the charts above, there are indications of a bearish dominance except one. The Relative Strength Index (RSI) shows that the crypto is overbought and may dip. We may see a slow start to the week, with the pair picking up momentum as the week unfolds.
With most cryptocurrencies on the rise this week, we may expect more price movement as the week progresses.
