Key Insights
- This week, the top 5 cryptos to watch out for are BTC, ETH, LTC, MATIC and DOT
- Ethereum has displayed strong price action compared to most other cryptocurrencies in the market and performed well over the last week.
- Litecoin continues to consolidate above the $73 resistance as the bulls and bears gather their strength before making moves to push the price of the cryptocurrency higher or lower.
The first few days of December have whizzed by, and the cryptos market seems to be near new stages of recovery. While the last week was not particularly exceptional in terms of bullish price action in the crypto market, it makes sense to be curious about what this week has in store for several cryptocurrencies across the market.
In this article, we examine the best cryptocurrencies to keep an eye out for this next week. These cryptocurrencies promise a better future in price action and are tokens anyone serious about cashing in some profit over the coming days should keep an eye out for.
Top 5 Cryptos – #1: Bitcoin (BTC)
The United States non-farm payrolls increased by 263,000 in November, despite the general predictions of a 200,000 gain. This is without mentioning the FED chairperson Jerome Powell’s remarks about the central bank’s reduction of the interest rate hikes “as soon as December,” and the final FED decision is slated next week, on 13 and 14 December.
This FED rate issue is bound to affect the direction of Bitcoin over the coming days. The entire crypto market continues to wonder what will happen to Bitcoin this week and whether the price dip that rocked the crypto market after the September FED rate hike will happen again.
Top 5 Cryptos – #2: Etheruem (ETH)
Ethereum has displayed strong price action compared to most of the other cryptocurrencies in the market and performed well over the last week.
In all, Ethereum appears strong fundamentally against next week and the rest of the year.
The cryptocurrency in the charts is in a descending channel, where the bears sink the price lower to the bottom of the channel and buy the dips to the top.
At the time of writing, the price of the cryptocurrency has bounced off the $1,077 demand zone and is now in a bullish rally to the upside around the $1,600 supply zone.
The coming week may see the cryptocurrency rally to this $1,600 zone, in a 20% rally to the upside.
The RSI is heading to the neutral zone, indicating impending equilibrium between the bulls and bears. However, if the price of Ethereum hits $1,600 once again next week, a breakout from the descending channel becomes a real possibility, followed by a rally to $1,700 – $1,800.
Top 5 Cryptos – #3: Litecoin (LTC)
Litecoin continues to consolidate above the $73 resistance as the bulls and bears gather their strength before making moves to push the price of the cryptocurrency higher or lower.
Litecoin broke through the $73 resistance with a single daily candle on 23 November, after a three-week rally from its $47.5 low.
The third Litecoin halving is on its way to happening, and the cryptocurrency looks very strong, both fundamentally and technically. If the bulls manage to defend the $73 zone against the bears, the cryptocurrency may bounce after this consolidation and rally to the next targets around the $82 mark and $95.
Overall, the general market sentiment and outlook for the cryptocurrency seems bullish enough, and Litecoin may turn out to be one of December’s best-performing cryptocurrencies.
If the Litecoin bulls display extraordinary strength against the bears, the cryptocurrency may even rally straight to the psychological $100 level, in a 37.5% move to the upside.
#4: Polygon (MATIC)
MATIC broke through its 20 and 50-day moving averages over the last week and is now trading above both.
The cryptocurrency is in an ascending triangle and is heading for another retest of the $1 zone after its current consolidation, around $0.92 above its moving averages.
If the bulls manage to push the price of the cryptocurrency further up and possibly initiate a breakout from this level over the next few days and in the coming week, the cryptocurrency may rally straight up to the next target medium-term target around the $1.73 zone, in a single 86% move to the upside.
#5: Polkadot (DOT)
The price action of Polkadot has been bearish over the long, medium, and short terms. However, this week may be what the cryptocurrency needs to regain its footing in the crypto market.
Polkadot has been under its 20 and 50-period exponential moving averages since mid-august but has now printed a clear break above its 20-day moving average.
This leaves the 50-day moving average exposed and ready for breaking to the upside.
The cryptocurrency price is also below the semi-major $5.74 resistance and may be on the verge of a breakout to the upside.
If Polkadot manages to break this zone to the upside, the cryptocurrency may rally straight up to the top of the descending triangle it has been under since the dip in May, which took its price to a low of $7.39.
When the cryptocurrency hits this zone, the bulls have a real chance of initiating a breakout to the upside and another rally to the $7.3 resistance or beyond the $9.8 zone.
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.
