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DOGE is trading at its opening price, but its candle indicates that it surged higher a few hours ago. It no doubt lost its upward momentum following its sharp 2% increase.
The bulls are currently struggling to keep prices afloat as selling pressure threatens a further decline. Switching the chart to the 4-hour timeframe reveals limited success in the buyback bid, but indicators are currently negative.
DOGE is experiencing the same trend as most of the crypto market. The global cryptocurrency market cap gained over 2% in the first 4 hours of Monday, but has now shed the gains and prints a red candle on the 1-day scale.
A closer look at the current dayās price action indicates this is not the first time the market has been trending this way. Last Monday, price action kicked off similarly and was rangebound for the rest of the week. It remains to be seen if the trend will change over the next six days.
Nonetheless, the crypto market saw reduced trading volume over the last seven days. The factor responsible for the slow price movement in the previous week remains.Ā Ā
About fundamentals, there are no strong ones lined for the week. However, investors are paying close attention to the Federal Reserveās year-end meeting.
Letās examine some assets to keep an eye on this week.
Bitcoin sparked speculation that the uptrend may have resumed a few hours ago, when it broke above $90k for the first time since last Monday. The event that occurred a few hours ago led in significant profit-taking afterward.
As a result, the apex retraced below $87k. It has since rebounded and is trading at its opening price.
Bitcoin had almost an exact repeat of last Mondayās movement. It reaffirms the sell wall at $90k and the demand concentration at $86k. These two levels would form the boundaries for price movement over the next six days.
In a nutshell, the apex coin will most likely remain rangebound for the rest of the week.
Nonetheless, new events are unfolding in the bollinger bands which signal further uptrends if BTC maintains it. The asset is gradually edging closer to breaking above the middle band. While this is not due to a sudden price spike, trading above the SMA shows an increased likelihood of breaking out once the uptrend starts.
The moving average convergence divergence is also positive at the time of writing, having had a bullish crossover last week.
DOGE ended the previous week down almost 5%. It retested its seven-day low on Friday, threatening to break below $0.12, but rebounded.
One analysis warned of adverse consequences if the asset breaks below the mark. It cited previous similar slips and how they turned out, pointing to a drop below $0.10 in the coming days. The article also brought attention to the asset trading within a descending triangle and suggested a breakout would happen this week.
DOGE is currently trading at $0.123, indicating it still holds the highlighted support. However, the 1-day chart also depicts rejection at the resistance earlier on Monday. Based on the triangle, the memecoin will break out of the pattern within the next 6 days and may be rangebound over the next 2 days.
The previously highlighted suggested that the breakout direction is uncertain. However, MACD currently favors a surge following its positive crossover last week.
Zcash is trading at $525 at the time of writing. The 1-day chart shows it is trending slightly below its opening price after it experienced rejections at $550. Nonetheless, the asset rebounded from a drop to $508 afterward.
Current trading action indicates slowing upward momentum after several days of consistent uptrend. One of the biggest happened on Friday when it surged from $447 to $528, gaining over 15% n the end.
With the bulls showing signs of exhaustion, Zcash may experience a trend reversal this week. The bollinger bands agree with the assertion as the altcoin is trading above the band. An asset usually signals the end of an uptrend.
If the trend with the BB holds over the next six days, ZEC will plummet even lower. Although previous price action suggests slight demand concentration at $510, the altcoin will likely retrace below it. Its next price target may be $470.
Zcash is currently trading above the 38% fib level. While the fibonacci retracement level points to demand concentration at this mark, a drop to the 23% mark is more likely than holding the 38% mark.
Dash made a comeback after several weeks of decline. The five-week downtrend ended last week, with gains of over 15%.
Trading actions over the next six days will determine whether the green close of the previous week marks a pause in the downturn or sparks a further uptrend. However, current price action suggests that the bulls are exhausted.
The biggest uptick happened on Saturday when the asset gained a whopping 14%. Since then, prices have declined. The losses during the previous day were not significant, but the asset is trading down by almost 5% on Monday.
Indicators remain positive amid the recent correction, suggesting a possible uptick in the next 6 days. However, last weekās uptrend may be a slight pullback before further decline. The 1-day chart reveals several instances where it played out this way. DASH may retest $36 if the bulls fail to stage a buyback soon.
QNT is one of the worst-hit assets by the selloff that ensued on Monday. It is currently trading down 2% from its opening price amid increased selling pressure.
Like DOGE, it experienced a significant decline last week, resulting in a more 5% drop. The 1-week chart shows that it closed an FVG that it created two weeks ago due to the downtrend. However, current price action suggests that the downward movement may continue over the next six days.
If that happens, QNT will break below the bollinger band. Previous price movements suggest the asset will continue to decline and may rebound to $68.
Conversely, the bollinger bands indicate that the altcoin is due for an uptrend as the 12 and 26 EMAs are currently trending in proximity with each other. A bullish crossover is due.
The post Top Five Cryptocurrencies to Watch: BTC, DOGE, ZEC, DASH, QNT appeared first on CoinTab News.
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