Top Five Cryptocurrencies to Watch: BTC, XMR, TON, AAVE, RENDER

XMR has been mostly rangebound for weeks now, failing to break out amid several attempts. The previous week was no different as it grappled with reduced volatility.

Nonetheless, indicators suggest it may be gearing up for the next big move. The breakout may happen within the next six days.

However, XMR posted notable gains last week amid its consolidation. It mirrors the global cryptocurrency market cap, which registered notable increases on the 1-week scale. A closer look at the charts shows that valuations reached a two-week high over the last seven days but faced slight rejections.

Nonetheless, the previous week was different from the one starting on Mar 9. It gained over 9%, compared with no significant change two weeks ago. It remains to be seen if the uptrend will continue over the next six days.

The market is off to a good start, up by almost 2% on Monday, but it is grappling with a spike in selling pressure at the time of writing. The candle representing the current price action shows further signs that the bears are reclaiming control.

By comparison, over the last three weeks, BTC has printed the smallest Monday candle. It has since also shed almost half of its previous gains. Let’s see how some assets are performing and what that means for the rest of the week.

BTC/USD

Bitcoin surged to its highest price since February. It opened the day at $72,849 and peaked at $74,515 a few hours ago. However, the stay above $74k was short-lived as it retraced shortly after and trades close to its opening price.

The apex coin is currently grappling with notable selling pressure at the time of writing. It is no surprise, as it posted notable gains on Sunday. Nonetheless, compared to the previous week, it is off to a sluggish start.

It may signal bulls’ exhaustion following days of consistently pushing prices higher. With dwindling buying pressure, the bears may step in, sending prices downward. Currently trading at $73k, and having tested bollinger’s upper band, a significant decline is almost inevitable.

Interestingly, the average directional index has reduced its momentum, trending almost linearly. This means volatility has significantly decreased over the last few days. As such, the coin is gearing up for the next big move.

A closer look at the ADX also shows it is at a level likely to trigger a rebound, indicating an impending price retracement. If this plays out, BTC will retrace below $70k within the next few days. Conversely, fundamentals could push the asset above $77k.

XMR/USD

Monero is trading at $364 at the time of writing, up by over 2% on Monday. It saw notable selling pressure on Sunday, with a slight retracement. However, it rebounded and extended its bullish sentiment into the current session.

Nonetheless, a closer look at the 1-day chart shows that, after significant gains during the first two days of the previous week, it struggled to sustain its surge. Amid reduced buying pressure, it posted gains of more than 6% over the 1-week period.

Monero is off to a good start on Monday, surging to a high of $372. It trades 4% higher than its opening price. However, the bollinger bands suggest prices will retrace in the coming days. A closer look at price action over the last fourteen days shows it trended between the upper and middle bands.

If the trend continues, XMR will retest the SMA at $348 in the coming days. Nonetheless, the ADX is picking up, suggesting room for further increases.

TON/USD

The 1-day chart shows that Toncoin consolidated over the last seven days, trending between $1.29 and $1.35. As a result, the session ended with no significant price change.

Nonetheless, it rebounded on Sunday following a slight correction. The first signs of buyback appeared following the decline. Interestingly, buying pressure remains at the time of writing. Like XMR, it is off to a good start, surging by more than 2% from its opening price.

A closer look at the charts shows that it trended near the middle band for most of the previous 14 days. However, its recent hike pushed it notably higher, suggesting it has decisively broken above it. It will likely attempt the upper band in the coming days.

Nonetheless, it must break out of its current range-bound movements to confirm further increases. If it breaks above $1.355, it will retest $1.38 this week. Conversely, rejection at this mark will result in a massive correction.

AAVE/USD

Aave is trading at $122, its highest value in almost fourteen days. It is starting the week strong, surging by over 5% in the last 20 hours.

Nonetheless, its latest uptick started on Sunday when it surged from $111 to $117. It ended the session with gains of more than 4%. With the uptrend now in its second day, there is speculation that the coin will surge higher in the coming days.

Previous price movement supports these claims as AAVE is currently trading slightly below a key barrier. If the bulls maintain the current upward momentum, the altcoin will attempt $130 this week.

However, before testing this mark, there is notable selling congestion at $123. If it fails to break this resistance, it may experience a trend reversal. The bollinger bands indicate an impending decline to $104.

RENDER/USD

Render has been on the rise since last Monday, shooting up by more than 3%. It saw its biggest surge on Thursday, gaining a whopping 10%. A closer look at the 1-day chart shows no red candles throughout the session. As a result, it posted a significant weekly gain, like XMR.

 

However, the altcoin is off to its worst start this month. For the first time, it may open red on Monday. It retraced to a low of $1.82 a few hours ago, then rebounded, but trades below its opening price.

Considering the massive 40% gains it posted last week, it may be gearing up for a notable decline this week. If the buyback fails on Tuesday, the asset may be gearing up for a 10% decline in the coming days.

Nonetheless, the previous price movement indicates it is trading above a key level. The bulls have previously defended the $1.88. Losing this mark and slipping below $1.80 will confirm the trend reversal.

The post Top Five Cryptocurrencies to Watch: BTC, XMR, TON, AAVE, RENDER appeared first on CoinTab News.