Top Altcoins To Watch Like A Hawk This Week | SOL, XVS and More!

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Bitcoin (BTC) has made some unexpected moves during the weekend, with prices dropping to $47k in a few exchanges. BTC/USDT quickly recovered from this downward spiral, and its price is now hovering around the $55.3k level. BTC’s move this week would be interesting to see, with buyers and sellers possessing equal strength. Apart from BTC, there are a few high potential altcoins we should be looking at this week and let’s discuss them in this article.

The Crypto market is going through one of the rarest dips since the beginning of this year. Therefore, if you are willing to enter the market or expand your existing portfolios, now is the right time. The altcoins mentioned below can be bought in our well-curated list of credible and reliable crypto exchanges. Let’s get started.

VeChain (VET/USDT)

Last Friday, VeChain (VET) had experienced a bullish rally which advanced the VET/USDT pair by about 62%. This is the highest daily gain for VET in 2021 so far, pushing it to historic highs of 0.28 USDT, just above the 0.786 Fibonacci extension level. However, it could not continue with the bullish momentum as Saturday started to progress. This is evidenced by the long inverted hammer candlestick, which indicates that traders and investors embarked on profit-taking following the massive gains barely a day earlier.

On Saturday, this crypto pared most of the gains closing the day at $0.2267, just below the 0.5 Fibonacci extension level. The selling pressure continued for the first few hours on April 18, with VET momentarily hitting lows of $0.169 before advancing to close the day at $0.2535 – above the 0.618 Fibonacci extension level.

However, the bulls could not sustain the upward pressure today. The price rebounded off the 0.786 Fibonacci extension level and is so far still bearish. In the short term, if the bulls take charge of the market, we envision that VET will advance beyond the current 0.786 Fibonacci level to $0.2665. The price could top $0.3006 in the medium term if the bullish trend persists.

Conversely, if the current bearish trend continues, we could see VET hitting lows of $0.1904 in the short term. This could go further to the current 0 Fibonacci levels and bottom out at $0.1461 in the longer term. Experts believe the price of VeChain to ascend by over 40%+ by the end of April. Therefore, it is recommended to keep a watch on this altcoin this week.  

Solana (SOL/USDT)

After hitting historic highs of $29.819 on April 12, 2021, Solana (SOL) went through a retraction period, reaching lows of $20.81 on April 18. This sustained downtrend was clear profit-taking following the bullish trend experienced since March 26.

In the past 48 hours, SOL has gained a little over 63%, reaching historic highs of $36. Throughout the year, SOL has been trending above the 20-day EMA. The massive bullish trend of April 18 was triggered when Solana attempted to breach below the 20-day EMA, showing a higher demand for the altcoin at lower price points.

On a 4-hour timeframe, SOL shows a clear bullish trend above the 20-period EMA for the first time since April 15. Therefore, in the short term, we anticipate that it will hit highs of $38.6. With a sustained uptrend, SOL will hit highs of $44 in the medium term.

Conversely, a short-term price retraction as traders and investors exit their long trades could push SOL to below the 20-day EMA to reach $19.45. With a further longer-term bearish trend, it could bottom out at $12.54.

Venus (XVS/USDT)

Venus (XVS) hit historic highs of $102.94 on February 19 and has been a somewhat sustained downtrend with a few instances of short-lived uptrends. XVS shed about 189% to lows of $35.2 on March 25. It has since gained about 160% to reach a high of $98.31 on April 16, just a little shy of the historic high. It has since been on a free fall shedding about 35% in the two days to April 19.

This shows that bullish traders were enthusiastic about cashing out their long trades. They could not push the price beyond the historic high, leaving the market at the mercy of the bears.

In the short term, we expect that the current XVS pullback will hit $60.9 in the short term, around the 0.786 Fibonacci retracement level. In a sustained downtrend, XVS reach the long term support level of $52.1. Conversely, a short term recovery could push it to the highs of $102, while a sustained long term bullish trend could see XVS topping highs of $120.

Dogecoin (DOGE/USDT)

Dogecoin is the only crypto with triple-digit gains since the beginning of last week. The DOGE/USDT pair price has surged by over 458% in the past seven days. As we can see in the above snapshot, the 9-period moving average line is still below the price, indicating a clear bull market in this pair. The support levels on the weekly and daily timeframes are at $0.1472 and $0.2649, respectively. The only potential resistance we could plot is the round-number resistance at $0.5. With this rally, Dogecoin is now worth more than the popular Barclays bank, which is quite an achievement.

On the 4-hour chart, we can see a healthy pullback of sellers after a steady move towards the north. The pullback was just about 25% of the ascending movement, and before sellers got strong, the bull run got resumed. About 10 hours ago, this crypto broke its previous all-time high value to make a brand new one at $0.374. Although the fundamentals seem pale, experts believe DOGE could reach $1 shortly with the hype around. 

We hope you find this article useful and informative. We wish you all the luck in the trades and investment decisions you make this week. Cheers!

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