Critical Week Begins For Bitcoin, So Which Altcoins Should Be Watched This Week

We have left behind a turbulent week in Bitcoin. BTC, which had an active week with SEC and FED meetings on one hand and news from China on the other, made the fear and greed index drop to 27 points.

Especially in the new week, it will be seen more clearly in which direction the direction will be shaped in BTC. For this reason, it is of great importance for investors to closely follow the news and price movements in the market this week.

In this article, let’s take a closer look at the analysis of Rakesh Upadhyay, who shares the altcoins that he thinks can perform well with Bitcoin’s recovery.

Avalanche (Avax)

Avax is trading within a channel. The rising moving averages and the RSI, which is in the positive territory, are giving buyers an edge.

In this context, AVAX could test the high of $79.80 again. If this level is broken, a bullish wave will start again.

On the other hand, losing $45 will lead to larger declines. The first critical level to look down is the lower region of the channel on the chart.

A break below this could bring a drop to $55 first and then 60.

Algorand (ALGO)

Algorand (ALGO) is trading below the 20-day EMA ($1.77) but the long tail on today’s candlestick indicates that the bulls are trying to defend the support at $1.51.

ALGO could rally to $2.15 and then $2.55 if the bulls continue their bullish move.

However, if the price turns bearish and $1.84 is lost, ALGO could drop as low as $1.51.

A close below $1.51 will signal a possible change in trend and a drop to $1.15 is possible.

If the resistance line on the chart is not broken, the bulls may lose their strength and declines to $1.51 may appear. However, as soon as this resistance is broken, negative scenarios will be shelved and higher peaks will be triggered.

Tezos (XTZ)

After recovering sharply from $4.47 on Sept. 22, XTZ has since managed to stay above the 20MA level of $6.10.

The bulls appear to be active in XTZ while the RSI is moving towards the positive level. However, initial rejection is likely at $8.03 to $8.42, which is the overhead resistance zone.

In a bearish scenario, if the price drops below the MA20 ($4.60), it could slide as low as $4.47.

Elrond (EGLD)

EGLD bounced off the 50-day moving average ($181) but failed to break the overhead resistance at $245.80. This shows that the bulls are buying on the lows while the bears are selling on the rally.

On the other hand, if the RSI is in equilibrium, it shows that supply and demand are equal. A positive sign is that the price is above the 20-day moving average ($220). If it is above this level more, it can rise up to $303.03.

If there is a drop, it is possible for the price to test the MA50 ($181). If there is a drop below this, a pullback to the $132 levels can be observed.

Also, the key resistance level before $303.03 will be at $277.88. This level remains especially important for triggering the uptrends.

*Not investment advice.

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