Top cryptos to watch this week: BTC, DOGE, APE, ETH

Recently, Joe Biden signed an executive order on crypto, and it calls for responsible innovation. The United States is looking at the digital version of the dollar. In another positive development, members of European Parliament also voted against the ban on (BTC-USD).

In addition, Australian Liberal Senator Andrew Bragg opened the Australia Blockchain Week conference with a bombshell legislative proposal that he hopes will lay the groundwork for a new Digital Asset ecosystem down under.

Bitcoin has struggled to cross $40,000 in the recent past. However, for investors bullish on cryptocurrencies, Bitcoin is a must-hold in the portfolio. If altcoins are like growth stocks, Bitcoin is a blue-chip stock.

If the regulatory headwinds wane, Bitcoin is likely to trend higher with multiple catalysts. First, cryptocurrencies are positioned for wider adoption. Bitcoin, with a limited supply of 21 million, will benefit as holders increase.

Furthermore, inflation is a concern globally. Hard assets with limited supply tend to perform well in times of inflation.

As the daily chart illustrates, the price has been supported by the significant support level at $37K, which has led to a break out of the RSI's resistance trendline and now is attempting the 100-day moving average. This is a significant resistance on Bitcoin's route towards the range's top. The $45K supply zone is unavoidable if the moving average is exceeded.

Dogecoin currently trades nearly 85% lower as compared to highs of nearly 74 cents in May 2021. Recently, Elon Musk reiterated that he continues to hold Dogecoin.

Dogecoin reversed into an uptrend on March 14 and formed its most recent higher low at the $0.114 level on Friday, and its most recent higher high was printed on Saturday at $0.125.

Like Bitcoin and Ethereum, Dogecoin could be printing its next higher low on Sunday. Alternatively, Dogecoin may fall lower on Monday to back test the upper descending trendline of a falling channel pattern the crypto broke up bullishly from on Saturday.

If Dogecoin holds above the pattern and forms a bullish reversal candlestick on Monday, it may give traders who are not already in a position a solid entry point.

ApeCoin is the token launched on Thursday by decentralized organization ApeDAO that will be used for culture, gaming and commerce to build out the Web3 efforts for the company.

The token has already been listed on several major exchanges including FTX, Coinbase Global COIN, Binance, Gemini, Voyager Digital, Kraken and eToro.

The coin on Sunday retweeted a post that said Time Magazine will start accepting ApeCoin for digital subscriptions in the coming weeks.

Ethereum is forming a very bullish structure on the daily chart. The second-largest cryptocurrency has made a robust weekly green candle as well.

Confirmation of the reversal of the downtrend would be considered after the price crosses above the static level at $3300. Looking at the weekly candlestick at the end of January, we see that the price fell again despite the 25% surge, and February was all downhill. Technically, by forming a higher high and crossing above the static level at $3300, which is the intersection of many resistances, we can consider a trend reversal with more confidence.

Ethereum has resistance above at $2,890 and $3,057 and support below at $2,609 and $2,461.