In what is still a mixed period for crypto investment when it comes to bull movement vs bear movement, there is still reason to be optimistic. We’ll be looking at the top 5 cryptocurrency of the week.
Before we get into the actual coins, we need to talk about the criteria governing the ranking of the best cryptocurrency for the week. One of them is the Bitcoin price or altcoin price as this reflects the value of the digital currency and this, in turn, affects investment or lack thereof on the crypto coin on the blockchain network. This can be ascertained from crypto market news on Bitcoin and altcoin exchanges from websites such as https://redot.com.
For example, Bitcoin has been recovering steadily since the bear trend it underwent but that has not translated to more professional traders engaging in frequent and larger purchases of the digital asset despite Bitcoin price increasing. This points to many factors being considered and based on that, there are a select set of altcoins showing great promise based not only on the altcoin price but the number of transactions done as altcoin exchanges.
Ethereum hasn’t been doing that well, with many investors withdrawing from the traditional finance exchanges; this has caused a downfall of Ether’s net exchange balance over roughly the past 18 months. One of the things that could change the smart-contract-based coin’s fortunes could be their POS launching, and this leaves many people asking when is Ethereum going to Proof of Stake?
Anyways, we’ll have to wait and see if BTC can stay above $40,000 and if this leads to a massive explosion of some altcoins. Below are the 5 best cryptocurrency of the week:
Bitcoin (BTC)/USDT
Despite all the recent issues the original crypto coin had been seeing since the end of 2021, Bitcoin has found its way back up. It does not seem to be able to reach $43,000 so far and this might point to some sort of hesitancy from crypto adopters that had invested when the crypto coin was on its bullish trend. That being said, if the price does not stagnate on average, that would allude to a more positive outlook and push BTC value to beyond $45,000
On the other hand, if the value depreciates and breaks under the current standard, BTC might shift at around the mid 30 thousand range. So, in summary, the price range would bounce in and around a high 30,000 value to a low 40,000 value in the coming days. The bottom line is, Bitcoin could really do well this week.
Luna (LUNA)/USDT
Luna, which belongs to Terra, has really come back roaring from the more lukewarm EMA at $86 and this points to a good future for those buying at smaller numbers. The moving average is going up for this altcoin’s price and this shows a strong relationship to the strength index – also in a good range. All this means it would be a good time to get some Luna coins.
In the case where buyers push Luna altcoin trade to the extent that it gets a price of more than $96, the pair of LUNA and USDT might even keep pushing and meet its all-time peak of $105. This is being optimistic, though, as a fall from the mid-90s in dollar value could take the coin back to the EMA days. What is sure, though, is that the USDT and LUNA duo will probably be around $86 and $96, if you are a dip buyer, it’d be good for you.
Avalanche (AVAX)/USDT
Avalanche had a break and closing that was beyond the downtrend baseline which purports that it might shift from a bearish trend to a bullish one. That being said, the bearing could continue and might drag the altcoin price to under the breakout level yet again. In the scenario where the value of AVAX and USDT pair falls from where it is now but rebounds off the baseline downtrend, you should be ready for positive upcoming days for Avalanche.
If the breakout is probable, it will cause a more likely rise to a three-digit value ($100). When you add the EMA for the past 20 days at a rise of $78 and a positive region of RSI, it just makes buyers more willing to buy it. If the price, however, ends up going below the moving averages, that’ll mean this was a facade and not an actual bull trend for Avalanche. It’ll be a shock to quite a number of crypto investors.
Ethereum Classic (ETC)/USDT
Ethereum Classic has really gone from strength to strength after the coin ended up higher than the downtrend line. The positive purchase numbers have helped ETC greatly, getting it close to the stiff overhead resistance of $38 but the bearing might not let it trend any higher. Assuming the altcoin price falls from where it currently is, the pair might reduce to somewhere around $32 which is still higher than the EMA of $28. A positive RSI that shows ETC being extremely purchased is another reason for good projections.
In a situation where the altcoin exchanges show a price that is relatively standard based on where it currently is or if it rebounds well from $32, that might be a great sign at a massive bull thrust upwards that attempts to go past $38 and even aim for the higher 40s in the dollar.
Elrond (EGLD)/USDT
Elrond managed to break and close beyond the moving standard, pointing at a bullish trend in the near future of the altcoin. Regardless, the bearish forces will not stop trying to get it back to where it used to be – under the moving averages. On the bright side, the bulls have been the winners in this digital cryptographic tug-of-war so far and this should please potential and existing investors. With a 20-day EMA of $151, it is clear that Elrond has gone up slowly but steadily and now has a positive zone for the RSI. If Elrond can reach $170 or close to it, the pair could just keep pulling up to maybe even the 200 range.
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