4 altcoins to watch this week other than Bitcoin

Although the Bitcoin (BTC) price remained below $ 50,000 over the weekend, it again rose above $ 53,500 at the opening of the new week. As of now, it looks like recovery has come. However, the decline in BTC dominance may affect ETH, BNB, XMR and CAKE prices in the short term.

The recent drop in Bitcoin witnessed the sales of small and medium-sized whales transferring between $ 100,000 and $ 1 million worth of Bitcoin to exchanges. On the other hand, larger whales continue to accumulate.

In such an uncertain environment, Cointelegraph analyst Rakesh Upadhyay evaluated the top 5 cryptocurrencies likely to outperform major cryptocurrencies in the short term.

BTC / USDT – Bitcoin teknik analytics

The bulls worked to push the price above the $ 50,000 psychological level and reached their target on the first market day of the week. The bears, which have been advantageous so far, are now defeated. However, moves that will cause a decline up to the critical support of $ 43,006 are still on the table.

Daily chart of the BTC / USDT pair. Source: TradingView

The 20-day exponential moving average (EMA) ($ 55,400) is falling and the relative strength index (RSI) is close to the oversold zone. In other words, despite the sudden rise today, the bears continue to dominate.

The BTC / USDT pair has formed long-tailed candlesticks for three consecutive days. This structure, which points to uncertainty, was resolved upwards as of April 26. However, the price is still on the critical threshold. If the price drops back to $ 50,460, a drop could come up to the critical $ 43,006 support.

The bulls, on the other hand, will strive to break the resistance they are likely to face at the 20-EMA level. If they achieve this and close above the 50-day simple moving average (SMA) ($ 56,906), the test can be expected for resistance at $ 61,825.

Conversely, if the pair turns down the resistance created by the moving averages, a break below $ 47,459 could occur.

ETH / USDT – Ethereum price analysis

The bulls defended the 20-day exponential moving average (EMA) ($ 2,259) as of the weekend, and the uptrend movement remained strong. The journey towards the resistance zone between $ 2,545 and $ 2,645 began as buyers rely on Ether (ETH) for price drops.

Daily chart of the ETH / USDT pair. Source: TradingView

If the above strong resistance area breaks, the next leg of the uptrend can begin. Thus, the price can go up to 2,745 and then up to $ 3,000. Gradually rising moving averages (MAs) and the relative strength index (RSI) above 63 show that the most likely path is up.

Contrary to this assumption, if the price breaks down from resistance, the bears will try to push the ETH / USDT pair below the moving averages again. If they are successful, the price is likely to drop to $ 1,542.

BNB / USDT – Binance Coin technical analysis

Binance Coin (BNB) price entered the consolidation process after its uptrend. The bulls increase their purchases with every drop to the $ 480 support. The bears continue to defend the overall resistance zone of $ 600 to $ 638.57. As with the BNB price, a strong uptrend followed by a certain corridor indicates that traders are not in a hurry to take profits.

Daily chart of the BNB / USDT pair. Source: TradingView

While the moving averages (MA) are rising, the relative strength index (RSI) above 59 indicates that the bulls have the upper hand. If buyers can push the price above $ 530, the BNB / USDT pair could push the $ 600 resistance. Of course, the bears between $ 600 and $ 638.57 are likely to show stiff resistance.

If the price breaks down from the resistance level once again, the movement inside the corridor will continue. On the other hand, if the bulls push the price above $ 638.57, the pair could reach $ 720 this time and then $ 832.

This positive view would be voided if the bears prevail and cut the price below $ 480. In such a situation, sales may intensify and the pair may drop to the 50-day simple moving average (SMA) ($ 374).

XMR / USDT – Monero price analysis

Monero (XMR) is in a strong uptrend and the bulls are increasing their purchases with every drop towards the $ 288.60 support. So the correction process that the bears try to initiate fails every time.

Daily chart of XMR / USDT pair. Source: TradingView

The bulls successfully defended the 20-day exponential moving average (EMA) ($ 337). The moving averages are rising. In short, buyers are superior. However, the relative strength index (RSI) diverged in the negative direction, indicating that the upward momentum may be weakened.

If the price breaks down from the current level and falls below the 20-EMA, a correction towards $ 288.60 could begin. On the other hand, if the bulls push the price above $ 424.55, the XMR / USDT pair could rise to $ 498.

CAKE / USDT – PancakeSwap teknik analiz

PancakeSwap (CAKE) faced stiff resistance near the $ 28 level for several days. The bears tried to lower the price below the 20-day exponential moving average (EMA) ($ 24.8) on April 23, but the bulls bought aggressively on dips, suggesting that market sentiment remains positive.

Daily chart of CAKE / USDT parity. Source: TradingView

The momentum has risen in the last two days and the CAKE / USDT pair has climbed to an all-time high today. The upward moving averages (MA) and the relative strength index (RSI) near the overbought zone point to the continuation of the upward movement.

The bulls’ first goal should be to keep the price above $ 30. If a closing comes above this psychological support, the pair’s new target will be $ 34.5.

On the other hand, if bears prevail and psychological support is broken, 20-EMA support will gain critical importance. As the price has not seen closing below the 20-EMA since March 24, it may cause a change in the trend.

The views and comments expressed here belong only to the analyst. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.

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