Top 5 cryptocurrencies to watch this week

Bitcoin and the majority of significant altcoins have struggled to recover from the sharp drop on November 26. It suggests that traders may be hesitant to buy at current levels due to the unknown nature of the newly discovered heavily mutated coronavirus strain in South Africa.

Bitcoin’s assets under management fell 9.5 percent in November to $48.70 billion. The AUM of altcoin-based crypto funds, on the other hand, increased 5.4 percent to $16.60 billion.

BTC/USDT

For the past few days, Bitcoin has been correcting in a descending channel. The bears are in control, as noted in the downsloping 20-day exponential moving average. If the price rebounds from its current level, the bulls may run into resistance at the 20-day EMA.

The pair could then test the channel’s support line. A break below the channel could exacerbate selling and send the BTC/USDT pair below $40,000.

BNB/USDT

Binance Coin (BNB) battles bulls and bears near the 20-day exponential moving average ($590). Even though the price dipped and closed below the 20-day EMA on November 26, the bears could not establish a foothold. Today, the bears dragged the price below the 20-day EMA once more. However, the candlestick’s long tail indicates accumulation at lower levels. The 20-day EMA is flat, and the RSI is near the midpoint, meaning that supply and demand balance.

 If the price continues to fall, the bears will try to push the pair below the uptrend line once more.

If they succeed, the pair could fall to a support zone between $564.20 and $553.80. A break below this level could result in a more precipitous drop to $510.

In contrast, if bulls push the price above the 20-day EMA and keep it there, the pair could rise to $621.30 and gain momentum above it.

LUNA/USDT

The LUNA token of Terra is trading within an ascending channel pattern. The price is now above the 20-day EMA ($44.33). Near the channel’s resistance line, the rally could face heavy selling. The bears will then try to push the price below the canal once more. If they are successful in doing so, it will indicate a possible shift in trend. The pair could then fall to $32 and then to $24 in the future.

MANA/USDT

Decentraland (MANA) fell from $5.90 on November 25 to $4.48 today. Still, the long tail on the candlesticks shows that bulls are attempting to defend the zone between the 38.2 percent Fibonacci retracement level at $4.48 and the 50 percent retracement level at $4.05. The bulls will now try to push the price above the all-time high of $5.90 to resume the uptrend. If they are successful, the MANA/USDT pair may begin its journey toward the next target goal of $7.87.

This bullish view will be rendered invalid in the near term if the price falls and breaks below the 20-day EMA ($3.88). Such a move indicates that supply outnumbers the demand. The pair could then fall to $3.10.

SAND/USDT

The Sandbox has been correcting the recent strong uptrend. The bulls are attempting to halt the pullback between the 38.2 percent Fibonacci retracement level of $6.02 and the 50 percent retracement level of $5.26. If the price rises, sentiment is still positive, and traders are buying every minor dip. The bulls will then attempt to push the price above the overhead resistance level of $8.48.

The SAND/USDT pair could resume upward if successful, with the next target at $10.52. This bullish outlook will be rendered invalid in the short term if the price falls from its current level and breaks below the 20-day EMA ($4.84).