Top Five Cryptocurrencies to Watch: BTC, XMR, ZEC, SUI, DOT

ZEC is off to a slow start on Monday after an explosive performance last week. The weekend lacked the massive volatility seen during the weekdays.

Nonetheless, the price held steady, resulting in a 17% increase over the last seven days. However, amid the increases, the altcoin failed to retest its 30-day high.

ZEC is currently trading at its opening price. The global crypto market is trading slightly lower than it started the day. It grapples with the effect of negative fundamentals over the weekend, absorbing the shock from the futures market.

Meanwhile, the buyers are currently staging buybacks across several cryptocurrencies. Their efforts are yielding slight results. It remains to be seen if they will erase the current losses.

A bearish start to the week may set the precedent for further decline as seen in recent weeks. The same may happen over the next six days, given the current fundamentals. The US BLS will also release some reports. However, the forecast for some of the essential ones is negative.

The crypto market may plummet in response to the data. Aside from the impending releases, the US Federal Reserve will announce its rate decision on Wednesday. Prices may be priced in before the announcement.

The top 100 cryptocurrencies were volatile last week, producing some gainers and losers. Let’s see how these top movers perform in the coming days.

BTC/USD

Bitcoin broke above $79k on Monday, trading $10 shy of the previous week’s high. It retraced shortly after and has since maintained around $77k. As a result, it is rangebound on the shorter timeframe.

Nonetheless, its recent price movements suggest prices are gearing up for a major move. Amid the current trend, the moving average convergence divergence prints sell signals. It reflects growing buyer exhaustion, which may spiral into massive declines this week. It also shows an ongoing convergence, increasing the likelihood of further decline.

Zooming out, the apex coin is trading below its value area high. If the trend continues, it may retrace closer to the point of control. However, there is notable demand concentration between $74,700 and $73,600. Prices may rebound around this zone this week.

Conversely, BTC may experience a significant increase in the coming hours, potentially filling the CME gap above $81k. It will retrace afterward, as several indicators suggest that massive corrections in the coming days are almost inevitable.

XMR/USD

Monero saw a significant spike on Sunday, surging to a high of $406. It ended the session at $392, up by over 5%.

Momentum is waning as the asset grapples with significant selling pressure at $387. The current price suggests it will continue to retrace in the coming days. The fixed-volume profile indicates that the asset saw notable pressure at $372, which led in the rise.

The demand concentration gradually declined as it climbed higher. Nonetheless, there is significant volume around $365. If it fails, prices will plummet to the POC at $347.

Nonetheless, MACD is currently neutral about the next price action. While it maintains its upward trajectory, its histogram prints almost equal bars to the previous day; the bullish sentiment is nearing its end.

However, this is not the first time it is trending this way. It continued upward following one such phenomenon. If the trend repeats, XMR will attempt $430 this week.

ZEC/USD

Two weeks ago, Zcash was in a downtrend, failing to register any green. It saw a reversal last Monday and maintained the uptrend throughout the session.

Noteworthy is what transpired on Thursday and Friday. It gained over 12% during this period. Meanwhile, the most volume was at the low and high. Zooming out, there is notable volume up to $385. Price may retest the high.

The moving average convergence divergence suggests an increased chance of a further uptrend in the coming days. The 12- and 26-EMA are currently trending closely together; a positive crossover is imminent.

Conversely, ZEC has been rangebound since Saturday; trading between $365 and $349. It maintained the same levels on Monday, suggesting an impending breakout. Adding to the conviction of a breakout is the bollinger band. It’s constricting as volatility declines.

It also hints at the next price direction. ZEC broke above the upper band a few weeks ago and retested the middle band days later. It has since bounced off the SMA, but the risk of a drop to the lower band at $301 remains.

SUI/USD

Similar to ZEC, the bollinger bands are also constricting on SUI. It was rangebound over the last seven days, trending between $0.92 and $0.96 for most of the session.

It continues within this range on Monday, but prices are down from their opens. After maintaining the same trend for a week, price movement and the BB suggest a breakout may occur within the next 6 days.

However, the indicators suggest prices may surge or decline. The $1 resistance lies at the top, and the $0.90 support lies below.

Amid the rangebound movement last week, MACD had a bearish crossover. It means there’s a higher chance of further decline within the next six days. Currently trading at $0.92, SUI may be gearing up for a 4% drop.

DOT/USD

Polkadot created a fair-value gap on the 1-week scale two weeks ago. It tried to fill it during the previous session but failed, as it saw rejections after peaking at $1.32.

DOT has been rangebound since Thursday, trending between $1.27 and $1.21. It maintains the same levels on Monday, while it trades down by over 2%. Notably, prices have struggled to break out amid several attempts.

The trend will change this week, as the MACD is in a bearish convergence. If the current trend persists, a crossover will follow. The asset may edge closer to bollinger’s lower band at $1.18.

The likelihood of further decline increases, as the altcoin trades below its point of control.

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