Top 5 cryptocurrencies to watch this week: BTC, BNB, LUNA, MANA, SAND


Bitcoin (BTC) and most of the major cryptocurrencies are struggling to recover from the sharp decline they experienced on November 26. This suggests that traders may be wary of buying at current levels due to the uncertainty surrounding the highly mutated novel coronavirus strain found in the South. Africa.

Bitcoin assets under management fell 9.5% to $48.70 billion in November, according to a CryptoCompare report. On the other hand, cryptocurrency-based AUMs rose 5.4% to $16.60 billion.

This indicates that traders were able to take profits from bitcoins and transfer some funds to altcoins.

Daily view of cryptocurrency market data. Source: Coin360
Alex Mashinsky, founder and CEO of Celsius, isn’t worried about the recent meltdown and sees the cliff as a buying opportunity. On November 28, he said he “has bought nearly $10 million in bitcoin and is eating at the current level,” as he expects bitcoin to rise to $70,000. Mashinsky added that he will halve his recent purchases if Bitcoin breaks through the $50,000 support.

If Bitcoin recovers from its current level, some altcoins may attract the attention of investors as well. Let’s analyze the lists of the top 5 cryptocurrencies that may remain in the spotlight for the next few days.

Bitcoin has been correcting in a descending channel in recent days. The bulls have been trying to defend the 100-day SMA ($54,064) for the past two days, but the shallow reversal suggests that there is no urgency to build up at current levels.

BTC/USDT daily chart. Source: TradingView
The decline in the 20-day exponential moving average ($58,521) and the relative strength index (RSI) below 39 indicates that the bears are under control. If the price bounces off the current level, the bulls may hit the wall at the 20 day moving average.

If the price reverses down from the 20 day moving average again, it will increase the probability of a breakout below the 100 day simple moving average. The couple can then challenge the channel guide. A break below the channel could boost sales and push the BTC/USDT pair down to $40,000.

Bulls must push the price and hold through the channel to signal that the correction is over. The pair could gain upward momentum on the outbreak and close above $61,000.

4 hour BTC/USDT chart. Source: TradingView
The RSI has formed a bullish divergence on the 4 hour chart, indicating that selling pressure may be easing. If the bulls push the price above the 20-EMA and 50-SMA, the pair could rise to $60,000.

This is an important resistance that the bulls have to overcome because the previous retracements did not reach this level.

If the price reverses from the current level or upper resistance and drops below $53,500, sales may accelerate. The pair could then fall into the strong support of $50,000.

Binance Coin (BNB) is witnessing a battle between bulls and bears around the 20-day exponential moving average ($590). Although the price declined and closed during the 20-day moving average on November 26, the bears were unable to take advantage of this advantage.

BNB/USDT daily chart. Source: TradingView
Today, the bears pushed the price below the 20-day moving average again, but the long tail of the candlestick is showing a build-up at the lower levels. The flat 20-day EMA and the RSI near the midpoint indicate an equilibrium between supply and demand.

If the bulls push the price above $621.30, the BNB/USDT pair could rise again to the upper resistance area at $669.30-$691.80.

Alternatively, if the price reverses and closes below the 20-day moving average, the pair could drop to the 50-day simple moving average ($546). A stop and a close during this support could extend the pull back to the 100-day moving average ($487) and then to $440.

4-hour chart of BNB/USDT. Source: TradingView
The price has jumped off the trend line in the 4-hour chart, but the bears are trying to stop the recovery near the 20-EMA. If the price continues to fall, the bears will once again try to push the pair below the trend line.

If they manage to do so, the pair could drop to the support zone between $564.20 and $553.80. A break below this area could lead to a sharp drop to $510.

Conversely, if the bulls push the price and hold above the 20-day moving average, the pair could rise to $621.30 and gain momentum above it.



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