Top Five Cryptocurrencies to Watch: BTC, TRX, ENA, INJ, HNT

TRX failed to surge like most cryptocurrencies in the top 10. Aside from stablecoins, it was one of the least performing assets in the top 10. Price action and trading volume were notably low amid the bullish sentiment across the market.

Nonetheless, TRX is off to a notable start with notable increases. However, some assets are down by a few percent at the time of writing. The latest trend comes as the bulls show signs of exhaustion following last week’s massive run. 

Trading volume across the crypto market remains relatively high, 12% higher than the previous day. Price action suggests that the bears are seizing the initiative. However, the global cryptocurrency market cap is worth $3.33 amid the growing negative sentiment. 

Many find the latest shift in sentiment surprising, as it occurs at a time when fundamentals are still positive. A few days ago, the US lowered its tariff on pharmaceutical products and announced the reduction of the levies it imposed against China. Talks between the two giants yielded results, as investors anticipated. 

However, prices have yet to reflect the bullish sentiment. The fear and greed index remains significantly high at 73. Will investors’ positive condition reflect on the market this week? 

Top Five Cryptocurrencies

BTC/USD

BTC gained a whopping 10% last week but closed Sunday with slight losses. The uptrend lasted almost the entire session and was strongest on Thursday when the asset surged from $97k to $104,159 and gained over 6%.

Since this significant increase, trading actions show that the asset grappled with notable rejection at $105k. It failed to break it on Saturday due to massive selling congestion at $104,985. A repeat of the event happened the next day.

However, BTC broke above the highlighted mark a few minutes ago, hitting a high of $105,700. It trades below its opening price at the time of writing, as it experienced a slight increase in selling pressure. Nonetheless, it bounced off $102k following its most recent decline. It risks slipping below $100k.

The highlighted mark is gradually becoming a key support, as Bitcoin bounced off it twice in the last four days. The level has a slim chance of holding out in the event of a major price decline. The fact that the asset is overbought, with RSI above 70, heightened fears of such a downtrend.

Conversely, BTC may attempt $107k in the coming days following its decisive flip of the $105k resistance. 

TRX/USD

Tron failed to surge as much as most altcoins last week. Nonetheless, it registered gains of almost 7%. Its biggest surge happened on the fourth day of the week, with the asset gaining over 3%. Nonetheless, the asset broke the $0.266 resistance on Friday for the first time since January.

The coin is off to a good start, gaining almost 4%. It overturned its bearish end to the previous session and aims to flip more key resistance. For example, it broke its previous high for the year as it surged to a high of $0.280. 

However, it trades significantly lower than its peak as it faces significant selling pressure. Trading at $0.275, fears of further price increases are reaching a new level as the relative strength index shows that TRX is overbought. Currently at 73, the asset may see further declines in the coming days. A massive downtrend may send the altcoin to $0.26.

On the other hand, it may surge close to $0.30 following its previous week’s performance. Previous price movements point to a possible massive 10%-20% candle this week. 

ENA/USD

Ethena is off to a bearish start, dipping by over 2% after hitting a high of $0.43 a few hours ago. The latest decline continues the previous almost 3% drop. A close with no significant price movement on Monday may signify exhaustion from the bulls. 

The relative strength index displays a sharp decline, indicating a sharp rise in selling pressure. The buyer may be taking a break after the massive increases the coin experienced last week. Like TRX, the surges started on Thursday with a huge 27% increase. It registered another 13% surge on Saturday. 

Nonetheless, this is the highest level RSI is attaining this year. Based on actions in January, the asset may see further declines this week. Nonetheless, it’s trading close to a key level. It may hover around the $0.38 support due to notable demand concentration around it. Nonetheless, the further increases may send it close to $0.50.

INJ/USD

Injective surged to a high of $14.3 a few hours ago. However, the bulls failed to sustain the momentum, resulting in a significant decline. Currently trading at its opening price, the asset is off to a sluggish start. Its most recent decline follows a substantial change in trading sentiment across the crypto market.

Nonetheless, the asset is overbought, which may affect its performance over the next six days. The relative strength index is at 73, a significant drop from its high two days ago. It continues the previous day’s trend of a notable decline.

Following a massive surge last week, the bulls are showing signs of exhaustion. INJ gained a whopping 41%. The exhaustion may affect the coin’s performance this week. If the selling pressure increases, the altcoin may slip to $12. 

Nonetheless, the moving average convergence divergence continues upward, printing buy signals. This may indicate a possible surge to $16.

HNT/USD

Helium may end Monday with significant losses. It opened the session at $4 but retraced after failing to reclaim the $4.10 mark. Currently trading at $3.83, the asset risks a further decline in the coming days. It is experiencing a massive spike in selling pressure. 

The relative strength index is at 51, dropping more than ten clicks from its Saturday reading. At the time of writing, MACD is printing sell signals. The 12-day is on the downtrend as prices dip further. 

HNT may dip as low as $3.60 within the next six days. Nonetheless, RSI shows room for a possible price increase. The asset may surge above $4. 

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