- The crypto market is performing well, with Bitcoin taking the lead.
- Bitcoin’s dominance is growing, and it is facing resistance around $31,050.
- Ethereum is also doing well and is looking to break and close above $1,745.
- Solana is about to retest its July high of $32.
- Chainlink is the star cryptocurrency of the week and is looking to test the $9.8 support.
The crypto market is performing even better than expected, with Bitcoin now taking its break above $30,000 very seriously.
The better part of the market’s recovery came over the weekend, as shown by the sharp spike in the crypto market’s total capitalization.
The chart above is from Coingecko and shows us how well the crypto market has been performing over the last week.
CoinMarketCap also supports this narrative and shows us that the market has turned green through and through, and there are now more opportunities to make profits than ever.
Let’s do something interesting:
What are the top cryptocurrencies to keep an eye out for this week?
The first is Bitcoin. Read on to find out about the others.
1. Top Crypto: Bitcoin
First of all, Bitcoin’s growth is unmatched by any other cryptocurrencies.
This much is evident by the flagship cryptocurrency’s growing dominance, and how Blockchain Center clearly shows that we are now fully in a Bitcoin season.
In the charts, we have a few interesting things to look at.
We can see how parabolic Bitcoin has been over the last few weeks, as shown above. However, the Bears won’t let the Bulls have this win so easily.
Bitcoin is now facing resistance around the $31,050 mark. The cryptocurrency is trading at $30,662 at the time of writing and still has to break past July’s $31,860 to confirm a full Bullish takeover.
Ethereum, despite losing some of its dominance to Bitcoin, is still doing pretty well from a price perspective.
CoinMarketCap shows that while Bitcoin has rallied by about 2.5% over the last day at the time of writing, Ethereum is giving the mother cryptocurrency a run for its money with a 24-hour increase of about $2.7%.
In the charts, Ethereum appears ready to prove itself.
The Bulls have done well so far, but still have their work cut out for them. Like Bitcoin around $31,800, Ethereum also has a price level to cross, to prove itself fully bullish.
The cryptocurrency has to break and close above the next semi-strong resistance of around $1,745 to prove that the bulls are now fully in control.
The last five candlesticks on Ethereum’s chart have been bullish, so what’s one or two more?
Overall, there is a significant chance of an Ethereum price rally and a possible break above this $1,745 level this week.
Few other cryptocurrencies come close to what Solana has accomplished as of late.
To begin with, COinMarketCap shows that Solana has rallied by about $3.4 over the last day, and by 26.53% over the last week.
Solana even appears ready to break and close above $30 in the charts, which is somewhat surprising.
This was the same cryptocurrency that lost more than 80% of its value last year in November after FTX went down.
Solana is about to retest July’s $32 high, and everyone is watching.
Why should you keep an eye out for Solana this week?
Keep an eye out, because the cryptocurrency’s price action around this $32 zone determines whether Solana is a heavy buy or a strong sell.
Chainlink is arguably the star cryptocurrency of the week.
Take a look at what CoinMarketCap Calculates:
According to CoinMarketCap, Chainlink is up by 6.3% over the last day, and by 30% over the last week.
According to the charts, Chainlink has been massively bullish over the last three days, after breaking past the $8.2 resistance.
The cryptocurrency appears to be having a bit of trouble around the $11 resistance.
However, this remains one of the most valid zones to keep an eye out for this week, because Chainlink appears ready to test the $9.8 support, and may even bounce off in a retest of $11.
A break and close below $9.8, however, will signal a continuation of the current downtrend.
XRP has arguably enjoyed the most bullishness this year, out of the top 10 cryptocurrencies on the market.
Bitcoin’s bullishness over the last day also favoured this cryptocurrency, as CoinMarketCap data shows that XRP is up by 1.5% over the last day, and by 4.7% over the last week.
However, in the charts, we can see that XRP is inside a symmetric triangle, and is now struggling to bounce off this formation’s lower support and aim for higher highs.
From a deeper perspective, XRP is trading at about $0.527 at the time of writing and must break through the $0.55 resistance to the upside to confirm a full bullish bounce.
If the bulls fail to initiate this break and close above $0.55, however, the consequence may be drastic, as XRp explores lower lows.
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.