Top 5 Cryptocurrencies to Watch This Week – ADA, ALGO, VET, FIL, UNI

Key Insights:

• BTC’s bullish momentum has pushed the crypto market cap above the $2 trillion mark. 
• ADA, ALGO, VET, FIL, and UNI were a few coins that noted high daily and weekly gains at press time. 

With the global crypto market cap well above the $2 trillion mark noting a 4.07% increase in 24-hours, standing at $2.11 trillion, most cryptocurrencies noted a healthy uptick in price. 

Bitcoin has completed its second successive weekly gain and ended the weekend at the highest weekly closing price year-to-date. At press time, bitcoin traded at $46,897, noting close to a 15% rise in price over the week. 

The recent BTC gains fueled a larger market rally as most altcoins highlighted gains on their daily and weekly time frames. Of the top cryptocurrencies, Cardano (ADA), Algorand (ALGO), VeChain (VET), Uniswap (UNI), and  Filecoin (FIL) were some of the top gainers highlighting high daily and weekly gains.

To better understand what to expect from these coins, let’s look at their price movements as a new week begins.

Cardano (ADA)

Cardano’s sustained price uptrend since March 15 has led the coin to gain close to 50% price since then. ADA has sustained its uptrend above the critical level at $1 for the past few days. 

The continued price recovery highlights that traders who bought under the $1 level are not looking to take profits and expect the uptrend to continue. Notably, the $1.20 mark has acted as a significant resistance line, and a move above that level could further confirm ADA’s uptrend in the short term. 

ADA’s key moving averages have completed a bullish crossover. Daily RSI was in the overbought zone indicating that buyers dominated sellers in the market. If bulls can further push buying sentiment and sustain the price above the $1.20 support price can see another rally to the next key resistance at $1.60.

However, since RSI was in the overbought zone, if buyers’ bullish sentiment weakens, the same could send the altcoin back to the $1 range. Bulls are cautiously defending the $1.20 zone on a four-hour chart, which acts as resistance at press time. However, in the near term, if the price breaks below the 20-EMA a price pullback can be expected. 

Algorand (ALGO)

In March, ALGO has charted a parabolic recovery, recovering from the under $0.70 mark. At press time, the 29th ranked altcoin traded at $0.9574, noting 3.89% daily and 30.10% weekly gains.

Despite ALGO’s recent gains, the coin was down 70.28% from its all-time high price of $3.24 made in June 2019. Trading volumes for Algorand have maintained constant levels throughout March, which present that the recent gains were largely market-driven and not retail-driven.

However, the coin’s RSI on a one-day chart had finally entered the overbought zone presenting a rise in buyers. As buyers dominated sellers alongside decent price uptick, the larger market sentiment was bullish. 

The $0.996 mark can act as a strong resistance for the token in the near term, and a move above the same can ensure further gains. 

However, a fall under the $0.931 level can lead to further consolidation or losses for the altcoin. 

VeChain (VET)

VeChain, like many other top coins, has reversed its price losses of 2022, noting a close to 40% rise in the last two days. At press time, VET exchanges hands at $0.0774, presenting 15.83% daily and 57.44% weekly gains. 

The coin could witness further gains if VET’s price maintains above the key $0.0768 support/resistance mark. 

The coin’s RSI at the time of writing oscillated in the overbought zone, which presented a dominance of buyers in the market. Furthermore, VET saw one of its highest trade volumes since May 2021, which signified retail euphoria in the current rally. 

However, since the VET market looked overheated, a pullback from the $0.0960 mark, which acts as a key resistance, can weaken the bullish momentum. On the contrary, a move above the same can aid further bullish momentum in the coming week. 

Filecoin (FIL)

Filecoin’s price saw a clear downtrend in the past few months as FIL broke down below multiple resistances and retested them as support. 

However, in the last two weeks, its price climbed above the lower resistance at $18.9 and the next significant resistance levels at $20.9 and $22.00. 

At press time, FIL traded at $24.70, noting 27.59% daily and 38.83% weekly gains. Retail crowds supported Filecoin’s recent rally as the coin saw high trade volumes for two consecutive days. 

Its RSI reached the overbought zone for the first time since September 2021, highlighting a rise in buyers. The next crucial resistance for the coin lies at the $31.18 mark, but a push from bulls can convert that level to support, ensuring a bullish outcome for the token in the near term. 

However, a short-term price pullback can be expected if the coin fails to maintain the aforementioned resistance levels, primarily above the $23.46 mark. 

Uniswap (UNI)

UNI had recovered from the losses over the last two months, pulling its price up from the low of $7.52 seen in February-end. At press time, the Defi token traded at $11.44 noting a 7.06% rise in price over the last day and a 20.02% price uptick in the weekly time frame. 

The $8.27 level acted as strong support for the token throughout this year. The next key resistance for the coin lay at the $11.89 and $12.55 mark and a move above the same can push the coin for higher gains in the near term. 

RSI for UNI was in an uptrend since March 14 and was just under the overbought zone at press time. Nonetheless, a clear dominance of buyers in the market could be spotted for UNI.

However, since retail euphoria or high trade volumes were still missing, consolidation could be expected in the short term.