Crypto to Keep an Eye on This Week: BTC, MANA, ETH, SOL, & CAKE

Many cryptocurrencies have come to the market in the last year. Since there are so many, it cannot be easy to know which currencies deserve your attention. Here are five cryptocurrencies worth looking out for this week.

Before diving straight in, let’s have a look at some of the on-chain metrics of Bitcoin.

Bitcoin (BTC) Price Prediction

Bitcoin Active Addresses

The number of active addresses on the bitcoin network usually refers to people who are or have been looking to sell/ trade their bitcoins. Moreover, there’s a specific trend observed in these addresses when compared to the prices in long term/ short term. In the longer timeframe, the number of active addresses is recovering after the significant crash we saw back in January. However, if we observe on a shorter timeframe, the number of active addresses are topping out. Therefore, we might expect a downside move in its prices.

Bitcoin Active Addresses
Bitcoin Active Addresses

In-Out of Money

The in-out of money indicator by IntoTheBlock simply provides an idea of the support and resistance around a said range. Further, you can take it as the larger the size of a ball would be, the better would be chances of the investors to buy or sell the particular asset at that price. In this case, the price is currently hovering around $38,500 where a large number of investors don’t hold their funds. Moreover, the $37,300 range can act as really good support for bitcoin. Since, at the ranges below it, there is not strong support of investors’ money or we can say, not many people bought bitcoin in that range.

For more detailed insights, visit CoinCodeCap Markets.

In-Out Of Money
In-Out of Money

Bitcoin Technical Analysis

On the 3D timeframe, BTC bounced from the marked support and is currently rejected from the marked resistance. We must wait for a successful breakout to confirm the bullish impulsive waves.

For in-depth analysis, visit CoinCodeCap Markets.

Bitcoin/Tetherus, 3D
Bitcoin/TetherUS, 3D

Ethereum (ETH) Price Prediction

Ethereum is another popular cryptocurrency on the market launched in 2015 as an open-source software platform based on blockchain technology (a digital ledger system). Ethereum has its currency and can be used to pay for transaction fees and services on the network. In addition, it provides a decentralized virtual machine that can execute scripts using an international network of public nodes and allows developers to build decentralized applications.

It is currently trading at $2,798.57 with a market cap of 334 billion dollars and has a total supply of 119,402,447 coins, currently ranking at #2 on CoinMarketCap.On the 1D timeframe, ETH formed out the ALT Bat where the price action got reversed from its Potential Reversal Zone level and currently trying to reach out the 0.382 to retracement level, which almost shows the 23% gain.

For in-depth analysis, visit CoinCodeCap Markets.

Ethereum/Tetherus, 1D
Ethereum/TetherUS, 1D

Solana (SOL) Price Prediction

Solana is an elegant, open-source blockchain platform capable of hosting applications. It can process transactions smoother, faster, and cheaper than any other blockchain on the market today. The goal of the Solana platform is to offer a more scalable and cost-efficient blockchain than Ethereum. In addition, Solana uses a unique consensus algorithm called Proof of History.

It is currently trading at $112.09 with a market cap of 35 billion dollars and has a total supply of 511,616,946 coins, currently ranking at #7 on CoinMarketCap.On the 1D timeframe, SOL formed out of a Bullish Harmonic Bat pattern, but the price action broke down the support and went to the next support at the Fibonacci level of 1.13. It bounced back from there.

For in-depth analysis, visit CoinCodeCap Markets.

Sol/Tetherus, 1D
SOL/TetherUS, 1D

Decentraland (MANA) Price Prediction

Decentraland is a 3D virtual reality platform powered by the Ethereum blockchain. Decentraland is open to public use and provides the infrastructure for a shared, decentralized virtual world. The content of this world is distributed across many different computers all over the globe. With Decentraland, you can create your virtual reality world and share it with others. Its native coin, MANA, powers it.

It is currently trading at $2.74 with a market cap of 5 billion dollars and has a total supply of 2,193,862,227 coins, currently ranking at #31 on CoinMarketCap.On the 1D timeframe, MANA is forming out the bullish shark harmonic pattern currently. Therefore, the price action is reversed from the 0.786 Fibonacci level will wait for the price to reach the 0.886 level.

For in-depth analysis, visit CoinCodeCap Markets.

Decentraland/Tetherus, 1D
Decentraland/TetherUS, 1D

PancakeSwap (CAKE) Price Prediction

PancakeSwap is powered by its native coin, CAKE, a BEP20 token on Binance SmartChain. Its primary function is to incentivize liquidity on the PancakeSwap platform. The goal of the CAKE project is to create an excess demand that can be used as a signal for market manipulation. The more CAKE available, the less power it has. Users can earn rewards by using their tokens to stake on a Liquidity Provider. They have to deposit the tokens and lock them up for a specific time.

It is currently trading at $7.72 with a market cap of 2 billion dollars and has a total supply of 263,664,357 coins, currently ranking at #55 on CoinMarketCap. On the 1D timeframe, CAKE price was skyrocketing with a strong uptrend. Still, after touching its all-time high, its price started falling with a downtrend and formed Descending triangle pattern, and it has now broken down its primary support level.

For in-depth analysis, visit CoinCodeCap Markets.

Cake/Tetherus, 1D
CAKE/TetherUS, 1D

Closing Thoughts

The most important part of trading is discipline and patience. So, according to the above analysis, the coins we just spoke about might see some decent gains. Again, it’s your hard-earned money you’ll be investing, so Do Your Own Research before investing.

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Pratyaksh

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