Top Five Cryptocurrencies to Watch: BTC, ETH, QNT, HT, MKR.

Most cryptocurrencies retested their long-term lows during the previous week. This happened as the BLS released the Consumer Price Index on the 13th of October. The data was higher than the previous which spread massive FUDs across the market.

In response to this drop in price, the global cryptocurrency market cap retraced below $900 billion. It went as low as $850 before recovery. We observed that most major asset saw losses of more than 5%.

Nonetheless, after recovery, the industry failed to impress. It kicked off the previous Monday at $936 billion and closed the weekly session at $926 billion. There was no notable increase or decrease in the end.

Aside from the bearish fundamentals that caused the FUD, there were none with the same effect. However, fresh investment saw the Huobi Token surge to its highest since the crypto winter started.

Justin Sun also announced he had a large stake in the asset which called for more rallies. With the effect of this news wearing off, the token is struggling to hold on to the accumulated gains. Nonetheless, it ended the week as the top gainer with price changes exceeding 63%.

CSPR also defied all odds as it continued its uptrends. Like what happened two weeks ago, it saw another short burst that saw its price change by 22%. With altcoin seeing the most surges, it failed to reflect on the global cryptocurrency market cap.

Major crypto assets traded sideways for the majority of the previous week. Will it continue? Let’s see

Top Five Cryptocurrencies to Watch

BTC/USD

Bitcoin’s start to the previous week was not one that many expected. It opened trading at $19,436 and had no surge in price. It saw minimal volatility during this period. The intraday session ended with no notable gains or losses.

Low volatility continued through the next three days. However, this changed on Thursday as the BLS released its Consumer Price Index, which turned out to be quite bearish for the entire cryptocurrency market.

BTC dipped to a low of $18,183 but recovered before the session ended. The next day was quite bullish as it tried retesting the $20k resistance but failed after a strong rejection at $19,900. It also failed to record any notable gains or losses in the end.

Aside from these events, there were no remarkable moves last week. On the weekly chart, there was no change as well. There were also no notable moves from the indicators until the previous intraday session.

We observed that the Moving Average Convergence Divergence indicates a bullish divergence. This was in response to the small increase in price the apex coin enjoyed on Monday. It is hard to conclude BTC will see a massive movement within the next six days

However, a previous analysis stated that the RSI pattern is hinting at a short breakout. Nonetheless, when it will happen is a question only time will answer. We may expect more sideways trading until then.

The $18k support remains the toughest. Based on price movements, it may briefly flip $20k and attempt the $20,500 resistance.

ETH/USD

Ethereum briefly lost the $1,200 support on Thursday after the CPI dropped. It saw a low of $1,155 but recovered to its opening price. We may conclude that it was mostly bearish as it saw four days of selling action.

Following a very motivating start for the bears, ETH tried to break out of the sideway pattern with two days of consistent downtrend. It failed as it saw very little volatility. Every move toward price improvements and lesser value was less than 3%.

Monday saw the asset lose almost 3%. The biggest gain during this period was on Sunday as it reclaimed $1,300 and closed with gains of 2.42%. The lack of massive volatility over the last seven days reflected on the weekly chart.

There were no notable gains or losses during this period. Nonetheless, a look at MACD showed that 12-day EMA maintained its upward trajectory after several attempts at a bearish convergence.

The metric continues this trend into the week. This may be a signal for many things. We observe a slow but steady rise which means that ether is seeing a gradual rise in buying pressure. If the rise is consistent, it may see its second green session.

The weekly chart also shares the same movement as the daily one. The other scenario that may play out during this period is the continuation of the sideways pattern. Nonetheless, we may expect more volatility than the previous week’s.

ETH may make an attempt at retesting the $1,400 resistance. We may expect a build-up around $1,350 before the final attempt. It may also dip as low as retesting the $1,200. Trading action over the last 48 hours affirms this claim as ether just erased its accumulated gains.

QNT/USD

The past week was another bullish one for Quant. It also yielded more results than the previous ones as the bulls continued their rampage. This marked the fifth intraweek session if consistent positive change.

The asset closed with gains exceeding 24% which placed in the top 10 gainers over the last seven days. Although it had a bad start to the session, the uptrend kicked off on Thursday after a retest of the $140 support.

It recovered and surged by 4% higher than its opening price. It saw its biggest surge on Saturday as it flipped another level it hasn’t in more than six months. It broke the $180 resistance as it saw massive buying pressure.

The increase shot the token as high as retesting the $190 resistance which was unsuccessful as it faced strong rejection at $188. Nonetheless, QNT ended the period under consideration with gains of more than 11%.

The last day of the week saw it flip $190 and close at $194. With the consistent increases entering the sixth week, many are worried of a reversal in trend. This fear may be correct as the asset closed the previous intraweek session above 80 (RSI).

This means it was overbought and is due for corrections. This may mean that quant will record its first red since the run started. One of the key levels to watch in the next six days is the $140 support as it proved to be the toughest before $130.

The bearish loos more real QNT is currently down by more than 7%. This is a continuation of the bearish sentiment toward the previous intraday session. It briefly flipped the $220 resistance but faced strong rejection. On the flip side, it may retest the level and surge as high as $250.

HT/USD

Huobi token was the top gainer during the previous intraweek session. The asset joins a list of cryptocurrencies that defied the current sentiment across the market. On the weekly, chart, it recorded its biggest surge since it became a tradable asset.

It closed the past week with gains exceeding 63%. The bullish push was the result of several fundamentals that played in favor of the bulls. It kicked off Monday with gains of more than 24% as it opened at $4.16.

It peaked at $5.45 as its bid to flip the $5.5 resistance failed. Another notable event that took place on Wednesday was when HT recorded its biggest surge. It retested and flipped the $7. It ended the period with a positive change of 27%.

The biggest loss was on Sunday, as it closed below $7 with losses exceeding 6%. This drop caused a lot of panic as many feared the worst. One analysis at the time stated that there is a notable demand concentration at $6.6.

As such, HT downtrend may halt at this level. We saw the prediction play out and the bulls defended the mark. The outlook also stated that the reason for the downtrend was the Relative Strength Index as the asset was overbought.

The downtrend on Sunday brought RSI as low as 70. However, trading action during the previous intraday session saw it surge. As of the time of writing, the huobi token is still overbought.

Currently down by a few percent, the $6.6 support may play a vital role in halting the downtrend. If it fails, we may expect a retest of the $5 support. Nonetheless, if the uptrend continues, we may expect a retest of the $9 resistance.

MKR/USD

MakerDao sees its fourth week of consistent uptrends with a lot of opposition. It saw significant volatility during the first five days of the week but failed to record any notable gains.

Nonetheless, it dipped by more than 5% on Tuesday. It picked momentum on Saturday as it saw a positive change of almost 6%. Sunday was another bullish day for the asset as it gained more than 3%.

One reason for the drop in price was the MKR crossing 70 on the RSI chart. It was overbought. The corrections ensured it dropped below the boundary but surged above it as the week came to an end.

We may expect a replica of the previous week’s movement. We observed almost the same reading on the Relative Strength Index as in that period. The $880 support is one of the key levels to watch over the next five days. Nonetheless, we may see an attempt at the $1,200 resistance.