Top 5 cryptocurrencies to watch in 2022: BTC, ETH, BNB, AVAX, MATIC

Bitcoin
(BTC)
witnessed
a
roller
coaster
ride
in
2021
and
even
though
BTC
has
corrected
sharply
from
its
all-time
high
at
$69,000,
the
digital
asset
is
still
up
by
60%
year-to-date.
During
the
same
period,
gold
has
dropped
more
than
5%. 

With
inflation
soaring
in
the
United
States
and
several
other
parts
of
the
world,
Bitcoin’s
outperformance
over
gold
shows
that
investors
may
be
considering
it
to
be
a
better
hedge
against
inflation
when
compared
to
gold.

During
the
year,
the
total
crypto
market
capitalization
surged
to
about
$3
trillion,
but
Bitcoin’s
dominance
fell
from
about
70%
at
the
start
of
the
year
to
40%.
This
shows
that
several
altcoins
have
outperformed
Bitcoin
by
a
huge
margin.


Crypto
market
data
daily
view.
Source:



Coin360

As
cryptocurrencies
gain
wider
adoption,
multiple
altcoins
are
likely
to
capture
investors’
attention.
These
could
produce
strong
returns
for
investors
over
the
next
year.

Technical
analysis
has
been
used
to
arrive
at
the
current
list
of
large-cap
cryptocurrencies
that
could
remain
in
focus
in
2022
and
benefit
from
a
crypto
bull
run.

Let’s
study
the
charts
of
the
top
five
cryptocurrencies
to
calculate
their
possible
target
objectives
and
the
support
levels
to
watch
out
for
in
2022.

BTC/USDT

Bitcoin
(BTC)
broke
and
closed
above
the
overhead
resistance
at
$64,854
in
early
November
but
the
long
wick
on
the
candlestick
shows
profit-booking
at
higher
levels.
The
selling
continued
in
the
following
week
and
the
price
pulled
back
below
$64,854.


BTC/USDT
weekly
chart.
Source:
TradingView

The
bulls
attempted
to
defend
the
20-week
exponential
moving
average
(EMA)
($51,999)
but
could
not
sustain
the
rebound.
This
intensified
the
selling
and
pulled
the
price
below
the
50-week
simple
moving
average
(SMA)
($47,681).

The
bulls
purchased
the
dip
but
failed
to
extend
the
recovery
above
the
20-week
EMA.
This
indicates
a
possible
change
in
sentiment
from
buy
on
dips
to
sell
on
rallies.
The
bears
are
once
again
attempting
to
pull
and
sustain
the
price
below
the
50-week
SMA.

If
they
succeed,
the
BTC/USDT
pair
could
drop
to
the
strong
support
at
$39,600.
The
20-week
EMA
has
started
to
turn
down
and
the
relative
strength
index
(RSI)
has
slipped
below
50,
indicating
that
bears
have
the
upper
hand.

A
break
and
close
below
$39,600
could
result
in
a
deeper
correction
to
$28,805.
Such
a
sharp
fall
may
delay
the
start
of
the
next
leg
of
the
uptrend.

On
the
other
hand,
if
bulls
successfully
defend
the
100-week
SMA,
the
pair
will
make
one
more
attempt
to
rise
above
the
20-week
EMA.
If
that
happens,
the
pair
will
attempt
a
rally
to
the
overhead
zone
at
$64,854
to
$69,000.

A
break
and
close
above
this
zone
could
start
the
next
leg
of
the
uptrend
that
could
push
the
pair
to
the
psychologically
critical
level
at
$100,000.

ETH/USDT

Ether
(ETH)
is
correcting
in
a
strong
uptrend.
Both
moving
averages
are
sloping
up
and
the
RSI
is
in
the
positive
territory,
indicating
that
bulls
have
the
upper
hand.


ETH/USDT
weekly
chart.
Source:
TradingView

Although
bears
have
been
attempting
to
pull
the
price
below
the
20-week
EMA
($3,745),
the
long
tail
on
the
candlesticks
of
the
past
few
weeks
shows
that
bulls
are
buying
aggressively
at
lower
levels.

The
bulls
will
now
make
one
more
attempt
to
clear
the
overhead
hurdle
at
the
psychologically
critical
level
at
$5,000.
If
they
succeed,
the
ETH/USDT
pair
could
start
the
next
leg
of
the
uptrend
with
the
first
target
at
100%
Fibonacci
extension
level
at
$5,719.68.

If
the
momentum
carries
the
price
above
this
level,
the
next
target
to
watch
out
for
is
the
138.2%
Fibonacci
extension
level
at
$6,566.19
and
then
the
161.8%
extension
level
at
$7,089.17.

Contrary
to
this
assumption,
if
the
price
turns
down
from
the
current
level
or
the
overhead
resistance
and
breaks
below
the
20-week
EMA,
it
will
signal
that
traders
are
selling
on
rallies.
That
could
open
the
doors
for
a
possible
drop
to
the
strong
support
at
$2,652.

This
is
an
important
level
to
watch
on
the
downside
because
a
break
below
it
could
pull
the
pair
to
$1,700.

BNB/USDT

Binance
Coin
(BNB)
turned
down
from
$669.30,
indicating
that
bears
are
aggressively
defending
the
all-time
high
at
$691.80.
However,
a
minor
positive
is
that
bulls
are
buying
the
dips
to
the
20-week
EMA
($500).


BNB/USDT
weekly
chart.
Source:
TradingView

The
upsloping
moving
averages
and
the
RSI
is
in
the
positive
zone
indicate
that
buyers
have
the
upper
hand.

If
the
price
rebounds
off
the
current
level,
the
BNB/USDT
pair
could
rise
to
the
overhead
zone
at
$669.30
to
$691.80.
The
bulls
will
have
to
clear
this
barrier
to
signal
the
resumption
of
the
uptrend.

If
that
happens,
the
pair
could
start
the
next
leg
of
the
up-move
to
$848.30
and
thereafter
attempt
a
rally
to
$1,171.90.

Another
possibility
is
that
the
price
bounces
off
the
20-week
EMA
but
turns
back
from
the
overhead
resistance.
In
such
a
case,
the
pair
may
remain
range-bound
for
a
few
weeks.

A
consolidation
near
the
all-time
high
is
a
positive
sign
as
it
shows
that
traders
are
not
rushing
to
the
exit.
That
increases
the
prospects
of
the
continuation
of
the
up-move.

Conversely,
if
bears
sink
and
sustain
the
price
below
the
20-week
EMA,
it
will
indicate
that
supply
exceeds
demand.
That
could
result
in
a
decline
to
the
50-week
SMA
($379).
A
break
and
close
below
this
level
could
invalidate
the
bullish
assumption.



Related: 
Nexo
co-founder
targets
Bitcoin
at
$100K
by
mid-2022

AVAX/USDT

Avalanche’s
(AVAX)
sharp
rally
to
the
all-time
high
at
$147
had
pushed
the
RSI
near
the
85
level,
indicating
that
the
up-move
was
overextended
in
the
short
term.
This
may
have
resulted
in
profit-booking
by
short-term
traders.


AVAX/USDT
weekly
chart.
Source:
TradingView

The
bears
pulled
the
price
below
$81
for
three
consecutive
weeks
but
they
could
not
sustain
the
lower
levels
as
seen
from
the
long
tail
on
the
candlesticks.
This
indicates
that
bulls
have
flipped
the
previous
resistance
at
$81
into
support.

The
strong
rebound
off
the
20-EMA
($73)
indicates
that
sentiment
remains
bullish
and
traders
are
buying
on
dips.
The
bulls
will
now
attempt
to
push
the
price
to
the
all-time
high
at
$147.

A
break
and
close
above
this
resistance
could
start
the
next
leg
of
the
uptrend.
The
AVAX/USDT
pair
could
then
rise
to
$213.17
and
if
the
momentum
sustains,
the
rally
could
even
extend
to
$260.

This
bullish
view
will
invalidate
if
the
price
turns
down
from
the
current
level
or
the
overhead
resistance
and
breaks
below
$75.50.
Such
a
move
will
indicate
that
the
sentiment
has
turned
negative
and
traders
are
selling
on
rallies.

The
pair
could
then
drop
to
the
strong
support
at
$50.
Such
a
deep
fall
is
likely
to
delay
the
start
of
the
next
leg
of
the
up-move.

MATIC/USDT

Polygon’s

MATIC
 has
been
in
an
uptrend.
The
bulls
attempted
to
push
the
price
above
the
all-time
high
at
$2.70
but
failed.
This
suggests
that
bears
are
defending
the
overhead
resistance
aggressively.


MATIC/USDT
weekly
chart.
Source:
TradingView

However,
a
positive
sign
is
that
bulls
are
buying
the
dips
to
the
20-week
EMA
($1.62).
This
indicates
that
sentiment
remains
bullish
and
traders
are
accumulating
on
dips.

The
rising
moving
averages
and
the
RSI
near
the
overbought
zone
indicate
that
the
path
of
least
resistance
is
to
the
upside.
The
bulls
will
make
one
more
attempt
to
push
the
MATIC/USDT
pair
above
$2.70.

If
they
manage
to
do
that,
the
pair
could
start
the
next
leg
of
the
uptrend
which
could
reach
$3.28.
A
break
and
close
above
this
level
could
extend
the
rally
to
$4
and
eventually
to
$4.77.

Contrary
to
this
assumption,
if
the
price
turns
down
from
the
current
level
or
the
overhead
resistance
and
plummets
below
the
20-week
EMA,
it
will
suggest
that
supply
exceeds
demand.

If
the
price
sustains
below
the
20-week
EMA,
the
selling
could
pick
up
momentum
and
the
pair
could
plummet
to
the
50-week
SMA
($1.04).


The
views
and
opinions
expressed
here
are
solely
those
of
the
author
and
do
not
necessarily
reflect
the
views
of
Cointelegraph.
Every
investment
and
trading
move
involves
risk,
you
should
conduct
your
own
research
when
making
a
decision.

read original article here