The five cryptocurrencies that could soar this week
The Bitcoin price is trying to achieve its second consecutive weekly rise and finish with the highest weekly closing price in 2022. This could mean a domino effect for four other cryptocurrencies that could start a major rally in the coming days. Some of the best performing cryptocurrencies recently could have better charts as the week of March 28-April 3, 2022 passes.
Of course, we have to start with Bitcoin (BTC), which shows signs of good health once again. The leading cryptocurrency continues to register greens in the last week, with a current price of almost $47,000 (€42,800), although still somewhat below the price it started the year.
BTC price chart for the last week.
An important uptrend line is forming with support near $45,200 on the BTC/USD chart. The pair could continue to move higher and even clear the $48,000 resistance zone. A successful breakout and a close above the $47,600 level could trigger another rise. The price could even break above the $48,000 resistance level in the indicated case. This level may again act as a hurdle, but if the bulls break above it, the pair could rise to the psychological level of $50,000.
Cardano (ADA) made a significant advance this week after months of disappointing moves, shooting the price up 45% in a fortnight. It looks like ADA's rally could be sustained for the time being. Given that the aggregate supply on the network has yet to recover from losses, investors may preferably continue to hold their ADAs. Furthermore, the currency retested a monthly resistance at $1.2 and is still struggling to overcome it. Therefore, a potential correction may stabilize the quick bull run and provide a downside opportunity for traders.
Chainlink (LINK) trading has been within a massive range between $13.00 and $36.00 over the past few months. Finally, the price broke above the $15.3 level of previous resistance and could retest it as support. In all likelihood, this would be followed by a LINK rally.
Chainlink has a bullish outlook in the coming weeks. The price is always attracted to liquidity, and now that $15.3 has been broken, it could retest as support before the next leg towards the $18 area and the $19.5 level.
Axie Infinity (AXS), the video game token, has been trading between $72 and $44 over the past few days. Axie Infinity (AXS) continued its uptrend after recovering from its demand zone. The $63 mark would be critical for bulls to defend further downside towards the $60-62 range. Moreover, as the 20-day Exponential Moving Average (EMA) struggles to close above the 50-day EMA, bulls should aim to test the $72 mark in the coming days.
The altcoin shares a 30-day correlation of 83% with Bitcoin to overcome this. Therefore, keeping an eye on Bitcoin's movement would be essential to making a profitable move.
FTX Token (FTT) broke and closed above $49 on March 24. Although buyers pushed the price above the psychological resistance of $50 on March 25, they could not sustain the higher levels. This could send the FTT/USDT pair down to the 20-day Exponential Moving Average (EMA) ($45). If the price bounces from this level, buyers will again try to break above the upper resistance zone between $49 and $52 and resume the upward move.