- Cryptos like Bitcoin are trending and showing signs of a possible rally to $30,000 this week.
- Ethereum is in a crucial position and may rebound if it stays above its ascending trendline.
- XRP is likely to rebound from its trendline around $0.4875 and make another attempt at its $0.94 July high.
- Solana is likely to reverse for a retest of its medium-term ascending trendline and attempt to retake $25.40 soon.
- If LINK does reverse and retest $6.5, we are bound to see another price rally straight up to $8.2 again, before a potential breakout to the upside.
Over the last few weeks, the crypto market has been trading in a flurry of mixed signals.
Bitcoin, for example, has managed to rebound from its slump to $25,000. However, the bears appear to be putting up an intense fight to keep the cryptocurrency under $28,000.
Needless to say, the crypto market has turned red once again and is now showing disturbing signs of a possible drop.
The global crypto market cap has also declined from $1.09 to about $1.07 over the last day in a -1.51% move
However, nothing is guaranteed in the crypto market.
For instance, the crypto fear and greed index continues to hold steady (currently at 45) despite the price declines, and trading volumes have also spiked by 35.42% to 21.9 billion at the time of writing.
Let’s look through the crypto market and fish out five of the top cryptocurrencies to be aware of this week.
1. King Crypto: Bitcoin
Of course, Bitcoin comes first.
Aside from how Bitcoin has now taken back some of the dominance from Ethereum and now controls about 50% of the total market’s cap, it is also one of the trending cryptocurrencies on CoinMarketCap.
Aside from rebounding off the $24,900 support, Bitcoin has also broken through its 20 and 50-day EMAs and has managed to avoid any serious price corrections thus far.
Bitcoin continues to hold steady between $27,000 and $28,000, and this alone keeps the possibility of a price rally in view.
Bitcoin’s bounce off $27,458 validates this zone as support and may serve as a stepping stone to Bitcoin’s rally further up to $30,000 this week.
This is without mentioning how there is now a golden cross between both 20 and 50 moving averages on Bitcoin’s chart.
Keep an eye out for Bitcoin this week, because a near-term rally to $30,000 isn’t far-fetched by any means.
Ethereum is in a crucial position as it stands, and it may help to keep an extra eye out.
The chart above shows Ethereum’s weekly chart.
As we can see, the cryptocurrency is atop an ascending trendline and is even in the middle of a retest at $1,582.
This line is one of the largest determining factors of Ethereum’s price acton this week. If Ethereum stays above this line, we may see a rebound that takes the cryptocurrency straight up to $1,790 or even higher up to levels above $2,000.
However, keep in mind that a break and close below this line would have devastating consequences for the price of ETH.
XRP has been under some serious influence from its bears.
The bears finally won the battle around $0.53, and have forced XRP into a decline from this zone.
CoinMarketCap even shows that the cryptocurrency has declined by more than 4% over the last day.
However, it is important to note that there is also a near-term ascending trendline on the cryptocurrency, and the last dip only brought XRP face-to-face with it.
This week, XRP is bound to rebound from this trendline (around $0.4875) and make another attempt at its $0.94 July high.
If XRP is unable to hold this zone, we may see a price decline further down to $0.4587 or lower.
Solana’s price action has not been favourable by any means, according to CoinMarketCap.
The cryptocurrency is down by 4.6% over the last day and by about 7% over the last week.
However, according to data from Coinshares, over the last week, Solana has seen its largest week of inflows of $24 million since March 2022.
This shows strong institutional interest in the cryptocurrency.
In the charts, we can see a price rejection from the $25.40 zone. However, Solana is likely to reverse for a retest of the medium-term ascending trendline pictured above and attempt to retake $25.40 soon.
Chainlink is bullish over the long-term but has just been rejected from the $8.2 resistance again.
The cryptocurrency has been trying and failing to break and stay above this zone since May 2022.
However, the 20-week EMA appears to be the only support preventing the cryptocurrency from falling further into a retest of $6.5.
However, if LINK does retest $6.5, we are bound to see another price rally straight up to $8.2 again, before a potential breakout to the upside
The ongoing conflict between Israel and Hamas is leading to a sell-off in risky assets, including cryptocurrencies.
Oil prices are already high, stock prices are crashing, and inflation continues to mount.
The war has caused stock market indices all across the world to turn negative, and indexes like S&P 500, Dow Jones, and Nasdaq 100 futures in the US are down more than 0.50%.
Overall, the US Dollar Index (DXY), which has risen to over 106.50, appears to be exerting greater pressure on the price of bitcoin. This explains the sudden crash in crypto prices.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.