The cryptocurrency market has been going through an exciting week. Some currencies are experiencing a drop in their value, while others are seeing a rise. The cryptocurrency market is unpredictable, but it is not too late to invest in digital currency if you want to profit from your investment. Here is the top crypto to look out for this week.
Bitcoin (BTC) Price Analysis
Bitcoin is the first digital currency that does not rely on a central bank to regulate it. The network is peer-to-peer, and transactions occur between users directly, without an intermediary. Bitcoin has been on a rollercoaster ride. This week has shown some signs of recovery and is currently trading at $40,917.28.
BTC currently trades at $40,883.14 and has a market cap of 778 billion dollars with 21,000,000 coins in supply. It ranks #1 on CoinMarketCap.
On the 1D timeframe, $BTC/USDT forms an ascending triangle with a high range that will touch the resistance, and upon breakout, 48-49k zones are expected.
Ethereum (ETH) Price Analysis
Ethereum’s main innovation is a platform that makes it possible to enact smart contracts using the blockchain, and this means that you can access all of the benefits and strengths of blockchain technology. It is the first blockchain-based cryptocurrency that brought smart contracts to the market. Ethereum has seen significant gains on the cryptocurrency market the past week. However, this week it faced a steep decline. The prices have been fluctuating around $2,900.
ETH currently trades at $2,920.34 and has a market cap of 350 billion dollars with 120,053,060 coins in supply. It ranks #2 on CoinMarketCap.
On the 1D timeframe, $ETH/USDT has pumped after forming a bullish bat and failed to break 0.618 Fib retracement and formed a double bottom after breaking the neckline it pumped and is trying to break the resistance again.
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Cronos (CRO) Price Analysis
Cronos is a utility token for Crypto.com that aims to make cryptocurrency more accessible. The idea behind this token is to increase the security of the cryptocurrency space for the people who use it. The short-term performance of CRO has been good, and the prices of CRO have been fluctuating around $0.4055.
CRO currently trades at $0.4059 and has a market cap of 10.2 billion dollars with 30,263,013,692 coins in supply. It ranks #18 on CoinMarketCap.
On the 1D timeframe, $CRO/USDT made a descending triangle and broke it towards a bullish move but is still indecisive as it consolidates on the support zone.
Maker (MKR) Price Analysis
Maker is a DeFi-based Ethereum lending platform that allows users to lock ETH into smart contracts to receive Dai – the stable token. MakerDAO, a decentralized autonomous organization, makes significant decisions. Therefore, the maker is a good investment plan. Maker’s crypto performance this week has been good, with an increase of 7.56%.
MKR currently trades at $2,015.97 and has a market cap of 1.9 billion dollars with 1,005,577 coins in supply. It ranks #55 on CoinMarketCap.
On the 1D timeframe, $MKR/USDT formed a descending triangle and broke towards a bullish move after breaking the resistance towards upwards; it also formed a double bottom on triangle support.
The Graph (GRT) Price Analysis
GRT is an ERC20 token issued by The Graph, a decentralized service that lets developers define common subgraphs of blockchain data. People can use the graphs to study specific aspects not available through the public blockchain machines. This week started with a bang for The Graph crypto performance as the coins increased. It had a 14% increase this week.
GRT currently trades at $0.407 and has a market cap of 1.9 billion dollars with 10,057,044,431 coins in supply. It ranks #56 on CoinMarketCap.
On the 1D timeframe, $GRT/USDT formed a falling wedge pattern and broke out towards the bullish side, although it got rejected from resistance.
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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