Top Five Cryptocurrencies to Watch: BTC, HYPE, TAO, CAKE, ETC

HYPE prints a doji on Monday as the bears and bulls remain in a deadlock. Nonetheless, the 1-day chart shows that the asset had a significant increase earlier.

Last week, HYPE saw massive gains, boosted by its listing on Robinhood. The bullish trend continued following the announcement, but recent price action suggests that the upward momentum is waning.

However, the drop in upward momentum is affecting the entire market. The global cryptocurrency peaked at $3.90 trillion for the first time in more than fourteen days. It retraced and is printing a red candle at the time of writing.

Indicators suggest further declines in the coming hours. Nevertheless, the downtrend may be short-lived, as a plethora of key events are lined up for the week. Kicking off Wednesday is the US FOMC, and many anticipate a possible rate cut. The S&P 500 will also report earnings, which will likely generate volatility.

Away from the overview, Zcash is gradually climbing and may end the day as the top gainer. It opened the day at $325 and surged to a high of $374, but is trading lower at the time of writing. Nonetheless, it remains up by over 10%.

With a brief overview of how the market may perform in the coming days, let’s see the asset to watch.

BTC/USD

Bitcoin had one of its biggest gains on Sunday, surging from $111,281 to $115,447. It ended the session with losses exceeding 2% amid a slight correction. It continued the uptrend on Monday, but is nearing a different outcome.

The apex coin surged to a high of $116,381 before losing momentum. It is currently trading at $115k, having slipped lower a few hours ago, suggesting growing selling pressure. The asset continues to hover at the mark amid the pressure. Its constant lingering at the price mark may mean slight demand concentration. 

Meanwhile, indicators point to an impending decline on Tuesday. A closer look at price action over the last three weeks shows that a green Monday will result in losses the next day.

Nonetheless, indicators warn of a massive uptick afterward. The moving average convergence divergence is one such, and it displayed a bullish divergence on Saturday. It suggests that the bulls are in control and more increases will follow.

A closer look at the bollinger bands shows that since the apex coin rebounded off the lower band, it has posted significant gains. Its next price target may be the upper band at $121k.

HYPE/USD

Hype closed the previous week with gains of more than 26%. A look at the 1-week chart shows that aside from being the first green after two weeks of notable declines, it was also its highest increase since May.

However, the altcoin is struggling to sustain its upward momentum this week. Although it had a good start, it is trading almost 2% below its opening price. Nonetheless, indicators are flipping bearish following the previous week’s increases.

HYPE broke above the upper band a few hours ago on the 1-day chart. Its current decline may be the start of many to come. The bands hint at a retracement to the SMA at $40 before rebounding. 

Conversely, previous price movement shows notable demand concentration at $43. There is an increased likelihood of a rebound at this level, given the market’s bullish state. A look at MACD reaffirms the further increase. If that happens, HYPE may surge as high as $58 in the coming days.

TAO/USD

Bittensor has been in an uptrend since the last week of September but halted its advance during the previous seven-day session. It peaked at $456, then retraced to a low of $366, and ended the session with losses exceeding 7%.

However, the new week is offering a good start, and indicators suggest further increases. The asset opened Monday at $404 and surged to a high of $423. A closer look at the 1-day chart shows that the asset faced rejections at its current high for the second time in five days.

The asset had a bearish divergence last week, but it prints a buy signal at the time of writing. The MACD shows a near-completion of bullish convergence, hinting at further increases. In the event this happens, TAO will retest $480.

Attempting the highlighted mark aligns with readings from the bollinger bands. Bittensor is currently trading close to the SMA, and its next target may be the upper band.

CAKE/USD

CAKE is trading at $2.74, down by over 2% from its opening price. Like HYPE, it surged slightly higher but lost momentum afterward, resulting in the current decline.

The asset was mostly rangebound for most of the last seven days and is yet to break out. During this period, it faced significant rejection at $2.95.  Its current price indicates that it remains locked in its trend.

However, the asset will break out within the next six days. The moving average convergence divergence displayed a negative crossover a few days ago. Since the consolidation began, the 12 EMA’s downward momentum has gradually decreased. The gap between the 12 and 26 EMAs is narrowing, indicating an impending positive crossover. 

CAKE is trading close to bollinger’s SMA. The indicators suggest an impending flip of this mark and an attempt at $3.60. It may retest the upper band at $3.82 after flipping the middle band.

ETC/USD

Ethereum Classic is grappling with slight selling pressure since rebounding from its recent retracement. Nonetheless, closing at its current price would mark the token’s second consecutive day of increases.

Sunday was its most bullish in the last fourteen days. ETC surged from $15.9 to $16.8 and ended the session with gains exceeding 4%. However, current price action suggests that the momentum has dwindled.

As seen in the last three weeks, notable declines may follow. The asset may retrace as low as $15.8 and may retest $15.4 if the bulls fail to defend the previous mark.

However, MACD had a bullish crossover on Saturday, suggesting that the decline may not last long. After rebounding, the altcoin may surge and retest $17.3. It may continue upward and attempt the $18.7.

Attempting the highlighted mark aligns with readings from the bollinger bands. ETC is currently trading close to the SMA, and its next target may be the upper band.

The post Top Five Cryptocurrencies to Watch: BTC, HYPE, TAO, CAKE, ETC appeared first on CoinTab News.