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HYPE had a sharp uptick a few hours ago, hitting a short-term level as a result. However, on the 1-day chart, it remains rangebound amid the recent notable price increase.
The asset is off to a good start as it edges closer to ending Monday with a green candle. Nonetheless, recent price action suggests a higher chance of closing with a doji. HYPE lost momentum following the recent hike, leading to slight retracements.
Prices may not be as volatile as the previous week over the next six days. With the holidays on the horizon, the crypto market may see less trading activity. Several assets may remain rangebound during this period. The global cryptocurrency market cap may end the current week with no significant changes.
However, a look at the US economic calendar hints at increased volatility on Tuesday and Wednesday. There are no significant data releases on Monday, but several are scheduled over the next two days. Two of the biggest are the GDP report on Tuesday and the initial jobless claims on Wednesday. There are no more releases over the last two weekdays.
Economists suggest that the two major releases will come out bearish. The median forecast predicts a lower GDP and higher jobless claims. The predictions, if true, may cause a significant decline across the market. Let’s see how some assets will react.
Bitcoin had another volatile performance, but remained locked between two key levels. It failed to decisively break the $90k resistance following several attempts, and briefly slipped below the $85k support.
The apex coin dropped to a low of $84,300 last week, sparking panic that it could revisit $80k. There was also notable selling congestion around $90k, which led to corrections after the mark was flipped. One analysis explained that the bears amassed massive liquidations around $90.5k, causing the selloff.
The sell wall remains intact as BTC retraced after another breakout a few hours ago. As a result, the asset is trading at $89k. The downtrend may continue on Tuesday if the economic data comes out worse than expected. In that case, the apex coin may retrace to the $85k support.
Conversely, if the data comes in better than expected, Bitcoin may surge. However, flipping the $90,500 decisively remains less likely if it fails to hold $89,000 on Monday. Closing at the current price will see the apex coin attempt $92,000 within the next two days.
Indicators like the moving average convergence divergence currently print green signals, hinting at a further uptrend.
Hyperliquid experienced a massive downtrend last week, resulting in a 14% decline. It plummeted from $29.5 to a low of $22.2 before rebounding. The previous week marked the third week in a row with the asset shedding a few dollars. Cumulatively, it has lost over 24% in the last three weeks and may be poised for a relief rally over the next six days.
HYPE is off to a good start, currently up by a few percent. However, the candle representing Monday’s price movement indicates a drop in volatility over the last hour. The asset may resume its downtrend. If that happens, it may slip to a new low.
Nonetheless, the relative strength index offers a slim chance of surging. The metric retraced below 30 a few days ago and is currently 37. RSI may continue to rise after the plunge, as buying pressure may surge in the coming days.
UNI broke out of its downtrend last week. The 1-day chart shows it had one of its biggest single-day surges on Saturday, gaining over 17%. A 7% jump on Friday preceded the massive hike.
However, the altcoin has since struggled to maintain the uptick. It registered a 2% drop on Sunday after failing to break the $6.50 resistance. It has yet to register any notable gain in the last 19 hours, as it had another failed attempt at surging. The downtrend may worsen in the coming days as the bulls appear exhausted.
UNI is currently trading at a level with notable demand concentration. It must hold the mark, or it will erase all of Saturday’s gains. The 1-day chart indicates that the next support after $6 is at $5.37.
The altcoin had a positive MACD crossover last week. There is no change to the metric’s trajectory, but RSI is declining as selling pressure increases. The relative strength index suggests that the dip may worsen.
AAVE is edging closer to registering a new two-month low in the coming hours. It is trading at $155 at the time of writing and is down by over 6% since the start of the day.
The asset plummeted to a low of $147 on Nov 21 but quickly rebounded. It created a fair-value gap due to the rapid surge. The altcoin may retrace in the coming days to fill this gap.
The 1-week chart shows the asset had been on a slow uptrend a few weeks ago, which ended last week. It lost 12% over the last seven days, but the downtrend may slow down over the next six days.
Nonetheless, indicators suggest that further decline is almost inevitable. MACD had a bearish crossover last week, which is still in play. Additionally, RSI continues downward as selling pressure mounts. It may continue until a slip below 30 before. Such a downtrend would mean prices will also retrace below $140.
Human Protocol is the top gainer over the last seven days, surging by over 119%. It continued upward after ending its six-week downtrend two weeks ago.
The asset will look to register its third week of consistent increases. Like HYPE, it is off to a good start as it is currently green. It opened the day at $0.148 and is currently trading 33% higher.
However, there are concerns that the asset may retrace following the massive single-day surge. A change in the current price trajectory may see the altcoin shed more than half of Monday’s gains. The 1-day chart shows the closest support to the current price is the $0.165. H may rebound at this level.
The relative strength index increases the likelihood of this playing out. RSI is currently at 73, indicating that the asset is overbought and due for correction.
The post Top Five Cryptocurrencies to Watch: BTC, HYPE, UNI, AAVE, H appeared first on CoinTab News.
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