Top 5 Coins You Should Be Watching This Week - Crypto Breakdown February 7, 2022

Episode Summary:

Today I talk about top coins to keep an eye out on this week and their technical analyses. BTC, ETH, NEAR, MANA, LEO

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Good morning, everybody happy Monday. I hope you all had a wonderful weekend. My name is Joe Dewitt, and this is the crypto breakdown. Today. I'm going to discuss the top five coins that you should be watching this week, starting off with Bitcoin, as it has been looking fabulous with this buying pressure that has been coming in.

So we established a floor here at about 35,700. And on the fourth, we got a little bit of buying pressure from the bulls, moving out towards that 42,000. Now, right now we're at some very strong resistance between the 50 day simple moving average and 44,000. Now that 42,000 or the 50 days is some very strong support that we've been using previous.

 This is a zone that we bounced between as we fell down to that 35. So as prices entered this $42,000 zone, it will be very crucial at a little bit more buying pressure here to get above that 44,000. Otherwise there may be a resound down towards that 35. Now a theory would be number two. Eve has been looking great.

Following in Bitcoin's footsteps with a bit of buying pressure here, he is up to a $3,090. Now what we're looking for on eat is to get above that 50 day SMA resistance, which is about 3,250. So what that would take would be a bit of buying pressure tomorrow and potentially throughout this week to push above that level.

If it is used as a resist. We could be falling back towards that 2,600. Otherwise I'm making a push towards that 3,400. Now it is important to consider the RSI, which is the relative strength index indicating if a stock or crypto is oversold or overbought. And we were sitting at roughly 60%, meaning that a theory is 60% over.

As that moves up to 75%. That'll look first.  Ideally that'll be around the 33,000 zone. If we push up to there, which would require a slight pullback. So definitely take a look at it, a theorem as it has been making good momentum over the last few days. Now the third token you should watch this week is near near protocol bounced off.

It's very large support of $10, which also cleared the 20 day. Exponential moving average at 1215. Now there was a slight pullback as bears tried to make some sell orders. But bowls held their ground and it held at that level, which was a very nice bullish sign there. So now I'm trying to push above that 50 day SMA at $14.

Now, if the bulls can manage to do that and it could climb over the 50% favor tracer, for those of you that are. Fibonacci ratios is just 23.6% 38.2%, 50% and 61.8% and then a hundred percent. So these ratios are used to calculate the trading support and resistance levels amongst runs on different stocks and cryptos.

So if bowls can push the near up to that 50% Fibonacci retracement, then that 61.8 retracement level it's $16 and 36 cents is going to be on the. Now on the other hand, if this level gets turned down, bears will attempt to have a slight pullback towards that 20 day EMA, which would put us back towards $10.

Now the fourth coin that you should take a look at this week would be decentral land ticker manna. Now manna broke the 20 day moving average at $2 and 70 cents, but it was also rejected from the 50 day at $2 and 90 cents on the 1st of February. So the bears tried to have a slight pullback there and they failed as price quickly.

 Was bought and brought right back up. So this indicates at that 20 day, moving average has flipped to support. Now, this push continued until the fifth and bowls are sustaining that price at that 50 day. Moving average. Now the Manor USD pair could rise to about $4. If they can continue to get that momentum coming in.

So definitely worth keeping an eye on that. Now the final token you should definitely keep an eye on this week would be Leo. Now Leo formed an ascending. Which broke and closed above $3 and 92 cents on the 1st of February, which bulls tried to pull down a bit on the second, but failed. So a ton of buying pressure came back in on the fourth and price soared to an all-time high of just shy of $6.

Now there was a very long wick on here, which indicates that people were taking some profits. So there will be a pullback on Leo, although it is nice to consider their momentum is very strong. Now in bulls are in control of their market. So if they can continue a rally up towards $6, would it be awesome?

If not, they could fall down to that 20 day, leaving him about $4 and six. Now the one thing I will say about Leo is definitely be cautious because it is very high on the RSI that relative strength index. So it should be coming down a bit into a consolidation probably towards that $4 and 80 cents. So definitely evaluate a risk to reward ratio before you think about buying Leo and that's all the time we have for today, guys.

Thank you so much for tuning in. You can follow, subscribe to the podcast, which will all be in the description. Have a great day