The coronavirus pandemic has only worsened this week and has engulfed almost the whole earth. Several countries in Europe and the The states have been the worst affected outside of China where the virus started. While the globe attempts to tackle the spread of the virus by lockdowns, it is having a huge negative impact on the economic system.

In social club to back up the economy, the U.s. announced a stimulus package of $2.2 trillion, which is the largest in history. Meanwhile, the Fed'south balance canvas continues to swell and has crossed $5 trillion in avails.

While these efforts are a swell morale booster in the brusk-term, they are probable to result in a financial crisis downwardly the route, which cannot exist handled just by press more than money. Every bit the investors realize this, they are likely to enter the crypto space, which can not exist manipulated by the governments at will.

Crypto market data weekly view

Crypto marketplace information weekly view. Source: Coin360

A user poll of "VIP" crypto traders on Kraken shows that the traders await Bitcoin (BTC) to hitting an average price of $22,866 by the stop of this yr. About half of the participants expect the SEC to corroborate a Bitcoin ETF this year. It is non only Bitcoin that traders are positive on, just virtually 50% of the respondents also forecast an altcoin season for 2022.

Another bullish indicator is that the total number of wallets holding a whole Bitcoin has reached 800,000. This is a positive sign as it shows that investors are using the current depression prices to accumulate. Practice the technicals of the top v performers of this calendar week as well show signs of accumulation? Let'due south study the charts.

CRO/USD

Crypto.com Coin (CRO) has fabricated it to the list of top performers for the second consecutive week. This shows that bulls continue to favor the altcoin. Crypto.com added Bitcoin Greenbacks (BCH) to its Crypto Earn program, which will help investors earn up to iv% p.a. on their deposits, paid in BCH. Similarly, Chainlink (LINK) and Tezos (XTZ) were added to soft staking, which will help investors earn upward to 2% p.a.

Along with giving handsome involvement rates, the payments and cryptocurrency platform announced collaborations with three tax providers to assist its users in cryptocurrency tax reporting.

CRO USD weekly chart

CRO USD weekly chart. Source: Tradingview

The rebound from the contempo lows of $0.0245 broke above the 20-calendar week EMA at $0.045 but could non rising above the 50-calendar week SMA at $0.049. This shows that the bears are aggressively defending the moving averages.

Currently, the cost has dipped back below the 20-week EMA, which shows selling at higher levels. The xx-week EMA has flattened out and the RSI is but below the midpoint. This suggests a consolidation for the side by side few days. The CRO/USD pair might remain stuck between $0.050 and $0.0245.

Our view will exist invalidated if the price turns downwards from the electric current levels and plunges beneath the support at $0.0245. A breakdown of this level will be a huge negative every bit it will start a new downtrend.

On the other hand, if the bulls can push the price to a higher place $0.050, a rally to $0.060 and above information technology to $0.080 is possible.

XMR/USD

Monero (XMR) was the second-best performer of the by seven days with a rally of well-nigh 13%. Information technology has made a sharp recovery in the past few days and is now attempting to find a place among the top x cryptocurrencies past market place capitalization. What does its chart suggest? Allow's detect out.

XMR USD daily chart

XMR USD daily nautical chart. Source: Tradingview

The abrupt selling on March 12 and xiii plunged the XMR/USD pair beneath the critical support of $38.83. While a drib to a multi-twelvemonth low is a huge negative, we like the mode the toll quickly recovered from the lows of $25.3118. This shows strong buying at lower levels.

Afterwards two weeks of failed attempts by the bears to resume the downtrend, the pair started a relief rally this week. The bulls pushed the price above the beginning overhead resistance of $44.50, which is a positive sign.

If the bulls can sustain the price above $44.50, the relief rally can extend to the 20-calendar week EMA at $sixty.15 and above it to the 50-week SMA at $seventy.51. Therefore, the traders can turn positive if the toll breaks to a higher place $52.

On the downside, we expect the bulls to provide strong support at $38. However, if this level cracks, a  retest of the recent low at $25.3118 is possible.

XRP/USD

XRP, with a rally of about 12%, turned out to exist the 3rd-all-time performer of the by vii days. This week saw two different groups of scammers targeting XRP users.

The research squad "xrplorer forensics" claimed that a fraudulent Google Chrome extension has allegedly stolen almost 1.4 one thousand thousand XRP from the users. In another scam, a artificial YouTube business relationship impersonating Brad Garlinghouse, CEO of Ripple, was seen promoting a simulated giveaway.

Nonetheless, on a positive note, Ripple Labs announced a donation of $100,000 each to two non-profit organizations to aid the fight against coronavirus.

XRP USD weekly chart

XRP USD weekly chart. Source: Tradingview

The XRP/USD pair has broken out of the descending aqueduct, which is a positive sign. This signals a possible change in trend.

Currently, the bears are attempting to stall the relief rally at the horizontal resistance of $0.17468. If successful, the pair might again dip towards the recent lows of $0.12750 and below it $0.1140.

If the lows hold again, the pair might remain range-bound for a few weeks. Nevertheless, if the bears sink the price to new lows, information technology volition exist a huge negative.

On the other manus, if the bulls can sustain the price above $0.17468, it volition point that the markets accept rejected the lower levels. The first level to spotter out for is the 20-week EMA at $0.225 and if this is crossed, a motility to $0.31503 is possible. The traders tin look for the pair to close (UTC time) in a higher place $0.17468 before turning positive.

ADA/USD

Cardano (ADA) moved up by about 4% in the by seven days and took the fourth spot among the best performers. Cardano launched its off-chain scalability protocol, Ouroboros Hydra, which according to the company tin can "theoretically scale to a million transactions per second - comfortably in excess of electric current global payment systems such equally VISA."

Cardano founder Charles Hoskinson criticized Wikipedia for not allowing an article in the English language language for Cardano, though several other major cryptocurrencies have one.

ADA USD daily chart

ADA USD daily chart. Source: Tradingview

The ADA/USD pair had been trading inside a large range of $0.03-$0.065 for the past few months. However, the recent sharp sell-off saw the price interruption below the range and dip to a depression of $0.0176366.

While a new multi-year low is a bearish sign, we like that the cost did non stay near the lows for long. This shows that the bulls bought the dip instead of panicking and dumping their holdings.

Currently, the bulls are attempting to push the price back above $0.030 but are struggling to sustain the price above information technology. This shows that the bears are unwilling to surrender without a fight. The failure to sustain above $0.030 might attract another round of selling.

If the next dip holds above the recent lows, we expect the pair to rise back above $0.030. If the price sustains above $0.030, a rally to $0.065 in the medium-term is possible. Though the 20-week EMA at $0.042 and the 50-calendar week SMA at $0.053 might offer resistance, we expect them to exist crossed. The traders can await for the price to sustain above $0.030 earlier turning positive.

XLM/USD

Stellar Lumens (XLM) was the fifth-best performer with a rally of but nether 3%. Tin the bulls bear the price higher or will the altcoin turn around and dip to new yearly lows? Allow's written report its nautical chart.

XLM USD daily chart

XLM USD daily nautical chart. Source: Tradingview

The XLM/USD pair is attempting to recover from its multi-year low of $0.026063. Still, the bears are unlikely to give up without a fight. They are aggressively defending the overhead resistance of $0.042133.

If the price turns down from the current levels, the bears will once again attempt to outset a new downtrend. A break below $0.026063 volition exist a huge negative.

Conversely, if the pair climbs and sustains in a higher place $0.042133, information technology will point that the contempo breakup was a bear trap. Above $0.042133, rising to the xx-week EMA at $0.056 and above it to the 50-week SMA at $0.075 is possible. The traders can wait for the price to sustain above $0.042133 earlier turning positive.

The views and opinions expressed here are solely those of the author and exercise not necessarily reflect the views of Cointelegraph. Every investment and trading move involves run a risk, you lot should behave your own enquiry when making a decision.

The market data is provided past the HitBTC exchange.