Category: Analysis

Most cryptocurrencies are recovering from a blood bath. Due to the massive decrease across the crypto market, most assets lost a notable fraction of their worth. Many also retraced to levels they haven’t in more than a year.

As a result, the global cryptocurrency market lost more than 20% of its value. It opened the week with values estimated at $1 trillion. However, as the bears took over, the sector plunged to a low of $786 billion.

It ended the week with the worth of more than $800 billion as it failed to recover from the losses. One of the main reasons for this massive downtrend are negative fundamentals that permeated the market during that period.

One such was the total collapse of FTX. This news was responsible for a two-day-long downtrend. The exchange native token was the most affected as lost more than 70% at the end of the seven-day session.

The market also came alive as reports of inflation, slowing down spreads. Most assets had their biggest surge of the week during that intraday session. Unfortunately, there are no massive fundamentals since the current intraweek session started.

Most cryptocurrencies also traded sideways for the majority of the last 48 hours. How will they perform?

Top Five Cryptocurrencies to Watch

1. Bitcoin (BTC)

Manny concluded that the apex coin had its biggest dip of the year during the previous intraweek session. It started slow as we observed several small candles on the daily chart that bodies worth less than 2%.

This was what many refer to as “calm before the storm.” After a day of little volatility, the asset had one of its biggest drops on Tuesday. It dropped from above $20k to a low of $17,114. It recovered as it met buyback but ended the session with losses of almost 10%.

Following the rebound, many looked forward to a full recovery on Wednesday. However, this never happened as we noticed another long red candle. This time, the apex coin dipped to a low it hasn’t in more than a year.

It broke the $16k support as it dipped to $15,632 for the first time in 2022. This massive retracement left a lot of liquidation with the bulls experiencing the most. A quick look at the indicators showed that so much happened that may affect this week’s performance.

The main focus is the Relative Strength Index. We noticed that BTC became oversold as a result of the downtrend but returned to the safe zone before the week ended. The asset under consideration also had a bearish divergence on Monday.

Taking this into consideration, it is hard to predict how prices will play out. However, RSI hints at more price increases as the metric may gain more stability above 30. This may set the stage for BTC to reclaim $18k.

It is also imp[rotant to take into consideration previous price actions. Based on this, we may conclude that the asset under review may range or trade sideways for the next six days.

2. Ethereum (ETH)

Ethereum was not exempted from the bearish dominance across the market. The largest altcoin suffered from the massive downtrend that saw it dip to critical levels. One such level was $1,220 from trading above $1,500.

It experienced a slight recovery as it closed at $1,300. However, this had very little impact on prices as ETH closed with losses of more than 14%. The downtrend continued into the next intraday session as it dipped below $1,200.

This time, it threatened to break the $1,000 support but rebounded at $1,070. There were no attempts at recovery as the second-largest coin by market cap ended the session with losses of more than 17%.

The bulls rallied the coin the next day to reclaim lost levels. One such mark is the $1,300 as it erased all the incurred losses. More so, Thursday ended with ETH going up by more than 17%. Another small dip the next day and those were the biggest highlights of the previous week.

The Relative Strength Index dipped below 30 on Wednesday but recovered before the intraweek ended. The asset under consideration also closed with losses exceeding 20%. The Moving Averages continued their downtrends.

MACD is silent on how prices may perform this week. However, either of the two scenarios may play out. The altcoin may attempt to reclaim $1,500. This is especially true as RSI is back above 30.

Nonetheless, to achieve this the bulls must stage buybacks to reclaim $1,300. Based on previous price movement, $1,400 resistance is one the strongest as it flipped many time following little pressure.

Ripple (XRP)

Cardano (ADA)

Trust Wallet Token (TWT)

 

Most cryptocurrencies are suffering from the most recent sentiment across the market. It is bearish. As a result, these assets are dipping and losing a notable faction of their worth. This is reflected in several aspects of the market.

One such is the global cryptocurrency market cap. It peaked at $2.16 trillion following several decreases in value after opening the year at $2.20 trillion and seeing notable decreases. At the peak of the bearish dominance, the sector dipped to a low of $860 billion.

No cryptocurrency was spared from the downtrend as they had significant losses. For example, BTC dipped to a low of $17, 592. During the month of this low, it closed with losses exceeding 30%.

Ethereum fell below $1,000 and recorded an equal loss. However, some altcoin recovered quicker than the rest and are currently on an uptrend. This analysis highlights some of these cryptocurrencies and how they’ve been over the last three weeks.

Top Cryptocurrencies

1. Quant (QNT)

Quant hit its lowest for the year in June as it dipped to a low of $40. The month ended with losses of more than 24%. However, it picked up momentum in July and experienced increased bullish action.

The altcoin erased losses incurred during the previous two 30-day periods. One of the key levels it reclaimed was $90. After losing it in April, it became one of the toughest resistances. Nonetheless, it broke it and surged past it.

It peaked at $116 but closed at $102. It also recorded gains of more than 90%. The $90 support proved its worth the next month when it faced strong resistance at $133. As a result, it dipped to a low of $91. The session ended with losses exceeding 5%.  It also marked the last red candle on the chart.

Last month, QNT reclaimed another key level; the $140. It marked the first time in more than six months it is testing this key level. It hit a high of $147 but closed a little lower. The uptrend continued into the current month.

Currently, up by more than 13%, quant is seeing notable increases. However, it tested and flipped the $200 resistance for the first time since January. It peaked at $227 (the highest since December 2021).

A look at the daily chat reveals more details as to what is going on with the coin. The asset has been on a downtrend since the 18th of this month. As a result, it may close the current week with notable losses, making it the second week in a row.

The downtrends were in response to cryptocurrency being overbought. A look at the Moving Average Convergence Divergence reveals more details. QNT had divergence three days after the bearish round started.

There are indications of further and impending uptrend. One such is the Moving Average. the altcoin had a golden cross in August. Such a phenomenon always heralds the end of a long-term bearish dominance.

One of the key levels to watch over the next few days is the $200 resistance. However, the downtrend may continue until the asset finds support at $150. Nonetheless, we observed that it held the $160 support for more than fourteen days.

2. Huobi Token (HT)

Huobi token dipped to a low of $4.28 in July as it lost more than 6%. It quickly rebounded the next month as it peaked at $5.83. However, it faced stiff resistance at the mark and was sent dipping. As a result, it lost a lot of its accumulated gains.

The 30-day period ended with the asset holding on to 3%. A similar scenario played out last month as it saw a high $5.1o but retraced. However, it failed to record any notable increases as it closed with losses exceeding 5%.

It dipped to its lowest for this year during the first few days of October. It rebounded at $3.78 and surged afterward.  The asset may end the current with its largest increase in a 30-day session since it became a tradable asset.

Several factors contributed to the current state of the token. One such is the massive positive fundamentals it had. One such was the fresh set of investments it had from a popular investment firm.

It also had an extra push from Tron’s Justin Sun as he revealed that he had a notable percentage of his worth in the cryptocurrency. A look at the weekly chart reveals more details. For example, we noticed an inverted hammer on the first week of the current month.

Based on this candlestick pattern, many believed the four-week-old downtrend was over. Price played out accordingly as it experienced a more than increases 63% positive change the next week.

The massive surge created concerns for the bulls as they expected increased selling pressure over the next few days. However, this never happened as the uptrend continued. It ended the next intraweek session with gains exceeding 20%.

The bears seem to be catching up as we observed the first red candle in more than fourteen days of the consistent surge. A closer look at the weekly chart reveals that the asset corrected from a high of $9.75.

One analysis pointed out this happening. It stated that based on price movement, the $9 resistance is one HT may break. However, it had massive retracement after the attempt.

In the coming days, we may expect a retest of the $10 resistance. Nonetheless, considering the fact that it had a bearish divergence on the daily chart, we may expect further downtrends. One of the key levels to watch out for is $8.4. Failure to hold this mark may guarantee a retest of the $6 support.

3. Casper (CSPR)

Like most cryptocurrencies, CSPR had its lowest for the year in June. The $0.22 support failed, as a result, the token dipped to a low of $0.022. However, it found support and rebounded. The bullish effort was not enough to see it erase all the losses.

To this effect, the session ended with losses exceeding 24%. Nonetheless, after a rebound in June, the asset continued its uptrend into the next month. It peaked at $0.033 and closed with positive changes worth 14%

The bullish sentiment continued into August as it made an attempt at the $0.040 resistance but failed as it faced strong rejection at $0.039. The bears took over and caused a massive downtrend. As a result, Casper closed with losses of almost 14%.

September was marked with reduced trading volume as we observed the small candle representing price action. Nonetheless, the session ended with gains of more than 6%. This marked the resumption of bullish dominance.

October is the most positive month for the asset. It peaked at $0.054 as the momentum heightened. It is also worth noting that this happened during the second week of the period under consideration.

It ended the week with gains exceeding 31%, defying the sideway trend most cryptocurrencies were having. However, it failed to react to the massive positive fundamentals the entire crypto market is having.

Nonetheless, October is gradually coming to an with the token up by more than 38%. A look at the indicators predicts recovery, which may result in further uptrends for it. The 50-day MA and the 200-day MA are close to an interception.

This is a sign of a long-term price increase. One of the key levels to watch is the $0.050. If price action plays according to this speculation, CSPR may surge above this level before the end of this year.

Nonetheless, we may expect the downtrend to extend before the buyback. One of the key levels to watch is the $0.026 support. We may expect the consistent decreases to end at this mark or risk further retracements.

4. Trust Wallet Token

Trust Wallet Token is another asset on the list of cryptocurrencies in the top 100 that are defying the bearish dominance. Unlike most currencies, it dipped to its lowest for the year in February.

TWT retraced to a low of $0.40. However, it peaked at $0.66 but faced massive rejection and ended the session a little above its opening price. The session ended with the wallet token gaining more than 3%.

It attempted retesting this low in May as it dropped as low as $0.42 after it peaked at $1.05. It rebounded but failed to erase the incurred losses. May closed with losses exceeding 25%. It attempted to recover the lost levels during the next 30-day sessions.

It surged to a high of $0.95 after it retraced to a low $0.54. The period closed with a more than 19% positive change. More volatility in July as TWT briefly reclaim the $1 resistance. It faced corrections but ended the session with a gain worth 14%.

During the next month, it faced massive rejection at $1.22 and closed at $0.95, 3% higher than its opening price.

The Crypto market continued its trend of recording little to no changes at the end of every intraweek session. This pattern has entered its third week as result, most asset are seeing little to no price increases due to low buying pressure.

The global cryptocurrency market cap was at $922 billion at the start of the previous week. It dipped to a low of $891 billion as bearish dominance peaked. However, it recovered and ended the period under consideration with no notable change in value.

We also observed a lot of inactivity in derivatives. Daily, open interest plummets and liquidation figures decrease. With regards to fundamentals, there were no big ones that could impact prices.

Nonetheless, most of the news that made rounds during the period under consideration was of firms entering the crypto space. One such was an announcement by Lamborghini announcing its readiness for the metaverse with a launch of an NFT collection.

Football legend, Lionel Messi recently partnered Bitget ahead of the world cup. With the start of the new week, many are looking forward to more price action and stores that could positively affect prices.

It is looking promising already as crypto-friendly Rishi Sunak became UK’s Prime Minister. We observed a notable price increase a few hours to the time of writing in response to some decisions he made already.

Will the bullish sentiment continue throughout the next five days? Let’s see how some crypto assets will perform

Top Five Cryptocurrencies to Watch

1. Bitcoin (BTC)

The apex coin failed to impress last week. The asset had lesser volatility compared to two weeks ago. It recorded losses or gains of less than 2%. After a green Monday, the next three days were marked by little trading volume.

Nonetheless, the sessions were represented with red candles. BTC experienced its biggest trading volume on Friday as the asset dipped to a low of $18,660. It recovered and closed a little higher than its opening price.

One notable event during this period was that the apex coin failed to retest the $20k resistance. This is the longest since it started trading sideways it maintained the $19k support and failed to flip $20,000.

A look at the indicators reflects the low price performance. One such is the Moving Average Convergence Divergence. The histogram associated with this metric showed dwindling buying pressure and very little counterforce.

Nonetheless, the asset under consideration had a bullish divergence on Saturday as it picked momentum. This may be an indication of that bitcoin may experience more price increases over the next five days.

Sticking to this claim, it tested and broke the $20k resistance. it also broke the “less than 2%” trend as it is currently up by more than 3%. Additionally, it is exchanging above the 50-day MA.

The Relative Strength Index is at 60. One key level to watch over the next few days is the $19k support. Failure to gain stability above $20k may result in a retest of this vital level. However, if BTC maintains its current momentum, it may test the $21k resistance before the end of the week.

2. Ethereum (ETH)

On the weekly chart, Ethereum ended the previous week with gains exceeding 4%. It was one of the top gainers during this period as it saw notable price increases. Although it had a bullish start to the week, it was bearish from Tuesday to Thursday.

Ether picked up momentum on Friday after a quick dip to $1,252. It ended the intraday session above its opening price and continue the little increase into Saturday. However, the biggest increase of the week happened on Sunday.

It kicked off at $1,314 and bounced off the $1,300 support before a peak at $1,370. It closed the 24-hour period with a gain of more than 3%. RSI returned to its September high of 52. MACD also continued its uptrend.

The previous intraday session had many wondering how prices will play out this week. One reason for this concern is that for the past three weeks, Mondays were marked with green candles. However, this week’s was a red.

Based on indicators, it is safe to conclude that there are little to no signs of massive retracements. ETH is currently trading above it 50-day MA. RSI is normal with more space for price improvements. If it maintains the current momentum, it may retest the $1,700 resistance as it briefly flipped the $1,500 a few hours before the time of writing.

Before the attempt, ether will look to gain stability above $1,600. However, a trend reversal may see the asset lose all of its accumulated gains. One of the levels ot watch is the $1,400. We observe increased demand concentration at the mark.

A flip may send the largest altcoin as low as testing the $1,300 support and possibly the $1,200. It is also worth noting that the 12-day EMA is gradually surging above 0. Could this be the long-awaited breakout?

3. Huobi Token (HT)

Huobi token had a splendid performance last week. It opened the period under consideration on a bullish note as it saw notable increases of more than 15%. During the session, it tested and flipped the $8 resistance.

Two days of downtrend resulted in the asset losing almost 4%. However, it picked momentum on Thursday and Friday but recorded meager figures. It saw its biggest surge on Saturday as it peaked at it almost tested the $9 resistance.

It stopped in its bid as selling pressure mounted at $8.90. The last day of the week was marked by strong volatility as the red candle has long wicks to the top and bottom. On the weekly chart, HT gained more than 28%.

One notable thing during this period is that the asset under consideration was mostly overbought. As a result, there is huge uncertainty as to price performance. There were fears of massive retracements during this period. It never happened.

The same concerns are present this week. Nonetheless, one key level it may test is the $10 resistance. To ensure this, the token must build momentum above $9. A closer look at the Relative Strength Index still points at the cryptocurrency enjoying massive increases than required. A reversal in trend may send it crashing.

The $8.33 support is one of the barriers to watch. If it fails, the asset may sink as low as testing the $7.4 positive barrier. The $6.6 support remains the toughest before a retest of $5.

4. Aave (AAVE)

The token joins the small lists of top gainers during the previous intraweek session. Like most cryptocurrencies to watch, it had a bullish start as it gained more than 3% on the first day. The increase in price continued into the second and we may conclude that the asset was mostly bullish.

Over the first three days of the week, it recorded positive changes of almost 10%. Little downtrends with no significant impact in value. AAVE had its biggest pump on Sunday as it gained more than 8%.

At the end of the seven-day period, it saw gains of more than 17%. There are concerns of whether the bullish momentum would continue this week. Indicators are not looking too good. For example, RSI is on a downtrend.

Due to the most recent drop in price, the Relative Strength Index is at 54 from a peak at 68. In response to the decrease, the 12-day EMA is also dipping. This may be an indication of further price decreases.

If this happens, the $80 barrier is one level to watch out for. Failure to defend it may result in flipping the 50-day EMA. Further downtrends may also send the cryptocurrency as low as $75.

Nonetheless, a reversal in trend may send AAVE to reclaim lost levels. One such is the $90 resistance. The further increase may guarantee a flip of the $100 barrier.

5. Klatyn (KLAY)

Klay closed the previous week with gains exceeding 28%. A bullish start sealed the bullish sentiment as it tested and broke the $0.28 resistance for the first time in more than 60 days. A look at the daily reveals one of the longest wicks on a candle.

It represented trading actions on Sunday as the asset experienced a sudden burst in buying pressure. As a result, it surged from $0.13 to the highlighted peak. It was up by more than 100% before a massive rejection.

It ended the intraday session at $.18 which signifies a more than 31% change in price. Due to the sudden rise in price, RSI hit a high of 68 from below 30. It also had a bullish divergence which are sign of more price improvements.

Trading actions during the present intraday session may spread fear amongst traders as the cryptocurrency is losing all of its accumulated gains. Nonetheless, indicators are still positive. We may expect a retest of the $0.22 resistance. If the downtrend continues, KLAY may retest the $0.18 support.

Another week comes to an end with no notable changes in the crypto market. It started Monday at $926 billion. Several cryptocurrencies failed to surge and experienced intense selling pressure.

As a result, the global cryptocurrency market cap retraced to a low of $729 billion. Nonetheless, it recovered and peaked at $970B as the week progressed. A closer look at the chart several massive dips.

The week is coming to an end with the sector’s valuation at $944 billion. Notably, several assets contributed to the state of the entire industry. The top gainer over the last seven days is Casper.

The cryptocurrency may end the intraweek session with gains exceeding 22%. On the other hand, the biggest loser during the period under consideration is Reserve Rights. The token is currently down by 19%.

Terra Classic ranks second with losses exceeding 9%. On the part of fundamentals, it is safe to conclude there were no massive stories. Nonetheless, Dogecoin get a massive push from Elon Musk’s renewed interest in Twitter.

Another news that shocked many was that Binance was hacked. The hackers charted away $570 million in crypto and are still unknown as no group claimed responsibility for the attack. What does the new week hold?

Top Five Cryptocurrencies to Watch

1. Bitcoin (BTC)

Bitcoin had a series of low volatility days during the previous week. However, this is the exception for Monday and Tuesday. We observed the cryptocurrency recorded notable gains during this period.

For example, the first day of the week ended with a positive change of more than 3%. The next day also ended with an almost equal margin. Following days of consistent uptrends, the bears responded.

The next four days were marked with red candles. On the last day of the week, the apex coin has little or no volatility. A closer look at the daily chart displays the entire picture as we observed a tiny line representing that intraday session.

On the part of the indicator, there were no massive movements. However, the top coin briefly flipped the 50-day Moving Average. MACD also ended the period under consideration with a bearish convergence.

Such a phenomenon is a clear indication that BTC will experience more downtrends. We are seeing this prediction come true as the apex coin is down by a few percent yesterday. Interestingly, there is no change in sight.

The asset is also seeing small losses and is yet to pick up momentum. To this effect, we may expect little downtrends over the next few days. We observed that the $18k support held out last week, it may do the same during the current intraweek session.

Due to the most recent state of the market, a bearish divergence is imminent. It had to predict the extent to which the selling pressure would hit BTC. Nonetheless, once the coin picks up momentum, it may return above $20k before the current seven-day period ends.

It is also worth noting that the Relative Strength Index is at 43. It may dip below 30 if current market conditions persist.

2.Ethereum (ETH)

Ethereum also had a volatility-filled week. Price’s actions during this period were intriguing as the bearish moments outweighed the bullish ones. However, in the end, the largest altcoin ended with notable gains.

A quick breakdown of what transpired during the period under consideration. Last week Monday, the coin saw a considerable push to the top as we observed it ended the intradar=y session with gains exceeding 3%.

The bulls built on this lead the next day as ETH made an attempt at the $1,400 resistance but failed. It peaked at $1,370 and closed with gains exceeding 3%. The Candlestick patterns on Wednesday hinted at the end of the uptrend.

The candlestick was a hammer. This proved true as the top asset failed to record any notable gains or losses the next day. The next few days were also marked with consistent downtrends. In the end, the largest alt closed the week with gains of more than 3%.

A closer look at the indicators showed factors that may affect the current intraweek session. For example, the Relative Strength Index closed at 42. We also note that the Moving Average Convergence Divergence stopped its uptrend and hinted at an impending bearish convergence.

This is what is playing out as at the time of writing. The 12-day EMA is set to intercept the 26-day, which will be followed by divergence. It is safe to conclude that indicators are not looking bullish.

One key level ETH defended for more than three weeks is the $1,200 support. If market conditions do not improve, we may expect a retest of this mark. Nonetheless, we take into consideration the most recent market trends of ranging.

We may see the altcoin linger between $1,300 and $1,200. It may also pick momentum and make another attempt at the $1,400 resistance. As of the time of writing, RSI is at 40.

3. Ripple (XRP)

Ripple was one of the top gainers last week. The coin ended with gains exceeding 18%.  A look at the daily charts revealed that it was mostly bullish. A breakdown of what transpired during that session would paint a clearer picture.

On Monday, XRP surged from a low of $0.43 to a close at $0.46. The uptrend continued as we observed another leap on Tuesday. This time, the asset reclaimed the $0.48 resistance. Additionally, it ended with gains of almost 4%.

It slowed down the next day but peaked at $0.50. Low trading extends for a few more days until the final breakout on Friday. The asset made an attempt at the $0.55 resistance but failed as it faced strong rejection at $0.53.

XRP ended that intraday session with gains exceeding 5%. On the last day of the week, the altcoin gained more than 3%. A closer look at the indicators revealed that a lot happened during the previous seven-day period.

For example, it experienced a bullish convergence and divergence in response to consistent price increases. Additionally, RSI peaked at 69 due to the massive increase in buying volume.

Many may expect the uptrend to continue. However, recent price action revealed that this may not be the case. For example, XRP saw a more than 7% drop yesterday as the bears seize control of the market.

The situation has not improved as we observe further downtrends. The asset retraced as low as $0.47 after it opened trading at $0.50. It comes as no surprise as the uptrend last week opened the coin for corrections.

It threatened to go above 70 as it enjoyed massive buying pressure. RSI is also on a downtrend at this time. One key level to look out for is the $0.45 support. Although the previous price action paints this level as weak, it is a vital mark the bulls must defend.

4. Quant (QNT)

Quant price movement during the last seven days was intriguing. It had some moments of little or low trading volume. It also had a very good start to the week. Last week Monday, the asset surged from $129 to a close at $139.

Both prices suggest that it gained more than 7% during this period. from Tuesday to Friday, it recorded very little trading volume. Nonetheless, it saw a few losses on Wednesday. On Saturday, it broke out from the trend.

As a result of the additional push it saw during that intraday session, it hit a level it hasn’t since March. It peaked at $153 and closed at $148 after an open at $138. It recorded another positive change of 7%.

The uptrend continued into the last day of the week. This time, the coin flipped the $160 resistance. After attaining this milestone, it saw a high of $163. However, in response to the new peak, it lost momentum.

Nonetheless, it ended that session with gains exceeding 4%. The major reason for the retracement is seen in the Relative Strength Index. We observed that QNT was overbought on Sunday.

The correction extended into the present week as it recorded significant losses yesterday. Price action during the current intraday session suggests that the altcoin is seeing notable buying pressure.

It has reclaimed the lost levels and accumulated more gains than it lost yesterday. We may see more advances with a little more downtrend than the previous week. If this happens, there are indications that QNT may close above $180.

5. Casper (CSPR)

Casper also experienced massive increases last week. It battled low trading volume for the first three days of the seven-day period. During this time, we observed a gradual build-up in MACD.

The asset had a bullish divergence on Wednesday but felt the effects the day.  CSPR recorded its biggest surge for the week and over the last three months. The altcoin surged from $0.030 to close at $0.036.

This was a more than 19% price change. Aside from this move, there was none worth noting. It ended the previous week with gains of more than 20%. It has returned to its low trading phase. The question on every trader’s mind is if we see a repeat o the massive surge.

It remains to be seen as indicators are hinting at further downtrends. One such is the Moving Average Convergence Divergence. The 12-day EMA has halted its uptrend and may dip if there is no notable increase in price.

This is an indication of an impending bearish convergence. The Relative Strength is about to retrace below 60.

The crypto market is filled with a lot of uncertainty. Several cryptocurrencies are not following their previous trend. They also failed to record any notable increases. As a result, there was significant change in the valuation of the industry.

The same happened last week as the sector under failed to record any change. It opened the period under consideration at $935 billion but retraced to a low of $880B as the bears seized control of the market. Nonetheless, it recovered as the week progressed

It peaked at $953 billion but met resistance end the previous seven-day session at $928B. It showed signs of better performance during the previous intraday session. It regained stability above $958 billion.

Unfortunately, trading action during during the current 24-hour period saw the valuation dip again. As at the time of writing, it is worth $932B. Nonetheless, the bulls will look to exert dominance of the market as the month is coming to an end.

However, there are no Fundamentals to support this bid. The bears are not also the favorite to edge in this struggle as the news making rounds as at the time of writing are not big enough to cause any massive changes to prices. Will this week be bullish or bearish?

Top Five Cryptocurrencies to Watch

Bitcoin

Last week was one that many felt that the apex coin should perform better. The way kicked off the session is one that many expect to set the bullish tune. Unfortunately, subsequent price actions proved this false.

BTC faced massive retracements that saw it dip as low as $18,200 on the first day of the week. The bulls forced a rebound that made the top asset surge to it opening price and close a little above it.

The buyers failed replicate the same sentiment during the next intraday session as the top dipped by more than 3%. Nonetheless, the market gained momentum on Thursday. As a result, Bitcoin made an attempt at the $20k resistance.

The bid ended in failure as the it peaked at $19,900. It also experienced small rejection that ensured a close at $19,500. The apex crypto currency closed with gains exceeding 5%.

Little moves during subsequent days filled with ups and downs. Nonetheless, BTC closed with losses exceeding 3%. Indicators also blared warning during this period. One such is the Moving Average Convergence Divergence.

The metric continued it dip below 0 with the 26-day EMA seeing most of the trajectory. We also noticed that RSI dipped below 40 and raised concerns of BTC becoming oversold. Additionally, it closed below its pivot point.

The current week carries a lot of uncertainty with regards next price action. For example, it saw a good start to the week as it gained more than 2%. The bullish sentiment continued into the current intraday session.

We observed a peak at $20,381. As a result of a massive retracement, the coin is heading for a close a little lower than it opened. Nonetheless, MACD is hinting at a possible continuation of the bullish sentiment

We observed that it had a bullish convergence and may soon diverge. This could mean another attempt at $20k and possibly the $21k. Nonetheless, taking into consideration the most recent trend. We may expect a retest of the $18k support.

Ethereum

Ethereum had the same start as BTC. We observed a massive retracement to $1,280 last week Monday. However, as the session progressed, it rebounded to a close at $1,375.

The next day was mostly bearish as the top altcoin failed to gain momentum. As a result, it suffered deficits of more than 3%. Nonetheless, this changed on Wednesday as ETH attained it high for the week.

It hit a high of $1,400 but met strong resistance and dipped. The selling was so strong the ether closed the intraday session with losses of up to 6%. Nonetheless, it reclaimed the lost levels on Thursday as it recorded its biggest gain for the intraweek session.

It opened at $1,245 and peaked at $1,349 but closed $1,326. This signifies a 6.48% increase. Low trading volume during the last three days of the week with no significant change to price. Nonetheless, the largest alt saw losses exceeding 3% on the weekly chart.

The Relative Strength Index showed that ETH was oversold on Wednesday a result of the massive drop in price. Nonetheless, the coin recovered but ended the last week below 40.

The current intraweek session started a little bullish for ether as it gained more than 3%. During the current intraday session, it peaked at $1,400 but dipped and may be heading for a close below its opening price.

A closer look at the Moving Average Convergence Divergence could give better insight into what will transpire within the next six days. We observed that both the 12-day EMA and the 26-day EMA are both converging.

If ether maintains it slight incline, with regard to price, we may expect the bullish convergence to take place this week. That could result in more price increase for the asset under consideration.

We may expect a retest and flip of the $1,400 resistance. On the other hand, ethereum may sink $1,200 if the bulls fail to rally the market.

Ripple

Ripple had one of its best performances last week. It started the past week with gains of more than 7%. It continued to enjoy the bullish sentiment on the second day as it surged by 8%.

The coin had a brief cooldown on Wednesday as it lost more than 4%. It found support at $0.38 but closed at 0.4. This served as a launch pad to for the bullish campaign on Thursday. XRP recorded massive gains it hasn’t in a long while.

The altcoin was on way to test and flip the $0.50 resistance but fell short as it faced strong resistance at $0.49. As a result, it closed at $0.48. Nonetheless, this denotes a more than 22% increase. More green candles a red.

Nonetheless, the alt close the week with gains exceeding 37%. A closer look at the Relative Strength Index revealed that XRP was overbought on Friday which resulted in retracement on Saturday.

Nonetheless, this massive poses a threat to how ripple will perform this week. Based on previous price movements, we’ve seen a massive draw back from such increase. This draw may take place within the next six days.

Affirming this claim, we noticed the altcoin lost almost 5% on Monday. We are also seeing further drop in values in the current intraday session. However, it is important to recognize that the it had a little push to the top. Nonetheless, it took a bearish turn.

One of the important levels to watch is the $0.45 support. We may see this critical level flip the bearish dominance continues. If it fails, we may expect an attempt at the $0.40 support. This may result

Quant

Quant also had a splendid performance during the previous intraweek session. It was mostly bullish as it only saw two days of losses. The first was on Tuesday when it dipped by more than 6%.

The other was on Wednesday when the token hit resistance at its pivot point. It retraced to a close below its opening price. It closed with no significant losses or gains.

Nonetheless, the last four days of the week were filled with notable increases. It recorded it biggest surge on Friday as it flipped the $107 resistance. It ended the intraday session at $112 which denotes 6% positive change.

It also another massive surge on Saturday. This time it briefly tested and flipped its first pivot resistance at $122 and peaked at $124. However, it faced strong resistance and retraced to a close at $114, indicating a more than 3% increase.

On the weekly chart, QNT closed with gains exceeding 11%. Several indicators hinted at the continuation of the uptrend. One such is the Moving Average Convergence Divergence. We observe the upward trajectory with regard the 12-day EMA.

The week ended with the metric maintaining this position. Additionally, we also noticed that the Relative Strength Index is above 60. If these recent uptrend continues, we may see it break above 70.

This is the case as QNT is up by more than 10% and may close with this value. However, the altcoin is overbought. This is a sign that it may soon experience a series of corrections. It this happens, one of the key levels to watch out for is the $122.

In recent times, it served as. a tough mark and may also function as such during this week. Nonetheless, if the most recent momentum continues, we may expect an attempt on the $148 resistance.

Additionally, we may expect to price accumulation above $140   this may continue until a massive surge or downtrend.

Cryptocurrencies like HNT and APE are some of the top gainers over the last seven days. They both surged by more than 8% and are showing signs of more uptrends. Nonetheless, the global cryptocurrency market cap is down by a few percent.

Yesterday, the industry opened with valuations at $935 billion. Trading action during the previous intraday session resulted in the worth dipping to a low of $880B. It recovered above $900 billion but it is trending below its opening price.

Most cryptocurrencies seem to be improving with regards to price. A comparison between the previous week’s chart and one that highlights price actions over the last 24 hours hints at better performances with the next two days.

The image above sheds more light on the previous statement as we observe more coins in green. It remains to be seen if the numbers will greatly increase or decrease. However, the sector is getting more active as we start the countdown to the weekend.

Microstrategy went shopping again. This time, they made a purchase of Bitcoin worth $6 million. Although most cryptocurrencies, especially the apex coin, are yet to respond favorably to this fundamental, it may be one of the catalysts for a little uptrend. Let’s take a look at the prospects of these cryptocurrencies.

Top Five Cryptocurrencies to Watch

BTC/USD

The weekly charts show the apex coin had a very bad week. As per the chart, we observed that BTC lost more than 11%. Such a massive decrease will lead many to expect one of the two, more price increases, or more price decreases.

Either way, one of these two scenarios is currently playing out. A closer look at the intraweek chart, we note that bitcoin is down by almost 3% since the present seven-day session started.

A delightful way to start for the bears. We observed that the asset dipped to a low of $18,271. This drop may mean several things in the next few days. One such is that the $19k support is one of the weakest and we may expect more price ranging close to $18k.

This could lead to massive retracement that may ensure the flip of the $18,000 support. Nonetheless, we’ve seen several downtrends come to a halt at $18,800. It remains to be seen if this will also play out this week.

ETH/USD

Similar to the apex coin, Ethereum lost a massive chunk of its value during the previous intraweek session. The coin dipped by more than 24% as it met several corrections and rejections.

It is important to take into cognizance how volatile the asset under consideration is. Since the start of the current week, it has broken the $1,300 support but recovered and is currently exchanging above it.

A Doji represents the current intraweek session which indicates that there was no massive move over the last 48 hours. Nonetheless, traders may gear up for an upcoming big move.

One reason for this conclusion is that the coin is at a critical level. It is currently trading a little bit far from the $1,300 support. Based on previous movements, once it flips, there are no notable supports until $1,000.

XRP/USD

Ripple showed a lot of resistance to the previous week’s sentiment. Nonetheless, it wasn’t exempted from the dips as it saw a low of $0.32 but recovered to close the session its opening price of $0.35.

The coin made an attempt at the $0.40 resistance but fell short as it peaked at $0.39. It also closed on a bullish note as several indicators indicated more price increases. The current week seems to be offering more in terms of uptrends.

XRP repeaked yesterday from an opening price of $0.35. This signifies a more than 7% positive price change. The altcoin also saw a spillover of that sentiment in the current intraday session.

This time, the coin flipped the $0.40 resistance and gained notable stability above it. It is currently up by more than 8% and may close at this price mark, marking the second day of consecutive gains. It remains to be seen if the uptrend will last through the week.

ALGO/USD

Algorand ended the previous week with losses exceeding 10%. A closer look at trading action during that seven-day period showed that the asset under consideration saw more bearish pressure, with the bulls struggling to rally the market.

A clear indication of this is the wick sticking out of the daily candles. Nonetheless, the token is seeing more buying pressure as buyers rallied it to a new high yesterday. It peaked at $0.32 but closed a little lower.

This happened after an open at $0.29, which indicates a more than 8% increase. The uptrend extended into the current intraday session as the asset hit a new peak. It surged as high as $0.34. What followed after could be the main cause for concern,

It faced strong resistance and was sent as low as $0.32. This may mean the end of the uptrend, Let’s see what the indicators say.

XLM/USD

Stellar’s performance during the previous intraweek session was bad like the other assets. Nonetheless, the coin saw a little recovery from its low of $0.10 to end the week with losses of more than 6%.

XLM is experiencing a reverse of that sentiment as we observed the notable gains it made. We may see it flip $0.12 and gain stability above it.

The past week has presented its challenges and triumphs for most cryptocurrencies. One of the beneficiaries of the positive sentiment that permeates the market during the period under consideration is the LUNA.

The coin seems to be making a comeback as it gained more than 120% over the last seven days. At the time of writing, it is worth $4.60. Closing behind this asset is RVN as it saw increases of more than 60%.

The global cryptocurrency market cap also saw notable increases as it slowly climbed above $1 trillion from $950 billion at the start of the week. It peaked at $1.05T and closed a little higher which signifies a 10% positive change in valuation.

With regards to fundamentals, the market seems to be riding on the upcoming Ethereum merge. There was also a video in circulation where Prince Charles, UK’s latest monarch, said Bitcoin was a good development.

It is safe to say there were more positivities than the opposite. Will it continue this week?

Top Five Cryptocurrencies to Watch

1. Bitcoin (BTC)

The past week marked the continuation of an uptrend that started two weeks ago. The bulls built on the lead they had and saw the apex coin gain more than 9% of its worth per unit. Bitcoin saw an increased amount of demand concentration at various levels which resulted in this feat.

During the first day of the week, we observed that the top coin failed to meet up with expectations as it recorded low trading volumes. There was low volatility and it failed to record any notable price change.

The market got heated up the next day as BTC faced strong rejections after an attempt above $20k. The intense selling pressure resulted in a dip to $18,669 and the largest cryptocurrency by market cap lost more than 5%.

Wednesday marked the start of another bullish round as bitcoin showed signs of recovery. The uptrend lasted till the end of the week. Nonetheless, the biggest move happened on Friday.

The apex coin opened at $19,300 and peaked at $21,600. It closed at above $21k and recorded a positive change of more than 10%. Several indicators hinted at more uptrends. One such is the Pivot Point Standard.

Bitcoin closed above its pivot point. The Relative Strength Index also peaked at 60 with MACD’s 12-day EMA surging. The previous intraday session fostered this claim as the largest cryptocurrency recorded gains of almost 3%.

Unfortunately, the current seven-day period is not starting off well as the previous.  As of the time of writing, the largest coin by market cap is down by more than 8%. Although there seems to be little selling congestion at $20k, there are possibilities it may give way.

If this happens, the $18k support may see more pressure. However, we may expect more price movement between $19k and $20,000 before the retest. On the bullish side, bitcoin may struggle to reclaim key levels like $21k.

2. Ethereum (ETH)

The largest alt by market cap was more like the star of the crypto industry during the previous week as its biggest upgrade was slowly approaching. It enjoyed similar movements to BTC as it marked the second seven-day period of consecutive gains.

Ether had a good start to the previous week as it saw gains exceeding 2%. However, it lost momentum on Tuesday as it retraced from $1,687 to a low of $1,553. As a result, the coin lost almost 4%.

It saw recovery after a dip to the seven-day period low. It broke the $1,500 support and dipped and rebounded at $1,487. We may conclude the asset was bullish all the way from that point until the end.

Like the preceding cryptocurrency, ether saw its biggest increase on Friday. It climbed above its pivot point and maintained the edge throughout the period under consideration. However, it exhibited signs of correction on Sunday.

The same sentiment is present during the new week. The market seems not to be in favor of anyone as Ethereum is also facing severe selling pressure. Currently, it struggling to hold $1,580.

The current intraday session marks the second consecutive loss. Nonetheless, there are indications of more price movements ahead. One such is the Moving Average Convergence Divergence.

We observed that the most recent pressure has hastened the bearish convergence. This may spell more downtrend for the largest altcoin as the convergence is soon to be followed by divergence.

Considering the previous week’s low, we may conclude that ether may retest the $1,400 support. Based on the most recent state of the market, it is hard to tell if ETH will experience a rapid recovery. Nonetheless, if such happens, we may expect to see the altcoin reclaim $1,500.

3. Ravencoin (RVN)

RVN was the second biggest gainer during the previous week. The coin saw notable hikes that saw it achieve attaining levels it hasn’t in more than three weeks. it makes the list of cryptocurrencies to watch as indicators are hinting at a retest of another key level.

RVN had a similar performance as the previously highlighted coins. A good on Monday saw it surge by almost 12% as it opened at $0.034 and peaked at $0.039. The second day of the week came with a notable downtrend.

The correction started after the token saw strong rejections at $0.42. The bulls failed to defend the mark and the asset dipped as low as $0.037, signifying a more than 4% drop from its opening price of $0.038.

The next two days were marked with dojis, indicating the inability to record any notable losses or gains. This changed on Friday. A closer look at the chart reveals a longer candle than any seen in more than 60 days.

The token surged from $0.036 to a peak at $0.062. However, it met rejection and retraced to $0.056 which signifies a more than 50% increase from the opening price. A small candle the next and a red one on Sunday.

The previous intraday session reaffirmed that RVN may see more uptrend. Current trading action indicates that it may close the day with notable losses. A closer look at the indicators tells one reason for the downtrend.

We observed that the asset was overbought. Based on RSI rules a cryptocurrency that experiences that phenomenon is due for a correction. It is hard to say how long the price decrease will last, nonetheless, MACD and PPS are still bullish.

However, it is certain that traders should gear up for massive volatility. With price increases in view, we expect more attempts at key resistance. One such is $0.75. Several attempts at the mark have failed in recent times. It remains to be seen if the upcoming test will be successful

4. Terra (LUNA)

LUNA seems to be making a comeback from the previous near-closure experience it had. The last seven day was one of its best performances as it surged by more than 100%. There are worries that this surge may not last.

Nonetheless, price action over the last seven days may allay these fears. LUNA had a good start to the previous week. The coin opened at $0.00025 and closed at $0.00040, gaining more than 60% in the process.

The sudden spike in prices triggered a more fierce struggle for dominance between both trading factions. Terra peaked at $0.00046 but met strong rejection and retraced as low as $0.00033. The bulls fought back and rallied it to a close at $0.00038.

Massive volatility continued to unfold as the coin dipped to $0.00032. It bounced off the support and surged to a high of $0.00049. The rejection sent the asset to a close at $0.00043 which indicates a more than 14% increase.

LUNA saw its biggest hike on Thursday. It spiked to a level it hasn’t since May. A massive selling pressure sent the crypto under consideration as high as $0.00076. Like in recent times, the surge was met with fierce rejection.

As a result, terra closed as low as $0.00051. Nonetheless, it recorded gains of more than 14%. Such massive increases in seven days may lead many to wonder if the uptrend will continue.

It is important to note that the results from the past week may be an indication that traders are finally waking up to reinvest in the coin. If that is the case, the bulls may continue to rally the asset in the coming days

5. Mina (MINA)

Mina also had a good run during the previous week. Although it had a bad start, it picked up momentum as the seven-day period progressed. The first two days were marked with consistent downtrends.

The token lost more than 7% during those 48 hours. Mina picked up momentum on Wednesday with a 5% increase, recovering from the previous day’s loss. Little increases happened often throughout the week but failed to have any impact as the asset recorded no notable gains.

It is hard to predict price movement over the next six days. Nonetheless, there are strong indications that it will be filled with volatility. One key level to watch is the $0.62 support.