Top Five Cryptocurrencies to Watch: BTC, TON, MKR, LDO, CAKE

MKR was one of the top gainers last week, registering a significant increase. However, the one-week chart shows that the asset succumbed to the general price trend across the market.

MKR was bullish during the first half of the session, surging to a high of $1,500. It lost momentum and closed at $1,284. The altcoin’s price trend is not an isolated case, as the global cryptocurrency market cap retraced from $2.87 trillion to $2.67 trillion.

Further bearish news drove the market into another selling frenzy. Investors pay close attention to when the bearish trend will end. However, last week’s trading action suggests that the bulls have yet to force a breakout to low liquidity inflow.

Data from Coinmarketcap indicates that interest in crypto assets has dwindled. Trading volume plunged in response. RSI across several assets points to a spike in selling pressure, indicating that bears’ dominance continued amid the low volume. 

The market has since recovered from the massive decline, with buying and selling increasing. At the time of writing, it is seeing a 63% increase in volume compared to the previous day.

However, traders are skeptical about the following price action as the current trading action mimics the previous week’s. Most cryptocurrencies are off to a good start, increasing price uncertainty. Will the surge continue throughout the week?

Top Five Cryptocurrencies

BTC/USD

Bitcoin sees less buying pressure compared to the previous week. It prints a doji, indicating it’s yet to register any significant price change. Current price trends suggest that the asset still grapples with considerable selling pressure. 

Data from CryptoQuant supports the previous assertion, as exchange reserves are increasing. The slight change in reserves is buoyed by massive inflows into trading platforms, which are seeing 89% increases in investors’ deposits compared to Sunday.

It is worth noting that the influx is not limited to the whales. Active wallets on the Bitcoin chain surged by over 115% in the last 24 hours. Transaction and transfer volumes reveal the same reading, increasing by 140% and 130%, respectively.

The one-day chart paints a more negative picture of how prices may play out this week. The moving average convergence divergence displayed an interception between the 12-day EMA and the 26-day EMA. BTC may experience further declines following the bearish divergence.

Previous price movements indicate that the apex coin is trading at a critical mark. Prices have held above $82k over the last fourteen days. A further slip from the current price may increase the pressure on the highlighted support.

Conversely, a shift in trading sentiment may send prices higher. If this happens, the asset may hit $86k.

TON/USD

Toncoin resumed its uptrend after following its brief break last week. Sunday ended with gains exceeding 5% after a 2% dip the previous day. The altcoin is experiencing a spill over the bullish sentiment, giving it a good start to the session.

Currently up by over 5%, the asset broke above its two-month high. It surged to a high of $4.16 but trades lower. The current price trend sparks questions about whether the upticks will continue. 

It is worth noting that the altcoin was oversold a few weeks ago. Its upticks mark a further recovery from its previous lows. Price movements suggest the coin may climb higher, breaking above $4.50.

However, the relative strength index hints at TON becoming overbought. The metric is at 63 at the time of writing, close to 70. A further increase in buying pressure may send the RSI above 70, heralding a trend reversal that will send prices as low as $3.50.

MACD continues its uptrend as prices soar. Its histogram shows a gradual drop in the gap between the 12-day EMA and 26-day EMA. This may be the start of a bearish divergence. 

MKR/USD

MKR surge to $1,500 ended following several attempts. The asset had a massive 10% drop afterward, and a slight decline on Sunday. 

The altcoin resumed its uptrend on Monday, rebounding from $1,250 to $1,336. Up by over 4%, the RSI suggests that prices may surge higher in the coming days as buying pressure remains healthy. The metric is at 53, indicating more room for further increase.

MKR’s recent hike changed the 12-day EMA trajectory. The indicator was trending downwards in reaction to the two-day price declines. MACD’s histogram showed smaller bars as it edged close to intercepting the 26-day EMA. However, it halted its decline.

Based on the highlighted readings, the altcoin may see further increases in the coming days. It may break above $1,500 again. Conversely, MKR is trading above its 23% fib level. It risks a lip below $1,200  if it loses this critical mark.

LDO/USD

Lido’s price plummeted last week. Following last Monday’s slight increase, it failed to register any other green candle throughout the session and lost over 17%. 

The bulls are trying to pull back the losses with limited success. The asset recovered from a slight decline to $0.84 and trades 2% higher than it started the day. While the slight recovery may be a sign of recovery that may progress into an uptrend, indicators suggest otherwise.

The moving average convergence divergence display a red signal at the time of writing. It shows a full bearish crossing, indicating furtherr price declines. The asset may retest the $0.80 support this week if trading conditions worsens. 

CAKE/USD

Pancakeswap was not exempt from the bearish trend across the crypto market. The one-day chart suggests that it experienced a tremendous decline last week, dropping by over 27%. 

It has yet to recover from the downtrend. A few hours ago, it slipped lower, hitting a low of $1.89. Although its current price shows that it rebounded, it has yet to register any significant increase. 

The moving average convergence divergence displays a red signal at the time of writing. It shows a full bearish crossing that happened a few days ago, indicating further price declines. The price may slip below $1.80 if trading conditions remain the same.

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