Top Five Cryptocurrencies to Watch: BTC, XMR, LINK, AXS, PUMP

XMR trended downward for most of the previous week, dropping to one of its lowest levels in the last two weeks.

The asset lost a whopping 20% over the last seven days, hitting a low of $444 on Sunday. However, it rebounded and trended a few percent higher than it started the day.

The current trend on XMR shows that the global cryptocurrency market cap is recovering from last week’s decline. True to this statement, investors are flooding the market as volume increased by over 111% in the last 24 hours.

However, the crypto market is yet to erase the losses it incurred on Sunday when it plunged by over 3%. In line with volume data, the market gap is on the rise, but has gained less than 2% on Monday. Aside from the slight recovery in the market, there are still fears that it will plummet lower in the coming hours after major assets fill the CME gaps.

The concerns may be warranted, as the 4-hour chart shows the global cryptocurrency market cap printing its first red candle. The new candle may mean further decline ahead if current trading actions remain the same.

Regarding fundamentals, there are several lined up for the new week, with the interest-rate decision being the biggest. Based on events on the US economic calendar, the next six days are expected to be volatile. Let’s see how some assets will perform.

BTC/USD

A recent analysis stated that Bitcoin has not bottomed and cited the 1-week chart as one reason. It noted that the asset prints a bear flag on this timeframe and would likely retrace further in the coming weeks, but pointed to activities in the coming week that would help decide when the downtrend would resume.

As it stands, the apex coin has printed its first candle below the flag. It remains to be seen whether the asset will surge and reclaim the critical support level. In the end, trading actions over the next six days could spell dire consequences for price trends in the coming weeks.

The moving average convergence divergence remains negative and is unaffected by the latest recovery, indicating a high chance of further decline.

Nonetheless, previous price action suggests the bulls must defend $86,500. Failure to defend the mark could send the apex coin to $84,500, or $80k in the worst-case scenario. Conversely, BTC may retest $92k if the bulls resume the upward momentum seen in the early hours of Monday.

XMR/USD

XMR’s two-week uptrend ended during the previous week. It surged to a high of $650 but met rejection as traders took profit, causing a 20% drop.

XMR had another surge in the early hours of Monday, surging to a high of $470. However, it is trading at $456 at the time of writing, indicating another rejection a few hours ago.

Its latest candle on the 1-day chart suggests the altcoin may be gearing up for further decline in the coming days. A recent analysis highlighted $400 as its next target. The likelihood of such a dip is heightened, given that the asset is currently trading below its bollinger middle band.

Aside from the BB, the MACD remains negative, increasing the likelihood of further decline. Previous price movement shows demand at $430. Failure to defend it could lead to a drop to $400 within six days.

LINK/USD

Chainlink prints its first green candle after four reds. It is up by over 2% since the day started, but trades slightly lower than its high following its rejection at $12.

Nonetheless, this increase marks a shift from the downtrend that worsened on Sunday, when the asset shed over 5% before rebounding nearly half.

A closer look at the current price shows that the asset rebounded at a level with notable demand concentration and may be gearing up for further increases. The mark has previously served as a launchpad for an attempt at $13.

The bollinger band points to an increased chance of further uptrend as LINK recently bounced off the lower band.

However, MACD remains negative. It indicates bearish pressure that may cause further decline. If this happens, the asset retraces even lower. Previous price movements point to a possible decline to $10.5.

AXS/USD

Axie Infinity has been very volatile over the last seven days. Last Monday, it lost over 12% and gained over 27% the next day. It continued upward until Sunday, when it shed a whopping 22%. Nonetheless, it ended the week with gains of more than 8%.

The coin is back on the rise, shaking off Sunday’s sentiment. It is trading up by over 20% from its opening prices. Investors are aggressively stacking up the asset, as evidenced by the over 68% surge in volume and the rising price.

However, there are fears that prices will retrace this week. The concern stems from the rejection it had last week and the prices plummeting after it became overbought. Using the same metric for the new week, the uptrend may continue as RSI is currently at 63.

AXS may retest $3 again this week before the retracing. The bollinger band agrees with this assertion as the upper band is at the mark.

PUMP/USD

A look at the 1-day chart shows that PUMP was rangebound for most of the previous week. It trended between $0.0023 and $0.0028 over the last seven days, failing to breakout following several attempts.

It recently showed a bearish MACD divergence, indicating an increased likelihood of further decline this week. Aside from the moving average convergence divergence, the recent decline started after PUMP’s recent surge above the bollinger bands.

Since it failed to halt its decline at the middle band. The altcoin may resume its downtrend until it tests the lower band at $0.0021. With both indicators pointing to further decline, the asset may break out, but it would be further decline

Nonetheless, if the bulls sustain the current upward momentum, PUMP may flip $0.00280. 

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