What are the top 3 trending altcoins to buy in 2022 | Find out now on The Market Report

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On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the top three trending altcoins to buy in 2022

“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss the top three trending altcoins you might want to consider looking at in 2022.

But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.

Next up: the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as each of them make their case for what they think is the top trending altcoin to buy in 2022. First up, we have Bourgi, with his pick of Terra Luna (LUNA) which offers a stablecoin system (UST) and a native blockchain. UST is now the third largest stablecoin with a market cap of $18.3B.

The Luna Foundation Guard also plans to spend about $10B on BTC reserves, but could there be a risk backing UST with an asset that has an entirely different risk profile? Also, the total decision on how to spend the $10B lies in the hands of one man, Do Kwon, the cofounder of Terra. Can a single person really decide how to spend such an enormous fund? 

Yuan is next with his pick of ApeCoin (APE) which has a current valuation of about $15B. It also has a lot of celebrity influence, a product structure similar to Tesla and an ecosystem that will unlock even more utility for ApeCoin, such as metaverse assets, property, rent, loans etc. On the downside however, nothing in the metaverse is operational at the moment and everyone is trusting in the vision of the board of ApeCoin. Plus, there is not telling yet, how it will compete with the likes of Meta, Google and Decentraland once it finally does get up and running.

In the third spot, we’ve got Finneseth, this week he has decided to go with STEPN (GMT) which brands itself as a Web3 lifestyle app and is designed to promote a healthier lifestyle where users can earn rewards for walking, jogging or running outdoors. It also integrates the concept of non-fungible tokens (NFTs) with its “Sneakers” which can be equipped before the user starts their outdoor activity with GPS activated to earn rewards.

Users have the ability to level up their sneakers and then sell them on the marketplace for GMT, which can be converted to USDC. An interesting and unique concept but will it be enough to sway our loyal viewers to vote for him in our live poll?

After the showdown, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Oasis Network (ROSE) and Everest (ID).

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100.

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

Price analysis 4/25: BTC, ETH, BNB, XRP, SOL, LUNA, ADA, AVAX, DOGE, DOT

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Bitcoin and select altcoins are attempting a recovery, but the most likely outcome of any breakout is strong selling at higher levels.

Bitcoin (BTC) continues to trade below $40,000 as bears try to flip the level into resistance. The soaring U.S. dollar index (DXY), which is usually inversely related to Bitcoin, favors the sellers. However, it is not all gloom and doom because the Bitcoin bulls seem to be taking clues from the Nasdaq (NDX) which has been hovering close to positive territory.

Although risky assets have been on the receiving end for the past few days, Bitcoin hodlers are focusing on the long-term bullish projections and ignoring the short-term weakness. Glassnode data shows that Bitcoin’s supply that has not moved for at least a year has hit above “64% for the first time ever.”

Daily cryptocurrency market performance. Source: Coin360

While speaking to Bloomberg, SkyBridge Capital founder Anthony Scaramucci said that the firm is bullish on cryptocurrency markets “over the three to five years.” The hedge fund now plans to reposition itself by allocating a majority of its assets under management to digital assets and become the “leading cryptocurrency asset manager and adviser:”

Could a further decline in Bitcoin and altcoins attract buying from long-term investors? What are the key levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin dipped below the immediate support at $38,536 today but the bears could not build upon their advantage. The long tail on the day’s candlestick suggests strong buying near the support line of the ascending channel.

BTC/USDT daily chart. Source: TradingView

The buyers will now attempt to push the price above the 20-day exponential moving average ($40,974). If they manage to do that, the BTC/USDT pair could rise to $43,000.

Conversely, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and bears are selling on rallies to strong overhead resistance levels. The pair could then decline to the support line of the channel.

A break and close below the channel could accelerate selling and the pair may slide to the strong support zone between $34,300 and $32,917. The bulls are expected to defend this level with all their might.

ETH/USDT

Ether (ETH) broke and closed below the 50-day simple moving average ($3,022) on April 21 indicating weakness. The buyers tried to push the price back above the 50-day SMA on April 22 but failed, suggesting that the bears have flipped the level into resistance.

ETH/USDT daily chart. Source: TradingView

The bears pulled the price below the immediate support at $2,883 today but the long tail on the day’s candlestick suggests that bulls are aggressively buying at lower levels. If buyers propel the price above the 20-day EMA ($3,045), the ETH/USDT pair could rise to $3,200 and thereafter rally to the 200-day SMA ($3,477).

Conversely, if the price turns down from the psychological level at $3,000, it will suggest that bears continue to sell at higher levels. If the pair slips below $2,797, the pair could drop to the uptrend line.

BNB/USDT

Binance Coin (BNB) broke below the immediate support at $391 today but the long tail on the day’s candlestick shows that bulls are buying at lower levels.

BNB/USDT daily chart. Source: TradingView

If the price sustains and closes above $391, the bulls will strive to push the BNB/USDT pair above the 20-day EMA ($411). If they succeed, the pair could rally to the overhead resistance at $445.

On the contrary, if the price turns down from the current level or the 20-day EMA and breaks below $382, it will suggest that bears are selling on rallies. That could pull the pair to the strong support at $350. The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone suggest that bears have an edge.

XRP/USDT

Ripple (XRP) broke below the strong support at $0.69 today, indicating that the range-bound action has resolved in favor of the sellers. The 20-day EMA ($0.74) has turned down and the RSI is near the oversold territory, indicating that bears are in command.

XRP/USDT daily chart. Source: TradingView

If the price sustains below $0.69, the XRP/USDT pair could drop to the immediate support at $0.62. If the price rebounds off this level but does not rise back above $0.69, it will suggest that bears have flipped the level into resistance. That will increase the possibility of a drop to the strong support at $0.54.

Conversely, if the price turns up and rises back above $0.69, it will suggest that the markets have rejected the lower levels. The pair could then again attempt to break above the 50-day SMA ($0.78).

SOL/USDT

Solana’s (SOL) tight range trading resolved to the downside and the price has slipped to the support line of the ascending channel. This is an important level to keep an eye on.

SOL/USDT daily chart. Source: TradingView

If bears sink and sustain the price below the channel, the selling could intensify and the SOL/USDT pair could slide to the strong support at $75. The downsloping 20-day EMA ($104) and the RSI in the negative territory indicate that bears are in control.

Conversely, if the price rebounds off the current level with strength, it will suggest that bulls continue to defend this support with vigor. The buyers will then again try to push the pair above the 20-day EMA. If they do that, the pair could rise toward $122.

LUNA/USDT

Terra’s LUNA token slipped below the 20-day EMA ($91) on April 23 but the bears could not make use of this advantage. This suggests that selling dries up at lower levels.

LUNA/USDT daily chart. Source: TradingView

The 20-day EMA ($91) is flat and the RSI is just above the midpoint, indicating a balance between supply and demand.

If the price breaks above the 50-day SMA ($94), the bulls will make another attempt to clear the overhead hurdle at $100. If they succeed, the LUNA/USDT pair could start its march toward the all-time high at $119.

The balance could tilt in favor of the sellers if the price turns down from the 50-day SMA and plummets below $87. That could pull the pair to the strong support at $75.

ADA/USDT

Cardano (ADA) has been stuck inside a large range between $0.74 and $1.26 for the past several days. This suggests that traders buy near the support and sell close to the resistance of the range.

ADA/USDT daily chart. Source: TradingView

After failing to cross above the resistance at $1.26 on April 4, the ADA/USDT pair has been declining toward the support of the range. The downsloping 20-day EMA ($0.95) and the RSI in the negative territory indicate that bears are in control.

The pair broke below the support at $0.87 today clearing the path for a possible drop to $0.74. This level is likely to attract strong buying by the bulls. If that happens, the bulls will try to push the pair above the 20-day EMA. If they manage to do that, it will suggest that the range-bound action may continue for a few more days.

Related: Could XRP price lose another 70% by Q3?

AVAX/USDT

Avalanche (AVAX) broke and closed below the uptrend line on April 21 which invalidated the possible ascending triangle pattern. The bears pressed upon their advantage and pulled the price near the strong support at $65.

AVAX/USDT daily chart. Source: TradingView

The long tail on today’s candlestick suggests that bulls are buying the dips near $65. They will now attempt a relief rally which could hit a wall at the 20-day EMA ($77).

If the price turns down from this resistance, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the price below $65.

Conversely, a break above the 20-day EMA will suggest that the AVAX/USDT pair could remain range-bound between $65 and $99 for some more time.

DOGE/USDT

Dogecoin (DOGE) broke below the 50-day SMA ($0.13) on April 24 and the bears pulled the price to the strong support at $0.12 on April 25. The bulls bought this dip aggressively and have pushed the price back above the 50-day SMA.

DOGE/USDT daily chart. Source: TradingView

If buyers sustain the price above the 20-day EMA ($0.14), the DOGE/USDT pair could attempt to rally to $0.15 and later to the strong overhead resistance at $0.17. The 200-day SMA ($0.17) is placed just above this level, hence the bears are expected to mount a strong defense at $0.17.

Alternatively, if the price turns down and breaks below the 50-day SMA, it will suggest that bears are unwilling to surrender and they continue to sell on rallies. The longer the price sustains below the 50-day SMA, the greater the possibility of a drop to the psychological level at $0.10.

DOT/USDT

Polkadot (DOT) turned down from the overhead resistance at $19 on April 24 and the bears are attempting to build upon this advantage and sink the price below the immediate support at $17.

DOT/USDT daily chart. Source: TradingView

If they manage to do that, the DOT/USDT pair could decline to the strong support at $16. The downsloping 20-day EMA ($19) and the RSI in negative territory indicate that bears have the upper hand.

Contrary to this assumption, if the price turns up from the current level, the bulls will make one more attempt to clear the overhead hurdle. A break and close above the 50-day SMA ($19) could clear the path for a possible rally to $23.

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.

Market data is provided by HitBTC exchange.

Top 5 cryptocurrencies to watch this week: BTC, DOT, XMR, APE, CAKE

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Bitcoin bulls are attempting to reclaim the $40,000 level and if this happens, DOT, XMR, APE and CAKE could be the first altcoins to break out.

Bitcoin (BTC) and several altcoins are trading in a tight range during the weekend, suggesting that investors are undecided about the next directional move. Traders may be waiting for Wall Street to open before placing large directional bets because Bitcoin has been tightly correlated with the S&P 500 in the past few days.

The sharp fall in the United States equity markets on April 22 suggests that investors are increasingly nervous about the hawkish stance of central banks. The market expects a 250 basis points rate hike by the U.S. Federal Reserve in 2022. In addition, the European Central Bank is expected to raise rates for the first time since 2011, according to a Reuters source.

Crypto market data daily view. Source: Coin360

Coinglass data showed that funding rates across crypto derivatives exchanges remained negative during the weekend, signaling a bearish bias. The failure to sustain a recovery has pulled the Crypto Fear & Greed Index back into the “extreme fear” territory.

Could Bitcoin attract strong buying at lower levels? If that happens, select altcoins could outperform to the upside. Let’s study the charts of the top-5 cryptocurrencies that show a positive chart structure.

BTC/USDT

Bitcoin broke below the psychological support at $40,000 on April 22 but the bears have not been able to build upon this advantage. The successive inside-day candlestick patterns on April 23 and April 24 suggest indecision among the bulls and the bears.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average (EMA) of $41,150 is sloping down and the relative strength index (RSI) is in the negative zone, indicating that sellers have a slight edge. If bears sink and sustain the price below $39,000, the BTC/Tether (USDT) pair could drop to the support line of the ascending channel. The bulls are expected to defend this level with vigor.

If the price rebounds off the support line with force, it will indicate strong demand at lower levels. The bulls will have to push and sustain the price above the 50-day simple moving average (SMA) of $41,993 to indicate that the correction may be over. The pair may then attempt a rally to the 200-day SMA of $47,828.

Alternatively, if the price breaks below the channel, the selling could intensify further and the pair may drop to $34,322 and later to $32,917.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price is stuck inside a tight range between $39,177 and $39,980. This indicates that the bears are trying to flip the $40,000 level into resistance. The downsloping 20-EMA and the RSI in the negative territory suggest the path of least resistance is to the downside.

If the price breaks below $39,177, the pair could slide to $38,536. A break and close below this level could open the doors for a drop to $37,000.

Contrary to this assumption, if the price turns up from the current level and breaks above the 50-SMA, the bullish momentum could pick up and the pair may rise to the 200-SMA.

DOT/USDT

Polkadot (DOT) has been trading near the overhead resistance at $19 for the past few days. This suggests that the bears have successfully defended the level, but a minor positive is that the bulls have not ceded much ground to the sellers.

DOT/USDT daily chart. Source: TradingView

The marginally downsloping 20-day EMA of $19 and the RSI in the negative zone suggest that bears have a slight edge. If the price turns down and breaks below $18, the possibility of a drop to the strong support at $16 increases.

Conversely, if bulls thrust the price above the 50-day SMA of $19, the bullish momentum could pick up, and the DOT/USDT pair may rally to the overhead resistance at $23. The bears are expected to mount a strong defense at this level.

DOT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a descending triangle pattern which will complete on a break and close below $18. If that happens, the pair could decline to $17 and later to $16.

Conversely, if the price turns up from the current level and rises above the downtrend line, it may invalidate the bearish setup. That could attract buying and the pair may rally to the 200-SMA.

A break and close above this level could signal advantage to buyers. The pair may then attempt a rally to $23.

XMR/USDT

Monero (XMR) is correcting in an up-move. The price turned down from $290 on April 22, indicating that bears are posing a strong challenge near the psychological level at $300.

XMR/USDT daily chart. Source: TradingView

The XMR/USDT pair could first drop to the 20-day EMA of $245, which is likely to act as a strong support. If the price rebounds off this level with strength, it will indicate that bulls are buying on dips. The pair could then again attempt a break above the overhead resistance at $300. If that happens, the pair may rally to $340.

Alternatively, if the price breaks below the 20-day EMA, the selling could intensify and the pair may slide to the 50-day SMA of $215.

XMR/USDT 4-hour chart. Source: TradingView

The pair has dropped below the 50-SMA, indicating profit-booking by short-term traders. If the price continues lower and breaks below $250, the selling could accelerate and the pair may drop to $240 and later to the 200-SMA.

Any rebound is likely to face selling at the 20-EMA. The bulls will have to push and sustain the price above the 20-EMA to indicate that the correction may be over. The pair could then rise to $280 and later to $290.

Related: Monero ‘falling wedge’ breakout positions XMR price for 75% rally

APE/USDT

ApeCoin (APE) broke out of the symmetrical triangle pattern on April 19, indicating that the indecision among the bulls and the bears resolved in favor of the buyers.

APE/USDT daily chart. Source: TradingView

The 20-day EMA of $13.67 has turned up and the RSI is in the positive zone, indicating that bulls are in command. There is a minor resistance at $18.44 from where the APE/USDT pair turned down on April 23.

If the price turns up from the current level, the bulls will attempt to push the pair above $18.44. If they succeed, the pair could climb toward $20 and later to $24. This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA.

APE/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair turned down from $18 but rebounded sharply off the 20-EMA. This suggests that the sentiment remains positive and traders are buying on dips. If the price sustains above $17, the bulls will attempt to resume the up-move.

Although the rising 20-EMA indicates advantage to buyers, the RSI has formed a negative divergence suggesting that the positive momentum may be weakening. If the price turns down from the current level and slips below the 20-EMA, the selling could intensify and the pair may slide toward the 50-SMA.

CAKE/USDT

PancakeSwap (CAKE) recently bounced off the downtrend line, indicating that the bulls had flipped the level into support. The price broke above the 20-day EMA and is attempting to reach the 200-day SMA of $11.52.

CAKE/USDT daily chart. Source: TradingView

The 20-day EMA of $8.69 and the 50-day SMA of $7.71 are turning up gradually and the relative strength index is in the positive territory, suggesting that bulls have the upper hand. If buyers drive and sustain the price above the 200-day SMA, the CAKE/USDT pair could rise to $13.50 and later to $15.

Contrary to this assumption, if the price turns down from the 200-day SMA, it will suggest that the bears have not yet given up and they continue to sell on rallies. The pair may then drop to the 20-day EMA. If the price rebounds off this support, it will increase the possibility of a break above the 200-day SMA. This positive view could invalidate if the price breaks below the 50-day SMA.

CAKE/USDT 4-hour chart. Source: TradingView

The moving averages on the 4-hour chart have turned up and the RSI is in the positive territory, indicating that bulls have the upper hand. If the price turns up from the current level or the 20-EMA, the buyers will try to push the pair above the psychological level at $10. If they succeed, the pair could pick up momentum.

Contrary to this assumption, if the price turns down from the current level, the bears will attempt to pull the pair below the 20-EMA. If they do that, the pair may slide to the 50-SMA and later to the 200-SMA. A break and close below this support could suggest that the bears are back in the game.

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.