TOP 5 Cryptocurrencies To Watch This Week – BTC, BNB, SOL, ETH, and CHZ
- Bears prevailed in a recent analysis of ETH, BTC, CHZ, BNB, and SOL.
- Technical indicators indicate that the bearish trend will continue.
- Will the bulls invalidate the market’s current trend?
Despite brief bullish spikes, Bitcoin (BTC) has been in a downtrend recently, with bears continuing to dominate the market.
As seen on the BTC with a reading of 11.12M, the On-Balance Volume indicator is falling, which denotes that the selling volume is outpacing the buying volume and suggests that the lower prices will persist.
The BTC price is anticipated to end the week in the lower half of its weekly range, confirming a downtrend, as the accumulation/distribution line is falling with a reading of 4.409M.
A negative Moving Average Convergence Divergence (MACD) trend on the BTC market indicates a strong bearish influence. However, the positive histogram trend and the trend of the MACD blue line above the signal line reading at -3508.76 have masked this downtrend.
BNB rates were valued at $260.61 as of the time of publication, a decrease of 3.18%. The market capitalization is falling by 2.97% to $41,709,673,607, and the trading volume is rising by 54.94% to $944,109,273, which shows that the selling pressure on the BTC market is getting stronger.
As evidenced by the contracting Bollinger Bands supporting this escalating selling pressure, technical indicators indicate that the bear control of the BNB market may continue. While the lower band touches 239.0, the upper band touches 330.1. This bearish domain is also indicated by the price movement toward the lower band.
As can be seen on the price chart for BNB, where the rate of change (ROC) motion points southwards and stays in the negative territory, this indicates continued bearish dominance.
Withdrawals caused by the FTX crisis have contributed to the price decline of Solana (SOL) over the past week, with bears still in charge of the market. As of the time of publication, SOL prices had decreased by 6.13% to $12.03.
The upper and lower Keltner Channel bands are both moving south, with the upper band touching 48.79 and the lower band touching 16.58. According to this pattern, the bear market will continue to dominate SOL. Price fluctuation below the lower band indicates that this bear market will persist in the near future.
With a reading of 0.00, the Stoch RSI is in the oversold region, indicating that a possible turnaround in the SOL market is underway. This concept gives traders hope because it denotes that the current craze is coming to an end.
As the Relative Strength Index (RSI) falls below 29.32 and moves south, more bear dominance is assured; however, as it approaches the oversold region, a bullish reversal is also predicted.
Ethereum (ETH) prices have dropped to $1,135.76 as of press time, a 3.21% drop after finding support at $1,132.60 and facing resistance at $1,183.43. This decline has been attributed to a 3.34% drop in market capitalization to $138,920,994,342 and a 42.24% upsurge to $11,668,792,579.
On the 7-day price chart, the Bollinger bands are contracting, indicating lower market volatility in the ETH market, with the upper band touching 1888.57 and the lower upper band touching 1031.42. This notion is supported as prices fluctuate towards the lower band.
Stoch RSI is trending south with a reading of 3.84, indicating that the bear domain may keep going if bulls do not press on to invalidate the present situation. However, the fact that it is currently trending in the oversold region suggests a possible reversal.
Chiliz(CHZ) price is projected to increase because it is a fan token, but bears have taken control of the market, causing a 15.54% slump to $0.1927.
A 14.86% drop in market capitalization to $1,182,289,652 and a 6.32% increase in trading volume to $892,902,161 indicate that selling pressure is becoming more intense.
When a “strong sell” signal with a reading of -0.23 appears on the 7-day price chart, the Technical Rating indicator indicates that selling pressure is increasing in the CHZ market, denoting an order for a short position.
The Chaikin Money Flow (CMF) is negative with a reading of -0.04 and is pointing south, noting that bear dominance in the CHZ market is expected to continue.
The blue MACD line’s progression above the signal line in the positive region with a reading of 0.0080 and pointing north signifies a bullish trend, giving investors hope for a bullish reversal.
To invalidate bear control in the markets, bulls must hold the resistance level and push prices higher.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post TOP 5 Cryptocurrencies To Watch This Week – BTC, BNB, SOL, ETH, and CHZ appeared first on Coin Edition.