Most cryptocurrencies performed well during the previous week. The crypto market has registered significant volatility, which many perceive as the end of the era of less trading. Now analysts are reviewing the most promising cryptocurrencies towards the end of the week.
The best cryptocurrencies to watch this week
Bitcoin (BTC) suffered its worst trajectory since December began. It closed the previous week with a loss of over 4%. Looking at the weekly chart, we see that the previous week was the most volatile of the five weeks. It broke the previous bearish trend in the said period. As a result, he got his first green on Monday. However, it did not record a significant increase in value. The bulls had to hand over the stage to the bears the next day.
We saw a retest of the $18,000 resistance for the first time in more than 14 days. BTC managed to surpass this level and briefly rose to $18,100. However, it lost momentum above the zone and closed at $17,772. However, it closed with gains of over 3%. BTC successfully advanced on Wednesday as it rallied to $18,200 but faced strong rejection at the high. As a result, it fell to the opening price.
This also marks the end of any bullish attempts at $18,000 during the week as the next two days are bearish. Bitcoin lost more than 5% over the period and failed. Additionally, the coin fell more than 4% to below $17,000 on Friday.
In response, several indicators sounded. One of them is the Moving Average Convergence Divergence metric. The metric showed that BTC was trending bearish before the weekend. The RSI has also dropped to 40. These factors are taking a stance against BTC this week. We can expect more price drops as there are no signs of recovery from the MACD. However, price action is gaining momentum. After a bearish start, we see an attempt to erase losses in the current intraday session. According to analyst Gideon Geoffrey, one of the keys to watch will be $17,000. Currently, BTC has a chance to reclaim the area.
Ethereum (ETH)
The largest altcoin by market cap had another volatile but bearish week. However, the first two days of the week drew attention with significant increases. Tuesday was the busiest for Ethereum. Like most cryptocurrencies, it got off to a good start which led to another good performance in the next intraday session. The day opened at $1,276 and fell a bit before finding support. It later rose to $1,350. However, it faced major rejection and was pulled down a bit more. It closed with a gain of over 3%. We noticed more attempts to stabilize above the peak on Wednesday.
cryptocoin.com As you follow, Ethereum price dropped below $1,300 on Thursday. It closed today with a loss of more than 3%. The biggest loss came on Friday as the cryptocurrency lost another important level. It fell below $1,200 for the first time in almost thirty days.
The decline ended after ETH hit $1,156. However, it recorded more than 10% loss. ETH turned bearish on the MACD due to this drop. The RSI has also dropped below 40. There was no significant change in this metric and the weekday session and they are still holding their bearish stance. Focusing on the new week, we can expect more pullbacks. The price action of the previous day confirmed this.
However, we do see a recovery attempt. It’s hard to decide how prices will perform. However, if the current bullish momentum continues, we can expect a retest of the $1,300 resistance.
BNB Coin (BNB)
Binance coin has lost more than 10% of its value in the past week. The next day got off to a strong start because the coin was all about reclaiming lost levels. However, the bears caused a downtrend and pushed the price lower. First time in almost a month. BNB made an effort to retest the $250 support.
The growth ended when it hit $253. Close to buyback and close to opening price. Unfortunately, it was unable to fully recoup its losses as it only closed with minor losses. On Wednesday, the rise of the previous day continued. It tried to overcome the $280 resistance but failed. Because the price peaked at $278. Like BTC and most of its crypto assets, it soon reversed course. It dropped to $265 and closed the day with almost no losses. Another bearish day for BNB occurred on Thursday.
BNB dropped to a session low of $265. Its worst drop came on Friday when it dropped from a high to $225. It is now in decline for the first time since August.
Focusing on the week, we can expect any of these scenarios to happen. After the big losses last week, we can expect a recovery. A previous view indicated more downtrends.
AliCharts says this altcoin is burning with ‘buy’ signals
The popular analyst spotted a bullish outlook for Polygon (MATIC) in his latest Twitter posts. The analyst says the four-hour MATIC chart has given the green light. According to AliCharts, TD Sequential offers two buy signals on MATIC.
TD Sequential is an indicator that allows users to accurately detect potential price reversals in financial markets. It gives users a clear recommendation on when to buy and when to sell, allowing them to take advantage of potential trends and profits.
#Polygon | The TD Sequential presents two buy signals on $MATIC 4hr chart. A red 9 and sequential 13 candlestick.
If validated, #MATIC could surge towards $0.80 or even $0.83. pic.twitter.com/KuOcxFD5LQ
— Ali (@ali_charts) December 19, 2022
