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Top 5 Cryptocurrencies to Watch This Week: BTC, LUNA, DOGE, FTT, and XMR

By:
Varuni Trivedi
Published: Apr 11, 2022, 14:32 UTC

With bitcoin’s price losing ground over the last week, altcoins like LUNA, DOGE, FTT, and XMR could be worth keeping an eye on. 

FXempire, BTC, Crypto, XMR, DOGE, FTT

Key Insights:

  • BTC’s momentum has pushed the crypto market cap below the $2 trillion mark.
  • BTC, LUNA, DOGE, FTT, and XMR were a few coins that presented peculiar trajectories. 

At the time of writing, with bitcoin’s price back to $41,107, the larger market seemed painted in red once again. The ‘weekend bearish effect,’ which often leads to cryptocurrencies shedding value over the weekend, engulfed most of the top coins’ bullish trajectory.

Notably, after spending merely ten days above the $2 trillion mark, the cryptocurrency market was back to $1.89 trillion at press time, highlighting market-wide sell-offs. So, with the larger market down by over 12% in the last week, here’s how some of the top coins can perform:

Bitcoin (BTC)

In the last week, bitcoin’s price dropped by 10.52%, falling from a high of $47,200 on April 5 to as low as $40,968 on April 11. Despite bitcoin’s high relative strength index on April 5, external factors and BTC’s dynamics in the futures market pulled the coin’s price down.

The recent losses indicated selling or profit taking by short-term traders around the $47,000 mark.

Analyst Ali Martinez on Twitter pointed out on April 8 that bitcoin could see a liquidation cascade as 70.69% of all trading accounts on Binance Futures were net-long on BTC, at that time.

FXempire, BTC, Crypto
Source: Twitter

So one reason behind the recent fall in price could be the long squeeze on the futures market. To collect liquidity, BTC had to face the $42,000-$41,000 mark. The 20-EMA sloping downwards, and the RSI’s free fall on a one-day chart presented an advantage to sellers.

FXempire, BTC, Crypto
BTC Price Action | Source: FXEmpire

For now, strong support stands at the $40,000 psychological barrier, if the price turns below the same selling could intensify. However, if bulls push in and manage to make a close above the 20-EMA, could the same could push prices above $45,400 to gain the upper hand.

Terra (LUNA)

With Terra’s continued BTC buying, the altcoin has been in the news of late. However, that isn’t all, LUNA has also been one of the top gainers of this year gaining close to 85% in the last 50 days.

On April 11, the Luna Foundation Guard (LFG) pool added almost 40,000 BTC, worth some $1.675 billion, giving another pump to their BTC portfolio. However, the same did no wonders for LUNA or BTC’s price action.

LUNA shed close to 25% price over the last week. The recent losses brought down the altcoin’s price under the $100 mark. In fact, LUNA’s price went as low as $84 after almost 24 days.

FXempire, LUNA, Crypto
LUNA Price Action | Source: FXEmpire

At press time, LUNA traded at $85.71, noting an 8.54% fall in price on the daily and a 24.07% fall in price on the weekly charts. However, low trade volume candles highlighted that profit-taking among LUNA holders was curbed.

The altcoin tested the support level at the $87.2 mark at press time while the next crucial support was at the $76.34 mark. If LUNA’s price falls under the $87.2 level further downside could be seen.

On the other hand, a push from bulls around the aforementioned levels could place LUNA back above the $96.7 resistance.

Dogecoin (DOGE)

The Twitter community was on a rollercoaster ride amid the announcement of Tesla CEO Elon Musk joining and then not joining the board. As reported in an FXEmpire article earlier, DOGE posted red candles for the last four sessions on the 4-hour chart, resulting in the meme coin losing its 25.47% rally earlier this month.

DOGE’s price has been on a rollercoaster ride for the last few days. On April 5, the meme token rose to as high as $0.1796, since then, its price has been down by 22%, trading at $0.1407 at press time.

FXempire, DOGE, Crypto
DOGE Price Action | Source: FXEmpire

Selling pressure took over DOGE holders as the price oscillated close to the lower support level at $0.136. If the coin’s price falls below this level further sell-offs can be expected.

RSI for DOGE on a daily chart saw a dip, however, buyers still outpaced sellers at a large which could act in favor of the token’s trajectory.

FTX Token (FTT)

FTT rose to as high as $49 on March 24 but buying pressure lacked and that level could not be flipped into support during the retest. Over the last week, FTT’s price slipped by almost 15% bringing its value down to $42.35.

The price slipped below the 200-day SMA or the $47 mark and tested the 50-day SMA at around $45 as a more significant downward trend continued for the altcoin.

FXempire, FT, Crypto
FTT Price Action | Source: FXEmpire

Since the $43 support had been broken a revisit to the $41.65 level could be expected in the near term. However, if bulls manage to push prices back above the crucial $41.65 mark, FTT could regain momentum.

At press time FTT traded at $43.01 noting 5.49% daily and 13.96% weekly gains.

Monero (XMR)

Privacy token Monero has been one of the few coins noting positive weekly gains at press time. XMR traded at $219.06 noting a 5.25% daily loss in price while still presenting 2.30% gains on the weekly.

FXempire, XMR, Crypto
XMR Price Action | Source: FXEmpire

After sustaining prices over a choppy weekend, XMR’s price gave in to the negative market momentum dipping by almost 7% in a day. Since buyers couldn’t sustain the price above $239, the XMR saw a drop-down to the crucial $219 level.

XMR was in a gradual uptrend for the last few days. However, the failure of the bulls to sustain the price above $239 led to profit-taking from short-term traders. For now, XMR could see further losses with selling-pressure taking over and the price can drop to the next support level at $199.

About the Author

A Journalism post-graduate with a keen interest in emerging markets across South East Asia, Varuni’s interest lies in the Blockchain technology. As a financial journalist, she covers metric and data-driven stories with a tinge of commentary, and strongly believes in HODLing.

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