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DOGE had a significant breakout last week, ending its range-bound price trend. It continued the uptrend on Monday and is up by almost 2%.
A green close at the end of the current intraday session will mark the asset’s fifth consecutive one. Nonetheless, DOGE is trading slightly lower than its high. What this would mean for the rest of the week remains to be seen.
Nonetheless, the global cryptocurrency market cap is seeing its biggest hike in the past 14 days. Its value nears $3.20 trillion at the time of writing, almost 3% higher than it was at the start of the day.
There have been several reactions trailing the latest uptrend, with some debating if the bull run has started or the current hike is a trap. Amid these arguments, indicators on the total market cap chart are positive, suggesting further increases across the market.
Nonetheless, the new week will be more volatile than the previous one as investors anticipate several economic data releases. The critical ones are scheduled for Wednesday and Thursday, indicating that prices may become more volatile during this period.
However, all eyes are fixed on how prices will play out on Tuesday and for the rest of the week. Let’s examine some cryptocurrencies to watch.
Bitcoin is trading at $94,300, a few hundred dollars from its high. It opened at $91,498 and surged, trading 3% above its opening price.
BTC has been on the rise since Thursday, breaking above $90k the next day. The bulls will look to continue the uptrend over the next six days, and the bullish start on Monday may set the tone for the rest of the week.
However, the apex coin is trading at a critical level, one where several uptrends have ended. The last time it broke above $94k was on Dec 10. It retraced after peaking at peaking at $94,500. It had a similar movement on Dec 9 with the same result.
Bitcoin retraced after both attempts. BTC recently experienced rejection at $94,500. If the previous trend holds, the asset may plummet starting Tuesday.
Nonetheless, to break above $95k, the bulls must accumulate between $93k and $94k. If both levels hold over the next 24 hours, the apex coin may flip $96k before the end of the week.
A previous analysis identified $2,990 as a key resistance level, stating that a flip and accumulation above it would see the asset break above $3,100. The breakout and accumulation happened on Thursday, and ETH trades at $3,200 at the time of writing.
However, Ethereum is currently trading at a critical level. Previous price movements warn of significant selling pressure above $3.2k. The altcoin failed to break above the mark during the second half of November. Nonetheless, the current failure to decisively flip the level indicates that the sell wall remains.
The sell zone ends at $3,260. If the asset breaks above this mark, an attempt at $3,500 is almost guaranteed. Conversely, failure to hold the $3,200 support will see it retrace to $3,000.
The apex altcoin broke above the bollinger bands a few hours ago. The indicator suggests a low likelihood of further increases, as ETH is due for a correction.
DOGE is currently trading at $0.151, having rebounded from $0.145 a few hours ago. It trades 2% higher than the day and edges closer to $0.155.
A previous analysis noted the asset’s downward trend and indicated that a breakout would occur last week. DOGE broke out from its triangle, surging higher on Friday. It has been on the rise since it broke out of its rangebound movement.
The bulls will look to continue the uptrend over the next six days. However, the asset must decisively flip its 40-day high to guarantee further increases. Recent price action indicates that it is struggling to continue the uptrend due to selling congestion at $0.152.
If DGE fails to break this key level over the next two days, it could retrace to $0.132. The bollinger bands suggest a higher likelihood of a correction, as the memecoin is currently trading outside the bands.
Conversely, breaking the barrier will result in an attempt at $0.165.
Uniswap was one of the top losers last week, losing over 6%. Nonetheless, like DOGE, it registered significant increases on Thursday and Friday, but the upward momentum fizzled out over the weekend.
The asset resumed its uptrend on Monday, gaining over 2%. However, it remains to be seen whether Monday’s uptick will hold throughout the week or wane.
The asset has since traded above bollinger’s middle band since Dec 20 amid several breakouts from the bands. A closer look at the 1-day chart indicates that UNI recently broke above the upper band and experienced corrections. Its recent breakout hints at a higher chance of further decline.
Additionally, MACD prints no new signals following its bullish crossover. Nonetheless, the fluctuating 12 EMA and smaller histogram bars suggest dwindling buying pressure and an impending downtrend.
Bonk gained a whopping 28% on Sunday, the highest in more than three months. Sunday’s surge marked its fourth consecutive green since it broke its rangebound trend.
The uptrend started on Thursday with an almost 10% jump and continued the next day with another 13% hike. The asset has gained over 50% over the last four days and is off to a good start on Monday.
It is up by over 3% at the time of writing. BONK rebounded at $0.00001143 earlier and peaked at $0.0000128. However, like DOGE, it is struggling to break the previous day’s high. Previous price movements point to minor selling congestion around $0.0000128, which explains the recent failure to decisively flip it.
While the selling pressure is minimal, previous price action indicates that the mark was a tough support. This means that flipping it will result in the asset testing $0.0000138. Conversely, failure to break it will signal the end of the uptrend.
The bollinger bands support the bearish prediction, as the memecoin is trading above the bands. Additionally, the relative strength index is above 70, indicating that BONK is overbought and due for a correction. In the event of a downtrend, it may drop as low as $0.0001050.
The post Top Five Cryptocurrencies to Watch: BTC, ETH, DOGE, UNI, BONK appeared first on CoinTab News.
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