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    Top 5 cryptocurrencies to watch this week

    Abstract:Top 5 cryptocurrencies to watch this week: BTC, XLM, MIOTA, XMR, XTZ.

      

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      BTC/USDT

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      Bitcoin soared above the $60,000 overhead resistance on April 10 and reached $61,301.21, just short of the all-time high at $61,825.84. However, the bulls continue to find difficulty in keeping the price above $60,000, indicating stiff resistance from the bears.

      The price has yet to close above $60,000 which means the inverse head and shoulders pattern is still not complete.

      The bears will try to capitalize on the small window of opportunity and pull the price down to the 20-day exponential moving average ($57,513). A strong bounce off this support will increase the possibility of a break above $61,825.84.

      If that happens, the BTC/USDT pair could start the next leg of the uptrend that could push the price to $69,540 and then $79,566.

      On the other hand, if the bears sink the price below the 20-day EMA, the pair could challenge the critical support at the 50-day simple moving average ($54,723). A break below this support will be the first indication of a possible change in trend.

      XLM/USDT

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      Stellar Lumens (XLM) broke above the $0.60 resistance today and rose to a new 52-week high at $0.65. Whenever an asset hits a new 52-week high, it is a sign of strength because it shows that traders are in a hurry to buy as they expect the price to rise further.

      The upsloping 20-day EMA ($0.46) and the relative strength index (RSI) in the overbought territory suggest the bulls have the upper hand. If the bulls can propel the price above $0.65, the XLM/USDT pair could start the next leg of the uptrend that could reach $0.72 and then $0.85.

      However, the long wick on todays candlestick suggests that the bears have other plans. They are trying to trap the aggressive bulls and pull the price back below $0.60. If the bulls do not allow the price to dip below $0.55, it will suggest accumulation on dips. That will keep the sentiment positive.

      MIOTA/USDT

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      IOTA (MIOTA) is in an uptrend. The bulls pushed the price above the psychologically important level at $2 on April 10. If bulls can sustain the breakout, the up-move could reach the next target objective at $2.35 and then $2.60.

      The upsloping 20-day EMA ($1.66) and the RSI near the overbought zone suggest the bulls have the upper hand.

      However, if the bulls fail to sustain the price above $2, the bears may try to pull the price down to the 20-day EMA. The bulls have successfully defended this support since the start of the current leg of the rally in March.

      XMR/USDT

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      Monero (XMR) broke above the $268.60 resistance on April 10, indicating the possible resumption of the uptrend. If the bulls can sustain the breakout, the altcoin could rally to the next target objective at $334 and then $384.

      The rising 20-day EMA ($258) and the RSI above 75 suggest the path of least resistance is to the upside.

      However, if the bulls fail to sustain the price above $288.60, the XMR/USDT pair could drop to the 20-day EMA. A strong bounce off this support will suggest the sentiment remains positive and the bulls are buying on dips. The bulls will then make one more attempt to resume the uptrend.

      On the other hand, if the bears sink the price below the 20-day EMA, it will suggest a possible change in sentiment. That could result in a drop to the 50-day SMA ($232).

      XTZ/USDT

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      Tezos (XTZ) is in a strong uptrend. It broke above the stiff overhead resistance at $5.64 on April 5 and completed a successful retest of the breakout level on April 7 and 8. The altcoin resumed its uptrend and made a new all-time high at $7.21 on April 10.

      The 20-day EMA ($5.42) is sloping up and the RSI is near the overbought territory, indicating advantage to the bulls. In a strong uptrend, corrections usually last between one to three days as traders buy every minor dip aggressively.

      The long tail on todays candlestick suggests traders are buying at lower levels. If they can drive the price above $7.21, the XTZ/USDT pair could rally to the next target objective at $8.14.

      The major support on the downside is the 20-day EMA. If the price rebounds off this support, it will suggest the sentiment remains bullish. The buyers will then again try to push the price above $7.21. Conversely, a break below the 20-day EMA will suggest the bullish momentum has weakened.

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