Category: Analysis

Most cryptocurrencies had one of their worst performances in previous weeks. Most of these assets lost a huge chunk of their value at the time. This fall had a substantial effect on the value of the entire crypto market.

During the abrupt decline in value, the industry lost more than 5% of its value. At $1.04 trillion, it was at its lowest during the seven-day session. This bearish action took place over the weekend and in less than 4 hours. It opened Saturday at $1.1 trillion on that day but fell to the bottom, marking a more than 5% decrease.

Despite a small recovery, the decrease in the value of major assets affected the market’s weekly outlook as it finished Sunday at $1.06 trillion. This indicates that it lost more than 6% from its $1.15 trillion opening price.

A significant selloff from a whale is the obvious perpetrator, notwithstanding the claims of many people who say they do not understand what prompted the dramatic change in sentiment and trajectory. This happened as a result of a well-known whalewatch’s report a few days earlier that Robinhood intended to sell bitcoin worth more than $1 billion. The result was a reverberating event.

The majority of the assets are still in danger, according to a thorough analysis of trade activity at the time of writing. By creating new support systems or maintaining an old one for the long term, some people are exhibiting immense potential, though. Consider how these currencies might perform this week.

Top Three Cryptocurrencies to Watch

1. Bitcoin (BTC)

During the previous week, Bitcoin lost more than 4%. This marks the second week of consecutive losses for the asset after losing more than 3% the session before. However, the weekly scale does not fully cover key events that took place. Let’s see them.

The apex coin went started the previous week at $27,114. Following that, it saw a dramatic decline in price and lost numerous levels. As a result, it hit a  low of $25,389. Nonetheless, it rebounded and gradually edged to $26k but was unsuccessful and closed at $25,739. The closing price implies that the cryptocurrency had a decline of more than 5%.

On Tuesday, BTC surged past all of the levels it lost the previous day and peaked at $27,236. In the end, the asset climbed by more than 6%.

Following this hike in price, many expected more increases. However, this never happened as Wednesday was another bearish period for the asset. The apex coin lost more than 3% and dropped to a low of $26,140.

A look at the daily chart points to the fact that bitcoin was relatively stable until Saturday. This massive change affected most cryptocurrencies which suggest that the crypto market was largely bearish. As a result, BTC broke the $25k support and dropped to a low of $25,420. Although it recovered, it closed with losses of more than 3%.

With a focus on the new week, the apex coin is gearing up for another massive move. A clear indication of this is the Relative Strength index. It is currently stable above 40 and held this position for more than 48 hours.

The direction of the move is also unclear as indicators like MACD are silent. However, based on the previous week’s performance, BTC is gaining a lot of demand concentration at $25,400. This is an indication of a developing support. As such, the top cryptocurrency may not drop below this mark within the next five days.

The $27k resistance is one of the crucial levels to keep an eye on near the top. This week, BTC might take it back.

2. Ethereum (ETH)

Like most cryptocurrencies, ETH is also grappling with the effects of previous losses. During this period, it registered its biggest loss since April. It lost more than 7% during the previous intraweek session.

Like most cryptocurrencies, ETH had a bad start to the session under consideration. Monday kicked off with prices at $1,891. However, it saw an increase in selling pressure that saw it dip to a low of $1,775. Although it recovered, it closed at $1,752 which signified losses of more than 4%.

Another major drop happened on Saturday. it kicked trading at $1,739 but retraced and retested a key support. It attempted the $1,600 barrier but failed as buying volume increased. Due to this, it closed at $1,651. This was also its biggest loss of the week as it lost more than 5%.

With a focus on the next five days, ETH is gearing up for a major push. It’s hard to determine the direction of this push as indicators are silent. However, due to price action over the last 40 hours, RSI decline is gradually coming to an end. It is currently close to 40 which may point to an impending price increase.

On the other hand, price performance over the highlighted period is worrisome. Ethereum failed to record any massive or notable change in value. This may also be an indication of more downtrends ahead. If this happens, the apex altcoin may drop to levels it hasn’t over the last three months.

3. Solana (SOL)

Solana also suffered big losses the previous week. It decreased by more than 28% when it reached the levels it left in January.

SOL’s price decreased to $13. The session started at roughly $21, but due to the intense selling, it dropped to the low. Nevertheless, it recovered and ended the day at $15, with the trend of several indicators altering a few times. They include MACD. There is currently a bearish divergence, which could signal future price declines.

The market is still on a decline. A strong proof of this is provided by price fluctuation over the prior 40 hours. Solana didn’t record any major gains during this period. The Relative Strength Index offers some positive news.

SOL is currently oversold which may indicate an impending reversal in market trends. If this happens, the altcoin may reclaim lost levels.

Most cryptocurrencies’ performance over the last seven days were some of the best over the last three weeks. Although these assets failed to see massive increases, nonetheless, these positive changes were notable and reflected in the global cryptocurrency market cap.

The sector kicked off Monday with significant bullish sentiment. As a result, it had a modest rise. Before the day’s end, it achieved a high of $1.14 trillion. It started trading at $1.11 trillion. A few days after hitting a low of $1.10T, the industry rose to its weekly high on Sunday, peaking at $1.15T.

It wasn’t a large increase, but it did show that the crypto market had improved slightly from the previous week.

We noticed that a new altcoin is gaining traction by looking at the top 100 listings. The asset climbed by about 16% during the course of the preceding seven days, turning major levels and exhibiting a bullish attitude. AGIX is a very recent inclusion given that it only joined the top 100s last week.

PEPE, on the other hand, suffered the most loss during this time. It lost more than 16% as it kept going down. For optimism, losses of roughly 11% followed.

With regards to fundamentals, not much happened. Nonetheless, according to China’s local news outlet The Paper, the Beijing Municipal Science and Technology presented a whitepaper on web3 innovation and development on Saturday at the Zhongguancun Forum, praising web3 as an “inevitable trend for future internet industry development.”

Over the next five days, there are many indicators that suggest extreme volatility. Let’s look at a few potential assets that might enjoy this sentiment.

Top Three Cryptocurrencies to Watch

1. Bitcoin (BTC)

BTC opened at $27,225 but fell back as selling pressure increased. It retested the $27,000 barrier and fell as low as $26,076. Although it bounced back, it finished at $26,325 and lost more than 3% of its worth. It’s important to note that throughout the previous week, this was the only red candle on the chart.

The biggest cryptocurrency broke the $26,000 barrier the following day. It declined to $25,878 before rising. The asset under examination closed at $26,478 at the end of the session with no appreciable change in value.

On Sunday, when the bitcoin began at $26,875 and made a try at the $28k resistance, there was the biggest increase of the week. Because it ended just barely above the critical level and hit a peak of $28,248 it was highly successful. In the end, it recorded profits of more than 4%.

On the weekly scale, the top coin gained almost 5%. This also makes it the first time in three weeks that the asset is closing a seven-day period on a green. Indicators are also bullish to this effect.

With this week in mind, BTC is beginning to revert from the gains it made the previous four days. As a result, it reduced volatility. Additionally, this is the situation as of the time of writing.

Bitcoin has now seen a two-day losing streak. This is also reflected in the Relative Strength Index, which is at 52. But we observed a further rising concentration of demand, offering a transient support near $27,500.

This emerging barrier is very important as a flip may guarantee a return to the sub-27k. On the other hand, this may also turn out positive as the bulls may build enough demand concentration to attempt $29k

2. Ethereum (ETH)

Ethereum also had many interesting highlights from the previous week. A look at the weekly chart suggests the the largest altcoin saw its biggest positive change in almost five weeks as it gained more than 5%. The candle also revealed that the asset sank to its lowest in two weeks.

This happened on Wednesday. The asset kicked off trading at $1,854 and retraced as selling mounted. During this period, it flipped a key support; the $1,800 barrier. After breaking it, it dipped to a low of $1,777. Although it recovered, it closed with losses of almost 3%.

Nonetheless, the first two days of the week were bullish and the largest altcoin gained almost the same value it lost.

It is also worth noting that ETH dipped further on Thursday. It retraced below $1,800 but rebounded at $1,760. It surged above the said mark before the session ran out.

On the other hand, Ether had its biggest surge on Sunday. It kicked off trading at $1,831 and slowly advanced at $1,900. The largest altcoin peaked at $1,920 before retracing to a close at $1,909. This is an indication that the asset gained more than 4%.

Sunday’s price performance was one that many expected would spill over into the current week. However, this is not the case as the crypto under consideration is struggling to hold key levels. A clear indication of this was when it lost $1.9k during the previous intraday session.

Ether is still grappling with the effect of strong battle for dominance. Based on price movement, ETH may retrace to a low of $1,800 as this was the trend two weeks ago. Nonetheless, strong fundamentals may send the asset as high as $2k

3. Quant (QNT)

Quant price movement is one that made many believe it’s altseason. It rebounded from the downtrend that plagued it for weeks.

The main event happened on Friday as it retraced to its lowest in more than three months. It flipped the $100 support and hit a low of $96. The recovery sparked a price rally that saw the cryptocurrency gain more than 8% in three days.

The altcoin is also enjoying a spillover of this sentiment. During the previous intraday session, QNT gained more than 5%. During the current session, it is up by almost 4%. However, indicators are blaring warnings.

For example, the Relative Strength Index is fast-approaching 70 which means the coin may be oversold if the increase continues. A massive is imminent.

During the previous week, most cryptocurrencies saw notable decreases. A closer look at the global cryptocurrency market cap paints a clearer picture of what transpired.

At the start of the previous seven-day session, the global cryptocurrency market cap was $1.18 trillion. It dropped to a low of $1.09 T before increasing and finishing at $1.12, showing no significant increases or decreases. As a result of frequent declines in the value of major cryptocurrencies, the sector gradually shrunk.

Some of the top losers are BSV and KLAY. Both cryptocurrencies lost more than 14% of their value as selling pressure mounts. On the other hand, some of the top gainers are CFX and LDO as both experienced increases of more than 19% during this period.

During the previous week, there were no significant fundamentals during the previous intraweek session. This is also the same situation at the time of writing. Nonetheless, some assets are showing huge potential.

Top Cryptocurrencies to Watch

1. Bitcoin (BTC)

The largest cryptocurrency by market cap had a lot of ups and downs over the last seven days. In the end, the BTC lost more than 5%. Let’s go over some of the highlights.

Last week, Bitcoin dropped from its opening price of $28,667 and flipped $28,000. Before climbing to $27,690, it reached a low of $27,290. After breaking this key barrier, the top coin suffered losses of around 3%.

On Wednesday, BTC went above $28k but failed to gain stability and retraced. It dipped as low as $26,842 but rebounded and closed at it opening price.

We also noticed a similar move the next day. The apex coin started trading at $27,624 and was met with notable selling pressure. As a result, it dipped to a low of $26,720. However, this time, it failed to return to the said mark and registered losses of almost 3%.

The downtrend got worse on Friday as bitcoin sank further. It broke a new barrier: the $26k support, dropping to a low of $25,800. However, it bounced back and ended at $26,811 without seeing any significant gains or losses.

Indicators at the time were negative. For instance, the Moving Average Convergence Divergence closed below 0. The Relative Strength Index is another unfavorable metric. It started the week at 48 and finished at 40.

With a focus on the new intraweek session, there is almost no difference in market sentiment. However, indicators bear some good news. First, the 12-day MACD EMA is beginning to reverse its negative trend. A closer look reveals that the metric is almost straight and might curve upward if trade conditions improve.

We might consider what happened during the previous intraday session in light of this. Bitcoin reached a high of $27,666 after starting at around $27,000. This was the first attempt at a bullish move of the week.

This could just be the first of many, as the asset might retest $28,000 in the upcoming five days.

However, BTC is holding on to a very thin wall. This may herald further downward trends and an additional effort to retain the $26k support.

2. Ethereum (ETH)

The largest alternative cryptocurrency made many gains and ended the day at its starting price from two weeks ago. Then the event was symbolized by a doji.

Contrary to the previous intraweek session, the asset closed with a notable fall in value. It suffered losses of more than 3%. Let’s go over the main events that occurred during this time.

It began slowly because there were no major price changes on Monday. But it made an attempt at a crucial level, much like other cryptocurrencies that were being watched. During the retracement, ETH hit a low of $1,800 but bounced back to close at $1,849.

It rose to its highest level of the week on Wednesday when it retested the $1,900 resistance. The price retraced below $1,800 for the first time in more than seven days and failed to break through.

Similar to Monday’s outcome, the second-largest cryptocurrency recovered and finished the day at its opening price.

It went over that line the next day and had losses of roughly 3%. Additionally, during the intraday session, it ended below $1,800. On Friday, the cost of ether dropped even more, hitting a low of $1,737 before rebounding and finishing at $1,808.

Additionally unfavorable were the indicators. Both the RSI and MACD dropped below 50.

They are, nonetheless, optimistic at this time. For instance, the 12-day is no longer retracing. It hit a wall and is now displaying indicators of a coming bullish convergence. The tiny increases the altcoin is experiencing are also having an effect on RSI. At the time of writing, the metric stands at 45.

We now turn to price changes in light of all these indicators. Ethereum is currently experiencing its second day of straight gains. This, while a minor shift, is what alters the trajectory of the indicators. This can also be a sign of additional upward tendencies.

The $1,900 resistance is one level to keep an eye on. If trade conditions stay the same, the largest alt may try to hit the mark. It’s also important to note how close the $1,800 support is.

Most cryptocurrencies struggled throughout the previous week. They failed to hold to key levels and as a result, did not register any significant positive change in value.

The situation affects the entire sector, as can be shown by looking at the market capitalization of all cryptocurrencies, which has seen a little decline in value.

The market began at $1.18 trillion and reached a high of $1.23 trillion. It lost steam, though, and fell to a low of $1.13 T. It also ended at this level, showing the bearish sentiment prevailed during this period.

Regarding the fundamentals, a lot of news circulated but had no effect on pricing. For instance, despite the unfavorable year for the cryptocurrency market, Jack Dorsey’s Cash app claimed $2.16 billion in Bitcoin sales during this time.

In a financial report, Coinbase disclosed profits of 23% from quarter to quarter. The exchange made $736 million in the first quarter of the year, beating analyst projections of $658 million.

With the new week in view, there are no strong fundamentals. With this in mind, we will example the chart to get an outlook of how some assets may perform.

Top Three Cryptocurrencies to Watch

1. Bitcoin (BTC)

A look at the previous week’s candle shows longer wicks to the top and bottom. This is as a result of bitcoin testing key resistance and afterward, support.

On Monday, BTC started out at $29,254 and briefly exhibited hints of a rise before stopping. It then reversed and flipped the $28,000 resistance. It fell to a low of $27,666. BTC lost over 4% of its value by the session’s conclusion.

The asset began trading at $28,860 and reached a high of $29,701 on Friday. The peak dashed any hopes of seeing the cryptocurrency flip $30k. That was the final attempt during the previous seven days, and we also failed to flip the mark. Nevertheless, it gained roughly 3% at the closing.

The apex coin went into a downtrend during the following two days. Over this time, BTC declined by more than 4%.

The apex coin broke the short-term support at $28,40 during the previous intraday session, as demand concentration dipped. The value of the cryptocurrency dropped by roughly 3%, reaching a low of $27,290. The coin is currently holding onto $27,500 and trading at $27,582.

BTC has established a short-term support at $27,300 over the previous 40 hours. After testing it twice this week, a breakthrough might be anticipated. It could be upward or downward.

One of the key levels to watch is the $27,000 support. We may see an attempt at the mark in the coming days. To the top,  we expect bitcoin to edge closer to $30k.

2. Bitcoin SV (BSV)

Bitcoin price over the last 23% hour is one that left many astonished. It erased all of the losses it incurred during the previous week. It is worth noting the asset saw minimal movement during this period.

The week’s high point occurred on Saturday. It began trading at $33.3 and fell as low as $32. It thus finished the session down over 3%.

Looking at the indications at the time revealed that the purchasing pressure on BSV was gradually waning. The Relative Strength Index makes this clear. It was at 35, indicating that the asset is progressively losing value and might fall below 30 if the downturn keeps on.

During the previous intraday session, this took place. One of the largest dumps of the token occurred. It flipped multiple supports when it first started trading at $32.3. The $32 barrier was broken, then the $30 barrier. It subsequently fell to a low of $28.9. But it recovered and fell more than 6% to close at $30.

BSV was oversold as a result of this large decline. RSI dipped to a low of 25.

Bitcoin SV kicked off trading at $30. During the current intraday session, the asset flipped the $38 resistance and retested the $42 barrier with the same result. It headed to $44 which failed to yield as it faced strong rejection at $43.3. Nonetheless, at the time of writing, the coin is up by more than 41%.

Due to the massive surge, the altcoin is overbought as RSI is above 70. As per RSI rules, BSV may experience a series of downtrends.

On the other hand, we noticed that the Moving Average Convergence Divergence is displaying a bullish divergence. With this reading in mind, we may expect the altcoin to flip $44 and attempt $46.

Most cryptocurrencies were on a recovery path over the last seven days. These assets saw a notable change in value and are gradually moving toward other key levels.

A look at the global cryptocurrency market cap chart reveals that the week is filled with a lot of volatility. It kicked off at $1.15 trillion and surged to a high of $1.23 trillion on Wednesday. However, it retraced from it high and dipped below $1.15 T. Nonetheless, it is currently trading at $1.18 trillion which indicates that the sector failed to register any notable change.

A look at the top gainers revealed that a lot of cryptocurrencies are seeing a notable positive change in values. One such is Render. The token opened the previous current intraweek session at $1.70 and edged to retest $2.80 but failed. It peaked at $2.64 as it faced strong rejection. Nonetheless, it may end the period under consideration with gains exceeding 39%.

Although Injective protocol is currently worth $7.74. A look at the weekly chart suggests it had a volatility-filled session. It kicked off at $6.88 and peaked at $9.29 as is latest attempt at the $10 resistance failed. After failing to retest the key level, it retraced and lost more than half its accumulated gains. As a result, it is up by more than 12%.

With a focus on the new week, there are several cryptocurrencies to watch this week. Let’s go over them

Top Three Cryptocurrencies to Watch

1. Bitcoin (BTC)

2. Internet Computer (ICP)

The asset began trading at $6 during the previous session and moved steadily toward $7. It attempted to retest the $7 resistance but was unsuccessful since it encountered heavy opposition at $6.82. It retraced as a result and is currently trading at $6.57; it may close at this price.

It is important to note that the rise began on Thursday when trading began at $5.32. It jumped to a session high of $5.80 but ended little lower. It did, however, show gains of more than 7%.

The preceding intraday session revealed further attempts at crucial levels. This time, the $6 resistance was reversed. Additionally, it became significantly more stable above it, closing at $6.

As seen by another green candle, the upward trend is still in effect. We noticed that the internet computer was primarily bullish until its most recent attempt toward $7 at 16:00 UTC when we broke it down into the 2-hour chart. Additionally, it shows that the buying pressure has significantly decreased.

Like most cryptocurrencies to watch, several indicators are pointing to more increases. Although the coin is down by a small fraction, this did not affect the essential metrics. For example, MACD showed that the altcoin had a bullish divergence on Friday.

We saw an attempt at the $7 resistance. With this in mind, based on previous price movements, we may conclude that Internet computer may experience notable improvements in price in the coming day. This may also guarantee a flip of the $7 barrier.

A prime example of such a scenario was a few weeks ago when ICP went on a bullish binge from April 9 to April 18. Before it reversed, it was rising steadily for more than nine days. During this period, it increased by more than 38%. Following that, it reversed by over 10% during the following intraday session. However, it traded for $7 prior to this sharp decline in value.

3. Casper (CSPR)

CSPR started trading at $0.054 during the previous intraday session and soared to a high of $0.058. It closed at its top, which represents an increase of more than 7%. The token successfully overcame the $0.055 resistance, making this the most successful of its prior three efforts.

It became more stable above the mark this time. We also saw that the peak, which delineated the boundaries of its $0.058 and $0.050 channels, was a formidable obstacle.

The resistance was breached during the current intraday session, so things are different. Additionally, CSPR is approaching a new critical point. Despite slowly increasing to $0.065, it hasn’t been able to flip.

The wall it encountered caused it to peak at $0.063 and stop moving forward. However, it is important to remember that the surge began after it hit support at $0.057. At the time of writing, it had also increased by more than 6%.

There is a lot of speculation as a result of the most recent surge the coin is seeing. One of them is how it will function during the next few days.

The indicators are very positive at this time. For example, the Moving Average  Convergence Divergence showed the coin saw a positive divergence on Thursday. The subsequent price movement reveals what that incident signifies. The fact that the measure is still rising supports the first claim, thus it is important to note.

Calls for massive increases is also supported by the Moving Averages. For instance, we saw that the 50-day MA has an upward arc. The opposite activity is shown on its counterpart.

Due to the Relative Strength Index’s current readings of above 70, we might anticipate a slight decline in buying volume on the downside. Within the next 24 hours, a minor downtrend may be anticipated according to RSI rules.