Top 5 most notable coins of the week: BTC, AVAX, ALGO, XTZ, EGLD

China has tried several times over the past 12 years to stifle the growth of the crypto sector, but that hasn’t changed the long-term growth of cryptocurrencies. It shows that no single country, even if it is the second largest economy in the world, can prevent the emergence and growth of cryptocurrencies.

Deutsche Bank analyst Marion Laboure called in an update on the bank’s website that Bitcoin (BTC) is likely to “remain volatile for the foreseeable future” as most people buy it for investment or speculation rather than using it as a vehicle.

Labore believes, however, that Bitcoin could become the “digital gold of the 21st century” and that this trend could continue for centuries without government control.

At Morningstar’s annual investment conference, Dennis Lynch, director of asset management at Counterpoint, compared Bitcoin to the cartoon character Kenny from South Park. “I’d say Bitcoin is like Kenny from South Park – he dies in every episode and comes back in the next,” Lynch said.

If the influence of China FUD wears off, let’s examine the chart of the top 5 cryptocurrencies that could see growth in the short term.

BTC technical analysis

Bitcoin has rebounded from the 100-day SMA ($ 41.002), showing that the bulls are trying to aggressively defend this level. Now the bulls will try to push the price above the 20-day EMA ($ 45.178).

BTC / USDT daily chart | Source: TradingView

The 20-day EMA is sloping down and the relative strength index (RSI) is in negative territory, showing that the bears have the upper hand. If the price deviates from the 20-day EMA, the possibility of a break below the 100-day SMA increases.

Such a move would complete a bearish head and shoulders pattern that has a target of $ 32,423.05.

The bulls need to push and hold the price above the $ 48.843 resistance to open the door for a rally to $ 52,920. A break and close above this level could signal the continuation of the uptrend.

BTC / USDT 4-hour chart | Source: TradingView

The BTC / USDT pair is experiencing a strong rivalry between the bulls and the bears near the cutout. The bulls have driven price above the 20 EMA and will next attempt to break the overhead barrier at $ 45,200.

If successful, the pair can bounce back to $ 49,000. Conversely, if the price drops from current levels, the bears will attempt to push the price below the critical support area of ​​$ 41,000 to $ 39,600. A break in this zone could indicate the beginning of a downtrend.

Technical analysis by AVAX

Avalanche (AVAX) is traded on an ascending parallel channel. The long tail of today’s candlestick shows that the bulls are actively buying on a decline to the 20-day EMA ($ 61).

AVAX / USDT daily chart | Source: TradingView

The rising moving averages and the RSI in positive territory suggest that the advantage is in the hands of buyers. The AVAX / USDT pair can now retest the all-time high of $ 79.80. This is an important level to watch out for as a break above it could signal a continuation of the uptrend.

Thereafter, the pair could rebound to the resistance line of the channel and bullish momentum could strengthen if this barrier is broken.

Conversely, if the price turns down from current levels or the overhead resistance and falls below $ 60.04, it signals the beginning of a deeper correction towards the 50-day SMA ($ 45).

AVAX / USDT 4-hour chart | Source: TradingView

The pair has ricocheted off the SMA 100 and the bulls are currently trying to hold the price above the EMA of 20 and if they succeed the pair can begin their journey north to $ 79.80 where the bears return to an A. can make strong resistance.

On the other hand, the channel’s support line is the most important level to watch. A break and close below this support will be the first sign that the bulls may lose their footing. If the price drops below $ 60.04, the decline can extend to $ 55.

Technical analysis ALGO

Algorand (ALGO) is trading below the 20-day EMA ($ 1.77) but the long tail of today’s candle shows that the bulls are trying to defend the support at $ 1.51.

Daily ALGO / USDT chart | Source: TradingView

If the bulls are pushing and holding the price above the downtrend line, it indicates that the short-term correction may be over. After that, the ALGO / USDT pair can rise to $ 2.15 and higher to $ 2.55.

Alternatively, if the price drops from $ 1.84, the pair may fall back to $ 1.51. If the bulls defend this support, the pair could stay in a range between $ 1.84 and $ 1.51 for a few more days.

A breakthrough and a closing price below USD 1.51 signal a possible turnaround. After that, the pair can slide to the next support at $ 1.15.

ALGO / USDT 4-hour chart | Source: TradingView

The pair is trying to bounce back from the strong support at $ 1.51, but the rebound could come under selling pressure at the moving averages and then back down the downtrend line.

If the price is deviating from the overhead resistance, it suggests that sentiment remains negative and traders are selling on recovery rallies. That increases the likelihood of a break below $ 1.51.

This negative view is negated if the price rises and holds above the downtrend line. After that, the bulls will take another step to resume the upward momentum.

XTZ technical analysis

Tezos (XTZ) rebounded strongly from the breakout at $ 4.47 on September 22nd showing positive buying on the downside. The bulls pushed the price back above the 20-day EMA (USD 6.10) on September 23 and have held that level ever since.

Daily XTZ / USDT Chart | Source: TradingView

The moving averages are sloping up and the RSI is in positive territory, showing that the bulls have the upper hand. Buyers are likely to challenge the $ 8.03 to $ 8.42 resistance area.

A breakout and close above this zone signal the beginning of the next phase of the uptrend. After that, the couple can recover to the psychological level of $ 10.

Contrary to this assumption, if the price turns down from current levels or overhead resistance and falls below the 20-day EMA, the pair can fall to $ 4.47.

XTZ / USDT 4-hour chart | Source: TradingView

The pair is trying to bounce back from the 20 EMA which shows sentiment has turned positive and traders are buying the dip. Now the bulls will try to push the price above the USD 7.50 resistance level.

If this level is extended the pair can rise to $ 8.03 where the bears are likely to create stiff resistance. Unless the bulls give up much ground at this resistance, the possibility of a breakout rises above it.

This bullish view will be invalidated if the price goes down and falls below the moving averages. Such a move could result in a drop to $ 5.50 and then to $ 4.47.

Technical analysis EGLD

Elrond (EGLD) rebounded from the 50-day SMA ($ 181) but failed to break the overhead barrier at $ 245.80. This shows that the bulls buy on a decline while the bears sell on a rally.

Daily EGLD / USDT chart | Source: TradingView

The 20-day EMA ($ 220) has flattened and the RSI is just above the middle, indicating a balance between supply and demand.

Buyers are looking to keep the EGLD / USDT pair above the 20-day EMA. If they do, the bulls will try again to push the pair above $ 245.80. If successful, the pair can climb to $ 303.03.

Conversely, if the bears pull the price down from current levels, the 50-day SMA may be retested. Breaking and closing below this support could open the door for a decline to the 100-day SMA (USD 132).

EGLD / USDT 4-hour chart | Source: TradingView

The pair has bounced off the uptrendline indicating that traders are buying the dip. Now the bulls will try to push the price above the downtrend line and hold it. If this succeeds, the pair may continue to rise and rebound to $ 277.88 and then to $ 303.03.

Contrary to this assumption, when the price is moving down from the downtrendline, the bears are trying to take an advantage by pulling the price below the uptrendline. Such a step could pave the way for a deeper correction.

You can see the coin prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cointelegraph

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