- This week, the top 5 cryptos to watch out for are BTC, ETH, CHZ, TWT, and LTC.
- The price of Ethereum approached a breakdown of the $1,200 support at the time of writing.
- On 13 November, the price of the Trust Wallet token rose to an all-time high of $1.75 in a largely positive week for its bulls.
The effects of the FTX saga continue to echo throughout the crypto market. This became evident last week when Genesis and BlockFi announced their liquidity crises and suspended withdrawals on their platform.
Last week marked the mass exodus of several crypto and stablecoins from centralized exchanges. Over $3 billion worth of Bitcoin (BTC) was removed from these centralized exchanges (CEXs) last week amid calls for stricter regulations, as investors now favor self-custody of their assets.
As a result, of the last two week’s events, there is less bearish pressure on Bitcoin, which appears to have stabilized above the $16,000 support.
The global crypto market cap has dropped from its peak of $3 trillion last year to $795 billion.
However, this week may present several opportunities for more favorable market conditions. Bitcoin and several other altcoins may experience better market conditions in the wake of the FTX saga.
Top 5 Crypto to Watch Out for This Week: #1 Bitcoin
The flagship cryptocurrency should be one of the top cryptocurrencies to watch out for because its price action more or less controls that of the rest of the market.
Bitcoin has a market dominance of 38.4% at the time of writing, meaning that its influence over the market is more significant than that of Ethereum [17.5%], USDT [9%], USDC [5.31%], and BNB [5.23%] combined.
Because of this, it makes sense that Bitcoin comes first.
As the weekend approached, Bitcoin drifted 3% back towards a recently-established price floor around the $16,600 zone.
Bitcoin also dropped to an intraday low of $16,564.61, less than a day after reaching a high of $16,795.20. BTC is now moving toward this week’s support level of $15,600, which has been in place since the FTX crash.
The daily RSI, as illustrated above, is still in the oversold zone. However, a bullish crossover appears between the RSI-based Moving Average and the RSI Signal line.
This indicates that despite the apparent bearishness of Bitcoin, there may be some hope of a bullish reversal after all. If the bulls prove strong enough to push back against the bears, the price of the cryptocurrency may rally upwards past the $17,000 zone and even hit the next resistance around the $18,250 zone.
This price movement, of course, may be beneficial to the rest of the crypto market as the remainder of the altcoins follows bitcoin’s lead.
The price of Ethereum approached a breakdown of the $1,200 support at the time of writing, as the second-largest cryptocurrency witnessed a similar decline in price to that of Bitcoin over the weekend.
However, Ethereum fell to a low of $1,200.48 on Sunday, early this week, after reaching a high of $1,222.20 (blue horizontal line) on Friday. This move occurred when ETH/USD broke through recent resistance at $1,220. However, after the decline to the $1,200 zone, the bulls are currently struggling to prevent additional losses.
The bulls quickly swung into action, preventing further decline below the $1,200 mark.
Additionally, the RSI on the daily chart is around the 41.2 mark and appears to be on the verge of a crossover between both signal lines.
The bearish chances of ETH over the coming week seem glaring, considering the general direction of the cryptocurrency market. However, several indicators like the RSI and the 10-day simple moving average (blue MA) trending upwards indicate that the conditions have a chance of changing over the coming week.
#3 Chiliz (CHZ)
The crypto market is down at the moment. At the same time, the FIFA world cup is in full swing. Naturally, this presents an excellent opportunity for sporting tokens, as illustrated by the sudden uptrend in several of them, including Chiliz.
Chiliz is the native cryptocurrency of the Socios sporting fan club and has performed better than several other altcoins on the market due to the approaching world cup.
The cryptocurrency has taken a severe hit over the last 24 hours due to its stellar performance over the previous few weeks. However, it is still up by 14% in the last seven days.
One plausible explanation for the sudden rise in Chiliz’s price over the last few weeks may be that investors are pulling their funds from mainstream cryptocurrencies and are now investing in sporting tokens because of the world cup. However, the facts remain that while most altcoins in this bear market are hitting new lows and are struggling to get back up, Chiliz has been largely unaffected.
The daily candles on Chiliz’s chart indicate that cryptocurrency has risen since 20 October. Chiliz experienced a decline in value following the FTX fiasco and declined to $0.14. However, the price quickly began to rise again.
Chiliz is currently retesting its 20-day exponential moving averages as support around the $0.225 zone. However, the price of cryptocurrency is expected to soar further because of the incoming world cup.
Trust Wallet Token (TWT)
On 13 November, the price of the Trust Wallet token rose to an all-time high of $1.75 in a largely positive week for its bulls. This happened after Binance’s direct endorsement of Trust wallet for self-custody and the rush after investors started to pull their assets out of centralized exchanges.
Over the last seven days, the trading volume of the cryptocurrency has jumped by almost 500% and now sits at around $119 million at the time of writing.
At the start of the FTX debacle, the price of TWT rose to its local resistance around the $1.5 mark. However, the cryptocurrency soon broke through and ultimately hit the $2.74 mark.
The price of TWT appears to be headed for a retest of the $1.6 zone and may consolidate for a while before further price movement upwards or otherwise.
Overall, the Daily RSI appears normalizing and may soon hit the neutral zone if TWT retests its local support.
However, this week promises to be an eventful one for TWT as the FTX-Alameda dust settles.
An analysis of Litecoin’s charts shows that LTC has rebounded to the $65.00 level. However, it has yet to cross this critical resistance to the upside.
Most cryptocurrencies across the market experienced favorable price movement last week. Major participants ETH and BTC had declines of 0.24 and 0.14 percent and now hold their support levels around $16,600 and $1,205, respectively.
However, the MACD of the cryptocurrency’s daily chart seems optimistic. The indicator, however, exhibits weak bullish momentum, as seen by the latest green histogram’s tiny height. The height of this histogram and its soft green indicate waning bullish momentum and warn of an impending bearish crossing.
However, RSI has been trading at a high level in the neutral area as the price has recovered to the $65.00 level. As a result, the indicator is now trading above neutral RSI grounds 54.52.
The Bollinger Bands widened as the price increased to the $65 mark but may contract as the price consolidates below the $65 level.
However, this $65 price level is important for Litecoin, and this week may present a break above it before a retest of the following price target around the $95 mark.
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.