Top 5 Cryptos to Watch Out for This Week: Nov, 28, 2022

Top 5 Cryptos to Watch Out for This Week: Nov, 28, 2022

Key Insights

  • This week, the top 5 cryptos to watch out for are BTC, LTC, BNB, HT, and DASH.
  • CoinGecko estimates that Bitcoin holds a 38% market dominance compared to Ethereum and Tether.
  • On 23 November, Litecoin rose and managed to breach the $73 resistance.

The cryptos market has been a highly volatile one throughout 2023. It has been three weeks since the FTX saga and the ripple effects of one of the most significant events in crypto this year.

Several cryptocurrencies across the market are starting to recover, with some of them registering double-digit gains over the last week.

Despite the mass exodus of investors across the market after FTX went under, many of them are starting to return.

And while the performance of the crypto market has not been stellar over the past few weeks, the Question on the minds of everyone is: Despite the bearishness, which cryptocurrencies to buy and make some profit?

The article below examines the top cryptocurrencies to watch out for this week. These cryptos have the most potential over the coming weeks and are some of the best to keep an eye on for a profit last quarter of November.

Top 5 Cryptos to Watch Out for This Week – #1: Bitcoin (BTC)

CoinGecko estimates that Bitcoin holds a 38% market dominance compared to Ethereum and Tether.

Even while Bitcoin's influence over the market isn't as large as it was in 2017 or even 2021, it is still a sizable portion. This means that whatever happens to Bitcoin will inevitably affect the remainder of the altcoin market.

As a result of this, whatever BTC does still matters, even if a trader or investor solely invests in altcoins.

According to a recent tweet from analyst Henrik Zeberg, a clear price-strength indicator is beginning to appear on the weekly Bitcoin chart.

Zeberg, in the tweet, iterated that the "bear market narrative" may be going out of fashion and that Bitcoin may follow stocks on a "big bull run."

<em>Chart showing the potential correlation between SPX and Bitcoin | Source: Henrik_Zeberg/Twitter</em>
Chart showing the potential correlation between SPX and Bitcoin | Source: Henrik_Zeberg/Twitter

Despite the widespread predictions of the flagship cryptocurrency's price falling to $12,000 or lower, Zeberg claims that new perspectives require a change of heart.

Zeberg asserted that although Bitcoin was "not like gold," it nonetheless performed similarly to other "risky assets."

Although the FTX controversy, so far, has reduced the correlation between Bitcoin and stocks, there is still no reason to give up on the idea that this correlation will return.

The flagship cryptocurrency may rise from its consolidation around the $16,500 zone. Bitcoin has a real chance of rising above the $17,000 zone as a corrective move to the FTX slump this week and is worth keeping an eye out for.

Top 5 Cryptos to Watch Out for This Week – #2: Litecoin (LTC)

On 23 November, Litecoin rose and managed to breach the $73 resistance. The price of Litecoin hit the $83 zone before the bears caught up to it and dragged it back down to the $75 zone. And at the time of writing, the bears are still at war with the bulls and are struggling around the $76 zone.

<em>Chart showing the price action on Litecoin | Source: <u>TradingView</u></em>
Chart showing the price action on Litecoin | Source: TradingView

If the bears successfully attempt to push Litecoin lower, the LTC/USDT pair might fall to $65 around the 20-day EMA (red line). Conversely, if the bulls win over the next few days, the cryptocurrency price may bounce off the $73 zone, soar higher than the $83 zone, and possibly above $100 to the $105 zone.

On the other hand, if the bears manage to push the price below the 20-day EMA, it will mean that higher levels are still drawing selling. The pair may decline to the $58 zone around the 50-day SMA (green line).

Litecoin is one of the best cryptocurrencies to keep an eye out for this week.

Top 5 Cryptos to Watch Out for This Week – #3: Binance Coin (BNB)

On 21 November, the BNB bears managed to push the price into a breach of the major $258 support. However, the influence of the bears on the cryptocurrency was short-lived, as BNB soon began to rise.

<em>Chart showing the price action on BNB | Source: TradingView</em>
Chart showing the price action on BNB | Source: TradingView

Over the last week, the bulls slowly gathered momentum and pushed the price above the overhead resistance of $300.

The price of BNB is currently above the $300 zone but is in the middle of a fierce battle between bull and bear.

If bulls prevail over the coming week, the BNB/USDT pair might rally and even hit the $338 zone, where the bears will likely be waiting to lower the price.

At the same time, BNB may instead stay range-bound between $258 and $300 as the bulls and bears hash it out for a few more days. This may provide several short-term trading opportunities for scalpers and intra-day traders looking to book profits on the resulting range.

#4. Huobi Token (HT)

Huobi token performed extraordinarily well over the last week and is now stabilizing close to the $7.17 supply zone after an explosive 57% move to the upside over the last week. The price of the Huobi token has been in an uptrend over the last 8 to 10 days, despite the generally sluggish price action of the rest of the cryptocurrency market.

<em>Chart showing the price action of Huobi Token | Source: TradingView</em>
Chart showing the price action of Huobi Token | Source: TradingView

Huobi Token's price has broken through the 20, 50, and 100-day exponential moving averages, signaling strong bullish price action. The next line of action for HT would be a retest of these moving averages before further rallies to the upside.

At the same time, the bullishness of Huobi Token over the last week seems encouraging and holds a real promise of further price movement to the upside this week.

#5. Dash (DASH)

Dash hit bottom around the $31.5 support when the rest of the crypto market crashed after FTX fell. It soon began to rise, eventually entering a bullish phase on 22 November.

<em>Chart showing the price action of Dash | Source: TradingView</em>
Chart showing the price action of Dash | Source: TradingView

The price of Dash has hit the top of a descending trendline. It is expected to reverse for a while, into a retest of its 100-day moving average around the $37.8 zone, before another retest of the trendline and a potential breakout.

Dash might be one of the cryptocurrencies worth keeping an eye out for this week. After a retest of the cryptocurrency's relevant moving averages, there is a strong possibility of a rally to the $47.36 or the $49.8 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.

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