Top 5 cryptocurrencies to watch this week: BTC, LTC, LINK, VET, AXS

Bitcoin’s bullish sentiment suffered a minor setback after VanEck’s Bitcoin exchange traded product, which was designed to track Bitcoin’s spot prices, was rejected by the Securities and Exchange Commission.

This negative development was quickly followed by the activation of Taproot’s soft fork on November 13. Cointelegraph spoke with Hampus Sjoberg, a Bitcoin developer who owns a Taproot-dedicated website. He said that Taproot demonstrated that Bitcoin can perform network upgrades, which was crucial for the network’s longevity.

Daily view of crypto market data. Source:Coin360

Decentrader analysts also noted that Bitcoin’s most recent major upgrade was Segwit, which was implemented in August 2017. This was followed by a sharp rise from $4,000 to $20,000 within four months.

Can Bitcoin regain its bullish performance after the Taproot upgrade? Could it pull altcoins higher as well? Let’s look at the charts of five top cryptocurrencies, which may be able to resume the uptrend over the next few days.

BTC/USDT

Bitcoin has pulled back towards the 20-day exponential moving mean ($62,954). This is an important support that you should keep an eye on. Traders typically buy the dip to 20-day EMA during a strong uptrend.

Daily chart of BTC/USDT Source: TradingView

Although the moving averages are upwardly sloping, it is clear that buyers have the upper hand. However, the negative divergence in the relative strength index (RSI), warns that bullish momentum could be weakening.

The bulls will attempt to push the price higher than the historic $69,000 high and resume the uptrend if the price bounces off the 20-day EMA. The BTC/USDT exchange could rise to $75,000.

A break or close below the 20 day EMA could indicate traders are rushing to exit. The 50-day simple moving mean could see the pair drop to $57,938. Breaking below this support could indicate a deeper correction, possibly to $52,920.

BTC/USDT 4-hour chart. TradingView

The 4-hour chart shows the pair consolidating between $60,000- $67,000. The bulls managed to push the price higher than the resistance, but they couldn’t sustain it. The price has fallen back within the range.

The 20-EMA is sloping downward marginally, and the RSI just below the midpoint. This suggests that the price could gradually fall to $60,000. This level could be extended by a strong bounce, but a break below could indicate a trend shift.

Alternativly, bulls could challenge the $67,000-$69,000 overhead resistance zone if the current price rises.

LTC/USDT

Litecoin (LTC), which broke above $225.30 overhead resistance, completed a rounding top formation. The price gained momentum quickly and reached the psychological barrier of $300, where bears mounted stiff resistance.

Daily chart of LTC/USDT Source: TradingView

Altcoin has been trending up for the last few days, but the 20-day EMA ($224), has begun to rise and the RSI just below the overbought area indicate that bulls hold the upper hand. The buyers will try to resume the uptrend if the price rises from its current level or rebounded off $225.30.

The possibility of a break and close above $300 could lead to a rally to $340. Bears will have other plans. They will attempt to maintain the price below $225.30, the breakout level. The LTC/USDT price may fall to the SMA of $5192 if they are able to pull it off.

LTC/USDT 4-hour chart. TradingView

The 4-hour chart clearly shows that the pair trades within a falling wedge pattern. The 20-EMA has flattened and the RSI is close to the midpoint. This indicates a balance between supply/demand.

If bulls push the price higher than the wedge, this equilibrium could tip in their favor. The pair could rise to $280, and then to $295.70. Although this level might be a resistance, bulls can overcome it and rally the pair to their target goal at $302.10.

If the price falls below the 50 SMA, selling could increase and the pair could drop to $225.30.

LINK/USDT

Chainlink (LINK), which was driven by bulls, climbed above the overhead resistance of $35.23 on Nov. 9, 10, and 11, but couldn’t sustain it above that level. This indicates that bears are vigorously defending the level.

Daily chart for USDT LINK. Source: TradingView

Both moving averages are trending upwards and the RSI is at 55. This suggests that bulls have a slight advantage. The buyers will attempt to overcome the overhead hurdle if the price recovers from the 20-day EMA ($32.27).

The LINK/USDT pair may signal the beginning of a new uptrend if they can do so. The $42.50 target is the first and then $47.50 are the next targets. If the price falls below the 20-day EMA, this bullish view will be retracted. This could cause the price to fall below the 50-day SMA (28.83).

LINK/USDT 4-hour chart. Source: TradingView

For the past few days, the pair has been moving in an upward channel. On Nov. 10, the bulls tried to push the price higher than the channel, but they failed. This could have led to aggressive bears shorting and profit-booking from the bulls.

The price may drop to the support level of the channel, where buying might emerge. Bulls will continue to buy at lower levels if there is a strong rebound from this support. The channel may continue to support the pair’s upward movement. A possible trend change will be signaled by a break or close below the channel.

Related: Bitcoin launches nail-biting weekly close following Taproot’s live launch

VET/USDT

VeChain, (VET), broke through the stiff overhead resistance of $0.15 on Nov. 4. This indicates that the bulls have overpowered the bears. The price is now back at the breakout level, and the bears are trying to trap aggressive bulls by lowering it below that mark.

Daily chart VET/USDT Source: TradingView

The bulls have a slight advantage because the 20-day EMA ($0.15) has been moving up. Also, the RSI is still in the positive zone. The bulls will attempt to push VET/USDT above $0.19, and then resume the upward movement. The price could rally to $0.24.

Contrary to the assumption, if the price breaks below $0.15, it will indicate that markets have rejected higher levels. The price could drop to the 50 day SMA ($0.12) or to $0.10.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows bulls pushing the price higher than the resistance line in the ascending channel pattern, but they couldn’t build on this advantage. This shows that demand is drying up at higher levels.

The channel has seen the price drop again and the moving averages completed a bearish crossover. This indicates that the pair could slowly slide towards the support line.

The uptrend could be maintained if the support line is strong rebounded. If this happens, the price will likely trade within the channel. To gain the upper hand, the bears will need to pull the price down below the channel.

XS/USDT

AxieInfinity (AXS), which is in an uptrend, has been trading within an ascending channel pattern over the past few days. The price fell to $1141 at the 20-day EMA, where bulls are trying stop the decline.

Daily chart of AXS/USDT Source: TradingView

The 20-day EMA is flattened and the RSI is near the midpoint. This suggests that buyers might be losing their grip. Breaking below the 20-day EMA may push the price towards the support line.

This level is expected to be defended by buyers. The up-move will continue if the price bounces off the support line. The AXS/USDT currency pair will attempt to reach $166.09.

A break above the all time high could open the way for a rally to the resistance line at $183. A break or close below the ascending channel will invalidate this positive view.

AXS/USDT 4-hour chart. Source: TradingView

The price has been consolidating between $166.09 & $131.18. On the 4-hour chart, the price is trading below the 20EMA. This indicates that bears are aggressively defending this resistance. This raises the possibility that the price will fall to $131.18, the support range.

This support will be reaffirmed if the price recovers. It will indicate that bulls are continuing to accumulate at lower levels. This could allow the pair to extend its range bound action for a few days.

A break or close below $131.18 could indicate a change in the trend. The pair could then fall to the $115-$120 support zone. The psychological support at $100 could be reached if this zone cracks.

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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