Top Five Cryptocurrencies to Watch: BTC, ETH, ENA, FLR, BSV

BTC is off to a sluggish start due to a slight decline in value. It is yet to see any significant improvement in price as buying sentiment remains notably low.

The apex coin reflects the same trend as most cryptocurrencies. Although the crypto market saw a slight increase in its trading volume, it is smaller compared to last week’s. Nonetheless, the fear and greed index slightly increased as traders are gradually showing more interest.

The global cryptocurrency market cap did not see any significant change in value as liquidity inflow declined. It is worth noting that the sector’s value neared $3 trillion. It saw some notable positive news in the last 24 hours that may shape the week.

One such is Indonesia’s approval of 1,444 cryptocurrencies to be traded freely in the country. Its latest endorsement shows the country’s commitment to regulating and expanding its digital asset market.

Another notable event is Strategy’s purchase of 15k BTC. The asset did not see a massive rally to this announcement. However, it shows further institutional interest in the coin, which may spur similar action from other firms.

The week is off to a slow start. Investors may anticipate further price improvement in the coming days. Let’s look at the top cryptocurrencies to watch.

Top Five Cryptocurrencies

BTC/USD

Comparing the previous week’s to the current show a notable decline in uptick. The relative strength index sheds a light into the reason for the latest price trend. It trends at 68, a little improvement from the previous day reading. Nonetheless, the metric points to a slight increase in buying volume, not enough to cause a significant increase in price. 

It is worth noting that the apex coin is close to being overbought. RSI suggests that it is seeing peak buying pressure and the bulls may be exhausted. 

Nonetheless, the moving average convergence divergence shows a slight change trajectory. The 12-day EMA previously halted its uptrend but resumed it. However, it is yet to surge upward as before. The histogram prints smaller bars, indicating a drop in buying sentiment. 

A close at the bollinger band shows that BTC broke above it on Tuesday. It is trading below the mark at the time of writing.  However, such breakout may be folllowed by significant selling pressure that may see the asset dip. 

If this plays out, BTC risks retesting the $92,500 support. Previous price suggests less demand concentration around this mark, pointing to further slip. Conversely, the apex coin will look to break above $95k resistance. While it previous broke the mark, it struggled to continue trading it. This may change in the next six days. 

ETH/USD

Ethereum resumed its sideways movement last week and since struggled to break out of the trend. The pattern stated on Wednesday, following the massive increase it registered the previous day. 

The asset grapples with low trading volume like BTC. While it saw slight upward movement, it retraced more but trades at its opening price. The coin is off to a sluggish start, printing a doji. 

Indicator like MACD and RSI remain fairly flat amid the ongoing price movement, making it harder to predict next price actions. The moving average convergence divergence maintains its upward movement. However, its histogram suggests that the bullish push is gradually dwindling. 

The relative strength index shows almost equal pressure from the bulls and bears. It remained rangebound over the last five days. Nonetheless, the one-day chart shows that it maintained the $1,750 support but risks losing if the asset sees a spike in selling volume. 

On the other hand, an increase in buying pressure will send the asset close to $2k

ENA/USD

The one-day chart shows that Ethena experienced massive price increase last week. Its Tuesday performance was its biggest during the session as in gained a whopping 11%. It registered similar increases over the next two days but halted its uptrend on Saturday.

The chart shows a red candle on Sunday and is printing another on Monday. Down by almost 3%, the asset may be heading for further losses over the next six days. Its price pattern is a descending curve that may see it return to the point where it started the previous surge. This may result in a slip to $0.30.

The moving average convergence divergence displays sell signals at the time of writing. It shows an ongoing  bearish convergence that may herald the start of further price declines. The relative strength index is dipping, indicating a spike in selling pressure.

FLR/USD

Flare slightly retracted on Sunday, retesting short-term support at $0.016. However, its price action at the time of writing shows that it is seeing massive buying activity.

The asset opened trading at $0.0166 and surged, testing the $0.020 resistance. FLR failed to maintain prices above this mark as it lost momentum, closing at $0.0181. Investors will expect to see the 9% surge continue.

However, this may not happen this week as the sudden decline from its peak suggests that the bears are taking profit, resulting in the notable dip. Previous price movement suggests that the asset will experience significant selling pressure in the coming days. This will prevent it from reaching its current high.

BSV/USD

The one-day chart shows that like BTC, BSV experienced a notable price increase on Tuesday. It gained over 6% and struggled to continue the trend over the next two days. However, the asset saw one of its biggest surges this year on Friday.

It surged from $30 and broke the $40 resistance. It continued upwards, peaking at $47 before a slight decline. The massive increase was followed by a two-day downtrend that saw the asset lose over 7%.

The decline is ongoing amid efforts at recovery. BSV peaked at $42 a few hours ago. It saw notable selling volume, which saw it dip lower and close with losses of almost 2%.

RSI shows that the reason for the sudden decline is due it being overbought on Friday. It is seeing correction at the time of writing, and the metric is at 64. Nonetheless, MACD hints at further price declines

The post Top Five Cryptocurrencies to Watch: BTC, ETH, ENA, FLR, BSV appeared first on Cointab.