Key Insights:
- BTC’s bullish momentum has pushed the crypto market cap above the $2 trillion mark.
- However, as BTC is still around the $45,000 mark bullish action in altcoins seems to be weakening too.
- SOL, NEAR, THETA, and AAVE were a few coins that noted higher gains at press time.
After a relatively bullish fortnight, bitcoin’s price is still around the $45K mark attempting to hold above its closest support level. BTC charted close to 30% gains in the second half of March, paving the way for altcoins to note gains.
At the time of writing, data from Coin Market Cap presented that the global crypto market cap stood at $2.14 trillion, a 0.68% decrease over the last day. As traders closely watched BTC consolidate near the $45K mark, the total crypto market volume in the previous 24 hours saw a 9.60% decline.
Of the top cryptocurrencies, Solana (SOL), Near Protocol (NEAR), Theta (THETA), and Aave (AAVE) could be some tokens to follow in the coming week. To better understand what to expect from these coins, let’s look at their price movements as a new week begins.
Bitcoin (BTC)
At the time of writing, the king coin traded at $45,860.66, noting a 0.82% decline in 24-hours and a 2.68% decrease over the last week. BTC faces an intense tussle from bulls trying to keep the coin’s price above the key $46,500 mark and bears aiming to keep it under the same.
BTC’s price is still under the 2022 yearly open price of $46,200. However, with the beginning of another quarter, fresher capital pumping into the top coin can further provide bullish momentum to BTC’s trajectory.
At the time of writing, the daily RSI for BTC was lower than the March-end levels highlighting a drop in buying pressure. The 200-day simple moving average (SMA) at $48,276 can be a critical bullish level for the coin.
A push above the $48,200 mark in the near term can put BTC bulls back on track, and BTC could then expect another run to $52,000.
Solana (SOL)
Solana’s recovery from the under $100 mark fueled a rally for the sixth-ranked asset by market cap. SOL’s uptrend began on March 15, and the asset has gained over 55% price since then.
At the time of writing, Solana traded at $134.64, noting a 3.48% fall in price on the daily and a 22.39% rise in price on the weekly. Solana’s rally was confirmed after the coin rose above the crucial $120 resistance mark.
Over the last three days, SOL’s trajectory has slowed down with the $141 mark acting as a strong resistance. Bears are cautiously defending the $141 mark and a move above the same if bulls push harder could see the altcoin rise to the $173 mark.
However, if the bullish anticipations are invalidated, SOL could turn to the lower $120 level, where it would find support. For now, though, buying pressure was still high as RSI oscillated in the overbought zone.
In the near term, profit-taking from traders at the current level could see selling pressure increase thus negatively affecting prices.
Near Protocol (NEAR)
At the time of writing, NEAR traded at $15.84, noting a 5.10% fall in price on the daily and a 19.74% price rise over the week. The token ranked 19 on Coin Market Cap, and its trade volumes presented decent buying around the $15 mark.
NEAR made an all-time high of $20.39 on January 17 this year, and its recent run instilled hopes of a new ATH for the coin. However, for the last two days, the coin’s price has been consolidating just under the $17.26 resistance.
Nonetheless, NEAR has made higher highs since March 22 which reinstigates hopes of a new ATH for the token. However, with the coin’s RSI in the overbought zone, if bears take over ease in buying pressure could further pull the token’s price down to the $14.24 level.
Theta Network (THETA)
THETA’s price has been range-bound between $2.50 and $4.25 for the most part of this year. At press time THETA traded at $3.86 noting 5.10% fall over the last 24-hours.
Since the price has maintained above the crucial $3.50 mark, the same signifies traders holding their position. However a break below the $3.80 mark could see THETA fall down to the near $2.7 level.
The 20-day EMA at $3.54 could play a key support for the token in the near term. That said, RSI for THETA saw a return to from the overbought zone indicating selling pressure taking over in the market.
If the price slides below the 20-day EMA, the next level to watch would be the 50-day SMA at $3.17.
Aave (AAVE)
After breaking its downward price trend on March 29, AAVE saw a 60% price rally. The AAVE gains indicated a potential change in trend as trade volumes for AAVE saw a healthy uptick.
Establishing the 200-day EMA at $226 as support was crucial for the coin’s trajectory. While bulls have tried to push price below the $226 support AAVE trades at $236.60 at press time noting 37.88% gains over the last week.
As the $226 level acts as support, AAVE’s price at press time saw a 24-hour dip of 4%. However, a push from bulls could send the coin above the $250 mark in the short-term.
With the larger market moving in a rangebound trajectory short-term gains for AAVE might not be in store. That said, AAVE’s RSI on a daily chart saw a decline indicative of weakening buying pressure.
