Top cryptocurrencies to watch this week: BTC, DOGE, WIF

Bitcoin (BTC) is among the top cryptocurrencies to watch this week as the digital asset posted a modest rally after a late bull-driven rally.

This rebound rippled through the broader cryptocurrency market. Meme coins Dogwifhat (WIF) and Dogecoin (DOGE) also saw impressive gains.

While the overall market has been on a rollercoaster ride, the global crypto market cap has been fairly stable this week, dropping to $2.11 trillion on May 1st and then dropping to $2.35 trillion at last check. It has recovered to the dollar.

The latest numbers represent a flat trading week for the market, and here’s how some of the top cryptocurrencies have traded over the past few days.

BTC, DOGE, WIF Price – May 5th | Source: Santiment

Bitcoin ends above 20-day EMA

Bitcoin had a mainly bearish start to the week as the bears withstood the pressure from last week’s decline. As a result, BTC, which started this week at $63,106, quickly fell to its May 1st low of $56,500, falling below the $57,000 milestone for the first time since February 28th.

The bearish mood surrounding the market was evidenced by the performance of the Spot Bitcoin ETF this week, which continued to experience capital outflows. As of April 29, BlackRock’s iShares Bitcoin Trust (IBIT) had no inflows for four consecutive days as investors remained cautious.

However, on May 1st, when BTC crashed to $56,500, IBIT recorded its first outflow since its establishment, with a total outflow of $36.9 million on that day, the largest in the ETF market in history at 563 million. An outflow of dollars was observed.

Interestingly, after this bearish period, Bitcoin quickly showed signs of recovery, rising for three consecutive days from May 2nd to May 4th. BTC rose 9.47% during this period, essentially recouping most of its recent losses.

This recovery coincided with the US labor market report, which reinforced the upward trend as the data sparked bullish expectations. When Bitcoin recovered to the $64,000 level on May 4, the premier cryptocurrency closed above the 20-day EMA for the first time in three weeks. BitMEX founder Arthur Hayes predicted an imminent but gradual price recovery.

Currently trading at $63,686 at last check, Bitcoin remains above the 20-day EMA ($63,351), although it is currently racing the 50-day EMA ($63,892). A breakout of the 50-day EMA could provide enough strength for the bulls to push towards the all-important Bollinger Band resistance at $67,506.

WIF ranks among the top with a 21% increase

Dogwifat has emerged as one of the biggest gainers this week after a rocky start. WIF followed the direction of the rest of the market, but ultimately outperformed Bitcoin and all assets in the major 100 cryptocurrencies as the market recovery continued.

Memecoin started this week on a bearish note that began with a collapse from a high of $3.56 on April 24th. When BTC fell below $57,000 on May 1st, Dogwifat similarly made a low below the $2.27 price area. However, it ultimately ended the day with a 4.34% gain, outpacing Bitcoin.

Dogwifhat continued its recovery, surging over 31% from May 1-4 during a four-day winning streak. This uptrend allowed the price to regain the $3 mark for the first time since April 26th, and finally broke above the resistance at the Bollinger Band high ($3.3179) on May 4th.

Nevertheless, this resistance level is an obstacle to the upside as the overall market is losing momentum. With the Bollinger Band widening, the top band is currently located at $3.4009 and WIF aims to close above this level to maintain short-term bullish momentum. Meme Coin gained 21.82% this week.

DOGE ends 9-day losing streak

In the recent market downtrend, while other markets witnessed intermittent declines and occasional gains, Dogecoin experienced consistent losses that spilled over into this week. DOGE has been losing for a week now, recording a nine-day losing streak from April 23rd to May 2nd.

During this period, Dogecoin lost 20.86% of its value, ultimately falling to $0.1201, its lowest since March 1st.

However, DOGE rode the market rally to end this losing streak and ultimately regained all of the value it lost during a 37% jump from its May 2nd low of $0.12407 to its May 4th high of $0.1700. I got it back.

This rally allowed Memecoin to break above the 50-day EMA ($0.1554) on May 4th. With the market recovery losing momentum, DOGE recently retested the 50-day EMA, hoping to use it as a springboard for bigger profits on the upswing. We will resume. Dogecoin, currently trading at $0.1613, is up 10% this week.

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