The crypto market has recovered somewhat from the recent crash. The value of the leading cryptocurrencies has seemed to stabilize, and they are now trading near the values they were at before last week’s crash. So it seems like the market is stabilizing for now, and it’s going to be challenging to predict what coins may be worthwhile investing in. Nevertheless, here is the list of the top 5 cryptos to watch this week.
Bitcoin (BTC) Price Analysis
Bitcoin has crashed a few days back with the rest of the world’s market, but it is now back on the rise, and so are the other cryptocurrencies. Bitcoin’s price went up to 43,382.05 dollars just a few days after it fell below $35,000. This proves that bitcoin traders have come back with a vengeance and are ready to invest in the crypto market again.
BTC is currently trading at $43,113 with a market cap of 817 billion dollars and has 21,000,000 coins in supply. It currently ranks 1st on CoinMarketCap.
On the 1D timeframe, $BTC/USDT has formed a double bottom chart pattern and is currently below the neckline. Breakout of the neckline confirms a bull run in the market.
Ethereum (ETH) Price Analysis
The cryptocurrency market experienced an unprecedented decline in trading, with Ethereum experiencing a significant price drop in the last few days. It has now recovered with the recent rise of cryptocurrency prices. The crypto crash of Ethereum has been recovering and is now trading at $2,899.29.
ETH is currently trading at $2,887.35 with a market cap of 345 billion dollars and has 119,778,782 coins in supply. It currently ranks 2th on CoinMarketCap.
On the 1D timeframe, $ETH/USDT, it made a bullish bat pattern as mentioned previously and reached the target perfectly as mentioned.
- Discounts
- Use referral code (MYWSAFR8) for Binance and get 20% off on Trading Fees.
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Polygon (MATIC) Price Analysis
The Polygon crypto crash was a sudden and drastic downturn in price that happened in recent days, and now it has recovered from its recent fall. The most recent news about polygon crypto is that the coin price has gone up by 9%.
MATIC is currently trading at $1.57 with a market cap of 11 billion dollars and has 10,000,000,000 coins in supply. It currently ranks 16th on CoinMarketCap.
On the 4H timeframe, $MATIC/USDT made inverse head and shoulders and gave a retest at the neckline, confirming its bullish movements and new support made.
- Discounts
- Use referral code (MYWSAFR8) for Binance and get 20% off on Trading Fees.
- Use Referral code (Coinmonks) for FTX and get 5% Off on Trading Fees.
PancakeSwap (CAKE) Price Analysis
PancakeSwap is a decentralized exchange (DEX), allowing investors to swap BEP-20 tokens. These are tokens built on top of the Binance Smart Chain, used instead of a new blockchain coin. After a recent crypto crash, PancakeSwap, a token surging in price, has now recovered. The token’s price went up by 8%.
CAKE is currently trading at $6.83 with a market cap of 1.8 billion dollars and has 272,092,915 coins in supply. It currently ranks 53th on CoinMarketCap.
On the 4H timeframe, $CAKE/USDT broke the trendline and gave a retest, although it was on support for a while before it pumped from the significant support.
FTX Token (FTT) Price Analysis
FXT is a cryptocurrency exchange with a focus on traders. It provides users with a clean and automated way of trading tokens that provide more leverage. The FTX crypto crash is over, and the price of FTX has recovered to $45.71.
FTT is currently trading at $45.87 with a market cap of 6.3 billion dollars and has 352,170,015 coins in supply. It currently ranks 25th on CoinMarketCap.
On the 1D timeframe, $FTT/USDT is trading in a range and is on resistance zone again an individual can buy on support and sell in resistance until it breaks above or below the zone.
- Discounts
- Use referral code (MYWSAFR8) for Binance and get 20% off on Trading Fees.
- Use Referral code (Coinmonks) for FTX and get 5% Off on Trading Fees.
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.
Also, read
- Top 5 Altcoins to buy in January 2022
- Cheap Metaverse Tokens to Look out for in 2022
- Bitcoin On-Chain Analysis 21-28 January 2022
- Top 3 Crypto to Buy in the Dip [2022]
- 9 Best Crypto to Buy in 2022
