Top Five Cryptocurrencies to Watch: BTC, BNB, XMR, ZEC, DASH

BNB retraced below $600 a few hours ago, hitting lows not seen in more than 2 weeks. Although it has rebounded, it has yet to erase the losses it incurred.

BNB plummeted, as did the rest of the market, in the early hours of Monday when investors sharply flipped bearish. Like the asset, the global cryptocurrency market cap is seeing a notable recovery at the time of writing. At the decline’s peak, the industry lost almost 4% but rebounded shortly after. Currently at $2.25 trillion, it has recovered more than half of its losses.

The downturn came as the market reacted to a wave of events over the weekend. It was aggravated by investors’ action in the CME market, who went bearish as soon as it opened. Investors are now staring down the stock market in the coming hours and expecting another wave of decline.

Away from the reasons for the decline, the US will not release as much data as last week. The main economic data starts on Thursday, with some Fed chairs speaking before the event. Nonetheless, the threat of a new war still looms, with some analysts speculating that strikes could occur on Monday or Tuesday.

Based on fundamentals, the next six days will be bearish for the crypto market. However, indicators may tell a different story. Let’s see how some assets will perform.

BTC/USD

Bitcoin remained range-bound last week. A closer look at price action shows reduced volatility during this session, and it ended with no significant change.

A previous analysis stated that the apex was close to a breakout following almost two weeks of consolidation. As predicted, it saw a massive decline a few hours ago, dipping to a low of $64,279. It has rebounded and trades close to its opening price.

However, the chances of further decline in the coming days remain high. Following its recent decline to $64k, it broke below a level it held over the last two weeks. BTC flipped the $65k, crushing the demand concentration at the mark.

It remains to be seen if the bulls will rebuild the support. If they fail, the apex coin will slip below $63k within the next six days.

Conversely, the bollinger bands suggest short-term relief is underway. It would be confirmed if the asset prints a candle above $65k on Tuesday. If that happens, BTC will likely retest $68k next.

BNB/USD

BNB is currently trading at $611, recovering from its previous drop to $583. It trades close to its opening price at the time of writing, as the buyers pull back the losses. The price suggests that the buyback is ongoing. However, it remains to be seen if it will last the entire week.

The 1-week chart shows reduced volatility last week, but it registered a higher low than in the last two weeks. It would mark the second week with a higher low, suggesting an increased chance of a significant uptrend over the next six days.

Additionally, BNB bounced off the lower bollinger band a few hours ago, hinting at a higher likelihood of further increases. The coin may reach $630 if the bulls maintain the upward momentum.

Conversely, the 1-day chart shows the altcoin recently tested its 2-week support level. Although it rebounded, the chances of further slip due to fundamentals remain high. It may retrace below $560 within the next six days.

XMRUSD

Monero grappled with notable reduced volatility last week, remaining rangebound for most of the session. Nonetheless, it maintained $314, its fourteen-day low. It also closed with no significant price change.

Volatility returned to the market on Monday as prices moved sharply. Like BNB, XMR saw increased selling pressure in the early hours of Monday. It retraced to its level in the last two weeks, but rebounded.

However, price action is not fully bullish. While the 1-day chart shows the asset has yet to erase its losses, it also shows significant resistance to reclaim its 14-day low. It is unsurprising, as previous price movements indicate several instances when support has flipped into tough resistance.

Nonetheless, the bulls must maintain the upward momentum or risk a slip to $280 within the next six days. Interestingly, the bollinger bands hint at further decline, as the asset has yet to retest the lower band.

ZEC/USD

Since its massive surge two weeks ago, Zcash has been declining. It shed almost all its accumulated gains last week, retracing by over 17%. Its decline continued into Sunday, dipping by almost 6%.

The downtrend extended into the new week, with ZEC retracing to a low of $230. It has since rebounded and trades close to its opening price. Nonetheless, it retested a key level it held over the last fourteen days before rebounding. It remains to be seen if the bulls will continue to defend the mark.

The chances of further slip remain significant as the moving average convergence divergence prints sell signals. It displays a near-complete bearish crossover. A divergence will no doubt herald further selling pressure. The bulls must defend $230, or the asset will retrace to $210.

Additionally, ZEC retraced below bollinger’s middle band. Its next target may be the lower band, supporting predictions of further decline in the coming days.

DASH/USD

DASH recently rebounded after slipping below the bollinger bands a few hours ago. While it prints a doji, its trades below its opening price as it grapples with slight corrections.

In hindsight, the asset has been declining since Feb 15, with a few breaks. It has since shed over 11% and retested its fourteen-day low. However, it rebounded last week, but failed a few hours ago. Like BNB, the altcoin tore through the critical level and revisited a level not seen since Feb 6.

Nonetheless, DASH is trading above the key level at the time of writing. It has not yet flipped bullish, but the bollinger bands suggest it will see more upside in the coming days.

The altcoin is also trading at a key support. If the bulls continue the buyback, it may reclaim $36. Conversely, if the asset prints another below $32, a drop below $30 is almost inevitable.

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