Top 5 cryptocurrencies to watch today: BTC, MATIC, NEAR, ATOM, HNT

After remaining above $50,000 on Christmas day, Bitcoin (BTC) faced selling pressure on Dec. 26. One of the reasons for the possible dip in Bitcoin’s price is the boost in inflows to the Binance exchange. Data analysis account Product Researcher said that Binance’s inflows might be due to “a new player.”

Although Bitcoin is nearly specific to miss out on PlanB’s floor design price projection of $135,000 for December, the creator of the stock-to-flow cost design remains bullish. He stated that Bitcoin’s cost at $51,000 stays within one standard variance of the design, which keeps the forecast of $135,000 for this halving cycle in play.

5970B631 C6B2 46F4 A50D 11C68B2384E5 Crypto market data daily view. Source:Coin360

Several property managers have actually added Bitcoin to their portfolio in 2021 however UK’s ex-Chancellor Lord Hammond cautioned retail investors to be “incredibly mindful” while purchasing cryptocurrencies. He stated that “it’s almost certainly not appropriate for retail investors as a mainstream financial investment classification.”

Let’s study the charts of the top-5 cryptocurrencies that may lead the recovery in the crypto sector in the next few days.BTC/ USDT

Bitcoin broke above the 20-day exponential moving average ($49,832) on Dec. 23 but the healing struck a roadblock at the 38.2% Fibonacci retracement level at $52,314. This shows that bears have actually not yet quit and continue to sell on rallies.

742Ca1F3 2Fa0 44B6 B194 6Afd59Dee935 BTC/USDT daily chart. Source: TradingView The BTC/USDT pair formed a Doji candlestick pattern on Dec. 24, suggesting uncertainty among the bulls and the bears. This indecision resolved to the downside on Dec. 25 and the rate has slipped to the 20-day EMA.

The relative strength index (RSI) is simply below the midpoint and the 20-day EMA is flattish, suggesting a balance between supply and demand.If the price rebounds off the present level and breaks above $52,314, it will suggest that the belief has turned positive and traders are seeing the dips as a purchasing chance. The pair could then increase to the 50%retracement level at $55,500 and later to the 61.8 %retracement level at $58,686. On the other hand, if bears pull the price listed below the 20-day EMA, the set could drop to the 200-day easy moving average( $47,569)and after that to$ 45,456. A break and close listed below this level could unlock for a possible drop to$42,000. BTC/USDT 4-hour chart. Source: TradingView The pair is attempting to form a cup and handle formation which will complete on a breakout

and close above the overhead resistance at$51,936.33. This reversal setup has a target objective at$58,313.81. This positive view will revoke if the cost refuses from the existing level and breaks below$49,600

. That could pull the cost to$47,920.42. If this support also fractures, the decrease might reach $45,558.85. MATIC/USDT Polygon (MATIC )has actually remained in a strong uptrend. Although bears positioned a stiff difficulty at $2.70, the bulls did

not quit much ground and have actually pressed the rate to a new all-time high today. MATIC/USDT daily chart.

16B697C1 5A35 47F9 80Bb 1363955E2D46Source: TradingView If bulls sustain MATIC price above$

2.70, the MATIC/USDT pair could begin the next leg of the uptrend. The pair might initially rise to $3.41 and if this level is crossed, the up-move might reach the psychological mark at$5. The upsloping 20-day EMA($ 2.30 )and the RSI in the positive area suggest that bulls are in control. If the rate declines and breaks listed below the 20-day EMA, it will recommend that the present breakout was a bull trap. The set could then drop to $2 and later on to $1.73. MATIC/USDT 4-hour chart. Source: TradingView After struggling to break out and sustain above$2.70 on3 celebrations, the bulls have actually lastly handled to conquer the resistance. However, the bears are not likely to quit easily and will again try to stall the up-move at the resistance line of the rising channel.If the rate refuses from the current level and breaks listed below the 20-EMA, the pair might drop to $2.42. This is a crucial support for the bulls to defend because if it fractures, the pair could plunge towards the 200-SMA. On the contrary, if bulls drive and sustain the price above the channel, the bullish momentum might get further.NEAR/ USDT NEAR Procedure’s NEAR token picked up momentum after breaking above the falling wedge pattern on Dec. 23. This brought the price above the strong

resistance at$13.23, indicating the resumption of the uptrend. NEAR/USDT daily chart. Source: TradingView The bears hesitate to376352C2 340C 4174 B8F3 3Dcb68A5713Cenable the bulls to have their way and are strongly protecting the$ 16 level. The NEAR/USDT set formed an inside-day candlestick pattern on Dec. 25, showing indecision amongst the bulls and the bears.If the cost breaks below$14, the pair could drop to$ 13.23 and then to the 20-day EMA($11.11 ). A strong rebound off either level will recommend that the sentiment remains favorable and traders are buying on dips. If bulls drive the cost above$15.93, the pair might increase to $17.95. This bullish view will be negated if bears sink and sustain the rate listed below the 20-day EMA. NEAR/USDT 4-hour chart. Source: TradingView The 4-hour chart reveals that

6B0E230F 35F9 4795 9A86 Bd394Cbd727Fthe pair is consolidating in between $14.20 and$15.93,

which is a positive sign. The 20-EMA is sloping up and the RSI is in the favorable zone, recommending that bulls have the upper hand.If purchasers drive the cost above $15.93, the set could resume the uptrend.

On the other hand, if the price breaks below the 20-EMA, the pair might drop to $13.23. This level is most likely to serve as strong support however if it fractures, the next stop could be$11.50. Related: Binance Turkey fined 8M lira for non-compliance versus money laundering ATOM/USDT Universe(

ATOM)broke out and closed above the resistance line of the descending channel on Dec.

25, showing that the drop may be over.< img src="https://s3.cointelegraph.com/uploads/2021-12/41254337-50d8-4e05-b164-43cf1e8d6751.png "/ > ATOM/USDT day-to-day chart41254337 50D8 4E05 B164 43Cf1E8D6751. Source: TradingView The 20-day EMA($25.91)has begun to turn up and the RSI has increased into the positive territory, showing that bulls have the upper hand. If buyers sustain the rate above the channel, the ATOM/USDT set could increase to $33.60 and thereafter to $38. If the price denies

from the present level or the overhead resistance and breaks listed below the 20-day EMA, it will recommend that traders continue to offer on rallies. The set could then drop to the 200-day SMA ($24.12). ATOM/USDT 4-hour chart. Source:TradingView The 4-hour chart shows that the pair got momentum after breaking and closing above the 200-SMA. The bears tried to stall the up-move at$ 30 and pull the price down however the bulls successfully protected the 20-EMA. This suggests that the belief has turned positive and traders

are purchasing on dips. The set might rally to the overhead zone at $33.60 to$34.15 where the bears might mount a strong resistance.If the rate turns down and breaks listed below the 20-EMA, it will suggest that supply exceeds demand. That might unlock for a possible decline to$26.37 and then to the 200-SMA. HNT/USDT Helium’s HNT token bounced off the strong support at$25 and broke above the 20-day EMA ($35.38)

on Dec. 16

. The bears attempted to pull the rate back listed below the 20-day EMA however the bulls bought the dip and extended the recovery to $43.40 on Dec. 23.5707Ac79 Dad8 4Ee8 903A B8Cc90Af8312HNT/USDT daily chart. Source: TradingView

The bears are protecting the overhead zone in between the 50% Fibonacci retracement level at $42.14 and the 61.8% retracement level at $46.18. This has actually pulled the rate back to the 20-day EMA, which is an important level to watch out for.If the price rebounds off the existing level, the purchasers will attempt to press the HNT/USDT set above the overhead zone. If they prosper, the pair might increase to $51.94.

On the other hand, if bears sink the rate listed below the 20-day EMA, the set might drop to $29.94. A break and close listed below this level could sink the cost to $25.

52896C2E 85Cf 45Bd 98Bb B1E3E3B8A8F8 HNT/USDT 4-hour chart. Source: TradingView

The bears are safeguarding the overhead resistance at $42. Although the bulls pushed the rate above this resistance, they could not sustain the greater levels. This might have trapped the aggressive bulls, resulting in a correction.The 20-EMA has flattened out and the RSI is near the midpoint, suggesting a balance between supply and demand.If bears pull the rate listed below the 200-SMA, the correction could deepen more and the set might slide to $30. Additionally, a break and close above $39.50 might press the price to $42. A break and close above this level will recommend the resumption of the uptrend.The views and

opinions expressed here are solely those of the author and do not always show the views of Cointelegraph. Every investment and trading relocation involves danger, you ought to conduct your own research when making a decision.

Source

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Want To Stay Updated On the Latest Crypto News? Get the all the important news in Crypto, NFTs & all things Metaverse Instantly! No Yes

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.