Yahoo Finanza Top 5 Cryptocurrencies to Watch this Week: BTC, AVAX, TRX, XMR, ETC
Key Insights:
The top cryptocurrency, bitcoin (BTC), fell below the crucial $29,000 support.
Volatile market conditions and BTC’s minor price upticks gave way to independent altcoin price recoveries.
AVAX, TRX, XMR, and ETC were some of the most popular altcoins over the last week.
The weekend saw Wall Street close sharply higher as signs of peaking inflation and consumer resiliency made investors optimistic that the Federal Reserve will be able to tighten monetary policy without tipping the economy into recession.
Over the last week, the stock market started to show a minor recovery flashing green signals as all three major US stock indexes brought a decisive end to their longest weekly losing streaks in decades.
Notably, S&P and the Nasdaq suffered seven consecutive weekly declines, while the blue-chip Dow’s eight-week selloff was its longest since 1932. While traditional markets turned their trajectory, BTC seemed largely decoupled, which didn’t act in the crypto’s favor.
Bitcoin was down by nearly 3% on the week, while the Nasdaq Composite tech-heavy stock market index was up by close to 3%. That said, data from the United States Commerce Department presented that the personal savings rate fell to 4.4% in April to reach the lowest level since 2008.
Amid traditional markets rebounding, crypto traders worried that worsening global macroeconomic conditions could affect the popularity that risky assets enjoy.
While the crypto market still looked gloomy due to BTC’s rangebound momentum under the $30,000 mark, there was an anticipation of short-term gains for altcoins like AVAX, TRX, XMR, and ETC.
Here are the top five cryptocurrencies worth keeping an eye on over the coming week:
Bitcoin (BTC)
Over the weekend, Bitcoin’s fall below the crucial $29,000 support led to significant market losses. BTC has traded below the $31,000 resistance level for the most part of last week, as price action has stabilized in a tight range.
The rangebound price action points toward an increase in volatility, just like we saw in May beginning. Despite BTC’s negative returns over the last week, the larger market kept a distance from altcoins indicating a lower appetite for risk among traders. It has often been noted that BTC declines less than altcoins in bear market conditions due to its lower risk profile.
Nonetheless, BTC/USD was primed to end the month down around 22%. For now, BTC has the next lower support at $25,000, and if prices fall further, the 200-week moving average at $22,061 could stabilize price action.
Relative strength index (RSI) on BTC’s weekly chart was the most oversold since March 2020. As the month-end approached, it was noticeable that May 2022 was the second-worst May in Bitcoin’s history, according to data from on-chain monitoring resource Coinglass.
Avalanche (AVAX)
The recent BTC gains in the shorter time frame provided some momentum to AVAX’s price after the altcoin’s fall to the $23 zone. Ethereum killer Avalanche was one of the hardest-hit coins in the top ten cryptos by market cap over the last week; however, market anticipation for the coin’s recovery was high.
Avalanche’s native token, AVAX, was down by close to 20% over the last week despite the 13% gains presented on Saturday. At the time of writing, AVAX traded at $25.42, noting merely 1% gains on the daily chart.
For AVAX’s price to gain some market momentum, the first resistance lies at the $27 mark, which could be critical to the coin’s bullish trajectory. Once the $27 mark is breached, AVAX could hit the $35 resistance if enough market pressure is built by bulls.
Tron (TRX)
As highlighted in a previous FXEmpire article, Tron’s TRX token has been one of the best performing top projects in terms of price gains over the last month. Notably, every non-stablecoin cryptocurrency in the top ten by market capitalization collapsed by more than 15% in the month-to-date, while TRX was up nearly 30%.
That said, TRX’s price has risen 7% year-to-date, while BTC was down almost 38% in 2022, and ETH’s price has slumped by nearly 50%. However, owing to BTC’s negative momentum, at the time of writing, TRX traded at $0.07972, noting a 2.59% decline over the last 24-hours.
Nonetheless, TRX was still up by 3.46% on the weekly. TRX’s exciting trajectory and ecosystem-centric developments could play a key role in the coin’s uptrend going forward.
Monero (XMR)
Privacy tokens have often turned bullish in response to larger market sell-offs. Monero, at press time, traded at $183.01, noting 2.78% daily gains and 1.52% gains on the weekly chart. The coin had recovered substantially from the May-mid lows of under $170.
XMR has held the psychological support at $175, which aided the coin’s rise over the last couple of days. While RSI for XMR had recovered from the oversold zone and highlighted that buyers were gaining momentum.
RSI’s slight uptrend on XMR’s daily chart reinforced positive market momentum. However, sellers still dominated buyers.
In the short term, a recovery above the $200 resistance would be crucial for XMR. However, if the market turns bearish again, XMR could fall back to the $145 zone.
Ethereum Classic (ETC)
As reported earlier by FXEmpire, ETC saw four consecutive green daily candles from 21 May to 24 May, owing to the substantial accumulation during the weekend. However, with a market downturn on May 25 and 26, ETC’s price fell to as low as $20.
Nonetheless, ETC bulls pushed the coin from around the $20 price range to a weekly high of $25.69. ETC noted considerable resistance around the psychological resistance at the $25 mark.
The altcoin traded at $23.07, noting 1.11% daily and 11.46% weekly gains despite the larger market’s bearish momentum.
Notably, the $25 price range has acted as a substantial support range for ETC even in the past. A push from bulls above the critical resistance at $25 in the near term could aid some positive momentum to the token’s price.
This article was originally posted on FX Empire
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