The crypto market has struggled since the collapse of Silicon Valley Bank (SVB) and other exchanges, as this has led to uncertainties in the hearts of traders and investors as many lookout for promising trades to recover some funds.
Sentiment and data have it that Bitcoin has seen a large inflow of deposits on exchanges in recent weeks suggesting the market and these weekly top cryptos could be gearing up for a huge spike in price as bulls could take the market by its horn.
Bitcoin’s (BTC) price has struggled below $30,000 resistance as the price moves in range, consolidating above key support of $29,000 and $28,500. The price of BTC suffered a sharp decline last week as the price dropped to $28,800, bouncing back swiftly as the bulls tried to match the strength of the bears.
The region of $28,500 remains a key area for Bitcoin bulls; if the price closes below this region of support, BTC bears will have more control over the price of Bitcoin.
Ethereum price hasn’t had much volatility either as price consolidates above $1,800, just above the 50-day Exponential Moving Average of $1,850, which supports Ethereum price.
The price data on Coin360 shows the crypto market looks promising ahead of a new one suggesting traders and investors could pay attention to these top 5 cryptos as the week presents new opportunities and perspectives.
Let us analyze how these top 5 cryptos (LTC, MKR, TOMO, DOGE, SHIB) could perform in the coming week.
Top 5 Cryptos – Maker DAO (MKR) Daily (1D) Technical Analysis
Maker DAO (MKR) appearing as a top 5 crypto to watch this week is not a fluke or coincidence, as the price action in the past few weeks has remained bullish both on lower and higher timeframes suggesting this could give many traders and investors a run for their money.
The price of MKR has seen its price struggle to show bullish signs for the past few months as bears dominated MKR/USDT driving the price from a high of $6,200 to a low of $500, where the price bounced to a range of $600.
Maker DAO in the region of $600 formed a price consolidation for over 167 days as bulls pushed the price of MKR/USDT above $800, initiating a possible rally as price broke out with a strong bullish trend confirming the bias.
The price of MKR broke and formed a strong support of $1,000 above the 38.2% Fibonacci retracement value (38.2% FIB), confirming price could be set for more price rally as MKR/USDT bulls could push price high to a high of $1,700.
MKR/USDT price currently sits above the 50-day and 200-day EMA, suggesting bulls control the price and could push the price higher to $1,700.
A break above the 61.8% FIB value will suggest more upside for MKR as the Relative Strength Index (RSI) for MKR trades above 60, indicating a bullish price rally.
The price of MKR/USDT closing above $1,100 on the weekly timeframe could mean one thing for bulls, which is a more bullish price rally.
MKR daily key resistance – $1,700
MKR daily key support – $1,000
Daily Litecoin (LTC) Price Analysis
Litecoin (LTC) has remained a key talking point for weeks as one of the top 5 cryptos ahead of its halving scheduled for 3 August 2023. The price action from LTC suggests price remains indifferent for bulls and bears ahead of its halving as the price continues in its range movement.
The price of LTC had a pre-rally from its support of $70 as bulls pushed the price of LTC/USDT from its $70 to a high of $120, where the price was faced with resistance to breaking higher.
With the price suffering a shock price decline ahead of its halving, Litecoin (LTC) currently trades above its 50-day and 200-day EMA, suggesting a change in trend as bulls could take control of LTC price.
If the price of LTC recovers the high of $95, bulls could stand a chance against bears as the price could revisit the highs of $100 and even $150.
Moving Average Convergence Divergence (MACD) from the chart suggests a trend change from bearish to bullish is possible ahead of LTC halving, with the RSI value above 50 indicating good buy volume.
LTC daily (1D) key resistance – $105
LTC daily (1D) key support – $80-$70
Tomochain (TOMO) Daily Technical Analysis
Tomochain (TOMO) has seen a huge price rally this year since March 2023, as the price rallied from a low of $0.65 to a high of over $2.5 as the price hit over 300% gain in a few weeks.
The price of TOMO dropped from its yearly high of $2.5 to a low of $1 as the price found good support for bulls as it bounced from this region to a range low of $1.2 as the price struggled to break out of its range price.
TOMO’s price needs to break above the Fibonacci retracement value (FIB value) of 38.2%, which corresponds to $1.6, which could see the bulls push the price of TOMO/USDT to a high of $2 and possibly to $2.5.
The MACD and RSI for TOMO/USDT on the daily chart suggest a bullish price trend controlled by bulls, and we could see more price actions for TOMO if the price breaks and closes above the key resistance of $1.6.
TOMO daily key resistance – $1.6 ( FIB value of 38.2%)
TOMO daily key support – $1
MACD – Bullish trend
Dogecoin (DOGE) Price Analysis as a Top 5 Crypto
The price of Dogecoin (DOGE) continues to show incredible price action following its breakout from its range of $0.07 to a high of $0.08 after forming a bullish ascending triangle.
After a successful breakout to a high of $0.084, the bulls couldn’t sustain this price rally as the price of DOGE dropped from $0.084 to $0.077 as the price held above this region, acting as interest for bulls to open a long position.
The price of DOGE currently trades above the 50-day EMA, indicating a bullish price trend, with more price confirmation from MACD and RSI for the price of DOGE, indicating a strong uptrend.
DOGE’s price needs to break and hold above $0.095 for the price to have a chance of rallying to a high of $0.15; if the price of DOGE fails, we could see price retesting key support of $0.08 and lower if this region fails.
As the price of DOGE aims to break above $0.1 after a long time, we could see many traders and investors hoping to open a long position for this meme coin as a top 5 crypto to consider.
DOGE daily key resistance – $0.11
DOGE daily key support – $0.08
MACD – Bullish trend
Shiba Inu Daily (1D) Price Analysis
It is not surprising that Shiba Inu (SHIB) appears as one of the top 5 cryptos for the week as it possesses a good price action with much focus placed on this meme coin after reclaiming its price above the 50-day EMA as price trades at $0.00000867.
After forming a bullish ascending triangle, the price of SHIB/USDT could be ready to retest the high of $0.00001 as bulls continue to show signs of price change from bearish to bullish.
The MACD for SHIB/USDT on the daily timeframe suggests a trend from bearish to bullish for bulls as they look much more in control of prices.
Bulls need to hold the price of SHIB to maintain this price action as the price could retest $0.000008, indicating a healthy price retest after breaking out of a bullish ascending triangle.
The RSI for SHIB on the daily timeframe trades above the 60-mark region, indicating good volume for bulls as the price has more chance to go higher.
SHIB daily key resistance – $0.000012
SHIB daily key support – $0.000008 – $0.00000780
MACD – Bullish trend