Top Five Cryptocurrencies to Watch: BTC, ADA, TON, ALGO, DASH

TON was one of the top gainers last week, surging by 15%. It was buoyed by several fundamentals, the biggest being the announcement of an upcoming blockchain upgrade and the prospect of a Grayscale ETF.

However, TON is trading down by almost 2% at the time of writing. With buying pressure significantly reduced in the new week, the asset may sink even lower in the coming days.

Nonetheless, the selling pressure plaguing the altcoin is also affecting other cryptocurrencies. As a result, the global cryptocurrency market cap is yet to surge.

Regarding fundamentals, the US BLS will release the PPI report on Tuesday. The median forecast is currently positive as they hint at a drop in the metric. The same bullish forecast is also present in the initial jobless claims report scheduled for Thursday.

The market is no doubt gearing up for a volatile week. With the US blockade in the Strait of Hormuz taking place, it remains to be seen how some cryptocurrencies will react.

Investors are left uncertain as they wonder whether the Middle East conflict will overshadow the impending positive economic data.

Amidst the worries, assets like RAVE and AAVE are currently seeing notable buying pressure. RAVE has gained over 57% as of Monday, while AAVE has gained almost 5%. Nonetheless, let’s see how some assets in the top 100 will perform this week.

BTC/USD

Following a significant selloff on Sunday that saw Bitcoin lose over 3%, it is attempting to recover its lost levels on Monday. Currently up 2%, it trades slightly above $72k.

The latest hike was fueled by fundamentals. News of Strategy’s purchase, among others, was among the bullish news that made the rounds.

Nonetheless, amid the rise in buying volume, the asset has failed to retest the previous day’s high. Its failure is more concerning given that it failed to decisively flip the $73k resistance last week. BTC recently faced rejection at $72,500, suggesting that the selling congestion at the highlighted level remains strong.

However, the impending US BLS data release may trigger a breakout for the apex coin. If it comes out as expected, it may attempt $74,500 this week.

Conversely, if the data fails to excite, the asset will retrace lower. Interestingly, indicators on the 1-day chart point to a higher chance of this happening. The asset recently tested the bollinger band, but faced rejection. Its next destination after the failed attempt at the upper band may be the middle band at $69,200.

ADA/USD

ADA prints a doji on the 1-day chart after failing to keep prices above key levels. It is yet to fully recover from the massive decline it suffered on Sunday, when it shed over 5%. As a result, investors are currently struggling to erase the bearish sentiment.

However, it recently rebounded close to a key level. It has maintained trading above $0.233 over the last two months. Its latest rebound suggests that the bulls may stage buybacks in this week. They may defend the mark, causing a surge above the pivot point at $0.255.

The bollinger bands align with this assertion as ADA is currently trading close to the lower band. Nonetheless, the indicator suggests that the asset will decline slightly lower before the uptrend starts. The BB also suggests an attempt at the $0.26 once it starts.

TON/USD

TON is currently down by almost 2%. Following its failed attempt at $1.52 on Saturday, it has failed to continue upward. The fundamentals have since faded, causing notable profit-taking.

Nonetheless, amid the selling pressure, it has maintained trading above $1.40. Having tested the mark twice in the last 48 hours, the rebound indicates notable demand concentration.

However, the relative strength was above 70 on Saturday, indicating that the asset was overbought. RSI is back below the boundary, but the risks of further slips remain intact. TON printed a doji on Sunday following its rebound.

It has since posted a new low on Monday. Although it trades above its recent low, the current price setup hints at a flip of the $1.40 support on Tuesday.

TON may retest $1.35 this week if the downtrend continues. The pivot point standard indicates a higher likelihood of this happening, as it places the next key level at $1.34. Additionally, the chances of a further increase this week are relatively low as the bears are currently staging selling pressure at R2.

ALGO/USD

Algorand declined starting last Monday. The downtrend lasted the entire week, ripping through key supports. It is currently trading at $0.10, slightly above its opening price.

However, prices are currently stable as the asset trades between the first and second pivot resistance over the last 48 hours. It rebounded off R1 a few hours ago, marking the second of such events since Sunday.

With notable demand concentration building at the mark, the altcoin may be gearing up for further increases this week. Per the pivot point standard, it may attempt R2 at $1.10 in the coming days.

Nonetheless, the latest rebound took place at bollinger’s middle band. As such, the indicator supports the possibility of an uptrend. If the bulls defend the mark, ALGO may surge above R2 within the next six days.

DASH/USD

Like TON, DASH saw a notable increase last week. Investors confused the acquisition of Singtel Dash with a big development on the blockchain. As a result, they staged massive rallies on Friday and Saturday.

However, it trades below its opening price on Monday. It continues its massive decline from the previous day that saw it lose over 11%. While it saw notable gains a few hours ago, it has since shed those gains amid renewed profit-taking.

The bollinger bands warn of further decline this week as the asset broke out of the indicator on Saturday. Although back below the upper band at the time of writing, the indicator suggests a possible decline to the middle band. The altcoin may retrace as low as $34 this week.

However, the PPS raises the target. Within the next few days, DASH may retrace to the first pivot resistance at $36. Additionally, the pivot point standard suggests the likelihood of further decline is relatively high following its failure to flip R4. 

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