ETH, SOL, MATIC, and FTM could rise higher while BTC is preparing for its next move, thanks to the recent shallow fall in the price of Bitcoin. Traders are now looking towards these 5 cryptos for this week.
As early as this week, a Bitcoin (BTC) exchange-traded fund (ETF) could begin trading, sending the price of BTC to $62,933. Since then, the rally has slowed.
According to certain market players, traders who believed the idea that a Bitcoin ETF will be approved may dump their holdings once the news breaks.
It’s doubtful that the introduction of futures-based ETFs will provide Bitcoin prices a long-term boost like the one saw in the fourth quarter of 2020, according to QCP Capital.
In the short term, investors should expect high volatility. But instead of getting distracted by small corrections on the way to new highs, they should look at the long-term trend.
What are the chances of altcoins joining Bitcoin on its ascent to a record all-time high? In this article, we’ll take a look at 5 of the most promising cryptos for short-term growth.
👀 Keep an Eye on the 5 Cryptos
These are the following 5 cryptos that you have to look out for this week:
1. BTC/USDT
On the 15th of October, Bitcoin surged through the $58,000 resistance level and the psychological $60,000 mark.
And although the bears are seeking to stop the upward movement at $62,933, the bulls have also not decided to give up much ground, which is a good sign.
Traders are holding on to their positions despite the recent uptick because they believe the market will continue to climb higher.
Bulls are in control as both moving averages are trending up as well as the relative strength index (RSI) has been overbought.
The BTC/USDT pair might rise to $75,000 if the price turns up from its current position and rises well above $62,933 to $64,854 resistance zone.
On the downside, keep an eye on $58,000 as immediate support.
Short-term traders may book profits if the price falls below the 20-day exponential moving average ($54,336) on a break and closing below this level.
2. ETH/USDT
On October 14, Ether (ETH) executed the inverse head and shoulders pattern with a break and closing above the neckline.
On October 16, the extended wick candlestick shows bears are attempting a stop-gap move between $4,027.88 and $4,000.
The ETH/USDT pair may fall to the neckline’s breakthrough level if the price declines from its present level. These are critical supports that the bulls must protect. The bulls will aim to break through the overhead resistance if the price returns from this level.
Close above $4,027.88 might open the door for a recovery to the all-time peak at $4,372.72 and the pattern’s target of $4,657. A price decline to $3,257 is possible if the price breaks below the moving averages. If this level of support is broken, the bears will take over.
A psychological resistance of $4,000 is being defended by bears, while the 20-EMA is being tested by bulls. RSI has dipped to the middle and the 20-EMA is leveling down, signaling that the market may be consolidating soon.
If the price closes above $4,000, it might be a sign that the uptrend has resumed. The first sign that now the momentum is waning will be a break below the setup’s neckline. The price of the pair may then drop to $3,400.
3. SOL/USDT
On October 15, Solana (SOL) made a breakout and closed just above downtrend line, indicating that bulls are making an attempt to recover. On the 16th of October, the bears made an attempt but failed to bring the price down below the downtrend line.
The SOL/USDT pair might advance to $177.80, the 61.80% resistance level, if bulls keep the price just above downtrend line. The bears must protect this level because if the bulls go beyond it, the pair could advance to the 78.6 percent retracement level at $194.60 and then retest the all-time high at $216. The pair is currently trading at $160.26.
Traders may be closing out their positions on pullbacks if the price declines from the current level or overhead resistance and falls below the moving averages. There is a possibility that the pair will decline to $116, which is the next important support.
4. MATIC/USDT
For the previous few days, Polygon’s (MATIC) price has fluctuated widely between $1 and $1.80. RSI ($1.32) and the 20-day EMA ($1.32) are both turning up, which suggests that bulls may be trying to grab the upper hand.
At this point, a break of $1.80 will be a significant challenge for the MATIC/USDT currency pair. The pair may drop to the 20-day exponential moving average if the price breaks through this resistance.
If the price makes a big comeback from this level of support, it will indicate that investor confidence has improved and traders are now buying on dips. As a result, the odds of a break and closing above $1.80 will rise.
Otherwise, the pair might resume its upward trend and reach a new all-time high above $2.70 before falling back. Instead, if the price falls from its current level and falls below the moving averages, the pairing may drop to $1.20 and then to $1.
5. FTM/USDT
As of writing, the price of Fantom’s FTM token has risen sharply. By holding down the $1.94 breakout level, bulls have maintained their bullish stance, signaling that traders are trying to buy on dips.
A positive divergence on the relative strength index (RSI) indicates that the bullish trend may be waning, despite the upsloping moving averages suggesting an edge for buyers. With a break above $2.45, the bulls may be able to extend the rally to $3.20.
The FTM/USDT pair could stabilize between $1.94 and $2.45 if the price moves down from $2.45. If the 20-day EMA ($1.85) is broken and closed below, it could indicate the beginning of a more serious decline.
Related Article: Why Bitcoin Is Expected To Make A Parabolic Move, Explains Billionaire Mike Novogratz
