Crypto, Voice of Crypto, Altcoin

Top 5 Altcoins To Watch This Week

Analyzing This Week’s Most Promising Cryptocurrency Trends
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Key Insights

  • Despite fluctuations, Bitcoin remains relatively stable around the $60,000 mark.

  • FTX token has seen significant gains due to rumors of bankruptcy distributions and will likely continue this week.

  • Conflux is the top-performing cryptocurrency among the top 100 with positive technical indicators for a rally this week.

  • Litecoin and Worldcoin are similar in price action and should rally this week.

  • Chainlink's short-term price action may be currently bearish but its long-term technical indicators point towards bullishness this week.

Last week had its fair share of ups and downs with Bitcoin darting up and down the $60,000 mark.

At the time of writing, the price of the cryptocurrency sits at $61,900—which means that even if the bulls aren’t winning, they definitely are maintaining stability.

The crypto market’s heatmap

The crypto market’s heatmap

The altcoin market, on the other hand, isn't as straightforward. This sector of the market has mostly mimicked Bitcoin's price performance.

However, certain members occasionally break away and register massive bullish (or bearish) price action.

Here are some examples of altcoins to keep an eye out for this week, for the most bullish gains.

1. FTX Token (FTT)

FTX token has been surging lately, based on rumors of bankruptcy distributions to affected users in the 2022 crash.

According to data from CoinMarketcap, this cryptocurrency has been up by around 49.5% over the last week.

FTT’s performance

FTT’s performance

This shows a massive bullish presence as far as FTT is concerned.

Interestingly, this isn’t even the most bullish it has been. Over the last two weeks, FTT has more than doubled from a low of $1.38 to as high as $2.99 according to the charts.

The price action of FTT

The price action of FTT

However, with the $3 zone being a psychological resistance, the bears have pushed the cryptocurrency into a rejection toward the next viable support around $2.27.

This is where the action might happen.

Investors should pay attention to this support because if the bears are unable to cause a break and close below, we should see FTT rebound to the upside.

However, it is also important to note that if the bears successfully initiate a breakdown, the resulting dip might take FTT to its 25-day EMA (red line) around $1.7871.

2. Conflux (CFX)

Conflux is another massively bullish cryptocurrency. It is currently the best-performing cryptocurrency among the top 100 according to data from CoinMarketCap.

Confluz’s price performance

Confluz’s price performance

On the daily timeframe alone, Conflux is up by more than 6%. This is despite a relatively small 4% price increase on the weekly timeframe.

According to the charts, it turns out that Conflux is stuck underneath an important resistance, explaining its sluggishness on the weekly timeframe.

Conflux in the charts

Conflux in the charts

The charts show three things:

First of all, the cryptocurrency is currently forming the bottom of a cup and handle formation.

Secondly, there is an ongoing bullish cross between the 25 and 99-day EMA as illustrated. This indicates that the bulls are gathering strength and should beat the bears soon.

Finally, Conflux is currently trading underneath the $0.185 resistance. This means that if the bulls can push slightly harder and we see a break above, Conflux just might open the door to a 90% rally towards $0.35.

3. Litecoin (LTC)

Litecoin is also a top gainer on the daily timeframe. However, like Conflux, it is lagging on the weekly due to technical issues.

Litecoin’s price performance

Litecoin’s price performance

CoinMarketCap data shows that the cryptocurrency has risen by more than 2.5% in the 24 hours before writing

In the charts, the cryptocurrency broke out from the descending channel below on 13 September and has been consolidating.

Litecoin’s price performance

Litecoin’s price performance

The best part about this consolidation is that it is a series of higher highs and higher lows.

This means that the bulls are still in control

The charts also show that the cryptocurrency is attempting to break above its 99-day EMA of around $67.62.

Considering how Litecoin has been stuck underneath this range since June this year, a break out to the upside would be massive.

4. Worldcoin (WLD)

Worldcoin has also been struggling according to data from TradingView. But things might be about to change soon.

Worldcoin’s price performance

Worldcoin’s price performance

CoinMarketCap data shows that the cryptocurrency hasn’t been very impressive lately, either on the daily or weekly timeframe.

However, according to the charts, the cryptocurrency is in a major “buy the dip” zone.

Worldcoin’s price action

Worldcoin’s price action

The charts show that Worldcoin is currently trending above its 25-day EMA, which is impressive.

However, the cryptocurrency is also trading between this moving average and its 99-day EMA.

Considering how Worldcoin’s recovery rally will likely happen suddenly, this configuration means that the bulls will have to overcome the 99-day EMA soon.

Once this happens, Worldcoin will likely double straight up to $3.655.

5. Chainlink (LINK)

Like Worldcoin, Chainlink isn’t super fancy in terms of price action either. The cryptocurrency is red on the daily and weekly timeframe along with the rest of the market.

However, it has solid technicals according to the charts.

Chainlink’s price performance

Chainlink’s price performance

The charts show that ever since hitting the major $8 support, the cryptocurrency has been trending upwards as illustrated.

Chainlink’s price action

Chainlink’s price action

This means that even though the small-term price action doesn't look the part, the medium to long-term favors the bulls.

The cryptocurrency is currently attempting to break above its 25-day EMA around $11.36.

A break above this price level would count as more fuel for the bulls. And if this breakout occurs, Chainlink will finally be ready to break above the 99-day EMA which has kept it down since June this year.

With all of the above being said, the bulls will have to watch out for the $11.36 price level.

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.

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