Top 5 cryptocurrencies to watch this week: BTC, NEAR, FTT, ETC and XMR
Bitcoin (BTC) fell from a high of $47,200 on April 5 to a low of $42,107 on April 8, signaling likely short-term selling by traders looking to lock in profits. During the weekend, however, price movement is still trapped in a narrow range, indicating that supply and demand are in balance.
Despite the fact that the Crypto Fear & Greed Index is in the red, Bitcoin whales on Bitfinex remained unmoved and continued to buy BTC.
Surprisingly, one huge investor continued to buy $1 million in Bitcoin every day, using the dollar-cost averaging technique, without attempting to time the market.
Terra was another whale who took advantage of the price drop to add more Bitcoin to its existing stash. The wallet linked to the Luna Foundation Guard gained 4,130 BTC this week, bringing its total holdings to 39,897.98 BTC.
On April 7, Bitcoin bounced off a support level of $42,594, but bulls were unable to break through the barrier at the 20-day exponential moving average (EMA) of $43,922 on April 8. Traders may have responded by selling, pulling the price below the $42,594 support level.
On April 8, the NEAR/USDT Near Protocol (NEAR) swiftly declined from the stiff overhead barrier at $20, and the lengthy wick on the day’s candlestick implies that bears are defending the above level forcefully.
FTT/USDT On March 24, the FTX Token (FTT) broke and closed above $49, however the bulls were unable to convert the level into support during the retest. The price has dropped below the 200-day SMA of $47 and is now trading at $45.
When Ethereum Classic (ETC) broke and closed above the overhead resistance at $38, it produced a double bottom pattern. Profit-booking set in when the price climbed to the pattern target of $52 on March 29. This pushed the price up to the $38 breakthrough level.
Monero (XMR) broke and closed above the downtrend line, signaling a potential trend change. The bulls did not give in to the bears’ attempts to drag the price down below the downtrend line.