Top Five Cryptocurrencies to Watch: BTC, ZEC, MNT, ENA, JUP
ZEC was one of the top gainers last week but struggled during the second half of the session. However, it ended with gains of more than 17%.
ZEC continues to experience reduced volatility on Monday following the massive selloff on Sunday. It prints a doji at the time of writing, as selling and buying pressure are almost at equilibrium.
On the other hand, the global cryptocurrency market cap is edging closer to another bearish close as the bears continue selling after a short buyback earlier on Monday. It is down by 2%, dropping below $3 trillion. However, indicators suggest that the worst is yet to come.
The moving average convergence divergence is currently undergoing a bearish convergence, which means a crossover is imminent within the next 24 hours if the present conditions persist. Additionally, the sector remains below its pivot point, suggesting the bears are still in control.
The selloff is ongoing, with assets like ASTER and ONDO experiencing the most heat. ASTER is down by over 9% as the latter follows closely behind with 7%.
Nonetheless, several events on the US economic calendar could alter the current downtrend. Investors are paying close attention to the S&P flash US manufacturing and service PMI on Tuesday.
Away from the overview, let’s see how some assets will perform this week.
BTC/USD
Bitcoin declined 2% on Sunday, from $90,500 to $87,600. The decline is an extension of the broader bearish sentiment during the second half of the previous week.
The apex coin continued its downtrend on Monday, following a brief recovery in the early hours. As it stands, the asset is having its second-largest decline in December. However, the new week may be another bearish one for the asset.
Almost every indicator on the 1-day chart is currently bearish. BTC broke below the bollinger bands a few hours ago and is slipping even lower. Traditionally, a breakout should mark the end of a downtrend; other metrics suggest room for further decline.
For example, the relative strength index is at 36. Further declines could send the metric below 30, potentially sealing a rebound. Additionally, the moving average convergence divergence is close to a bearish crossover. If the downtrend persists, the divergence may take place, sealing the bearish dominance.
Based on previous price movements, the asset is approaching a critical level. It must hold the $85k support or risk further decline. The chart shows a fair value gap between $84k and $80k. Bitcoin may fill the gap this week.
ZEC/USD
ZEC retraced below the $400 support a few hours ago. It held the mark since Tuesday but slipped to its lowest level during this period as the asset succumbed to the growing bearish sentiment across the market.
However, retracing to a low of $386 after holding $400 for an extended period raises concerns about next price action. The fibonacci retracement level points to the asset trading above the 50% fib level. The altcoin is yet to decisively break the barrier, leaving a slim chance that a recovery will start soon.
ZEC must continue trading above the mark or risk retracing to the 61% fib level at $315. The MACD increases the odds of a slip, as it shows ongoing bearish convergence in response to the recent downtrend.
Nonetheless, RSI is trending at a critical mark. It has previously rebonded around 45 on several occasions. It remains to be seen if the trend will repeat this week.
MNT/USD
On the 1-week scale, Mantle had its best performance of the last two months last week. It gained a whopping 14% and broke above its 30-day high.
The 1-day chart shows that the asset was mostly bullish during this period, posting five green days in the last seven. Nonetheless, the altcoin is struggling to resume its uptrend after a 6% decline on Sunday.
Like ZEC, it prints a doji at the time of writing. However, there are indications that the downtrend may worsen. MACD’s 12 EMA is currently on the decline as selling pressure increases. The gap between it and the 26 EMA is narrowing, and an interception may occur in the coming days.
The charts also revealed that MNT experienced rejections at its 30-day high at $1.36 on Saturday. During the session, the altcoin failed to decisively break the barrier. The last time it tested the resistance, it retraced by over 33% before rebounding.
A repeat will see the asset drop as low as $1.15 this week.
ENA/USD
Ethena ending Monday at the current price will result in it posting losses for the consecutive day. The decline, which started on Friday, culminated in the asset losing over 11% in three days. Currently down by over 6%, the losses will increase.
As with ZEC, the prospect for the new week is negative. Indicators paint a grim picture of how prices will react in the coming days. For example, MACD had a bearish crossover on Sunday, and with the price decline worsening, the asset is poised to sink lower.
Nonetheless, ENA is trading at a level it rebounded a few weeks back. Current price action suggests it is experiencing slight demand concentration at $0.22. The level may not hold for an extended period, as RSI is trending at 34 and may retrace below 30.
The altcoin may continue downward until it retests the first pivot support at $0.185.
JUP/USD
Jupiter was one of the top losers on Friday, retracing by over 7%. The decline marked the last of a three-day downtrend that saw the token lose over 14%. However, the downtrend resumed on Sunday, resulting in losses of almost 5%.
JUP is yet to end the downtrend as it experienced another wave on Monday. It retraced to $0.183 and is down by over 3%.
A previous analysis noted that the altcoin will see even steeper corrections, indicating a drop to $0.12 to fill the FVG created on Oct. The drop to this level will not happen this week. However, the asset will edge closer to the mark over the next six days.
The moving average convergence divergence’s negative crossover on Sunday sealed the bearish prospect. Aligning with MACD’s reading, prices plummeted further. JUP will drop below $0.18 and retest the first pivot support at $0.17.
The post Top Five Cryptocurrencies to Watch: BTC, ZEC, MNT, ENA, JUP appeared first on CoinTab News.
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