After constant declining for eight successive weeks, the Dow Jones Industrial Average recovered sharply last week to finish higher by 6.2%. Yet, Bitcoin (BTC) has not been able to replicate the performance of the United States equities markets. Although Bitcoin is threatening to paint a red candle for the ninth week in a row, today it has shown some uptrend in the market with others.
A positive sign is that Bitcoin whales have been purchasing the market correction. Data analysis shows that the number of Bitcoin whale wallets with a balance of 10,000 Bitcoin or more has increased to its highest level since February 2021. The collection in the whale wallets suggests that their long-term view for Bitcoin remains optimistic.
If Bitcoin starts a recovery in the short term like today, particular altcoins are probably to follow it higher. Let’s analyze the charts of the top-5 cryptocurrencies that may lead the relief comeback.
Top 5 Cryptocurrencies to keep an eye on this week
BTC/ USDT
Bitcoin stays within a tight range. It falls between the downtrend line and the support at $28,630. The bears pulled the price below $28,630 on May 26 and May 27 but could not maintain the lower levels. This resulted in a rebound on May 28. As of today, Bitcoin is trading at $30,442.30 USD.
5 Day Trading Chart Analysis for Bitcoin:
ETH/USDT
Ether has been in a downtrend but the bulls are attempting to stall the decline at the crucial support of $1,700. The price rebounded off this support on May 28 and attempted to build on the recovery on May 29. As of today, Ether is trading at 1,893.74USD.
5 Day Trading Chart Analysis for ETH:
XTZ/USDT
XTZ (Tezos) is consolidating in a downtrend. Although bulls tried to push the price above the 20-day EMA of $2.00 on May 24, they could not uphold the recovery. The price ducked back below the 20-day EMA on May 26. As of today, the price for Tezos is $1.99.
5 Day Trading Chart Analysis for XTZ:
KCS/USDT
KuCoin Token (KCS) smashed above the 20-day EMA of $15.61 on May 20, but the bulls could not drive the price above the 50-day SMA of $17.19. This may have lured short-term traders to book profits, which dragged the price back below the 20-day EMA on May 26. The current price of the token resides at $16.76.
5 Day Trading Chart Analysis for KCS:
AAVE/USDT
Aave (AAVE) rebounded to the 20-day EMA of $101 on May 23, but the bulls could not propel the price beyond it. This signifies that bears continue to safeguard the level aggressively. although, a minor positive is that the buyers have not given up much ground. As of today, the price of Aave is $101.95 USD.
5 Day Trading Chart Analysis for AAVE:
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