Top cryptocurrencies to watch this week

The bulls have managed to hold the level, but they haven’t been able to produce a powerful rebound off of it.

Top cryptocurrencies to watch this week
Maker's (MKR) recovery is encountering significant resistance close to $1,100

On August 5, the on-chain monitoring tool Material Indicators tweeted that if Bitcoin (BTC) rises beyond $25,000, there won’t be any significant resistance until the $26,000 to $28,000 level, as reported by Cointelegraph.

For the previous several days, Bitcoin has been trading in close proximity to the 20-day exponential moving average ($22,719), indicating a fierce battle between the bulls and the bears. The bulls have managed to hold the level, but they haven’t been able to produce a powerful rebound off of it. This indicates a lack of demand at higher levels.

When Quant (QNT) hit an intraday low of $40 on June 13, it quickly recovered. At $115, the bears attempted to stop the upward trend, but on July 26, the bulls aggressively bought the dip below the 20-day EMA ($103), Cointelegraph stated.

On August 6, the bulls kept up their pace and drove the price above the overhead barrier at $115. This showed that the upward trend had resumed. The QNT/USDT pair may increase its price to the overhead resistance area between $154 and $162, but the bears may then launch a fierce counterattack.

Maker’s (MKR) recovery is encountering significant resistance close to $1,100, but the fact that the bulls have prevented a drop below the 20-day exponential moving average ($1,044) is encouraging, Cointelegraph said.

The MKR/USDT pair may rise to $1,400 before gaining momentum toward the pattern target of $1,570 if bulls manage to push and maintain the price above the overhead resistance zone between $1,100 and $1,188. A move like that would imply that the pair might have hit bottom, Cointelegraph stated.

(With insights from Cointelegraph)

Also Read: Crypto.com expands in South Korea, looks beyond the market route

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