Top Five Altcoins to Watch as The Market Consolidates

BCH is on the verge of printing its first green candle after two days of consistent price decline. Although it is yet to register any notable increases, the current candle raises optimism amongst traders as it reflects growing interest from investors.

It is worth noting that the calls for the start of the alt season have dropped to their lowest level in the last four weeks. Bitcoin’s failure to surge after breaking above $123k fueled the speculation that the altcoin season has started. 

Other indicators, like the CoinMarketCap altcoin season index, rose to a high of 43 last week. However, it is currently at 36 at the time of writing, indicating a gradual disbelief in the cycle.

The major trigger for the call of the alt season is Bitcoin’s consolidation. Other major altcoins are seeing a similar trend as they grapple with notable selling pressure over the last seven days.

ETH is printing a red candle this week for the first time after five green candles. The coin opened trading at $3,873 and hit a peak of $3,941 before it retraced to a low of $ 3,715. It grapples with significant selling pressure at $3,804. 

A close at the current price will see Ethereum mark its second week of consolidation as it failed to register any significant price change at the end of the previous seven-day session. 

With the altcoin market cap sinking, most such assets are plummeting. However, some are seeing notable buying pressure that may trigger a surge in the coming days. Let’s examine them.

Bitcoin Cash (BCH)

Monday came with a 2% loss in BCH trading volume. The day started with its price at $589, then the coin felt a slight increase in its buying pressure when it peaked at $605. However, the coin retraced and hit a low of $569 as the selling pressure increased. It had a closing price of $572.

Following the previous day’s closing price, the coin started out trading with selling pressure as it dropped to a low of $560. It began grappling to break above $590 but couldn’t as it hit a high of $586 at the end of the day. It closed at a price lower than its starting price.

However, BCH rebounded after it retraced to a low of $550. The 1-week chart suggests that the latest green candle may be the start of further price movements. The average directional index is yet to react to the latest decline in price. 

With the indicator remaining positive, the bulls will look to push the asset to a high of $640 once BCH fully recovers. 

Cronos (CRO)

Cronus saw notable selling pressure on Monday, as it started with its price at $0.145 but then reached a high of $0.149, indicating a slight difference between the opening price and the peak of the day. It dropped more, with its price at $0.137.  CRO closed the day with 4% loss. 

Tuesday promised a slight surge as buying pressure increased. The day started its trade at $0.138 but surged to a high of $0.1500 for the first time this week. Although it hit a low of $0.135, the coin rebounded and closed trades at $0.145. It experienced a profit of over 5%, ending the day on a positive note.

The 1-week chart shows that the bulls are trying to pull back after the asset retraced a few minutes ago. RSI is 62 amid the three-week surge, hinting at room for further increases. Additionally, the ADX is on the rise, indicating that the buyers are maintaining notable pressure.

The chart suggests that CRO’s following price action will send it closer to $0.18.

Ethena (ENA)

ENA peaked at $0.643 after opening at $0.633 on Tuesday. Selling pressure mounted and dropped ENA to a low of $0.555; it then rebounded and closed at $0.570. A notable decline was observed, with a 9% loss, showing significant selling pressure.

Monday didn’t fare any better, as a 5% loss was noted. The coin peaked at $0.700, which was an uptrend from the opening price of $0.669. Ethena faced a decline as selling pressure increased, dropping to a low of $0.625, then rebounded and closed at $0.633.

Like BCH, ENA’s average directional index remains on the uptrend amid the over 14% decline since the week started. The indicator reflects the strength of price moves, and its recent reading suggests that the uptrend remains strong and the asset will resume its upward movement.

The 1-week hints at the asset breaking above $0.70 and surging to a high of $0.85.

Form (FORM)

FORM’s 1-week chart indicates that it is currently experiencing a surge in buying pressure. The coin’s opening price is at $3.47, peaking at $3.84. A 9% profit has so far been recorded, and although the price retraced to $3.271, buying pressure keeps increasing as it is currently trading at $3.788. 

It is worth noting that the asset is yet to display any signs of an impending decline. The 1-day chart shows that the altcoin recently had a bullish divergence on the MACD. It is also noteworthy that it recently registered a new all-time high. 

FORM may experience notable declines and price consolidation in the coming days. However, a new ATH is almost sure once it recovers. It may edge closer to $5.

Conflux (CFX)

Conflux is likewise facing an uptrend in price movement. The 1-week chart indicates that CFX has so far gained a 10% increase.

This week, the price opened at $0.187 but saw slight price declines that caused prices to drop to $0.181. It rebounded and peaked at a high of $0.279. However, it retraced after attaining the high, and trades at $0.210.

It is worth noting that, as highlighted in a previous analysis, the trigger for the ongoing increase is the Conflux Networks upgrade. The altcoin may edge closer to $0.32 in the coming days.

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