5 Cryptocurrencies whose prices could skyrocket this week: analysis

5 Cryptocurrencies whose prices could skyrocket this week: analysis

Cointelegraph’s weekly market report includes not only a summary of the main events of the last 7 days, but also a detailed Crypto forecast for traders. The piece, published yesterday, talks about the five digital assets that users will have to follow most closely in the coming days. According to experts, these are the coins that could skyrocket in value this week.

Bitcoin (VTC).

Bitcoin should be watched more closely than usual in the coming days, because it is in the middle of a real “fight” between the bulls and the bears.

Analysts are going back to May 20, when the Bitcoin rebounded from $28,630 on the strength of the bulls’ activity. That stabilized the market a bit and significantly reduced the panic among traders, so mass sales of VTC stopped. If the stability remains, the coin is expected to go up.

Despite the slight increase in the value of VTC, this week may end quite sadly for Bitcoin, if the bulls are active in sales again. There is indeed hope for the growth of the main Cryptocurrency, but it will happen only if the manipulation of traders do not reduce the price to $26,700. This is the level that analysts call “psychological”, because if such a situation begins to play out, Bitcoin is predicted to further fall to $ 25,000, and then – to $ 21,700.

Binance Coin (BNB)

The digital asset BNB has managed to change many price points recently, succumbing to pressure from recent market events. Despite the fact that last week it was trading at $211, now the situation is dramatically different. Experts call the current value of $323 a necessary support level for bears.

The analysts’ report argues that the best outcome for BNB holders will be an unshakable coin. That is, in case the asset continues to grow exponentially against the background of bulls’ manipulations, the cryptocurrency may soon fall sharply in price again due to “growth without reason”.

Thus, experts believe that the BNB coin should show some stability this week, they do not forecast strong jumps in price (from $290 to $330), which is excellent for short-term investors.

Monero (XMR)

Oddly enough, not only the “top” Cryptocurrencies, but also such Cryptocurrencies as XMR are in the focus of analysts’ attention. Despite the fact that on May 12 this coin fell to $134, experts are in no hurry to “bury” it. In their opinion, the digital asset XMR will show a slow but steady recovery this week. This is evidenced by the fact that despite the efforts of the bears, the Cryptocurrency did not succumb to the speculative actions of traders and began to rise in price on May 13, a day after the sharp fall.

In just a few days, the digital asset rose to $179. In the analytical report, experts attribute this “price leap” to the “aggressive purchase of XMR” by users. The influx of investors was so large-scale that chances of bears to keep XMR below $135 are equal to zero.

Analysts believe that there will be no special shifts in XMR price chart this week, they say, this Cryptocurrency will continue to trade in the same range as in the last 10 days ($160-$178).

Ethereum Classic (ETC)

Analysts also included the Cryptocurrency ETC in the list of digital assets, the price behavior of which is very difficult to talk about with certainty. The report notes that ETC, like most other virtual coins, has recently declined in price significantly. So, if ETC was trading at $52 on March 29, then already on May 12 trading with this Cryptocurrency was closed at $16.

The analysis of ETC digital asset’s behavior showed that now it is in the epicenter of attention of bulls, who are trying to restore the coin in price. Whether they will be able to do it this week, experts did not venture to guess. According to analysts’ forecasts, it will be difficult for traders to return the Cryptocurrency to its “former form.” The hardest “battle” for the ETC will begin, the bulls will face resistance at the 20-day EMA ($23). If this frontier can be overcome, perhaps, analysts summed up, the Cryptocurrency will still show a slight rise by the end of the week.

Decentraland (MANA)

Cryptocurrency project Decentraland – MANA, it, as you can see, is the least popular digital asset among the above. Despite that, analysts couldn’t help but include MANA coin in the list of “most unpredictable currencies” of the week. The fact is that for the last two weeks, the MANA ecosystem has been in a strong battle between the bulls and the bears. The resistance initiated by traders allowed supporters of short-term trading and speculators to make good profits by buying and selling the coin.

On May 16, MANA showed a noticeable decline, which spooked large holders of the Cryptocurrency. The asset fell to $1.24. Despite the fact that the situation could not move forward much, analysts, relying on the active attempts of bulls to restore the value of MANA, predict positive changes to the asset in the form of an increase to $1.76.

The experts also named the reason for such scenario, “attempts of bears to reduce the price of MANA below $1 have been unsuccessful. If this has not happened so far, the Cryptocurrency has all chances to recover in the very near future.

Recall, earlier we reported that Scott Mydern does not exclude the negative scenario for VTS and the fall of the asset to $8000.

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Written by Renat
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