BTC, ETC, LUNA, KLAY, AXS are the top 5 cryptocurrencies to consider this week
ETC, KLAY, LUNA, and AXS could rise higher and gain more profit if Bitcoin bounces back a support zone.
Bitcoin is fighting rather hard to get above $48K while sellers are keeping it at $48K as the buy and sell levels show.
As you might know, there is a Bitcoin price mode by PlanB called the "stock-to-flow Bitcoin price model " and based on which PlanB has argued that if BTC closes August above $47K, Bitcoin may see the "worst-case scenario" target price of $135K by the end of this year.
In the year 2021 and especially after May, the crypto market was extremely bearish, and yet more and more institutions started adopting Bitcoin or added to their holdings including Clear Perspective Advisors, Ancora Advisors, Boston Private Wealth, and Ohio-based manager Parkwood.
Source: Coin360. Crypto market data daily view.
According to a survey on Finder, Asia has shown a high rate of adoption. In this product comparison website survey, 42,000 people in 27 countries participated, among whom Vietnam, with a 41% adoption rate, stood first, which was followed by India and Indonesia with 30%.
The survey participants from other continents showed much lower adoption rates. The US and the UK rates were 9% and 8%.
And the currency pairs to consider
BTC keeps defending its resistance line very well.
BTC/USDT daily chart. Source: TradingView
If BTC/USDT touches the support line of the wedge, it’s a good opportunity to buy. If the prices bounce back off, the bullish trend can continue. If the wedge breaks out, there’s a chance that BTC reaches $53K and $60K afterwards.
On August 13, Ethereum Classic, or ETC, broke the resistance at $63.56 and closed above it, which led to the formation of an ascending triangle pattern, and this setup has $94.91 as a target.
ETC/USDT daily chart. Source: TradingView
Normally, when a pattern is broken out, the price drops and tests the breakout level again. Hence, ETC/USDT could test the $63.56 level again in the coming days.
The LUNA token belongs to Terra Protocol and has been on the rise in the past couple of days, suggesting a new uptrend is very probable as suggested by the breakout and close above the downtrend line.
LUNA/USDT daily chart. Source: TradingView
The $18 overhead resistance has been defended since 4 days ago. The bulls will try to push LUNA/USDT above $18 if the price sees a rise from the current level or bounce back from the support line. Once this is achieved, the next targets are $19.54 and $22.
On Aug. 14, Klaytn (KLAY) managed to go past $1.81 resistance, but the bulls failed to ascend any further while the bears are defending the overhead resistance according to the overhead resistance.
Source: TradingView KLAY/USDT daily chart.
The RSI was pushed into the overbought zone deeply by the rally in the past few days, which is indicative of a possible partial correction in the coming days. In the case of having dips, $1.60 and $1.40 are the supports that we may have.
The bulls will try again to go past $1.81 if the price bounces back off the support levels mentioned earlier. A rounding bottom pattern will be completed once there is a breakout and close above the $1.81 level, whose objective is $2.90.
AXS stands for Axie Infinity Shards, and this token belongs to Axie Infinity, which has been having great days since it’s been experiencing a bull run for the past couple of weeks. On Aug. 11, AXS recorded a new ATH at $77.48. Having taken a look at the long wick on the day’s candlestick, we realized that traders are expecting more profit.
Source: TradingView AXS/USDT daily chart
The AXS/USDT pair saw a correction at $63 and this could go further down to the 20-day EMA ($51) if the price drops lower than $63.
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