Top 5 Cryptocurrencies to Watch This Week – BTC, BNB, SOL, ETH, CHZ by CoinEdition

© Reuters. Top 5 Cryptocurrencies to Watch This Week – BTC, BNB, SOL, ETH, CHZ
  • Bears prevailed in a recent analysis of ETH, BTC, CHZ, BNB, and SOL.
  • Technical indicators indicate that the downside trend will continue.
  • Will the bulls invalidate the current market trend?

Despite the short bullish rally, (BTC) has been in a bearish trend lately, with bears still dominating the market.

BTC/USD price chart over 7 days (Source: CoinMarketCap)

As seen on BTC with a reading of 11.12M, the On-Balance volume indicator is declining, indicating that selling volume is outnumbering buying and suggesting that lower prices will continue.

Bitcoin price is expected to end the week in the lower half of its weekly range, confirming the bearish trend, as the accumulation/distribution line goes down with a reading of 4.409M.

The negative Moving Average Convergence Divergence (MACD) trend in the BTC market indicates a strong bearish impact. However, the positive histogram direction and the direction of the blue MACD line above the signal line reading at -3508.76 masked this downward trend.

7-day price chart (Source: TradingView)

BNB price is valued at $260.61 as of press time, a decrease of 3.18%. The market value decreased by 2.97% to 41,709,673,607 dollars, and the volume increased by 54.94% to 944,109,273 dollars, indicating that the selling pressure in the bitcoin market is getting stronger.

7-day price chart (Source: TradingView)

As evidenced by the contracting Bollinger Bands supporting this mounting selling pressure, the technical indicators suggest that the bears’ control of the BNB market may continue. While the lower band touches 239.0, the upper band touches 330.1. This bearish area is also indicated by price movement towards the lower band.

As can be seen from the BNB price chart, where the rate of change (ROC) is pointing south and staying in the negative zone, this indicates a continuation of bearish dominance.

BNB/USD price chart for 7 days (Source: TradingView)

Drawdowns triggered by the FTX crisis contributed to Solana (SOL) prices falling over the past week, with bears still dominating the market. As of press time, SOL prices are down 6.13% to $12.03.

7-day price chart (Source: TradingView)

Both the upper and lower Keltner Channel bands are moving south, with the upper band touching 48.79 and the lower band touching 16.58. According to this pattern, the bear market will continue to dominate SOL. The price fluctuating below the lower band indicates that this bear market will continue in the near future.

With a reading of 0.00, the Stoch RSI is oversold, indicating a possible turnaround in the SOL market. This concept gives hope to the traders as it indicates that the current madness is coming to an end.

As the RSI drops below 29.32 and moves south, more bear dominance is ensured; However, as it approaches the oversold zone, a bullish reversal is also expected.

SOL/USD 7-day price chart (Source: TradingView)

Ethereum (ETH) price is down at $1,135.76 as of press time, down 3.21% after finding support at $1,132.60 and encountering resistance at $1,183.43. This decline was due to a 3.34% drop in the market capitalization to $138,920,994,342 and 42.24% to $11,668,792,579.

7-day price chart (Source: CoinMarketCap)

On the 7-day price chart, Bollinger Bands are contracting, which indicates a decrease in market volatility in the Ethereum market, with the upper band touching 1888.57 and the lower upper band touching 1031.42. This notion is supported as prices fluctuate towards the lower band.

Stoch RSI is heading south with a reading of 3.84, which indicates that the bearish field may continue if the bulls do not press to invalidate the current situation. However, the fact that it is currently heading in the oversold territory indicates a possible reversal.

ETH/USD price chart over 7 days (Source: TradingView)

Chiliz (CHZ) price is expected to rise as it is a fan token, but bears dominated the market, causing a 15.54% decline to $0.1927.

The market cap decreased by 14.86% to $1,182,289,652 and the volume increased by 6.32% to $892,902,161, indicating that the selling pressure is becoming more intense.

7-day price chart (Source: CoinMarketCap)

When a “strong sell” signal with a reading of -0.23 appears on the 7-day price chart, the technical rating indicator indicates that selling pressure is building in the CHZ market, which indicates a demand for a short position.

The Chaikin Money Flow (CMF) indicator is negative with a reading of -0.04 and points to the south, indicating that the bear dominance in the CHZ market is expected to continue.

The advance of the blue MACD line above the signal line in the positive area with a reading of 0.0080 and pointing north indicates an uptrend, giving investors hope for a bullish reversal.

CHZ/USD price chart for 7 days (Source: TradingView)

To nullify the bears’ control of the markets, the bulls must hold the resistance level and push the prices higher.

Disclaimer: Reviews and opinions, as well as all information shared in this price forecast, are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The top 5 cryptocurrencies after this week – BTC, BNB, SOL, ETH, and CHZ appeared for the first time in the Coin Edition issue.

See the original on CoinEdition

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