Top 5 cryptocurrencies to watch this week: BTC, FTT, XTZ, KCS, HNT

Bitcoin (BTC), is on track to fall to its lowest weekly close since December 2020. The crypto markets are still in a tight grip. After the release of a stronger-than-expected US inflation report on June 10, the selling has accelerated.

Not only are crypto markets suffering, but also the U.S. equity markets suffered sharp losses in the week that ended June 10. Traders are waiting for the U.S. Federal Open Market Committee meeting results on June 14th and June 15 to see if risky assets will remain volatile.

Daily view of crypto market data. Source:Coin360

Mike McGlone, a senior commodities strategist at Bloomberg Intelligence, warned that if stock markets continue to fall it could signal that many assets may have experienced their peak exuberance over the past two year.

Can Bitcoin be supported at lower levels? If so, will this attract buyers in altcoins? Let’s look at the charts of top 5 cryptocurrencies that could move higher if sentiment improves.

BTC/USDT

Bitcoin fell below the trendline on June 10, negating the ascending triangle pattern. The bears kept selling pressure on the price and pulled it below $28,630 support on June 11.

Daily chart of BTC/USDT Source: TradingView

Bulls are trying to defend $26,700 support by displaying a long tail in the June 12 candlestick. The BTC/USDT pair could remain rangebound for some time if buyers push the price above $28,630.

However, if the price drops below $28,630 it could indicate that bears have turned the level into resistance. This could increase the likelihood of the pair breaking below $26,700. The selling could accelerate and the pair could drop to $22,000 or later to $20,000.

BTC/USDT 4-hour chart. TradingView

The pair rebounded strongly from $26,890. This indicates aggressive buying close to the critical level of $26,700. Bulls will try to push the price above $28,630. The 50-simple moving Average could be next in line if that happens. If the level is broken and closes above it, then there could be a rally to $32,000.

The bears are ahead of the pack because the RSI in negative zone and the 20-EMA that is downwardsloping indicate this. The bears will attempt to bring the pair down below $28,630 and resume their downtrend if the price drops below $26,700.

FTT/USDT

FTX Token, (FTT), has been in a downtrend over the past few months. However, the RSI has formed a positive divergence which indicates that the bearish momentum might be weakening.

Daily chart of FTT/USDT Source: TradingView

On June 9, the bulls pushed prices above the 20-day EMA ($29), but they could not maintain these higher levels. Although the bears managed to pull the price below the 20-day EMA, the bulls didn’t lose much ground. The bulls have continued to buy, pushing the price higher than the resistance at June 12.

The FTT/USDT currency pair could rally to the SMA (50 days) ($32), and if that level is crossed, then the up-move might reach $35. If the price falls below $25, this positive outlook could be invalidated. This will signal the beginning of the next downtrend.

FTT/USDT 4-hour chart. Source: TradingView

This chart is 4-hours long and shows how an inverse head-and-shoulders pattern forms. It will end on a break above the neckline. The pair could then move up to the $34 target by forming an inverse head and shoulders pattern.

However, bears will not be willing to give up their advantage if the price does not hold above the neckline. The sellers will attempt to lower the price below $26. The pair could fall to $25 if they succeed.

XTZ/USDT

The Tezos (XTZ), which rose above the 50 day SMA ($2.14) June 9, but the bulls were unable to build on this strength. This indicates that bears are active at higher levels.

Daily chart of XTZ/USDT Source: TradingView

The price fell below its moving averages due to strong selling by the bears. The XTZ/USDT currency pair was at $1.61 to $1.45 support zone. If the price bounces off this zone, bulls will attempt to push the pair higher than the 50-day SMA. They will also challenge the overhead resistance of $2.36.

If the price falls below the support zone, this positive outlook could be invalidated. The pair could resume its downward trend and fall towards the psychological level at $1.

XTZ/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has remained within the range of $2.30 to $1.61. Traders usually buy close to the support level and sell at the resistance when the price consolidates within a range. This is evident in the rebound to $1.61.

Bears might try to sell on rallies above the 20-EMA, but if bulls overcome this hurdle, there is a greater chance of the pair rising up to $2.30. Bears must sink below $1.61 to discredit this view. The pair could drop to $1.45 if that happens.

Related: Ethereum price enters the ‘oversold” zone for first time since November 2018.

KCS/USDT

KuCoin Token, (KCS), rallied strongly from its intraday low of $9.50 on May 12, and reached $18 by May 31. The sharp rise may have attracted short-term traders who wanted to book profits. This led to the current correction.

Daily chart of KCS/USDT Source: TradingView

Buyers will defend the area between $13.75 Fibonacci retracement levels of 50% and $12.75 61.8% level of retracement. The bulls will try to push the KCS/USDT pairs above the moving averages if the price bounces off of this zone.

It will indicate that they have completed the correction. The pair may then test the $18 critical resistance.

If the price falls below $12.75 it could indicate that traders are rushing to exit. This could lead to a 100% retracement up to $9.50.

KCS/USDT 4-hour chart. Source: TradingView

Although the bulls tried to stop the decline at $15, the bears sold more and drove the price below its support. The bulls have not allowed bears to prolong the decline, even though the price is below $15.

Buyers will try to get the price above $15 and the 20 EMA. They will succeed, which will indicate that buyers continue to buy at lower levels. This could increase the price to $16.30 or $17.

If the price drops below $15, it could indicate that bears have turned the resistance level into support. This could lead to a further decline in the $14-$13.50 area.

HNT/USDT

For the past few months, Helium (HNT), has been in a downward trend. Although the buyers tried to recover and drove the price higher than the 50-day SMA ($10.86), the bears had other plans.

Daily chart HNT/USDT Source: TradingView

On June 10, the bulls were caught by the bears who sold aggressively at $12.50. This led to the bulls being trapped and the price falling below the $20-day EMA ($9.69 on June 11). Bulls will try to stop the price decline at $8 strong support and make a lower low.

If they succeed, the HNT/USDT pairing will attempt to surpass the moving averages again and challenge resistance at $12.50.

If the price falls below $8, this positive outlook could be invalidated. The pair could fall to $6.54 intraday on May 12. If the price falls below this level, it will signal the resumption or continuation of the downtrend.

HNT/USDT 4-hour chart. TradingView

The selling intensified after the break and close below $11 and led to a waterfall fall. The moving averages completed a bearish crossover, and the RSI is now in the negative territory. This indicates that bears are on the winning side.

Near $9.50, resistance is building to any attempt to restart a recovery. The 20-EMA may be the next hurdle if this resistance is not overcome. If the resistance is broken, it will signal that selling pressure is decreasing.

Alternativly, if the price falls below the overhead resistance and drops below $8.50 the pair could fall to $8.50 strong support.

You should research all aspects of trading and investment before making any decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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