Top 5 Cryptocurrencies to Watch this Week: BTC, DOGE, APE, AAVE, and XMR

Key Insights:

• BTC was still under the $40K mark, trading at $38,796 at press time.
• While most of the top assets noted losses on their daily charts, Dogecoin noted decent gains.
• Nonetheless, sell pressure dominated buy pressure at press time. 

Bitcoin’s price for the better part of April has been on a downtrend. At the time of writing, with bitcoin’s price below the $40K level, the larger market was painted red as most of the top altcoins shed their value.

The total crypto market cap depreciated by close to 3% over 24-hours and stood at $1.7 trillion at press time. Over the last week, the cryptocurrency market has been largely unmoved due to BTC’s rangebound movement.

Nonetheless, some tokens like the popular meme token Dogecoin (DOGE) registered gains owing to external news surrounding the coin. So amid a larger market consolidation, here could be the top cryptos to watch in the coming week:

Bitcoin (BTC)

Bitcoin’s price attempted recovery on April 19 and continued its uptrend for three days, reaching as high as $42,916 on April 21. However, as the weekend approached, bears came into action and pulled the coin’s price down by almost 8% over a day.

Data from Coinglass highlighted that funding rates across crypto derivatives exchanges returned to the negative territory during the weekend, tilting towards bearish. Furthermore, BTC’s failed attempt at a recovery pulled the Crypto Fear & Greed Index into ‘extreme fear.’

At the time of writing, RSI’s downward slope towards the negative territory indicated a minor advantage to bears. Since the price had fallen below $39,100, a rise in selling pressure could be expected.

If selling pressure pushed BTC’s price further down, the asset could test the next support near $37,500.

Nonetheless, many in the market were still optimistic about the top coin’s movement. Technical analyst ‘Crypto Rover’ pointed out on Twitter that BTC’s price structure looks ‘ultra bullish.’ he further added that risk-off assets like BTC could see price in times of uncertainty with war and interest rate hikes gains.

Notably, according to the analyst, BTC has moved up against the SPX and seems to be forming similar consolidation patterns like 2017-2020.

This is looking ultra bullish for #Bitcoin

In times of uncertainty with war and interest rate hikes, you should look to a risk-off asset, and #Bitcoin is precisely that.

It has moved up against the #SPX, and it is again forming similar consolidation patterns like 2017-2020! pic.twitter.com/Qd9O9FPhyr

— Crypto Rover (@rovercrc) April 25, 2022

 

Dogecoin (DOGE)

After reports claiming that Tesla CEO Elon Musk could probably become Twitter’s new owner, the entrepreneur’s favorite token, Dogecoin, saw an almost 15% spike in price. DOGE’s price jumped from $0.1254 to nearly $0.1418 in a few hours.

Despite the larger market’s bearish momentum, DOGE’s price picked as the Musk-Twitter saga continued. Interestingly, the Dogecoin price was retracing a bullish pattern on the weekly time frame.

DOGE traded at $0.1389, noting a 4.41% rise on the daily and 2.17% rise in the weekly time frame. The meme token traded close to the $0.147 resistance, and a move above the same could further aid the coin’s uptrend in the short term.

However, once the social attention around Twitter, Musk, and DOGE fades, a pullback from the higher price range could be seen. If the price falls below the $0.130 mark in the coming week further bearish momentum could trigger a price downtrend.

ApeCoin (APE)

Yuga Labs’ ApeCoin – the native token for the BoredApeYachtClub NFT project, was one of the best-performing cryptocurrencies in the past week. The coin surged by over 50% as the platform’s developer community dropped hints about an upcoming metaverse project.

Following the high social sentiment, APE rallied to a high of $18.3. The token even surpassed Decentraland’s MANA to become the market’s largest metaverse token.

At the time of writing, APE was the 29th coin by market cap and traded at $17.63, noting a 2.34% rise in 24-hours and a 56.95% rise over the last week.

APE broke out from its larger downtrend on April 18 as RSI on its daily chart finally picked up. The same indicated a rise in buying pressure, and technicals flashed bullish signals. APE’s recovery above the $14.19 mark ensured the coin’s uptrend.

With the next significant resistance at $18.4, if bulls could push the token above that mark, APE’s price could witness another leg up in the near term.

Aave (AAVE)

Over the last week, DeFi token AAVE rose by almost 10%, trading at a one-week high of $196. The coin’s quick recovery outpaced the larger market’s short-term gains as AAVE’s rallied on the back of high trade volumes indicative of retail interest going up.

After two days of retail-backed gains, AAVE’s price faced rejection $190 mark and made its way downwards. Over the last four days, AAVE’s price has slumped by close to 20%.

At press time, the DeFi coin traded at $161.97, noting a 4.17% fall on the daily time frame.

The RSI for AAVE presented a steady decline indicative of sell-side pressure taking over in the market. If the price fails to maintain above the key support level at the $158 mark, the coin could face further price losses.

Monero (XMR)

After rallying by almost 20% from April 17-22, privacy token Monero’s price has started to correct. On April 22, XMR’s price faced a strong rejection near the psychological level of $300.

The coin’s rejection around the $290 level indicated that bears were active around the higher price levels. With XMR oscillating below the 20-day EMA of $245, sellers outpaced buyers for the coin at press time.

The $245 mark has acted as strong support and a price fall under that level indicated that bulls were not too keen on buying the XMR dip and expected further downward momentum.

At the time of writing, XMR traded at $240.60 noting a 5.23% decrease in price in 24-hours and a 4.87% decrease in price over the last week.

Further rise in sell-side pressure could pull the coin’s price down to the $233 mark in the near term.