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
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:
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 (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:
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 (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:
Hungry for more information?
Join us on Telegram!
NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFT trading.