5 Best cryptocurrencies to look at now: BTC, MANA, MKR, ZEC, KCS

Bitcoin (BTC) continues to be relatively calm throughout the weekend as crypto traders attempt to rebuild the markets following the Terra LUNA debacle. With macro factors not supportive, several analysts expect the recovery to become a slow grind.

Crypto research firm Delphi Digital stated inside a recent are convinced that the rally within the U . s . States dollar index (DXY) had pressed its 14-month relative strength index “above 70 the very first time since its late 2014 to 2016 increase.”

In the past, 11 from 14 circumstances like this had led to the DXY rising about 5.7% next 12 several weeks. When the inverse correlation between your DXY and Bitcoin remains intact, that may spell difficulties for crypto investors.

Crypto market data daily view. Source: Coin360

Arthur Hayes, the previous Chief executive officer of crypto derivatives platform BitMEX, stated in the latest blog publish the crypto markets “must be permitted time for you to heal” following the bloodbath. He stated when Bitcoin drops to $20,000 and Ether (ETH) to $1,300, he’d are a buyer.

Although crypto financial markets are inside a downtrend, periodic bear market rallies could offer short-term buying and selling possibilities. Let’s read the charts from the top-5 cryptocurrencies that could bounce when the sentiment improves.

BTC/USDT

Bitcoin attempted a powerful bounce on May 13 however the lengthy wick around the day’s candlepower unit shows that bears have been in no mood to forget about their advantage. However, a small positive would be that the bears haven’t been in a position to sustain the cost underneath the crucial support at $28,805.

BTC/USDT daily chart. Source: TradingView

The recovery could hit a hurdle in the 38.2% Fibonacci retracement level at $31,721 and again in the 20-day exponential moving average (EMA)($33,985).

When the cost turns lower from either resistance, the bears will fancy their chances and then try to sink the BTC/USDT pair below $26,700. When they manage to achieve that, the downtrend could resume. The following support on however $25,000 after which $21,800.

Unlike this assumption, if buyers drive the cost over the 61.8% Fibonacci retracement level at $34,823, it’ll claim that the selling pressure might be weakening. That could cause a clear, crisp rally towards the 50-day simple moving average (SMA) ($39,626) in which the bears are again likely to pose a powerful challenge.

BTC/USDT 4-hour chart. Source: TradingView

The bulls are purchasing the dips towards the critical support at $28,805 as the bears are trying to stall the recovery in the downtrend line. The 20-EMA has flattened out and also the RSI has risen towards the midpoint, indicating an account balance between demand and supply.

If buyers propel the cost over the downtrend line, it’ll indicate benefit to buyers. The bulls could then push the cost to $32,659. A rest and shut above this level could obvious the road for any possible rally towards the 200-SMA.

On the other hand, if bears pull the cost below $28,805, the happy couple could drop to $27,700. The bulls will probably defend this support strongly just because a break below it might signal the resumption from the downtrend.

MANA/USDT

Decentraland (MANA) has been around a powerful downtrend within the last a few days. The bulls strongly defended the decline to $.60 on May 12 producing a recovery towards the 20-day EMA ($1.36).

MANA/USDT daily chart. Source: TradingView

Inside a downtrend, the bears sell on rallies towards the 20-day EMA. When the cost turns lower dramatically in the current level, the bears will again attempt to retest the support at $.60. A rest and shut below this level could indicate the resumption from the downtrend. The MANA/USDT pair could then extend its decline towards the mental level at $.50.

On the other hand, if bulls tendency to slack up much ground in the current level, it’ll claim that traders are purchasing on dips. That may boost the prospects of the break over the 20-day EMA. In the event that happens, the happy couple could rally towards the 50-day SMA ($1.94).

MANA/USDT 4-hour chart. Source: TradingView

The strong rebound from the .60 level has risen over the 50-SMA. Although bears attempted to drag the happy couple lower, the bulls bought the dips towards the 20-EMA. This means that bulls try a comeback. The buyers will make an effort to push the cost towards the 200-SMA, which will probably behave as a powerful resistance.

Unlike this assumption, when the cost turns lower in the current level and breaks underneath the 20-EMA, it’ll claim that bears are active at greater levels. That may pull the cost lower to $.95. If the level cracks, the happy couple could retest the important support at $.60.

MKR/USDT

Maker (MKR) bounced from the mental support at $1,000 on May 12 indicating that bulls are protecting this level with all of their might. The bulls pressed the cost towards the 50-day SMA ($1,754) on May 13 however the lengthy wick around the day’s candlepower unit shows strong selling at greater levels.

MKR/USDT daily chart. Source: TradingView

However, an optimistic sign would be that the bulls didn’t quit ground on May 13 and started again the relief rally. The 20-day EMA ($1,440) has began to show up and also the RSI is simply over the midpoint, suggesting a small benefit to buyers.

The bulls will endeavour they are driving the cost over the 50-day SMA. When they succeed, it’ll obvious the road for any possible rally towards the 200-day SMA ($2,179).

Alternatively, when the cost turns lower in the current level or even the 50-day SMA, it’ll suggest strong selling at greater levels. The bullish momentum could weaken if bears pull and sustain the cost underneath the 20-day EMA.

MKR/USDT 4-hour chart. Source: TradingView

The 200-SMA continues to be frequently serving as a powerful resistance however a positive sign would be that the bulls are purchasing the dips towards the 20-EMA. This means a general change in sentiment from selling on rallies to purchasing on dips.

If buyers sustain the cost over the 200-SMA, the MKR/USDT pair could get momentum and rally to $1,800 and then to $1,900. On the other hand, when the cost turns lower in the current level and breaks underneath the 20-EMA, the happy couple could drop towards the 50-SMA.

Related: Ethereum at risk of 25% crash as ETH cost forms classic bearish technical pattern

ZEC/USDT

Zcash (ZEC) has effectively held the strong support at $81 previously couple of days. Although bears pulled the cost below this support on May 11 and 12, they couldn’t sustain the low levels. This signifies strong demand in the bulls.

ZEC/USDT daily chart. Source: TradingView

The ZEC/USDT pair could now rise towards the 20-day EMA ($114). This level had acted like a strong hurdle throughout the previous pullback on May 5. Therefore, the bears will attempt to stall the recovery in the 20-day EMA.

When they manage to achieve that, the cost could again drop toward the important support at $81. The bears will need to sustain the cost below this level to begin the following leg from the downtrend.

Alternatively, if bulls push the cost over the 20-day EMA, the happy couple could rise to $135 in which the bears may mount a powerful defense. The bulls will need to push the cost over the 200-day SMA ($150) to signal a possible alternation in trend.

ZEC/USDT 4-hour chart. Source: TradingView

The bulls have pressed the cost over the 50-SMA around the 4-hour chart. This means that demand remains intact at greater levels. The 20-EMA has began to show up and also the RSI is incorporated in the positive zone, indicating that sellers might be losing their grip.

The buyers could face resistance within the zone between $108 to $116 but when they overcome this barrier, the recovery could achieve $135.

Around the downside, the very first manifestation of weakness is a break and shut below $87. That may open the doorways for any retest from the crucial support zone between $81 and $69. A rest and shut below $69 could indicate the resumption from the downtrend.

KCS/USDT

KuCoin Token (KCS) rebounded dramatically from the strong support at $9 on May 12. The relief rally has risen over the first hurdle in the 38.2% Fibonacci retracement level at $12.89, that is a mild positive.

KCS/USDT daily chart. Source: TradingView

The KCS/USDT pair could next rise towards the 50% retracement level at $14.95 and then rally towards the critical overhead resistance in the 20-day EMA ($15.45). It is really an important level to keep close track of just because a break above it might signal the downtrend might have ended.

Unlike this assumption, when the cost turns lower dramatically in the current level, the bears will again make an effort to sink the happy couple underneath the crucial support at $9. If the level cracks, the happy couple could resume its downtrend and decline to $5 and after that to $4.40.

KCS/USDT 4-hour chart. Source: TradingView

The bulls have pressed the cost towards the 50-SMA indicating a powerful comeback attempt. The 20-EMA has began to show up progressively and also the RSI has leaped in to the positive territory, suggesting the road to least resistance would be to the upside.

If bulls push the cost over the 50-SMA, the happy couple could rally to $15. The bullish momentum could get further if buyers overcome this barrier. This positive view could invalidate for the short term when the cost turns lower in the 50-SMA and breaks below $12. The bears will attempt to sink the happy couple towards the strong support at $9.

The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Cointelegraph. Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.

Latest stories

You might also like...