Last week, the crypto market saw a significant change in prices as most cryptocurrencies lost a large amount of their value. Nonetheless, some crypto assets failed to record any notable price changes.
However, the global cryptocurrency market cap saw notable increases during the previous intraweek session. It opened trading at $890 billion and was dipping until some projects experienced buyback.
As a result of the increase in buying pressure, the sector under consideration peaked at $962 billion but closed a little lower as it lost momentum. Nonetheless, it gained more than 8% at the end of the session.
Unfortunately, the war of narratives was not fiercely fought as there were little to no strong fundamentals. However, football star Cristiano Ronaldo recently signed a partnership deal with Binance which opens a way for the latter to create an NFT collection for the star.
Serie A also shows more interest in the crypto market as it added more than $100 million to the value of Magic Eden market place.
A closer look at the projects in the top 100, we observed that COMP gained more than 35% last week which make it the top gainer. SHIB also ended the period under consideration with almost the same amount of price change.
One of the top losers at the time was XDC as it lost more than 19%. Will we see a continuation of the previous trend or will the crypto market see further price increases? Here are the top five cryptocurrencies to watch,
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
The previous week was one that saw many crypto assets show a lot of positivity. The apex coin was not exempted from the list as it saw slight improvements in its price as well. However, it started slow as it failed to record any significant price change on the first day.
This continued till the next day as the same thing happened. On Wednesday, market sentiment changed as the bears seized complete control of the coin and it was sent below $20k. At the end of the session, BTC lost more than 3%.
However, the losses were short-lived as the bulls fought back the next day. Bitcoin surged from $19,570 to $21,000, indicating a price change worth almost 6%. The upward trajectory continued through the next two days but recorded little impact on the coin’s value.
On Sunday, the apex coin lost slightly lesser than 3%. Nonetheless, the upward push remained intact as suggested by some indicators. One is the Relative Strength Index. The metric remained above 30.
The Moving Average Convergence Divergence also showed BTC had a bullish divergence mid-week. This may mean that traders are to expect more price increases. However, price actions during the current week have proven this false.
Bitcoin is currently on a downtrend, which many result in a bearish convergence. If that happens, BTC could retest $18,000 before the week runs out. Nonetheless, the same trend unfolded during the previous intraweek session.
If the price pattern holds true, we may expect an uptrend on Thursday which may erase any further losses.
2. Ethereum (ETH)
Ethereum also enjoyed tremendous price movement during the previous seven-day period. Like most cryptocurrencies, the first two days of the week were marked by very little price movement. As a result, the coin failed to record any significant price change.
That changed on Wednesday as the asset had a more severe dip. Due to the selling pressure, ETH almost tested the $1,000 support. It ended that intraday session with losses of more than 6%.
On Thursday, the altcoin experienced more price increases. It surged from $1,048 to a high of $1,153. The distance between both prices indicates a more than 9% positive change. The coin made an attempt at the $1,200 resistance the next day.
The level crumbled as it was subjected to intense pressure and the second-largest cryptocurrency by market cap peaked at $1,244. The day ended with a 7% increase which spilled over to the next day.
However, there were signs of an impending downtrend as ether dipped as low as $1,178 but recovered and hit a high of $1,255. The bears took over on Sunday as the coin lost more than 3%.
Nonetheless, the asset closed the previous week with gains of more than 10%. It had a bullish divergence during the period under consideration which triggered more positive action on the part of traders.
Unfortunately, the bulls were unable to sustain the momentum to the current week, which may be a source of concern as the 12-day EMA is taking a dip. If this trend continues, ether may have a bearish divergence. This may result in more selloffs and the $1,000 support may be tested .
3. Binance Coin (BNB)
The previous intraweek session was on that favored Binance coin. One indication of this is the price increase it enjoyed. However, it was a slow start to the period under consideration.
On Monday, the coin dipped as low as $204 but rebounded and returned to its opening price. The next day, there was more bullish push as it peaked at $228 but failed to record any notable price change.
It lost almost 3% of its value on Wednesday as the bears took control of the market. Like most cryptocurrencies, BNB enjoyed was on an uptrend on Thursday which resulted in gains of more than 6%.
The price increase continued on Friday as the cryptocurrency flipped the $240 resistance. It ended that session with gains of almost 5%. The last two of the week were marked by consistent downtrends as the coin lost 3%.
Nonetheless, it ended that seven-day period with a 8% increase. Many would expect the uptrend to continue into the current week. Unfortunately, this never happened as the exchange token is currently experiencing a downtrend.
Like the preceding asset, BNB had lost 3% since the beginning of the current intraweek session. If the downtrend persists, some key levels may flip. One such is the $200 support. The mark came under threat last week but held out.
This time, it may flip as several indicators flip bearish. One such is RSI. The metric peaked above 40 but is now below it. The Moving Average Convergence Divergence is also on a downtrend as the 12-day EMA edges closer to an interception with the 26-day EMA.
4. Cardano (ADA)
Like most cryptocurrencies, ADA had a bad start to the previous week. It dipped to a low of $0.46 after it started trading at $0.48. However, it rebounded and closed at its opening price, failing to record any notable change.
Over the next two days, ADA lost more than 3% as market conditions worsened. Nonetheless, this changed on Thursday as the bulls rallied the asset. It recovered all of its lost value and returned above $0.48.
The uptrend continued on Friday as cardano attempted flipping the $0.50 resistance. The attempt yielded results as the coin peaked above it but not for long as it lost momentum the next day.
The Relative Strength Index ended the session under consideration at 40 thanks to the bullish actions it experienced. ADA also had a bullish divergence, which is turning sour as at the time of writing.
The current day marks the second consistent loss for the asset. If the downtrend continues, we may see the altcoin flip the $0.40 support or go lower. The possibility of this happening has tripled as a closer look at MACD indicates an impending bearish divergence.
Nonetheless, the $0.42 support is one tough mark that has held out during some price decrease. If the same price trend happens this time, we may expect increased demand concentration at the highlighted mark.
Conclusion
This article highlighted five cryptocurrencies to watch this week. The above predictions coming true largely depend on market conditions remaining relatively stable for most parts of the next seven days, which of course is not guaranteed. The volatile nature of the crypto space means investors and traders must do their own research and always keep an eye on the charts
