Top Five Cryptocurrencies to Watch: BTC, ADA, ZEC, TON, NEAR

ADA had another volatility-filled performance last week. However, it remained range-bound after several attempts at a breakout.

ADA saw a significant decline during the period, losing over 7%. Although it saw a slight uptick, it failed to retest its 30-day high, as upward momentum is significantly lower than two weeks ago.

Away from Cardano, PIPPIN was the top loser over the last seven days, shedding over 41% and now sits at $0.31. Following closely is STABLE with losses exceeding 20%.

The global cryptocurrency market saw notable gains last week, peaking at $2.48 (a 4-week high). However, momentum waned, resulting in a close at its opening price.

The market is off to a good start, up by over 2% at the time of writing. It remains to be seen if the uptick will last the entire week. Nonetheless, indicators on the 1-day chart show that a prolonged uptrend is long overdue.

Regarding fundamentals, there are strong positive ones at the time of writing. It may remain this way until Wednesday, when the US BLS releases key data. However, the forecast for most of these reports is negative.

If they come in as forecast, the crypto market may be heading for another bearish run. Let’s see how some assets in the top 100 will perform.

BTC/USD

Bitcoin broke above its three-week high last week. It surged above $72k, breaking its range-bound movement. It continued upward, peaking at $74k.

However, since the massive hike on Wednesday, the apex coin saw a trend reversal. It retraced over the next four days, erasing the previous gains. As a result, it ended the previous week at its opening price.

It is off to a good start this week as it trades over 3% higher than it opened the day. It has since erased the weekend losses, with the upward momentum remaining at the time of writing.

However, there are speculations that the weekend performance may have an adverse effect on price action in the coming days. Over the last four weeks, a bearish performance on Saturday and Sunday has been followed by a notable loss the following week.

If the trend holds this time, BTC will experience significant selling pressure. If the bulls fail to defend the $65k support, a slip below $63k will likely follow.

Aside from previous price movements, indicators on the 1-day chart are flipping negative. For example, the apex coin broke above the Bollinger Bands; its next target is the lower band at $63,700.

ADA/USD

ADA had a significant increase last Thursday, surging to a high of $0.284. Although it retraced, it gained almost 7%. However, what followed was a decline that wiped out all of the previous gains.

It resumed its downtrend the next day, shedding almost 4%. The 1-day chart shows that a three-day decline followed, resulting in a 6% decline.

ADA saw slight selling pressure in the early hours of Monday, bouncing off $0.24. Nonetheless, it trades over 2% higher at the time of writing. The asset is edging closer to registering its first green after a four-day downtrend.

However, the moving average convergence divergence suggests that the latest uptick will be short-lived. It displayed a bearish crossover a few days ago, signaling an impending rise in selling pressure and further price decline.

Aside from MACD readings, the latest correction saw the coin retrace below the $0.25 support. It has held this mark for almost a month, suggesting deeper retracements this week.

ZEC/USD

Zcash was one of the top losers over the last seven days, shedding over 7%. Nonetheless, the 1-week chart shows a significant increase during the first half of the session, peaking at $251.

Like ADA, ZEC had a sharp trend reversal on Thursday after a whopping 10% surge on Wednesday. The bulls ended the three-day downtrend on Sunday and continued the buyback a few hours ago.

The asset is currently up by almost 8% on Monday. Indicators on the 1-day chart suggest that it may continue its uptrend in the coming days. A closer look at the bollinger bands show that the coin rebounded close to the lower band. Its latest increase confirms that the bulls have regained control.

If they sustain the upward momentum, it will edge closer to $260 within the next six days.

However, the moving average convergence divergence has not printed a clear signal over the last seven days. Nonetheless, its histogram prints a green bar, depicting a positive crossover.

TON/USD

Toncoin was one of the top gainers last week, surging by over 9%. The 1-day chart shows it experienced most of the uptrend in the first half of the session.

It also extended into Thursday, resulting in a 3% hike. However, it saw slight corrections over the last three days.

A closer look at price action during this period reveals a pattern that TON is yet to break. Since Friday, it has failed to decisively flip $1.35. It recently surged to a high of $1.36 but subsequently retraced below that level.

Although it is up by over 2%, the rangebound movement poses a threat to next price actions. Nonetheless, the latest consolidation is happening around bollinger’s middle band. In hindsight, the previous surge followed a retracement to the lower band.

Since rebounding at this key mark, TON may retest the upper band at $1.40 this week.

NEAR/USD

Near protocol had a massive surge last Monday, surging from $1.15 to $1.41. While it saw a slight retracement, it ended the day with gains of more than 18%.

However, the 1-day chart shows that the altcoin experienced massive selling pressure over the next six days. Like ADA, it had one of its biggest declines on Thursday, shedding over 3%. In the end, it lost over 11% during the six-day downtrend.

It’s off to a good start at the time of writing, pulling back more than 3%. It surged slightly higher a few hours ago but lost momentum. The bollinger bands indicate that the slight correction may be the start of a larger wave.

NEAR broke above the upper band last week, resulting in the massive 11% downtrend. It has yet to retest the SMA at $1.15 since breaking out. The retest will likely happen this week if the bulls fail to sustain the latest uptick.

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