Top 3 cryptocurrencies to watch this week: BTC, BNB, MANA.

Top 3 cryptocurrencies to watch this week: BTC, MANA, BNB.

BTC is still under selling pressure, but a quick rebound or the beginnings of consolidation might result in significant gains in BNB, XMR, ETC, and MANA.

For the first time since 1923, the Dow Jones Industrial Average has dropped for eight weeks in a row. The S&P 500 briefly entered bear market territory on May 20, showing that traders are continuing to liquidate riskier assets in anticipation of a recession.

Bitcoin (BTC) has been under pressure for some weeks due to its close association with US stock markets. The bulls are hoping to drive Bitcoin higher this weekend in order to avoid an even longer losing streak.

Let's have a look at the charts of the top three cryptocurrencies that could outperform in the near future.

BTC/USDT

On May 20, Bitcoin bounced back from a significant support level of $28,630, indicating strong purchasing near this level. The bulls are seeking to push the price above the downtrend line, which might be a sign that selling pressure is easing.

The BTC/Tether (USDT) pair could rise to the 20-day exponential moving average (EMA) of $31,887 if it rises above the downtrend line. This level is likely to be fiercely defended by the bears. If the price falls below the 20-day EMA, the bears will aim to push the pair below $28,630 once more.

If they succeed, the pair's price might plummet to $26,700. This is a critical mark to monitor because a break and closing below it might lead to a drop below $24,500, and then to $21,800.

If buyers push the price above the 20-day EMA, the pair might attempt a climb to the 61.8 per cent Fibonacci retracement mark of $34,823, which is now at $34,823. The pair might ascend to the 50-day simple moving average (SMA) of $37,289 if this level is scaled.

BNB/USDT

Binance Coin (BNB) has risen swiftly from a vital support level of $211 to the overhead resistance of the 20-day exponential moving average of $323. This is a crucial level for the bears to defend because a break and closure above it might signal the start of a bottom.

The BNB/USDT pair might climb to $350 if it breaks over the 20-day EMA, and then to the 50-day SMA of $376. This level may act as a stumbling block once more, but if bulls push the price over it, the pair might rally to the 200-day SMA of $451.

Contrary to popular belief, if the price drops dramatically from the 20-day EMA, it indicates that the bears have not given up and are still selling at higher levels. After that, the pair could tumble to $211. If the price bounces off this level, the pair may consolidate for a few days between $211 and $320.

In the event that the price falls from its current level, the pair might fall to $286 and then $272.

MANA/USDT

On May 16, Decentraland (MANA) fell below the 20-day EMA of $1.24, but the bulls did not allow the price to fall below the psychological level of $1.00, which is a positive indication.

The buyers will try to drive the price over the 20-day EMA once more. The MANA/USDT pair could rally to the 50-day SMA of $1.72 if they succeed. The bears may put up a strong fight at this level, but if bulls overcome it, the pair might resume its upward trend reaching the 200-day SMA of $2.72.

In contrast to popular belief, if the price falls below $1.00, the bears will attempt to lower the pair below the critical support level of $0.60. If this level is broken and closed below, the second leg of the decline could begin.

Bulls are buying dips below $1.00 and bears are selling rallies, as the pair is locked between $0.97 and $1.36. The 20-EMA and 50-SMA have flattened out, indicating that the consolidation could last a while longer.

The pair might ascend to the range's barrier at $1.36 if buyers push the price over the 50-SMA. If buyers can break through this level, the bullish momentum could pick up.