Prime 3 Cryptocurrencies to Watch in 2022

Prime 3 Cryptocurrencies to Watch in 2022

Key concepts:

  • The crypto market noticed $1.8 trillion disappear throughout the prolonged crypto winter.

  • Regulatory threat, inflation, fears of a recession, and the Federal Reserve’s financial coverage proceed to be hurdles for crypto traders.

  • A bottoming out would current traders with the chance to accumulate Binance Coin (BNB), Bitcoin (BTC), and Solana (SOL) at depressed value ranges.

It has been eight bearish months for bitcoin and the broader crypto market. On the finish of 2021, the specter of a cloth change within the regulatory panorama weighed on cryptocurrencies.

Governments worldwide and even the Worldwide Financial Fund (IMF) referred to as for a worldwide regulatory framework.

This 12 months, inflation, recession fears and a hawkish Fed added additional downward stress.

To make issues worse, the market skilled its first prime ten cryptocurrency crash. The collapses of TerraUSD (UST) and Terra LUNA led to extra requires extra regulatory oversight.

From a November all-time excessive of $3.009 billion, the overall crypto market capitalization fell to a Could low of $1.082 billion earlier than leveling off. With the overall market cap nonetheless beneath $1.809 billion, alternatives exist for traders in a position to stand up to the pressures of cryptocurrency buying and selling.

Now we have chosen three cryptocurrencies for 2022.

These are bitcoin (BTC), Binance Coin (BNB), and Solana (SOL).

Bitcoin (BTC)

Bitcoin is the most important cryptocurrency by market capitalization and attracts the curiosity of each retail and institutional traders. Considerably, bitcoin shouldn’t be solely the crypto market chief, but in addition essentially the most secure, backed by a loyal investor base generally often called bitcoin whales.

Since reaching an all-time excessive on November 10 of $68,979, bitcoin fell 62.5% to a present 12 months low of $25,836 earlier than discovering help. Yr-to-date, bitcoin is down 21% at $29,680.

With bitcoin adoption gaining traction in a number of jurisdictions, bitcoin stays the go-to cryptocurrency for knowledgeable and novice traders alike.

Technical indicators stay bearish for now.

Wanting on the EMAs and the 4 hour candlestick chart (beneath), it’s a bearish signal. Bitcoin is beneath the 50-day EMA, at the moment at $30,092. The 50 days pulled again from the 100 day EMA. The 100 day EMA was flat towards the 200 day EMA, BTC impartial.

A transfer by the 100 day EMA, at the moment at $30,301, and a bullish crossover from the 50 day EMA to the 100 day EMA would point out a change in sentiment.

BTCUSD 4 hours 040622

The every day candlestick chart affirms the present downtrend.

Bitcoin is beneath the 50 day EMA, at the moment at $33,303. The 50 day EMA pulled again from the 100 day EMA, and the 100 day EMA pulled again from the 200 day EMA; damaging Bitcoin.

A transfer by the 100 day EMA, at the moment at $36,660, may sign the tip of the crypto winter and a return to $50,000.

BTCUSD 040622 Daily Chart

BTCUSD 040622 Each day Chart

Binance Coin (BNB)

Binance Coin is among the prime 5 cryptocurrencies, with a market capitalization of $48.8 billion, and is the native cryptocurrency of the Binance cryptocurrency change.

The world’s main crypto change is in growth mode at a time when different platforms are freezing or lowering the variety of workers.

Binance not too long ago obtained regulatory approval to supply its companies in France, Italy, Dubai, Abu Dhabi, and Bahrain. With buying and selling volumes dwarfing its rivals, the change and its native token are more likely to come out of the crypto winter stronger.

One other enticing characteristic of Binance is BinanceChain, a community-driven, open supply, and decentralized ecosystem. Binance Coin is the governance token.

BNB presents a worth proposition for traders. From a Nov. 10 all-time excessive of $693.73, BNB plunged 70% to a Could 12 current-year low of $206.62.

Yr-to-date, BNB is down 42% at $298.18 on June 3.

Technical indicators are bearish.

Wanting on the EMAs and the 4 hour candlestick chart (beneath), it’s a bearish signal. BNB is beneath the 50 day EMA, at the moment at $307. The 50 days pulled again from the 100 day EMA. The 100 day EMA turned again from the 200 day EMA; BNB damaging.

A transfer by the 100 day EMA, at the moment at $311, and a bullish cross of the 50 day EMA by the 100 day EMA would point out a change in sentiment.

BNBUSD 040622 4 hour chart

BNBUSD 040622 4 hour chart

The every day candlestick chart affirms the present downtrend.

Binance Coin is beneath the 50-day EMA, at the moment at $338. The 50 day EMA pulled again from the 100 day EMA, and the 100 day EMA pulled again from the 200 day EMA; BNB damaging.

A commerce by the 100 day EMA, at the moment at $368, may sign a short-term bearish pattern change and a return to $400.

BNBUSD 040622 Daily Chart

BNBUSD 040622 Each day Chart

Sunshine (SUN)

Solana is among the prime ten cryptocurrencies by market cap, at the moment rating ninth on CoinMarketCap, with a market cap of $12.78 billion.

SOL is the one Web3 within the prime 3, though there are different contenders together with Decentraland (MANA) and The Sandbox (SAND).

Low transaction charges and its established presence throughout the Web3 area make SOL a viable different to Ethereum (ETH). Moreover, an ecosystem with many new initiatives and demand from DeFi traders add to SOL’s attraction.

As was the case with the earlier two cryptocurrencies, Solana has seen heavy losses because it peaked in 2021.

From an all-time excessive of $259.95 on November 6, Solana fell 86% to a present 12 months low of $35.72 on June 4.

Yr-to-date, Solana is down 78% to $38.23 on June 3.

Technical indicators stay bearish for now.

Wanting on the EMAs and the 4 hour candlestick chart (beneath), it’s a bearish signal. SOL is beneath the 50 day EMA, at the moment at $42. The 50 days pulled again from the 100 day EMA. The 100 day EMA turned again from the 200 day EMA; SUN damaging.

A transfer by the 100 day EMA, at the moment at $47, and a bullish cross of the 50 day EMA by the 100 day EMA would point out a change in sentiment.

SOLUSD 040622 4-hour chart

SOLUSD 040622 4-hour chart

The every day candlestick chart affirms the present downtrend.

Solana is beneath the 50 day EMA, at the moment at $65. The 50 day EMA pulled again from the 100 day EMA, and the 100 day EMA pulled again from the 200 day EMA; SUN damaging.

A commerce by the 100 day EMA, at the moment at $82, may sign a short-term bearish pattern change and a return to $100.

SOLUSD 040622 Daily Chart

SOLUSD 040622 Each day Chart

This text was initially printed on FX Empire

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