Top 5 cryptocurrencies to watch this week: BTC, ADA, AXS, LINK, FTT

Bitcoin (BTC) is attempting to notch its second successive weekly gains and end at the highest weekly closing price year-to-date. According to on-chain data from Glassnode, the recovery in Bitcoin’s price was driven by demand in the spot markets. This is likely to cheer the bulls because history suggests that spot market demand leads to sustained upside.
Another positive sign is the strong demand for the ProShares Bitcoin Strategy exchange-traded fund (BITO) in the past two weeks, which pushed its exposure to a record high. Arcane Research said the strong inflows “suggest that Bitcoin appetite through traditional investment vehicles is increasing.”

Along with Bitcoin, the broader crypto space is also attracting investors. According to research firm Fundstrat, venture capital buyers pumped $4 billion into the crypto space in the last three weeks of February.
Could buyers sustain the momentum and extend the relief rally in Bitcoin and altcoins? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the short term.
BTC/USDT
The long wick on Bitcoin’s March 25 candlestick shows that the bears are defending the overhead resistance at $45,400. A minor positive is that the bulls have not given up much ground, suggesting that the traders are not closing their positions in a hurry.
The 20-day exponential moving average ($42,025) has turned up and the relative strength index (RSI) is in the positive territory, indicating that bulls are in command. If buyers drive the price above $45,400, the BTC/USDT pair could rise to the resistance line of the ascending channel.
This level may again act as an obstacle, but if bulls overcome it the pair could rally to the psychological level at $50,000.
Contrary to this assumption, if the price turns down from $45,400, the bears will try to pull the pair to the strong support at $42,594. This is an important level to watch on the downside because if bulls flip it to support, the possibility of a break above $45,400 increases.
The bears will have to pull and sustain the price below the moving averages to signal that the bulls have been pushed to the back foot.
The 4-hour chart shows that the price turned down from the overhead resistance but the bulls did not allow the pair to break below the 20-EMA. This suggests that traders are buying on every minor dip.
The rising moving averages and the RSI near the overbought zone suggest that the path of least resistance is to the upside. This positive view will invalidate in the short term if the price breaks and sustains below the 20-EMA. In that case, the pair may drop to $42,594.
ADA/USDT
Cardano (ADA) has been sustaining above the critical level at $1 for the past few days. This indicates that bulls who may have purchased at lower levels are not booking profits aggressively as they expect the recovery to continue.
The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls have the upper hand. If buyers push and sustain the price above $1.26, the bullish momentum may pick up and the ADA/USDT pair could rally to the next critical resistance at $1.60.
Alternatively, if the price turns down from $1.26 but rebounds off $1, it will suggest that the pair may remain range-bound between the two levels for a few more days. The bears will have to sink and sustain the price below the moving averages to invalidate the bullish view.
The 4-hour chart shows that the bears are aggressively defending the overhead resistance at $1.20 but a minor positive is that the bulls have not allowed the price to sustain below the 20-EMA. If the price rises from the current level, the bulls will again try to clear the hurdle at $1.20 and push the pair to $1.26.
Alternatively, if the price turns down and breaks below the 20-EMA, it will suggest that the bullish momentum has weakened. The pair could then gradually decline toward the strong support at $1.
AXS/USDT
Axie Infinity (AXS) has been trading between $72 and $44 for the past few days. The buyers pushed the price above the overhead resistance on March 25 but could not sustain the higher levels. This indicates that the bears are defending the level with vigor.
The moving averages have completed a bullish crossover and the RSI is in the positive territory, suggesting advantage to buyers.
If the price turns up from the current level or rebounds off the 20-day EMA ($56), the bulls will again try to thrust the AXS/USDT pair above $72. If they manage to do that, the up-move may pick up momentum and the pair may rally to $100.
This positive view will invalidate if the price continues lower and breaks below the 20-day EMA. That could keep the pair range-bound for a few more days.
The 4-hour chart shows that the bulls pushed the price above the overhead resistance at $72 but could not sustain the higher levels. This may have attracted profit-booking by the short-term traders which pulled the price below the 20-EMA.
If the price turns up from the current level and breaks above $68, it will suggest accumulation on dips. The buyers will then try to clear the obstacle at $72 and start a new up-move.
Contrary to this assumption, if the price sustains below the 20-EMA, the correction could extend to the 50-simple moving average.
Related: Dogecoin signals bottoming out as DOGE rebounds 30% in two weeks — What’s next?
LINK/USDT
Chainlink (LINK) has been trading inside a massive range between $13 and $36 for the past several months. Although bears pulled the price below the support of the range, they could not sustain the breakdown. This suggests that the markets rejected the lower levels.
The moving averages have completed a bullish crossover and the RSI is in the positive territory, suggesting that the buyers have the upper hand. The rally may face resistance at the downtrend line but if this barrier is crossed, the LINK/USDT pair could rally to $20.
Alternatively, if the price turns down from the current level, the moving averages are likely to act as strong support. If the price rebounds off it, the possibility of a break above the downtrend line could increase. This positive view will invalidate if the bears pull the price below the moving averages. That could open the doors for a possible drop to $13.
The bears are mounting a strong defense at $16.50 but a minor positive is that the buyers have not allowed the price to slip below the 50-SMA. If the price rises from the current level or rebounds off the moving averages, the bulls will try to propel the pair above $16.50. If they succeed, the pair could rally to $17.50.
Contrary to this assumption, if the price breaks below the 50-SMA, it will suggest that the short-term bulls may be closing their positions. There is a minor support at $15 but if it gives way, the pair could slide to $14.
FTT/USDT
FTX Token (FTT) broke and closed above $49 on March 24, completing an ascending triangle pattern. Although buyers pushed the price above the psychological resistance at $50 on March 25, they could not sustain the higher levels.
This suggests that the bears have not yet given up and they continue to sell at higher levels. The bears will now try to pull and sustain the price back below $49. If they manage to do that, the aggressive bulls who purchased the breakout from the triangle may get trapped. This could sink the FTT/USDT pair to the 20-day EMA ($45).
If the price rebounds off this level, the buyers will again try to clear the overhead resistance zone between $49 to $52 and resume the up-move.
Conversely, if the price slips below the moving averages, it will suggest that bears are attempting a strong comeback. A break and close below the uptrend line of the triangle will invalidate the bullish pattern. The pair may then decline to $39.
The rally above $51 pushed the RSI deep into the overbought territory. Usually, such moves are followed by a sharp correction or consolidation. If bears pull the price below $49, the pair could decline further to the 50-SMA.
If the price rebounds off this level, the buyers will again try to push the pair above $52 and resume the up-move. On the other hand, if bears pull the price below the 50-SMA, the selling could intensify and the pair may drop to $45.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.