Crypto to look out for this week BTC, ETH, MANA, ZEC, QNT

There are a lot of cryptocurrencies that are making headlines this week. Investors are looking for good coins to invest in. Many coins could potentially provide good returns over the next few months. So here are some of the coins to look out for this week:

Bitcoin (BTC)

Many people prefer to deposit their BTC onto centralized exchanges to minimize risk and volatility. As a result, most new deposits have been to centralized exchanges during recent bitcoin action. Bitcoin currently sits at $30000, and 49.76k BTC likely moved into exchanges, Binance being a popular choice this month.

Bitcoin Inflows Into Exchanges
Bitcoin Inflows into Exchanges

In a 4H timeframe, the price action of $BTC/USDT has formed a symmetrical triangle chart pattern. Price is also moving upward in this structure. We have to wait for a breakout or breakdown. If it breaks the resistance, we will gain well in the market.

Symmetrical Triangle Pattern
Symmetrical Triangle Pattern

Ethereum (ETH)

The Ethereum price has been steadily declining since the all-time high, and the recent crash results indicate a shift towards lower highs and lower lows. The Ethereum coin price had dropped dramatically from when it was at its highest, but this will eventually change. Many investors’ wallets have taken a hit, but it could get better soon.

In a 3H timeframe, the price action of $ETH/USDT has formed a rectangle chart pattern. The price is near breaking the rectangle’s resistance, but we have to wait for a successful breakout or breakdown.

Rectangle Chart Pattern
Rectangle Chart Pattern

Decentraland (MANA)

Decentraland has seen a large bounce-back after its recent low of $0.6 on May 12. MANA surged back over the $1 psychological price level to reach a recent high of $1.37. Despite this, it’s unclear whether there is enough volume or buying pressure for MANA to move higher.

In a 1w timeframe, $MANA/USDT has formed a descending channel, and the price action is near descending support. If it breakdown the support, then we will see a downtrend in it. We have to wait for a successful retest. Then we will enter it.

Descending Channel Pattern
Descending Channel Pattern

Zcash (ZEC)

ZCash provides more privacy and security to users, but it is mined far less than Bitcoin. Zcash can be mined on computers and devices. According to the one-year forecast, the price of Zcash is predicted to be around 520 USDT by the end of 2026. Experts predict that this might be a high point for the year, but on the downside, it might also be a low point at around 480 USDT.

In the 4H timeframe, the price action of $ZEC/USDT has formed a symmetrical triangle chart pattern. The price will break the strong resistance of the symmetrical triangle, but we have to wait for a breakout or breakdown.

Symmetrical Triangle Pattern
Symmetrical Triangle Pattern

Quant (QNT)

QNT cryptocurrency is a token of Quant blockchain and provides digital access to a specific service or application. The usage fees for QNT tokens are fixed in any fiat currency. It’s been said by several experts that an investment in $QNT is a good choice, and some even predict that the price will go up to $1000. This means it would be a good choice for a long-term investment.

In the 4H timeframe, $QNT/USDT has formed an Ascending Triangle chart pattern. Price is moving inside the ascending triangle. We have to wait for a breakout or breakdown. If it is retested successfully, then it can go upward.

Ascending Triangle Pattern
Ascending Triangle Pattern

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Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

Pratyaksh
Pratyaksh

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