Top 5 cryptocurrencies to watch this week: BTC, LTC, LINK, VET, AXS
From a bird’s-eye-view, BTC is still in an uptrend and a bounce off the $62,000 support could provide the signal for LTC, LINK, VET and AXS to move higher.
Analysts from Decentrader also pointed out that Bitcoin’s last
VeChain (VET) broke above the stiff overhead resistance at $0.15 on Nov. 4, indicating that bulls had overpowered the bears. The price has dipped back to the breakout level and the bears are attempting to pull the price below it and trap the aggressive bulls.
The 20-day EMA ($0.15) is sloping up and the RSI is in the positive territory, indicating a minor advantage to the bulls. If the price rebounds off the current level, the bulls will try to push the VET/USDT pair above $0.19 and resume the up-move. The pair could then rally to $0.24.
Contrary to this assumption, if the price breaks and sustains below $0.15, it will suggest that markets have rejected the higher levels. The pair could then drop to the 50-day SMA ($0.12) and later to $0.10.
The 4-hour chart shows that bulls pushed the price above the resistance line of the ascending channel pattern but they could not build upon this advantage. This indicates that demand dries up at higher levels.
The price has again dipped back into the channel and the moving averages have completed a bearish crossover. This suggests that the pair could gradually slide to the support line of the channel.
A strong rebound off the support line could keep the uptrend intact and the price may continue to trade inside the channel. The bears will have to pull and sustain the price below the channel to gain the upper hand.
Axie Infinity (AXS) is correcting in an uptrend and has been trading inside an ascending channel pattern for the past few days. The price has dipped to the 20-day EMA ($141) where the bulls are trying to arrest the decline.
The 20-day EMA has flattened out and the RSI has dropped near the midpoint, suggesting that buyers may be losing their grip. A break below the 20-day EMA could pull the price to the support line of this channel.
The buyers are expected to defend this level aggressively. If the price rebounds off the support line, it will suggest that the up-move remains intact. The AXS/USDT pair will then try to rise to the all-time high at $166.09.
A break and close above the all-time high could clear the path for a possible rally to the resistance line of the channel at $183. This positive view will invalidate on a break and close below the ascending channel.
The pair has been consolidating between $166.09 and $131.18. The price has been trading below the 20-EMA on the 4-hour chart, indicating that bears are defending this resistance aggressively. This increases the possibility of a drop to the support of the range at $131.18.
If the price rebounds off this support, it will suggest that bulls continue to accumulate at lower levels. The pair may then extend its range-bound action for a few more days.
Conversely, a break and close below $131.18 could signal a possible change in the short-term trend. The pair may then drop to the $115 to $120 support zone. If this zone also cracks, the decline could extend to the psychological support at $100.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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