Top 5 cryptocurrencies to watch in 2022: BTC, ETH, BNB, AVAX, MATIC

Bitcoin (BTC) witnessed a roller coaster ride in 2022 and fifty-fifty though BTC has corrected sharply from its all-time high at $69,000, the digital asset is still up by 60% yr-to-appointment. During the same period, aureate has dropped more than 5%.

With inflation soaring in the Us and several other parts of the world, Bitcoin's outperformance over gold shows that investors may be because it to be a better hedge against inflation when compared to aureate.

During the year, the total crypto market capitalization surged to most $3 trillion, but Bitcoin's authorization fell from about seventy% at the start of the yr to 40%. This shows that several altcoins have outperformed Bitcoin by a huge margin.

*Crypto market data daily view. Source:* *Coin360*

Equally cryptocurrencies gain wider adoption, multiple altcoins are likely to capture investors' attention. These could produce stiff returns for investors over the adjacent year.

Technical analysis has been used to arrive at the current list of large-cap cryptocurrencies that could remain in focus in 2022 and benefit from a crypto bull run.

Let'southward study the charts of the elevation five cryptocurrencies to calculate their possible target objectives and the support levels to watch out for in 2022.

BTC/USDT

Bitcoin (BTC) broke and airtight above the overhead resistance at $64,854 in early November but the long wick on the candlestick shows profit-booking at higher levels. The selling continued in the post-obit calendar week and the cost pulled dorsum below $64,854.

The bulls attempted to defend the 20-week exponential moving average (EMA) ($51,999) but could non sustain the rebound. This intensified the selling and pulled the toll below the 50-calendar week simple moving boilerplate (SMA) ($47,681).

The bulls purchased the dip simply failed to extend the recovery above the 20-week EMA. This indicates a possible change in sentiment from buy on dips to sell on rallies. The bears are over again attempting to pull and sustain the toll below the 50-week SMA.

If they succeed, the BTC/USDT pair could drop to the strong support at $39,600. The 20-week EMA has started to reject and the relative strength alphabetize (RSI) has slipped below fifty, indicating that bears have the upper hand.

A interruption and shut below $39,600 could result in a deeper correction to $28,805. Such a abrupt autumn may filibuster the start of the next leg of the uptrend.

On the other mitt, if bulls successfully defend the 100-week SMA, the pair will brand one more than attempt to rise above the 20-calendar week EMA. If that happens, the pair volition attempt a rally to the overhead zone at $64,854 to $69,000.

A interruption and close above this zone could outset the next leg of the uptrend that could push the pair to the psychologically critical level at $100,000.

ETH/USDT

Ether (ETH) is correcting in a stiff uptrend. Both moving averages are sloping upward and the RSI is in the positive territory, indicating that bulls have the upper hand.

Although bears have been attempting to pull the price below the 20-week EMA ($three,745), the long tail on the candlesticks of the past few weeks shows that bulls are buying aggressively at lower levels.

The bulls volition now make one more attempt to articulate the overhead hurdle at the psychologically critical level at $5,000. If they succeed, the ETH/USDT pair could start the next leg of the uptrend with the outset target at 100% Fibonacci extension level at $5,719.68.

If the momentum carries the toll above this level, the next target to watch out for is the 138.two% Fibonacci extension level at $6,566.19 and and then the 161.viii% extension level at $7,089.17.

Contrary to this assumption, if the toll turns downwardly from the current level or the overhead resistance and breaks below the 20-week EMA, information technology volition signal that traders are selling on rallies. That could open the doors for a possible driblet to the stiff support at $2,652.

This is an important level to scout on the downside because a break below information technology could pull the pair to $1,700.

BNB/USDT

Binance Coin (BNB) turned downwards from $669.thirty, indicating that bears are aggressively defending the all-time loftier at $691.80. However, a minor positive is that bulls are buying the dips to the 20-week EMA ($500).

The upsloping moving averages and the RSI is in the positive zone signal that buyers have the upper hand.

If the price rebounds off the current level, the BNB/USDT pair could ascent to the overhead zone at $669.30 to $691.fourscore. The bulls will have to clear this barrier to signal the resumption of the uptrend.

If that happens, the pair could start the next leg of the up-move to $848.30 and thereafter attempt a rally to $i,171.ninety.

Another possibility is that the toll bounces off the 20-calendar week EMA but turns back from the overhead resistance. In such a instance, the pair may remain range-jump for a few weeks.

A consolidation almost the all-fourth dimension high is a positive sign as it shows that traders are non rushing to the get out. That increases the prospects of the continuation of the up-motility.

Conversely, if bears sink and sustain the price below the xx-week EMA, it will point that supply exceeds demand. That could result in a reject to the 50-week SMA ($379). A suspension and close beneath this level could invalidate the bullish assumption.

Related: Nexo co-founder targets Bitcoin at $100K by mid-2022

AVAX/USDT

Avalanche'south (AVAX) sharp rally to the all-time high at $147 had pushed the RSI nigh the 85 level, indicating that the up-move was overextended in the short term. This may have resulted in profit-booking past short-term traders.

The bears pulled the toll below $81 for three consecutive weeks simply they could non sustain the lower levels as seen from the long tail on the candlesticks. This indicates that bulls have flipped the previous resistance at $81 into support.

The stiff rebound off the 20-EMA ($73) indicates that sentiment remains bullish and traders are buying on dips. The bulls will at present attempt to push the price to the all-time loftier at $147.

A break and close to a higher place this resistance could commencement the next leg of the uptrend. The AVAX/USDT pair could then ascension to $213.17 and if the momentum sustains, the rally could fifty-fifty extend to $260.

This bullish view will invalidate if the cost turns down from the current level or the overhead resistance and breaks beneath $75.fifty. Such a motility will indicate that the sentiment has turned negative and traders are selling on rallies.

The pair could then drop to the stiff back up at $fifty. Such a deep fall is likely to filibuster the start of the adjacent leg of the up-move.

MATIC/USDT

Polygon's MATIC has been in an uptrend. The bulls attempted to button the price above the all-time high at $two.seventy but failed. This suggests that bears are defending the overhead resistance aggressively.

However, a positive sign is that bulls are buying the dips to the 20-calendar week EMA ($ane.62). This indicates that sentiment remains bullish and traders are accumulating on dips.

The rising moving averages and the RSI near the overbought zone indicate that the path of to the lowest degree resistance is to the upside. The bulls will make one more endeavor to push the MATIC/USDT pair higher up $ii.70.

If they manage to practise that, the pair could commencement the next leg of the uptrend which could accomplish $iii.28. A break and close above this level could extend the rally to $4 and somewhen to $4.77.

Opposite to this assumption, if the cost turns downwards from the electric current level or the overhead resistance and plummets below the 20-week EMA, it will suggest that supply exceeds demand.

If the price sustains below the 20-week EMA, the selling could pick upwards momentum and the pair could plummet to the 50-calendar week SMA ($ane.04).

The views and opinions expressed hither are solely those of the writer and do not necessarily reverberate the views of Cointelegraph. Every investment and trading movement involves risk, yous should conduct your own enquiry when making a decision.