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Top 6 cryptocurrencies to watch this week: BTC, ETH, DOT, MATIC, SOL, FTM

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Staff Writer
  • In the short term, Bitcoin’s shallow dip opens the door to a new all-time high, and altcoins such as ETH, DOT, SOL, MATIC, and FTM may increase as BTC prepares for its next move.
  • After speculations that a Bitcoin (BTC) exchange-traded fund (ETF) could begin trading as soon as this week, the price of Bitcoin soared to $62,933 (R943,995) on Oct. 15, but the rise has since moderated.
  • If buyers keep the price above the downtrend line, the SOL/USDT pair might rally to the 61.80 percent barrier level of $177.80 (R2655)

In the short term, Bitcoin’s shallow decline raises the possibility of a new all-time high, and altcoins like ETH, DOT, SOL, MATIC, and FTM might rise as BTC prepares for its next move.

Bitcoin price rose to $62,933 (R943,995) on Oct. 15 after rumors that a Bitcoin (BTC) exchange-traded fund (ETF) could begin trading as soon as next week, but the advance has since slowed.

Some market players anticipate that traders who bought the rumor of a Bitcoin ETF’s approval will sell if the news is confirmed. The introduction of futures-based ETFs, according to crypto trading firm QCP Capital, is unlikely to deliver a long-term boost for Bitcoin prices equal to that observed in the fourth quarter of 2020.

While extreme volatility cannot be ruled out in the near future, investors should keep their eyes on the big picture and avoid getting caught up in modest declines that are inevitable on the way to new all-time highs.

Bitcoin (BTC)

On Oct. 15, Bitcoin climbed past the $58,000 (R870,000) resistance level and the psychological milestone of $60,000 (R900,000). At $62,933 (R943,995), the bears are seeking to halt the uptrend, but the bulls have not given up much ground, which is a favorable sign. This indicates that traders are not closing their positions following the current uptrend because they expect another step higher.

Polkadot (DOT)

Following the announcement that parachains are ready to debut, Polkadot (DOT) rallied, and the team, lead by Gavin Wood and Robert Hebermeier, indicated that the first auction might start on November 11th, 2021. Polkadot’s parachains are an important part of the network, if not the most important part. They represent a variety of blockchains that are linked to Polkadot’s Relay Chain. They also make up the multichain part of Polkadot’s architecture and, in a sense, complete the picture.

Ethereum (Eth)

The inverse head and shoulders pattern was completed on Oct. 14 when Ether (ETH) broke and closed above the neckline. Bears are attempting to block the up-move in the $4,000 (R60,000) to $4,027.88 (R60,310) zone, according to the lengthy wick on the Oct. 16 candlestick.

The ETH/USDT pair could drop to the breakout level at the neckline if the price drops from its present level. This is a crucial support for the bulls to maintain. If the price bounces off this level, the bulls will try to break through the overhead barrier once more.

A break and closure above $4,027.88 (R60,310) might pave the way for a rally to the all-time high of $4,372.72 (R65,580) and the pattern goal of $4,657 (R69,855). A break below the moving averages, on the other hand, may bring the price down to $3,257 (R48,855). If this support is broken, the bears will gain the upper hand.

Bulls are attempting to keep the stock above the 20-EMA as bears defend psychological barrier near $4,000 (R60,000). The RSI has dipped close to the midpoint, and the 20-EMA is flattening down, indicating a near-term consolidation.

The return of the uptrend might be signaled by a break and closing above $4,000 (R60,000). A break below the setup’s neckline, on the other hand, will be the first warning that the momentum is fading. After that, the pair might drop below $3,400 (R51,000).

Solana (SOL)

On Oct. 15, Solana (SOL) broke out and closed above the downtrend line, signaling that bulls are seeking a return. On Oct. 16, the bears attempted but failed to drive the price back below the downtrend line.

The SOL/USDT pair could rally to the 61.80 percent resistance at $177.80 (R2655) if bulls keep the price above the downtrend line. The bears must defend this level because if the bulls overcome it, the pair might advance to the 78.6 percent retracement level of $194.60 (R2910) and then retest the all-time high of $216 (R3240).

Contrary to popular belief, if the price falls below the moving averages and breaks below the current level or overhead resistance, it indicates that traders are exiting positions on pullbacks. The pair could then fall to $116 (1740), which is a major support level.

Since breaking out of the downtrend line, the pair has traded between $156.36 (R2340) and $165.61 (R2470) on the 4-hour chart. The upswing may resume if buyers propel and sustain the price above $165.61 (R2470).

Polygon (Matic)

For the previous few days, Polygon (MATIC) has been trading in a wide range between $1 (R15) and $1.80 (R27). Bulls are seeking to gain the upper hand, as the 20-day EMA has begun to turn up and the RSI has surged into positive territory.

The MATIC/USDT pair might increase to $1.80 (R27), posing a significant challenge. The pair might drop to the 20-day EMA if the price breaks through this resistance.

A strong comeback from this support level will indicate that traders are buying on dips and mood has turned bullish. This raises the likelihood of a break and closure over $1.80.

If that happens, the pair could retest the all-time high of $2.70 before starting a new rise to $2.40. If the price falls below the moving averages and breaks below the current level, the pair might fall to $1.20 and then to $1.

The RSI is in the positive zone, and both moving averages are sloping up, indicating that bulls have the upper hand in the short term. The bulls were able to push the price above the overhead resistance zone at $1.45 to $1.50, but higher-level selling has dragged the price back into the zone.

If the stock bounces off the 20-EMA, the bulls will seek to resume the uptrend once more. A break and close above $1.63 might pave the way for a $1.80 rise. If the price falls below $1.45, this bullish perspective will be invalidated.

Fathom (FTM)

The FTM token from Fantom is on a significant upward trend. The bulls successfully defended the breakout level of $1.94, showing that traders are still buying on dips and sentiment is still optimistic.

The upsloping moving averages show a buyer’s advantage, but the RSI’s bearish divergence warns that the bullish momentum may be fading. The rally may continue if bulls push the price above $2.45, with the next goal being $3.20.

On the other side, if the price drops from $2.45, the FTM/USDT pair may drop to $1.94 and stabilize for a few days between these two levels. A closure below the 20-day EMA ($1.85) could signify the beginnings of a more serious downturn.

Currently, the bulls are striving to keep the price above the declining channel. If they succeed, the pair’s value might jump to $2.45. This level may act as a stumbling block, but if bulls can break through, the upswing may resume.

If the price does not stay above the channel, it indicates that demand has dried up at higher levels. After then, the pair can continue to trade within the channel. If the pair breaks and closes below the channel, it might drop below $1.50.

Staff Writer

Published by
Staff Writer