BCGAME - Free 5BTC Daily Bonus!Bullish corrections are usually a bullish signal as they reduce frothy excitement and allow stronger hands to enter the markets. However, the recent correction in the Bitcoin (BTC) of his highest record of U $ 64.849,27, approximately R $ 350 thousand, does not seem to have scared novice traders.
DappRadar data shows that buying and selling volumes at decentralized brokers increased last week, as traders may have moved out of Bitcoin's lucrative positions to buy altcoins at their current bottom prices.
Another sign of interest in altcoins is the sustained high volumes in Dogecoin (DOGE), which remains the fourth most traded cryptocurrency by volume, behind Bitcoin, Ether (ETH) and XRP, according to data from CoinMarketCap.
The recent drop in Bitcoin witnessed the sale of small to medium sized whales, which dumped nearly 1 million Bitcoin into cryptocurrency exchanges. However, a positive sign is that the larger whales continued to accumulate during this period.
While the long-term bullish story remains intact, the short-term may have a few more drawbacks. Usually, a correction doesn't end until the retail crowd throws in the towel and a state of fear dominates the markets.
In such an uncertain atmosphere, let's take a look at the top 5 cryptocurrencies likely to outperform the other top cryptocurrencies in the short term.
In this article, we will discuss:
Ethereum ETH / USDT
The bulls once again defended the 20-day EMA ($ 2.235), indicating that the trend remains strong and buyers are accumulating in lows. Ether you can try to move up to the $ 2.545 to $ 2.645 resistance zone.
Ethereum - A break from the $ 2.545 resistance zone could signal the start of the next leg of the bullish trend, which could extend to $ 2.745 and then $ 3.000. The gradually moving moving averages and the RSI above 57 suggest that the path of least resistance is upwards.
Binance Coin BNB / USDT
Binance Coin (BNB) is currently consolidating in an upward trend. The bulls are buying the falls for the $ 480 support, while the bears are defending the $ 600 to $ 638,57 resistance zone. Limited action after a strong upward trend shows that buyers are not in a hurry to record profits.
Both moving averages are rising and the RSI above 56 suggests that bulls are at an advantage. If buyers can push the price above $ 550, the BNB / USDT pair could begin its journey to the resistance of the $ 600 range at around $ 3.200 at the current dollar rate. The bears are likely to once again mount strong resistance between $ 600 and $ 638,57.
If the price falls from this zone, the range-limited action may continue for a few more days. On the contrary, if the bulls raise the price above U $ 638,57, the pair can start their journey to U $ 720 and then U $ 832, about R $ 4.300 in the local currency.
This positive view will be invalidated if the bears sink and keep the price below $ 480. If that happens, the sale could intensify and the pair could fall to the 50-day SMA ($ 368).
Monero XMR / USDT
Monero (XMR) is in a strong uptrend and bears' repeated attempts to initiate a correction have failed, as bulls have aggressively bought falls near the $ 288,60 support, about R $ 1574,43 in local currency.
The bulls have successfully defended the 20-day EMA ($ 335) and both moving averages are rising, suggesting that buyers are at an advantage. However, the RSI is showing the first signs of a negative divergence, indicating that the momentum may be weakening.
If the price turns down from the current level and breaks below the 20-day EMA, it will hint at the possible start of a correction towards $288,60. On the other hand, if the bulls push the price above $424,55, the XMR/ USDT it can go up to U$498 about 2716 in local currency.
PancakeSwap CAKE / USDT
Pancake Swap (CAKE) has faced strong resistance close to the $ 28 level in the past few days. The bears tried to sink the price below the 20-day EMA ($ 24) on April 23, but the bulls aggressively bought the decline, suggesting that sentiment remains positive.
The momentum has increased in the past two days and the CAKE / USDT pair has reached a new all-time high today. The upward moving averages and the RSI near the overbought zone suggest that the path of least resistance is upward.
If the bulls keep the price above $ 30, the pair may rise to $ 40. This optimistic view will be invalidated if the bears sink and keep the price below the 20-day EMA. This change will be a significant event, as the price has not remained below the 20-day EMA since March 24.
