The cryptocurrency market appears to be doing much better than it did in previous weeks as a result of some significant rallies, such as DOGE's over 100% return on investment in a matter of days and the price of Bitcoin (BTC), which closed the week on a high ahead of its monthly close with high hopes of reclaiming $22,000 and higher if possible. With numerous intriguing projects in development and other projects receiving more attention in the cryptocurrency industry as a result of community and partnership agreements, the price of various altcoins has continued to seem positive despite the bear market. Let's talk about the top 5 cryptocurrencies this week that you should be watching.
Price Analysis of BTC on 1D Chart
According to the chart, the price of Bitcoin rose to a zone of $20,800 after building solid support above $20,500. The price of Bitcoin had previously rebounded off from a region of $19,200. In the coming days, the price of BTC may increase due to the weekly close, which is more optimistic than the monthly close.
At the time this piece was being written, Bitcoin was trading at $20,800. The area around $21,200 has acted as heavy support for the price of BTC to rise, and it has been difficult to break over it.
The price of BTC might rise to the $22,000 range, which would be of interest to most sellers, if it breaks out and closes above $21,200 and forms support.
Price Analysis of ETH on 1D Chart
Following a bullish trend leading up to "The Merge," the price of Ethereum recently outperformed BTC, increasing to a level of $2,030.
With what appears to be resistance for ETH price to trend upward, the price of ETH was rejected from $2,030. The price dropped to around $1,570 before spiraling downward to around $1,260, where it created demand for buy orders.
On the daily timescale, the price of ETH is trading at $1,620, just above the 50 Exponential Moving Average (EMA), as it prepares to rise to around $1,720.
If the price of ETH remains optimistic, it may challenge $1,720 again, which is a significant area of resistance with lots of supply.
Price Analysis of BNB on 1D Chart
BNB's price suffered a severe blow when it was rejected from its resistance at $327, plummeting to a region of $260 and losing its main support. The price of BNB reacted quickly as it quickly recovered $300 after leaving that area.
Despite the setback, BNB has maintained its bullish structure. If the price of BNB breaks through $335, it may retest the $400 to $450 range.
The 50 and 200 EMAs, which are $300, provide strong support for the price of BNB. For BNB to have a chance of trending higher, it must maintain above.
Price Analysis of LINK on 1D Chart
As the price of LINK appears poised to break out of its protracted accumulation phase, bullish trends have persisted in the price of Chainlink (LINK), maintaining well above the 50 EMA.
Given how fundamentally strong the price of LINK is as we approach its staking plan in December, the price of LINK needs to breakout and close above $8 pricing to climb to a region of $9.5.
Price Analysis of SOL on 1D Chart
With the market looking more hopeful, SOL has developed a bullish pattern after breaking out of a descending triangle with strong volume. The price of SOL is aiming to rally to a region of $40.
