Top 5 cryptocurrencies to watch this week: BTC, SOL, AVAX, ALGO, AXS

Top 5 cryptocurrencies to watch this week: BTC, SOL, AVAX, ALGO, AXS

Traders are watching to see if BTC’s bounce of the 20-day moving average resumes the uptrend. Meanwhile, SOL, AVAX, ALGO and AXS are preparing for a move higher.

Bitcoin (

ALGO/USDT

Algorand (ALGO) has been trading inside a symmetrical triangle for the past few days. The price has turned down from the resistance line of the triangle today, indicating that bears are unwilling to let bulls have their way.

ALGO/USDT daily chart. Source: TradingView

If the price dips below the moving averages, the ALGO/USDT pair could drop to the support line of the triangle. This is an important level for the bulls to defend because if it cracks, the bears will try to pull the price to $1.51 and then to $1.20.

Alternatively, if the price turns up from the current level or the support line and breaks above the triangle, it will suggest that bulls are in control. The pair could then rally to $2.22 and later retest the all-time high at $2.55.

ALGO/USDT 4-hour chart. Source: TradingView

The price is getting squeezed inside the triangle, indicating that the pair could be getting ready for a strong directional move. The crisscrossing moving averages and the RSI near the midpoint do not project a clear advantage either to the bulls or the bears.

A break above the triangle will suggest that bulls have absorbed the selling by the bears and that could set the pair for the resumption of the up-move. Conversely, a break below the triangle will suggest that supply exceeds demand and that could start a deeper correction.

AXS/USDT

Axie Infinity (AXS) has formed a symmetrical triangle pattern, which indicates indecision among the bulls and the bears. It is difficult to predict the direction of the breakout but usually, the triangle acts as a continuation pattern.

AXS/USDT daily chart. Source: TradingView

If the price rebounds off the support line, the bulls will make one more attempt to push the AXS/USDT pair above the triangle. If they succeed, it will signal a resumption of the uptrend. The pair may then retest the all-time high at $155.27.

The bullish momentum could pick up if buyers clear this overhead hurdle. The pair may then rally toward the pattern target at $186.05.

Conversely, a break and close below the triangle will be the first sign of a deeper correction. The pair may first drop to $103.22 and then to the breakout level at $94.67.

AXS/USDT 4-hour chart. Source: TradingView

The moving averages have flattened out on the 4-hour chart and the RSI has been oscillating between 40 and 62. This suggests a state of equilibrium where traders are buying on dips to $115 and selling near $140.

A break and close below $115 could signal that the uncertainty has resolved to the downside. That could pull the price down to the pattern target at $90. On the contrary, a break above $140 will signal that bulls are back in the game. The pair may rally to $155.27 and then to the pattern target at $165.

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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