Despite the recent short-term bullish momentum and BTC’s high daily gains, macro uncertainty still leaves investors skeptical of a real recovery. However, the higher mood has turned for the better over the past week, despite the rise in US yields and the Fed tightening bets on strong US employment and services sector survey data. But for now, the recent bullish momentum has brought good weekly gains for top crypto and several altcoins. But will this momentum continue? Which cryptocurrencies to watch this week? Here is the list by FXEmpire analyst Varuni Trivedi.
Bitcoin analysis before altcoin projects: What’s next?
On July 7, the price of BTC climbed above the critical $21,400 mark, but Bitcoin bulls were unable to sustain the bullish momentum above $22,000. Bitcoin’s pullback from the $22,500 price showed that the bears are still in control.
On a daily chart, BTC price has seen a green candle for six consecutive days alongside an increasing relative strength index (RSI). A rising RSI indicates rising buying pressure in the market as buyers dominate the scene. The daily RSI highlighted that buyers were gaining strength in the market through July 8, but the bears reversed the bullish momentum and held the $22,500 resistance. This week, BTC’s trajectory can be traced. Because larger market gains will depend on the trail of the top crypto.
How are things in the leading altcoin Ethereum (ETH)?
While posting a decent profit amid the macro pre-event measure over the weekend, ETH’s techniques presented a bullish scenario with a possible upside to $1,700. In a recent article, FXEmpire analyst Joel Frank offered:
If Ethereum can rally above the $1,280 level, this will open the door for a quick rally to its 50DMA near $1,440.
At the time of writing, the top altcoin is trading at $1,163.22. It lost 4.26 percent on the daily chart. That said, ETH’s last week has been productive as the coin is up 10.65 percent on its weekly chart. In the near term, a push from the bulls could place the coin above $1,200.
Trend change for DeFi altcoin Aave (AAVE)
AAVE bulls led a recovery above the 50-day simple moving average just under $80 on July 9. The increase in buying pressure signaled a possible change in trend. With the RSI in positive territory alongside AAVE’s 36.46 percent weekly gain, it was clear that the bulls were trying to gain an edge in the market.
During this week, the $85 and $93 mark could act as strong resistances for the token. A push from the bulls above the mentioned levels could signal a solid recovery for the coin.
Quant (QNT) is also on the analyst’s list
Quant’s native token, QNT, saw some gains last week as greater market momentum mounted. According to the analyst, QNT’s bullish trajectory indicates that a bottom may be in place. Almost two months later, a significant price surge brought the token above $77. As the QNT bulls continued on their way, the price of the coin rose. It went over $76. During this week, if the bullish momentum continues, the next important price levels to watch will be the $89 and $100 mark.
Last altcoin on the list: THORChain (RUNE)
RUNE was down 4.64 percent in the daily price window, trading at $2.27 at the time of writing. However, the token was in its top 5 weekly gains last week. As the week closes, the coin is posting 25.94 percent weekly gains at the time of writing. The altcoin’s price has moved in a tight range between $1.77 and $2.40 since June 12.
A move above the $2.50 resistance in the short term could help the coin regain market momentum. A rise in the RSI that offers higher buying pressure could signal a change in trend during this week.
