Top 5 Cryptocurrencies to Watch This Week: BTC, ETH, LINK, BCH, XMR

Key Insights:

• With BTC sinking under the $40K mark, the larger market has been on a downtrend.
• Apart from BTC, ETH, LINK, BCH, and XMR, a few coins could present exciting price trends.

At the time of writing, with bitcoin’s price below the $40K level, the larger market was primarily painted red. After dropping below the $2 trillion mark on April 8, the total crypto market cap has depreciated by close to 11% and stands at $1.83 trillion at press time.

The cryptocurrency market has been largely unmoved due to BTC’s rangebound movement for the most of last week. Nonetheless, with the larger market in a consolidation, some coins could present attractive buy opportunities in the short term.

Here are the top cryptos to watch in the coming week:

Bitcoin (BTC)

Looking at bitcoin’s current trajectory, analysts have pointed out that the coin is being driven by exogenous factors and intense selling pressure in the perpetual market despite robust fundamentals.

As BTC heads towards a high-risk zone, the top coin’s price dropped by almost 5% over the last week. While a 5% drop wouldn’t sound risky in a market as volatile as the crypto-verse, since BTC dropped below the psychological barrier at $40,000 the same added to the sell-side pressure.

After April 5, bitcoin’s price has made lower lows, and it fell to as low as $38,536 on April 18. Furthermore, bitcoin’s relative strength index saw a dip and was heading towards the oversold zone on a daily chart.

The decline in the 20-day EMA and RSI’s downward slope towards the negative territory indicated a minor advantage to bears at press time. If the price falls below $39,100, selling pressure could rise, and a price drop to the next support near $37,500 before and then towards the lower support at $34,750 could be expected.

Ethereum (ETH)

Ethereum’s price oscillated just under the $3000 level as the price appeared to be hung by a thread. At press time, with ETH trading at $2,915.61, noting a 5.14% fall in price on a daily chart and a 2.77% fall on weekly retail interest seemed to fade.

The top altcoin by market cap had undergone an over 20% correction in price over the last two weeks to hit a low of $2,880 recently. While ETH’s price drop and rise in selling pressure were market-driven, a new delay in the protocol’s transition to Proof-of-Stake was further triggered.

Since ETH’s price fell below $2,950, a further downside to the lower support level at $2,570 or $2,160 can play out over the next week.

Nonetheless, with fundamentals looking strong, a buy zone around the $2,570 or $2,160 mark could be seen. In the coming week, if bulls can push prices above $3,500 for Ethereum to resume its previous uptrend, the same would ensure further upward momentum for the coin.

Chainlink (LINK)

LINK’s price has been on a larger downtrend since April 5, and the coin has lost close to 25% value since then. While on April 16, the price noted a minor uptick, LINK bulls could not sustain the higher levels.

Strong selling near the $15 mark pulled the price back below the downtrend line as sellers dominated buyers for LINK. Chainlink’s current price downtrend resembles the January 2022 drawdown that brought LINK’s daily RSI to the oversold zone.

While at press time price level of $13.32, daily RSI still maintained above the oversold zone with the price still making lower lows; the indicator could head towards the danger zone if price falls under the $13 level.

At the time of writing, LINK’s price had fallen by 8.12% in the last 24-hours and was down by 4.86% over the last week. A push by bulls above the $15 mark in the near term could ensure gains but if bears take control price could fall back to the $12.3 mark.

Bitcoin Cash (BCH)

Bitcoin Cash bulls defended the 50-day SMA at $330, which was a crucial support level to the coin’s trajectory. However, a fall below the same prepared BCH for further losses around press time.

At the time of writing, BCH traded at $323.45, noting an over 5% fall on the daily. Nonetheless, one positive sign was that the coin was still up by 6.53% on the weekly chart. Towards the end of last week, BCH bulls managed to push the price by almost 13% even though the larger market was still moving in a rangebound trajectory.

However, short-term profit-taking and the larger market’s bearish momentum pulled the coin back below the $330 level.

Nonetheless, if bulls gain control over the coming week, a push to the $345 level could be expected.

Monero (XMR)

XMR has been exhibiting a decently bullish trajectory despite the larger market’s bearish momentum over the last few weeks. It has often been noted that privacy tokens like Monero seem to rise when the larger market is more mellow.

At press time, XMR traded at $251.78, noting a 5.86% daily gain in price while still presenting 13.25% gains on the weekly. Monero, after hitting the $278 mark on March 8, has largely been on an uptrend.

If XMR’s uptrend continues, bulls could push prices to the $280 level, the next major resistance Monero could face. However, a downward push from bears could pull the coin’s price down to the $233 mark in the near term. For now, with buyers gaining dominance, an uptrend for XMR seems more plausible.