Top Five Cryptocurrencies: BTC, ZEC, TAO, UNI, QNT

ZEC had a very strong start to the week, posting notable gains on Monday. It reversed the losses it incurred over the weekend and reignited the conviction of further increases in the coming days.

However, the bulls are currently struggling to maintain the upward momentum. Due to this, prices have since retraced. ZEC is threatening further declines following its recent rejection at the previous day’s high.

The trend affecting the altcoin is not peculiar. Most cryptocurrencies are currently grappling with notable selling pressure amid a strong start to the week.

For example, AAVE gained almost 4% on Monday, but saw slight rejection at its 4-day high. At the time of writing, it is down by a few percent as the bulls struggle to sustain the uptick.

The same trend is also present in the global cryptocurrency market cap. However, the economic calendar for the next five days reveals no strong releases until Thursday. The biggest movers at the time of writing are the discussions from the Middle East.

As of Monday, the US position suggested de-escalation. After an initial denial, Iranian officials have also signalled a willingness to engage in dialogue. Nonetheless, there is no assured long-term end to the conflict; further escalation will see the market plummet even lower.

A closer look at the 1-day chart shows several indicators flipping negative. Let’s see how they’ll affect some asset in the top 100.

BTC/USD

Bitcoin started the week with notable gains following the two-day decline over the weekend. It lost almost 4% during this period but erased the losses in on Monday.

It gained almost 5% after surging to a high of $71,801. Following its failed attempt at this key level, the bulls have since struggled to resume the uptrend. As a result, the apex coin prints a red candle on Tuesday.

However, the moving average convergence divergence prints sell signals at the time of writing. Over the weekend, it had a negative crossover, signalling further decline ahead. The last time this metric printed such a reading, it trended downward for an extended period.

If the trend repeats, the next five days are almost guaranteed to be bearish. The bollinger bands also support this prediction, as BTC retraced after breaking above the upper band last week. It is currently trending close to the middle band.

If the bulls fail to defend this mark, the apex coin will plummet as low as the lower band. It will retest the $66k support for the first time in more than fourteen days.

ZEC/USD

ZEC prints a doji on Tuesday after rebounding from a recent decline. Nonetheless, it is down by almost 2%. The recent drop follows the 5% hike it registered on Monday, resulting in the asset erasing some of the losses it incurred over the weekend.

A closer look at Saturday’s event shows the altcoin lost over 6%. However, aside from the losses, the decline started after a failed attempt at $240. It faced notable rejection at $236. Interestingly, it has yet to break this key level despite multiple tests in the last 24 hours.

If the bulls fail to decisively flip the level within the next 48 hours, ZEC may be heading for a steep decline. A closer look at the 1-day chart shows notable demand concentration at $213. The asset may retrace below the mark within the next five days.

MACD offers more reasons for the bearish prediction. It shows a tightening gap between the 12 and 26 EMA. A negative crossover may follow, signaling further decline.

TAO/USD

Bittensor is currently trading at $307, almost 5% higher than its opening price. However, its candle depicts a recent surge to $320. It experienced notable rejection, resulting in the current decline.

A green close on Tuesday will mark the asset’s second consecutive day of gains. Like ZEC, it had a strong start to the week, surging from $261 to $291 and closing with gains of more than 12%. It has since erased the losses it incurred during its three-day decline.

However, it is at a crossroads as of this writing. The 1-day chart shows it recently shorted above $300, a critical resistance level it has failed to decisively flip since January. Its latest hike to $320 may not be considered a decisive flip, as the bears threaten further declines.

Confirmation of the breakout will come on Wednesday, when it registers and holds a new candle above the breakout level. If this happens, TAO will attempt $340 this week. Conversely, if it fails, a drop below $260 is more likely.

UNI/USD

Uniswap experienced a significant downtrend last week, posting losses exceeding 14%. The 1-day chart shows the decline began on Tuesday, following a strong start to the week.

Prices are currently mirroring last week’s action, as the altcoin has had a good start to the current session. It surged from $3.47 to $3.68, then saw a slight correction and closed with gains exceeding 3%.

However, it prints a red candle on Tuesday, suggesting that the bulls have lost the initiative. If price action plays out like it did last week, UNI will experience a notable decline in the coming days. It may retrace as low as $3.20.

Conversely, the bollinger bands point to an increased chance of further increases. The altcoin has traded close to the lower band since Wednesday, then rebounded on Monday. In the event that readings from the BB play out, Uniswap may edge closer to $3.80.

QNT/USD

Since Mar 12, Quant has been on the rise, and maintained its uptrend until Mar 20. It printed greens during this period and closed the last day with its gains exceeding 7%.

What followed was a two-day decline that resulted in a 10% losses. However, like ZEC, it saw a notable uptick on Monday, surging to a high of $74.5. It soon lost the upward momentum and ended the day with no significant changes.

It prints a green candle on Tuesday and has surged higher. Currently up by almost 2%, the bulls may be looking to reclaim control.  Additionally, it printed a higher low, indicating more bullish action.

If buyers continue to sustain the upward momentum, QNT may retest $78. However, the bollinger bands show that the asset is at a crossroads. Last week, it retraced after several days of trading near the upper band. With the latest correction, the next target would be the lower band.

Nonetheless, it has shown strength since rebounding at the SMA. Its current action points to further increase. Conversely, a slip below the lower band will send the altcoin below $66.

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