The crypto market at this time is going through one of the fastest increases as the buyers are not settling for less. The market was down by 0.3% a few hours ago but is by 2% as of the time of writing.
The crypto industry is enjoying price hikes as Facebook, Instagram, and Whatsapp are down. Bitcoin reclaims $49,000 as Ethereum jumps above $3,400. Bitcoin was about to end the day below $48k before the price.
News of Marathon Digital obtaining a $100 million credit line from the crypto-friendly bank Silvergate on Friday could be one of the many reasons the BTC saw the turn of events. Marathon Digital will use the credit to purchase Bitcoin mining equipment and fund its mining operations.
With a good start to the week, let’s see the top five cryptocurrencies to watch this week.
BTC/USD
Last week Bitcoin experienced a gradual surge that helped it return to $45,000. The 200-day MA ($45,649) that once acted as a barrier – preventing any breakout above that level, is now a critical support.
BTC retested the 50-days MA ($46,710) but the selling pressure was not enough to see it break. The King coin hit $49,530 in fresh attempt at $50k. BTC is testing this critical level for the first time since the seventh day of September. The clamor for $50k seems to be reduced as the coin edged closer to hitting the target.
Now, traders have their eyes fixated at $52,000 as the next critical resistance to break. To attain this mark, the most valuable cryptocurrency must break the first pivot resistance at $51,400. Recent market rallies are also pointing to the possibility of this happening soon.
The Relative Strength Index (RSI) is on the rise, displaying a gradual increase in buying pressure. If buying continues to increase, we may see this indicator in the overbought region. Bitcoin price will react prompting it to rise higher than $52k.
XRP/USD
Ripple coin was struggling at $0.9 as the 200-day MA proved to be a big obstacle in the coin bid to $1. The buyers rallied the market and flipped this critical price mark as the sixth largest coin made its return to $1.
XRP is currently trading at $1.03 per unit. Having crossed the the 200-day roadblock, the 50-day is up next. The XRP/USD pair will have to break the $1.1 resistance to trade above the 50-day MA. With the pivot point at $1.07, the sixth coin by market cap is still struggling to surge past the bearish zone.
The last three days have seen XRP stay above $1 – making the mark a critical support. If the sixth largest coin holds this level longer, we could expect it to trade above its PP in before the end of the week.
AXS/USD
Data from Cryptocurrencies to Watch shows that Axie Infinity enjoyed a 9% increase in the last 24 hours. The coin rose to an all-time high of $161 a few hours to the time of writing. Having enjoyed massive price hikes over the past five days, the coin flipped three pivot resistance – leading up to the current ATH.
It’s evident that AXS is still enjoying a spillover of the bullish sentiment from last week. Nonetheless, the 20th coin by market cap is trading at $139 after the ATH. Concerns are growing as the relative strength index places the coin in the overbought region.
Previous price movements suggest that AXS may not give in to bearish sentiment anytime soon following RSI hike to the overbought zone. Axie Infinity will attempt hitting $200 soon as the pivot point standard dictates that it is very bullish.
XTZ/USD
Tezos hit a new all-time high today. Data from Cryptocurrencies to Watch suggest that XTZ is down by 3% over the last 24 hours. Regardless of this loss, the coin has had a very volatile day hitting ATH at$9.1 and low of $8.1.
The XTZ/USD pair is trading without any hint of a massive price dip any time soon. Staying clear of both the 50-day and 200-days MA, tezos is also trading above its first resistance, indicating the coin is enjoying more buyer-friendly conditions.
RSI was on its way to the overbought zone was stopped as selling pressure increased. The pair will pick up momentum within the next few days and we may expect to XTZ test $10 before the week ends.
As the crypto market continues to experience bullish conditions, the above prediction will come true. Let’s see what the week holds.
