Top Five Cryptocurrencies to Watch: BTC, ZEC, ENA, DASH, TIA

ZEC continued its downtrend on Monday, shedding a significant fraction as trading volume rose 50% in the last 24 hours.

ZEC briefly broke below $300 on Sunday, then rebounded, only to grapple with notable selling pressure at $308. Additionally, it shed over 16% last week, but indicators suggest a possible recovery within the next six days.

Investors are now anticipating the big news to trigger the next price move. However, the likelihood of good news coming from the Middle East is low, meaning hostilities may resume this week. Nonetheless, the US BLS will release the initial jobless claims on Thursday. Aside from this data, the firm will report on other economic data.

The economic calendar shows no event scheduled for Monday. Amid the silence regarding fundamentals, the global cryptocurrency market cap is up 2%. Following the significant decline during the second half of the previous week, the latest uptrend signals a buyback by the bulls.

Nonetheless, the market cap added over 3% last week, marking its third consecutive session of an uptrend. The 1-week chart indicates that the current session may be the fourth, as the MACD showed a crossover some weeks ago.

However, let’s examine some key levels to watch as the market prepares for another volatile session.

BTC/USD

Bitcoin is kicking off the new week strong, up almost 2% on Monday. It reclaimed $72,600 and may be gearing up for another massive push.

It peaked at $78,394 last Friday, following the reopening of the Strait of Hormuz. Previous price movements suggested that after flipping $77k, the next big obstacle is at $79,300. One analysis predicted a surge to $80k, but it never happened.

BTC had a two-day decline following a massive sell-off after its high. However, it rebounded to $73,800 and is trading notably higher as of this writing. Considering previous price action, the apex coin may attempt $80k this week if the bulls sustain the upward momentum.

Conversely, the moving average convergence divergence indicates that the bears are lurking. The 12-EMA is currently declining. The bearish convergence is progressing and will lead to a complete crossover if Bitcoin’s upward momentum wanes.

In the short term, the fibonacci retracement levels suggest that in the event of a bearish takeover, there is growing demand concentration around $73.7k. If the bulls fail to defend it, a drop to the 61% fib level is likely.

ZEC/USD

Zcash has been on the decline since last Tuesday. It plummeted from $380 to $299, but rebounded. However, MACD suggests that the latest buyback may be short-lived. The asset had a bearish crossover last week, which explains the downturn and justifies further decline.

Given that ZEC was overbought two weeks ago, its recent downtrend is unsurprising. Despite MACD’s readings, the relative strength index offers a slight glimmer of hope. It is at 52, suggesting prices could slip further or plummet even lower.

However, the altcoin is trading near a level with notable demand concentration. It is currently trending at $310, slightly above the 50% fib level. With slight demand concentration at this level, further increases may occur. A surge to $330 will follow.

Conversely, if prices decline further, ZEC will retest $285. Previous price movements suggest the likelihood of further downturn, favoring a drop to $254 within the next six days.

ENA/USD

Ethena was one of the top gainers last week, surging 23%, the highest in over six months. However, it retraced during the second half of the session, shedding almost half its previous gains.

The relative strength index briefly surged above 70 due to the massive hikes. Like ZEC, the altcoin was overbought, which explains the ensuing downturn and may signal more to come.

ENA currently trades at $0.113, slightly above its Monday opening price. It faced notable rejection at $0.119  earlier, suggesting that some investors are cashing out following the uptick. It also explains the current sentiment among its holders.

If it persists, the asset will plummet to the 61% fib level at $0.102. Interestingly, previous price movement shows slight demand concentration around the mark. If the bulls fail to defend the barrier, it will retrace below $0.10.

The MACD histogram suggests a high likelihood that the downtrend will continue over the next 6 days. Its bars are progressively smaller as selling pressure mounts. The indicator also shows bearish convergence.

DASH/USD

Like ZEC, Dash has been declining since last Tuesday. With no green since the downturn started, it shed a whopping 18% last week. It almost completely erased the gains it had two weeks ago.

However, it rebounded on Monday and trades up almost 2% at the time of writing. Following days of consistent decline, the altcoin may plummet even lower in the coming week as it bounced off no key levels.

Previous price movements show that the asset hovers around this mark, and it continues its decline shortly after. If the trend holds, the downturn from the previous week will extend to the next six days. A drop to $31 may result.

The moving average convergence divergence also signaled a sell-off last week. It had a bearish crossover during this period, and the signal remains in effect at the time of writing.

TIA/USD

Celestia broke out last week after weeks of being rangebound. It gained a whopping 24% on Thursday, adding to the massive tally. However, momentum waned, and the asset saw significant losses over the weekend.

It attempted $0.40 on Monday, but was rejected. It’s up 4% as buying pressure increases. Nonetheless, it also indicates that the bulls may be gearing up for the next move.

The asset broke its two-month high a few days ago, edging closer to its three-month high at $0.47. It fell short at $0.45, but prior price action suggests a push to the 60-day high is likely, as there is no resistance before that level. TIA may retest the mark within the next six days.

However, RSI peaked at 75 last week. With the altcoin overbought at the time, it may retrace further in the coming days. There is a slight demand concentration at $0.35. The bulls must defend the barrier as further slip will send prices below $0.30.

The post Top Five Cryptocurrencies to Watch: BTC, ZEC, ENA, DASH, TIA appeared first on CoinTab News.