BCH, ELON, CKB: Top cryptocurrencies to watch this week

A rebound push last week saw the global cryptocurrency market cap recover $180 billion amid a 9% surge in valuation. As a result, the crypto market cap recovered the $2 trillion mark to end the week at $2.1 trillion.

Following their impressive contributions to this rally, here are some top cryptocurrencies to watch this week:

BCH crossed 20-day MA

Bitcoin Cash (BCH) surged 9.36% last week, securing its place above $300. Although it faced a minor correction, it closed the week at $327, maintaining an upward trajectory.

Despite the price rise, the BBTrend — or Bollinger Band Trend — remains bearish, signaling weakness in the uptrend.

Volume peaked on Sept. 11, but has since declined, even as the price climbed. This divergence between price and volume could indicate a lack of buying strength. Therefore, the rally may lose steam without renewed volume support.

BCH crossed above the 20-day moving average ($319) on Sept. 11, which now serves as a key support level. If the uptrend continues, BCH could target $340 or $350. 

However, a dip below $319 may signal a retest of $300 or lower. Investors should watch for volume increases to sustain upward momentum.

Bitcoin Cash was developed by a group that believed Bitcoin should be used more as a peer-to-peer digital cash system, as outlined in Satoshi Nakamoto’s original whitepaper, rather than as a store of value or “digital gold,” which has been Bitcoin’s main use case.

ELON performs below par

Dogelon Mars (ELON) gained 6.11% last week, performing below the broader market but managing to stay in the green.

The meme coin spent most of the week below the 20-day moving average ($0.00000012566) until the final day, closing at $0.00000012776.

Currently, ELON is positioned above the 20-day moving average (middle Bollinger Band) and the lower Bollinger Band ($0.00000011944), but below the upper Bollinger Band ($0.00000013075). This suggests it still has room to rise before hitting resistance at the upper band.

The RSI at 46.39 indicates that ELON is not overbought, signaling potential upside momentum. If the bullish trend continues, expect resistance around $0.00000013075, with support at $0.00000011944. 

If it breaks above the upper Bollinger Band, ELON could push higher, but failure to hold above the 20-day MA might lead to a retest of lower levels.

ELON pays homage to both Dogecoin and Elon Musk, whose rocket company — SpaceX — is reportedly working on designs for a Martian city,

CKB tops gainers list

Nervos Network (CKB) was the top performer last week, soaring by 117% to close at $0.01449.

The dramatic rally began on Sept. 13, with a massive 51% intraday spike, the largest gain since February. 

This momentum carried into the new week, with CKB peaking at $0.01762 before pulling back slightly. The Fibonacci pivot levels show immediate resistance at $0.01351, which CKB has surpassed, with support at $0.00845 (pivot) if a retracement occurs. 

The Commodity Channel Index reading of 369 signals extreme overbought conditions, suggesting that while the uptrend is strong, a short-term correction could be on the horizon.

Should a correction happen, investors should look for support around $0.00845, the pivot point.

If CKB maintains its bullish momentum, a breakthrough above its three-month high could trigger further gains. However, watch for consolidation or pullback given the overextended CCI.

The Nervos Network was created by a team of blockchain developers and entrepreneurs with expertise in cryptography. The core team includes co-founders Jan Xie, Terry Tai and Kevin Wang.

The Nervos Common Knowledge Base (CKB) acts as its Layer 1 blockchain.