Top 5 cryptocurrencies to watch this week: BTC, LUNA, FTM, ATOM, ONE

Bitcoin
(BTC)
continues
to
languish
below
the
psychological
level
at
$50,000
in
the
first
few
days
of
the
New
Year,
indicating
a
lack
of
aggressive
buying
by
traders.
Former
BTCC
CEO
Bobby
Lee
said
the
exodus
of
the

Chinese
traders
who
had
until
Dec.
31

to
exit
Chinese
exchanges
may
have
kept
prices
lower
into
the
year-end.

However,
President
Nayib
Bukele
of
El
Salvador,
the
first
country
to
adopt
Bitcoin
as
legal
tender,
believes
that
Bitcoin
could
rally
to
$100,000
this
year.
President
Bukele
also
said
that
two
more

countries
will
accept
Bitcoin
as
legal
tender

in
2022.


Crypto
market
data
daily
view.
Source:



Coin360

The
increased
crypto
adoption
by
institutional
investors
in
2021
is
another
long-term
positive.
According
to
CoinShares,

net
inflows
into
crypto
funds
in
2021

were
more
than
$9.3
billion.
A
majority
of
over
two-thirds
of
the
crypto
inflows
were
into
Bitcoin.

Could
Bitcoin
start
a
new
up-move
in
January
pulling
select
altcoins
higher?
Let’s
study
the
charts
of
the
top-5
cryptocurrencies
that
may
remain
positive
in
the
short
term.

BTC/USDT

Bitcoin
has
been
trading
between
the
20-day
exponential
moving
average
($48,720)
and
the
strong
support
at
$45,456
for
the
past
few
days.
This
suggests
that
buying
dries
up
at
higher
levels.


BTC/USDT
daily
chart.
Source:
TradingView

Both
moving
averages
are
turning
down
and
the
relative
strength
index
(RSI)
is
in
the
negative
zone,
indicating
that
bears
have
the
upper
hand.
If
the
price
turns
down
from
the
20-day
EMA,
the
bears
will
try
to
sink
the
price
below
$45,456.
If
they
manage
to
do
that,
the
next
leg
of
the
downtrend
to
$42,000
and
then
to
$40,000
could
begin.

Contrary
to
this
assumption,
if
the
price
breaks
above
the
20-day
EMA,
the
BTC/USDT
pair
could
rise
to
the
50-day
simple
moving
average
($52,332).
A
break
and
close
above
this
level
could
signal
the
start
of
a
new
up-move
that
could
reach
the
61.8%
Fibonacci
retracement
level
at
$58,686.


BTC/USDT
4-hour
chart.
Source:
TradingView

The
4-hour
chart
shows
that
the
pair
is
range-bound
between
$45,456
and
$51,936.33.
The
price
has
rebounded
off
$45,456
and
if
bulls
push
the
pair
above
the
50-SMA,
it
will
suggest
accumulation
at
lower
levels.
That
could
drive
the
price
toward
$51,936.33.

Conversely,
if
the
price
turns
down
from
the
50-SMA,
the
bears
will
make
one
more
attempt
to
pull
the
pair
below
$45,456.
If
they
succeed,
the
pair
could
resume
the
downtrend
with
the
next
target
objective
at
$38,975.67.

LUNA/USDT

Terra’s

LUNA

token
is
attempting
to
resume
its
uptrend
but
the
bears
have
other
plans,
drawing
a
line
near
$93.81.


LUNA/USDT
daily
chart.
Source:
TradingView

The
upsloping
moving
averages
and
the
RSI
in
the
positive
territory
suggest
a
slight
edge
to
the
buyers.
If
the
price
once
again
rebounds
off
the
20-day
EMA
($82),
it
will
indicate
that
bulls
continue
to
accumulate
on
dips.

The
LUNA/USDT
pair
will
then
try
to
break
above
$93.81
and
challenge
the
all-time
high
at
$103.60.
A
break
and
close
above
this
resistance
could
start
the
next
leg
of
the
uptrend
to
$135.26.

Conversely,
if
the
price
turns
down
and
breaks
below
the
20-day
EMA,
it
will
signal
a
change
in
the
short-term
trend.
The
pair
could
then
drop
to
$65.15.


LUNA/USDT
4-hour
chart.
Source:
TradingView

The
bounce
off
$81.11
is
facing
selling
in
the
zone
between
the
50%
Fibonacci
retracement
at
$92.35
and
the
61.8%
retracement
level
at
$95.01.
The
bears
will
now
try
to
pull
the
price
below
the
20-EMA
and
the
uptrend
line.

If
they
do
that,
the
pair
could
drop
to
$84
and
then
to
$81.11.
A
break
and
close
below
this
support
could
signal
that
bears
are
back
in
the
game.

On
the
contrary,
if
the
price
rebounds
off
the
current
level
or
the
uptrend
line,
the
buyers
will
try
to
drive
the
pair
above
$95.01
and
retest
the
overhead
resistance
at
$103.60.

FTM/USDT

Fantom
(FTM)
has
turned
down
from
the
overhead
resistance
at
$2.67,
which
suggests
that
bears
are
defending
this
level
with
vigor.


FTM/USDT
daily
chart.
Source:
TradingView

The
FTM/USDT
pair
could
drop
to
the
20-day
EMA
which
could
act
as
a
strong
support.
A
sharp
rebound
off
this
support
will
suggest
that
buyers
are
accumulating
on
dips.

The
rising
20-day
EMA
($2.03)
and
the
RSI
above
68
suggest
that
the
path
of
least
resistance
is
to
the
upside.

A
break
and
close
above
$2.67
will
suggest
that
bulls
are
back
in
the
game.
The
pair
could
then
start
its
northward
march
toward
$3.17
and
then
to
$3.48.
The
bears
will
have
to
pull
and
sustain
the
price
below
$2
to
invalidate
the
bullish
sentiment.


FTM/USDT
4-hour
chart.
Source:
TradingView

The
4-hour
chart
shows
a
rounding
bottom
formation,
which
will
complete
on
a
break
and
close
above
the
overhead
resistance
at
$2.67.
If
the
price
rebounds
off
the
20-EMA,
the
bulls
will
again
try
to
overcome
the
barrier
at
$2.67.
If
that
happens,
the
up-move
could
begin.

Conversely,
if
the
price
breaks
below
the
20-EMA,
it
will
suggest
that
the
short-term
bullish
momentum
could
be
weakening.
The
pair
could
then
drop
to
the
50-SMA
and
later
to
the
strong
support
at
$2.



Related:




Three
reasons
why
PlanB’s
stock-to-flow
model
is
not
reliable

ATOM/USDT

Cosmos
(ATOM)
broke
and
closed
above
the
overhead
resistance
at
$34
on
Jan.
1.
The
moving
averages
have
completed
a
bullish
crossover,
indicating
that
bulls
have
the
upper
hand.


ATOM/USDT
daily
chart.
Source:
TradingView

If
the
price
sustains
above
$34,
the
bullish
momentum
could
pick
up
further
and
the
ATOM/USDT
pair
could
rise
to
$38
and
later
to
$43.28.
The
moving
averages
have
completed
a
bullish
crossover
and
the
RSI
is
in
the
positive
zone,
indicating
that
bulls
are
in
control.

Contrary
to
this
assumption,
if
the
price
breaks
and
closes
below
$34,
it
will
suggest
that
bears
are
attempting
to
trap
the
aggressive
bulls.
The
pair
could
then
drop
to
the
20-day
EMA
($28).

If
the
price
rebounds
off
this
level,
the
bulls
will
make
one
more
attempt
to
clear
the
overhead
hurdle
but
if
the
pair
breaks
below
the
moving
averages,
the
decline
could
extend
to
$25.


ATOM/USDT
4-hour
chart.
Source:
TradingView

Both
moving
averages
are
sloping
up
and
the
RSI
is
in
the
positive
territory,
suggesting
that
bulls
have
the
upper
hand.
If
the
price
rebounds
off
the
20-EMA,
it
will
signal
that
sentiment
remains
positive
and
traders
are
buying
on
dips.

The
up-move
could
resume
on
a
break
and
close
above
$37.
Conversely,
if
bears
pull
the
price
below
the
20-EMA,
it
may
lead
to
profit-booking
from
short-term
traders.
That
may
pull
the
price
down
to
the
50-SMA.

ONE/USDT

Harmony
(ONE)
has
reached
the
downtrend
line
where
the
bears
are
likely
to
mount
a
stiff
resistance.
If
the
price
turns
down
from
the
current
level,
the
altcoin
could
dip
to
the
20-day
EMA
($0.24).


ONE/USDT
daily
chart.
Source:
TradingView

If
the
price
rebounds
off
the
20-day
EMA,
it
will
suggest
that
the
sentiment
remains
bullish
and
traders
are
accumulating
on
dips.
The
bulls
will
then
again
attempt
to
push
the
price
above
the
downtrend
line.

If
they
succeed,
it
will
suggest
the
start
of
a
new
up-move.
The
first
target
on
the
upside
is
$0.34
and
a
break
above
it
could
result
in
a
retest
at
$0.38.
This
positive
view
will
invalidate
if
the
price
turns
down
and
breaks
below
$0.21.


ONE/USDT
4-hour
chart.
Source:
TradingView

The
4-hour
chart
shows
the
formation
of
a
cup-and-handle
pattern,
which
will
complete
on
a
break
and
close
above
$0.29.
This
reversal
setup
has
a
pattern
target
at
$0.38.
It
is
unlikely
to
be
a
straight
dash
to
the
target
objective
because
bears
are
likely
to
mount
a
strong
resistance
at
$0.34.

Conversely,
if
the
price
turns
down
from
the
current
level,
it
could
drop
to
the
moving
averages.
If
this
support
cracks,
the
ONE/USDT
pair
could
decline
to
$0.21.
A
bounce
off
this
support
could
keep
the
pair
range-bound
between
$0.21
and
$0.27
for
some
time.


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.

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