Cryptocurrency markets are showing signs of relief once again. However, the field is still shrouded in fear and uncertainty. As we have reported as Kriptokoin.com, the markets are waiting for the US CPI (Consumer Price Index) figures to be announced next week. However, the waiting adds more anxiety to the already stressful situation. Markets are highly correlated with Bitcoin (BTC). Therefore, it would be wise to watch the leading cryptocurrency over the weekend. BTC managed to exceed $ 17 thousand. However, with the CPI figures coming next week, this situation will change for the better or for the worse. Here are 5 Cryptocurrencies to watch this weekend, according to analysts.
First cryptocurrency to watch: Bitcoin (BTC)
On the 2-hour chart, the rally above the $17,000 level on November 8 surpassed the oversold conditions on the Relative Strength Index (RS). RSI is an indicator used to evaluate the strength and intentions of market participants. The RSI entering oversold zones is a good sign that the bulls are still interested in taking risks in the market. Still, it should be noted that there has been a bearish trend between recent fluctuations. Monday’s high of $17,424.95 is shown as a weaker bullish move on the RSI compared to Friday’s high of $17,199.
Bearish divergences often act as catalysts for market reversal. If the market is indeed bearish, a break below the 8-day exponential moving average of 17,010 will throw the price into the $16,200 support zone. So that means a 5 percent decrease. Conversely, if the market finds support from the 8-day EMA, it could cause a rally towards the $17,555 and $18,245 price zones.
Ethereum (ETH)
Ethereum price is trading at $1,265.12, down about 1.4 percent in the last 24 hours. A few bearish divergences have been detected in the Relative Strength Index and analysts are assessing the possibility of shorting. Currently, the bulls are holding support above the 8-day exponential moving average.
A 4-hour candle below the aforementioned indicator results in a drop towards the 21-day simple moving average. This means a decrease of about 4 percent. However, if the market is indeed bearish, the bulls should not retest the divergent highs near the $1,300 level. A break above $1,300 would lead to a rise towards $1,343 and potentially $1,400.
The third cryptocurrency on the list: Ripple (XRP)
The XRP price has risen remarkably. Since mid-November, the altcoin price has increased by 30 percent. The price is consolidating near the $0.39 level throughout December. The bears have successfully crossed the trendline that guided Ripple’s 30 percent rally. However, the bulls maintain their support above the descending trendline. The 8-day exponential and 21-day simple moving averages converge above the current price. If market conditions continue, a downtrend is likely to occur in the coming hours.
A downside break of the $0.373 level means a continuation of the decline for XRP price. Bearish targets are near the $0.31 price point in November. If the bearish scenario happens, the XRP price will depreciate by about 17. However, a break above the $0.40 level might lead to a rally towards the $0.44 support zone. Such a move would result in a 13 percent increase from the current XRP price.
Shiba Inu (SHIB)
Popular crypto project Shiba Inu (SHIB) may experience an upgrade very soon. SHIB developer “Trophias” recently hinted at a possible SHIB ecosystem upgrade. Also, the project is on the verge of launching the Shibarium layer-2 network. According to the developer, the community can expect more news very soon. Shibarium is one of the most anticipated launches of the project. Analysts say these developments could push the SHIB price higher. SHIB is down about 1.1 percent in the last 24 hours and is now trading at $0.00000923.
The last cryptocurrency on the list is Stacks (STX):
STX has been performing well for the past month. The altcoin price has seen a price increase of about 28 percent in the last 30 days. The creation and implementation of smart contracts on the Bitcoin (BTC) network is made possible by STX. It makes it possible for programmers to create secure, immutable, and censorship-proof programs. The token offered a return on investment of 981.21 percent in less than three years. STX is currently trading at $0.277332.
