Prices of Top 5 Cryptocurrencies Rise From Support Levels
The prices of the top 5 cryptocurrencies have recently risen from key support levels, providing some relief to the crypto market.
The crypto market is seeing some relief recently as it reclaims its resistance of $1.2 trillion. This has led to market sentiments returning bullish, with many crypto assets rallying from the key support and producing double-digit gains. Let us focus on the top 5 cryptocurrencies you should pay attention to this week.
Top 5 Cryptocurrencies to Watch in 2021
It is clear from the chart that the price of BTC is facing some resistance at the $20,400 level. However, bulls are still trying to push the price higher, indicating that there is still some bullish sentiment in the market.
The price of BTC is currently trading at $19,200 and looks like it could break out of the ascending triangle it has formed. The price has been ranging in the triangle with the hopes of breaking out to the upside. The price of BTC at $18,800 continues to act as support for BTC price; a break below this price could see BTC retesting lower support of $17,700-$17,000.
A breakout above the ascending triangle could see the price rally to a high of $21,500-$22,000, which would be a new all-time high for the cryptocurrency.
Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Ethereum's recent price rally may have come to an end, with the next key support level at $1,000 looking more likely.
ETH price was rejected from $1,370, which could be seen as a resistance for ETH price to trend higher.
The ETH price is currently $1,325 and is trading below both the 50 and 200 Exponential Moving Average (EMA) on the daily timeframe. This suggests that the market is bearish on ETH in the short-term.
If the ETH price continues to decline, we could see it retesting the $1,200-$1,000 region as a key support level with high demand. This would be a critical level to watch for ETH investors, as a further decline below this level could signal more downside for the cryptocurrency.
Binance Coin (BNB) Price Analysis on the Daily Chart
The BNB price was rejected from its resistance of $290 and is currently trading at $280. This shows that the market is not ready to push the price higher just yet and that there is still some bearish pressure.
Binance Coin (BNB) has failed to maintain its bullish structure, a break of about $270 could see the price of BNB retesting the region of $240 as support. This would be a significant blow to the coin, which has been one of the best performing assets in the cryptocurrency market in recent months.
Cryptocurrency Prices: Maker DAO (MKR) Leads the pack on the 1D Chart
The price of MKR has continued to show bullish trends, holding well above the 8 and 20 EMA after a successful break out of the descending triangle. This creates a more bullish scenario for the future of the coin.
Looking at the market, it seems like MKR could retest the $1,200 region again. However, if the price experiences a sell-off, we could see it retesting the $800 support area once more.
Price Analysis Of Polygon (MATIC) On The Daily Chart
The price of MATIC is currently forming a bullish pattern known as an ascending triangle. If the price breaks out and closes above this triangle, it could rally to a high of $1. This would be a great opportunity for investors to get in on the action.
