Top 5 Cryptocurrencies to Monitor Weekly: BTC, ETH, DOGE, PEPE, LINK
The price of Bitcoin (BTC) has been consolidating below $30,000 and struggling to break above the key resistance level of $31,500. This has been a challenging period for bulls as bears look for opportunities to push the price below $28,500. Ripple-related lawsuits have been a major catalyst for the crypto market recently, leading to speculation that a bull run may be imminent.
While the overall market has been consolidating, there have been some standout performers such as Maker DAO (MKR), Ripple (XRP), and others. The top five cryptocurrencies to watch for the week are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Pepe (PEPE), and Chainlink (LINK).
Bitcoin’s price needs to hold above the key support levels of $29,500 and $28,500 to prevent bears from taking full control of the market. Ethereum has also struggled to break above the resistance level of $1,950, with a major support level at $1,770. If Ethereum closes below this support level, bears could take control and push the price down to $1,600.
Chainlink has been trading within a range of $5 and $9.5 for over 400 days, but recent onchain data suggests that it may finally break out of this range. The price of LINK currently looks healthy and favors bulls, with support from the 50-day and 200-day exponential moving averages (EMA).
Dogecoin has found strong support at $0.06 and has formed a bullish ascending triangle pattern. The key resistance level to watch is $0.08, and a break above this level could propel the price to a yearly high of $0.1 to $0.15.
PEPE coin has gained attention from traders due to its potential. It currently sits above the support level of $0.00000140, and a breakout above $0.000002 could lead to a rally to $0.000004.
It is important to note that this content is for informational purposes only and should not be considered financial advice. Readers are advised to conduct their own research before making any investment decisions.
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