Top Five Cryptocurrencies to Watch: BTC, TRX, OP, RAY, TIA

RAY surged to a high of $3.86 last week but failed to sustain the momentum, resulting in a significant decline. The token registered notable losses following its massive price surge.

The price action RAY experienced the previous week is the same across several cryptocurrencies. The market saw notable volatility but failed to end the session with any significant increases. 

Nonetheless, the sector saw a spike in liquidity inflow on Sunday, causing massive surges. Dogwifhat surged from $0.93 to peak at $1.09. It ended the day with gains exceeding 14% amid slight declines. Dogecoin had a similar action, surging from $0.214 to $0.237, gaining over 8%.

The global cryptocurrency market cap surged from $3.28T to $3.36T. Trading volume rose as buying pressure soared. However, the bullish sentiment is fading as most assets saw a trend reversal on Monday. 

Brett lost over 12% in the last 24 hours, making it the top loser. Four follows behind with 10%, and Ethena is down by over 8%. The losses across these altcoins reflected across the market, as the industry’s total value dropped to $3.23T. 

The new week is off to a sluggish start following the price drops. Fundamentals are silent as investors anticipate no significant events. How will some cryptocurrencies perform?

Top Five Cryptocurrencies to Watch

BTC/USD

Bitcoin surged from $103,172 to above $105k on Sunday. The apex coin peaked at $106,635, closing with gains exceeding 3%. The bullish end to the previous week sparked notable selling pressure on Monday.

BTC broke $107k a few hours ago but experienced selling congestion afterward. It slipped to a low of $102k before rebounding. At the time of writing, it trades at $105,400, hinting at a significant recovery following the sharp drop. 

However, the moving average convergence divergence prints sell signals amid the ongoing trend. It displayed a bearish crossing a few days ago. The 12-day and 26-day EMA are closely moving together as price movements remain notably sideways. 

Nonetheless, the relative strength index is at 69. It was at 72 on Sunday but dipped as selling volume increased. Its close trend with 70 shows that a massive price correction may happen within six days as the coin was overbought for most of the last two weeks. 

A closer look at the one-day chart shows that the largest cryptocurrency has held on to the $102k support since reclaiming it. This may continue this week. However, if it breaks, BTC risks slipping as low as $100k. Conversely, Sunday’s price actions suggest that the bulls are aiming for a return to $110k.

TRX/USD

A close at TRX’s current price would see it register its fifth day of consecutive declines. Nonetheless, it showed upward tendencies on Sunday, rebounding from $0.262 to $0.275. It failed to sustain momentum, resulting in a close below its opening price. 

Tron is off to a bearish start, slipping to a low of $0.260. Although it is recovering, MACD hints at further price declines. The 12-day EMA will cross the 26-day EMA in the next 24 hours, marking a bearish divergence. 

Like RAY, the altcoin was overbought last week. The ongoing downtrend is a response to the peak buying volume it enjoyed during that period. A closer look at the relative strength index shows that the decline may end within the next six days. 

RSI trended around 50 after surging above 70. The same trend may repeat itself. TRX will lose the $0.260 support, dipping close to $0.256 before rebounding.

OP/USD

Optimism has almost fully erased Sunday’s gains. It dipped to a low of $0.66 during the session but rebounded and peaked at $0.75. It gained nearly 5% amid notable slight declines. 

OP retraced to Sunday’s low a few hours ago. However, it rebounded and trades at $0.71 at the time of writing. The one-day chart shows that the asset has been on a downtrend since Wednesday. RSI declined in response to the significant rise in selling pressure. 

The moving average convergence divergence displayed a bearish crossing last week. The trend is ongoing, suggesting a continuation of the negative trend. Bollinger bands show that the cryptocurrency slipped below the middle band. 

Most indicators’ readings remain negative. A further decline will see the asset retest the $0.62 support. Conversely, it may rebound, surging to $0.80 within the next six days.

RAY/USD

RAY opened the previous intraday session at $3 and surged to a high of $3.42. It gained over 10% during the previous session. However, it is seeing massive corrections at the time of writing. 

The token tested the $3 support a few hours ago but failed to break it. Raydium rebounded, but trades close to the low. The latest attempt marks the third in the last three days. The growing pressure on the barrier may indicate an impending flip. It broke twice last week. However, indicators point to bigger declines.

MACD shows the 12-day EMA in contact with its counterpart. A bearish divergence will happen, heralding further downtrends. The relative strength index was above 70 on Wednesday, indicating that RAY was overbought. The ongoing correction may continue this week, as previous trends suggest that RSI may slip below 50.

Prices will follow. Previous price movement hints at a slip to $2.60 within the next six days. 

TIA/USD

Celestia’s 15% loss last week may continue over the next six days. The altcoin is off to a sluggish start, dipping to a low of $2.51 a few hours ago. Although it rebounded, indicators are printing bearish signals.

The moving average convergence divergence displayed a bearish crossing last week. The trend is ongoing, suggesting a continuation of the negative trend. Bollinger bands show that the cryptocurrency slipped below the middle band. 

Price movement over the last three days shows that, like RAY, TIA continually tested a critical barrier. Based on the readings from indicators, the $2.50 support may not hold this week. On the other hand, it may break above $2.80. 

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