Category: Analysis

The previous intraweek session was one that allowed both the bulls and bears a spotlight. The industry was valued at $1.71 trillion at the start of the week and peaked at $1.96 trillion during the timeframe under consideration.

The high was perceived as an indication of more uptrend as the Fear and Greed Index peaked at 51 at the time. One of the highlights of the week was when the market surged and gained more than 10% within 24 hours.

However, the descent to the current valuation was almost as quick as the hike and the crypto market closed almost the same way it opened. The past six days saw a mix of both bullish and bearish trends that ended up in the market, losing more than 7%.

The state of the crypto market is further expressed in the image below. We observed that the top loser over the past seven days was Fantom, as it lost more 25%. Waves gained 45% during this period, making it the top gainer.

(Source: Coin360)

Unfortunately, the market is yet to see any improvement as most projects are experiencing further downtrends or stability. We it continue throughout the next six days?

Top cryptocurrencies to watch this week

1. Bitcoin (BTC)

The previous seven-day period ended with a dip below its DMA as well as its pivot point. Additionally, we also observed that the Moving Average Convergence Divergence (MACD) is also giving off a bearish signal as both lines were just intercepted.

Bitcoin had its best start to an intraweek session for the first time since January. The coin surged by more than 14% as it regained composure at $42k. This bullish start continued to the next day as the largest cryptocurrency by market cap flipped the $44k resistance.

Unfortunately, the bulls were unable to sustain the uptrend and BTC resumed its downtrend. Wednesday was marked by minimal trading volume but saw more selling pressure that resulted in its apex coin losing a minute percent.

The retracement continued throughout Thursday, the largest digital asset lost almost 4%. Bitcoin saw its biggest loss on Friday, as it dipped by more than 7% in a quick correction that lasted barely 4 hours.

The weekend went the way it has been with Dojis representing both intraday sessions. The asset under consideration may close the week gaining or losing anything significant. During the previous intraweek session, the bulls successfully fended off attacks on the $38k support.

BTC returned to the previous pattern of minimal trading volume during the previous intraday session. The coin failed to record any significant gains during that period under consideration.

Although the current market situation has improved, the apex coin is still struggling below its pivot point and the Displaced Moving Average. How will it perform this week? It remains unclear but using previous price movements, we deduce that bitcoin may retest $40k but fail to gain stability above it.

2. Terra (LUNA)

One outlook noted that the RSI was on the rise – indicating an increase in buying pressure. If the bulls sustain the current market trend, terra may end the week above $90. LUNA saw a high buying pressure that saw it hit a high of $97.

However, the momentum dwindled and the digital asset retraced, closing the week at $79. Regardless of its performance, Terra climbed up the market cap rank and is currently the seventh largest coin. Additionally, LUNA is still perceived as a bullish asset, as it has gained more than 9% over the last seven days and is trading above its pivot point.

Terra started the current week recording minimal losses. You may want to place the current assets under consideration on the list of cryptocurrencies to watch this week. It is currently up by more than 5%, and is trading above its pivot point.

LUNA may see more uptrends over the next six days based on the Pivot Point Standard. However, we observed that the token is close to a bearish divergence on MACD which may mean the start of a downtrend.

3. Waves (WAVES)

Waves saw a high of $21 last week and a low of $11. The coin saw a massive uptrend during the previous intraweek session as it opened at $11 and closed at $17 – a more than 58% increase at the time.

The coin has continued its uptrend into the current seven-day timeframe. It has gained more than 29% and is still on the rise. The token flipped the $24 resistance a few hours to the time of writing but is currently exchanging at $22.

Additionally, WAVES is trading above it DMA, which spells goodwill for the asset as we may see and attempt at the $25 resistance next. If the current momentum is sustained, we may see the token retest $30 and close between $28 and $25.

4. Thorchain (RUNE)

RUNE saw a high of $6 last week and a low of $3.3. The coin saw a massive uptrend during the previous intraweek session as it opened at $3.4 and closed at $4.6 – a more than 34% increase at the time.

Unfortunately, the market is void of the same sentiment that was seen seven days ago. The coin has is currently on a downtrend as it is on its second day of consecutive losses. It has lost more than 8% and is still experiencing retracements. The token flipped the $4.5 support a few hours to the time of writing but is currently exchanging at $4.2.

Additionally, RUNE is trading below its DMA, which translates to more worries for the bulls. Based on the most recent sentiment, the asset may test the $4 support. If the bears continue their grip on the market, we may see the token retest $3.2 and close between $3.8 and $3.5.

5. Celo (CELO)

Celo saw a high of $2.9 last week and a low of $2.3. The coin saw a massive uptrend during the previous intraweek session as it opened at $2.3 and closed at $2.5 – a more than 8% increase at the time.

The coin has continued its uptrend into the current seven-day timeframe. It has gained more than 10% and is still on the rise. The token flipped the $3 resistance a few hours to the time of writing but is currently exchanging at $2.8.

Additionally, CELO is trading above it DMA, which spells goodwill for the asset as we may see and attempt at the $3.2 resistance next. If the current momentum is sustained, we may see the token retest $3.5 and close above $3.2.

Conclusion

The market closed the past week at $1.74 trillion. The sector was estimated to be over $1.88 trillion at the start of the week. It hiked above $1.90 trillion before the end of the intraday session on Monday.

Traders were thrilled as the industry peaked at $2 trillion over the past seven days – oblivious to the impending downtrend. The more than 8% that was lost due to the downtrend left the buyers in shock as we observed a rapid change in market sentiment.

Following the start of a bearish grip on the market, most projects in the top 100 are down by a few percent. The image below further shows how some assets are in the top 100. EGLD is the top loser as it lost more than 30% during the current intraweek session.

Source: Coin

Market sentiment is returning to fear as the Fear and Greed Index is currently at 20. The absence of price defining stories has also contributed to the current state of the industry. However, mass adoption continues as Jared Polis, Governor of the U.S. state of Colorado, has confirmed that the state will soon start accepting cryptocurrencies for tax payments.

Many are unsure of the next market action as tensions between Russia and Ukraine have started to affect stocks. Will it affect crypto prices?

The Top Five Cryptocurrencies to Watch This Week

1. Bitcoin (BTC)

Last week, Bitcoin opened trading a little dull as it closed the first day of the week with minimal loss. It picked up momentum as the intraweek session progressed. It gained more than 5% over the next 48 hours – sparking hopes of a return to $45k.

Unfortunately, expectations were squashed as the largest digital asset started a downtrend on Thursday. Like the previous session, BTC lost all its gains and may close the losing 9% as it opened the period under consideration at $42k and is currently exchanging at $37,500.

Many critical levels were lost during that time. One such is the $40,000 support lost its strength as it flipped on Sunday and the largest cryptocurrency dipped as low $38k. As the correction intensified, the $37,000 support also broke the apex coin hit a low of $36,350 a few hours to the time of writing.

The week ended with BTC experiencing a bearish divergence as indicated by the Moving Average Convergence Divergence (MACD).Additionally, the histogram associated with the Moving Average Convergence Divergence also prints a gradual downtrend in demand.

The Pivot Point Standard also suggests that the top asset may have fallen into another bearish dominance as it is currently trading below its pivot point. In other words, the past intraweek session closed with the bulls having more to worry about.

Bitcoin is gradually picking up momentum as at the time of writing. However, many worry that a repeat of the past seven days of events may play out. If this happens, BTC may be left trading below $35k. Nonetheless, if the current trajectory is sustained, the apex coin may resume exchanging above $40k.

2. Ripple (XRP)

XRP was one of the few coins that recorded significant gains two ago. The buyers would have hoped for a continuation of the past momentum as XRP was one of the few tokens to end that period in profit. The digital asset gained more than 17% during that time.

Unfortunately, the reverse was the case as the closing price suggests that ripples have succumbed to the general market sentiment as it is down by more than %4. Nonetheless, the coin saw a high of $0.86 and a low of $0.75.

Currently down by more than 12% over the last seven, the buyers will hope for a rally. However, this is unlikely as MACD’s histogram indicates the increase in selling pressure as the bulls fail to concentrate demands at $0.75 – leading to the token trading at $0.70 as at the time writing.

If the bears’ dominance on the market continues, XRP may close the week exchanging below $0.65. A change in the coin trajectory may guarantee a retest of the $0.72.

3. Decentraland (MANA)

Decentraland lost almost 5% last week as it saw a low of $2.61 and a high of $3.4. The end result of the previous intraweek session was not favorable as the buyers appeared to have the upper hand in the market at the start of that period.

Some of the critical levels that were lost during the timeframe include $3.3 as well as $2.8. As the token lost these levels, it opened the $2.5 support for testing. Currently trading close to the highlighted mark. It is only a matter of time until the barrier gets tested.

Unfortunately, we can’t turn to indicators as they are all still bearish. Why is MANA one of the cryptocurrencies to watch this week? Decentraland experienced a bearish divergence barely five days ago. However, we note that as bigger coins fail to surge, the token is known to be a safe haven for investors.

The above scenario played out last month and may likely be repeated this week. Nonetheless, we note how the bulls are currently holding $2 support. Further defense of this mark may result in the metaverse token testing $2.8 and flipping further resistance. Additionally, a slip of the $2.5 mark may send MANA as low as $$2.

4. Sandbox (SAND)

Sandbox is one of the worst-hit coins by its bearish dominance. The token hit a high of $4.46 but closed at $3.16. Opening in the past seven-day period at $4, the closing price shows a more than 20% deficit. The week ended with the Bulls plotting a comeback.

Recent attempts have failed as the metaverse token the retracement extends. SAND briefly went below its 200-day MA over the last 24 hours. However, the buyers appear to have gotten a grip on the market as the coin has gained 5% since the start of the intraday session.

The sudden turn of events during the past 24 hours has resulted in the token regaining the $3 support and gaining little stability above it. Nonetheless, SAND is down by a few percent in the weekly timeframe and is leading traders to ask if the asset will keep defying prevalent market sentiments.

Why is Sandbox one of the cryptocurrencies to watch this week? Current price movements suggest that the coin may experience more uptrends. Additionally, the metaverse token saw a bearish divergence barely five days ago. However, we note that as bigger coins fail to surge, the token is known to be a safe haven for investors.

The above statement is further proven as we observe the increase in cryptocurrency trading volume with buying pressure exceeding supply. We also note how the bulls are currently holding $3 support. Further defense of this mark may result in the metaverse token testing $3.5 and flipping further resistance. Although the grip on this level is not strong a price slip may send SAND as low as $2.8.

5. Gala (GALA)

GALA lost more than 10% last week as it opened at $0.28 and closed at $0.25. The cryptocurrency was a high of $0.36 and low of $0.24. Gala lost the 50-day MA during that time as it failed to sustain the early it had.

The fairly new project is currently exchanging at $0.23 per unit – a stark reminder that the digital asset lost critical levels during the past intraweek trading sessions. One of the key supports that was lost during that period is the $0.25 which led to further downtrend.

The last three days have seen GALA stay above $0.20 – making the mark a critical support. However, the coin is experiencing the same sentiment as the preceding cryptocurrencies, as we noticed that the cryptocurrency is down by almost 7%. Why is it one of the cryptocurrencies to watch this week?

Current price movements suggest that the coin may experience more uptrends. Additionally, the fairly new token saw a bearish divergence barely five days ago. The most recent uptrend may soon see the coin enjoy a bullish convergence.

Conclusion

Following a bullish start to the month, long traders are confident of further uptrend. The crypto market ended January at $1.75 trillion but is currently worth more than $2 trillion. Most cryptocurrencies experience hikes that have been absent in the past two months.

These digital assets no doubt saw a lot of hikes with minute retracements. Many believe the bearish dominance has ended based on the current run of the industry. This claim is backed by the fact that most projects are significantly up. The top gainer from the past intraweek session was MANA, as it gained more than 30% at the time.

The crypto market seems to be maintaining that previous momentum as some coins are still enjoying relative hikes in price. The chart below suggests that although the bullish momentum that was seen during the past 24 hours is dwindling, most projects are still holding on to some critical levels.

During the previous week, the Fear and Greed Index gradually surged from extreme fear to just fear and is now neutral as its current reading is at 48. Following an improvement in market sentiment, we may expect to see more uptrends over the next six days.

Is the bearish dominance over? Price action over the next few days will be the determining factor. However, we observe that the market is off to a good start following a surge across various coins  during the previous intraday session.

Top Five Cryptocurrencies to Watch This Week

1. Bitcoin (BTC)

Last week started a bit slow for Bitcoin as we observe that the difference between the high and low was not up to 5%. The cryptocurrency retraced to $36,631 but surged to $38,776  and closed the intraday activity around $38,400.

The apex token saw its biggest surge on Friday, as it gained 11% at the time. The last two days of the week saw BTC experience minimal price movements as it ended the period under consideration, holding on to that lead.

The coin no doubt benefitted from several bullish stories that flooded the crypto space. One of the most thrilling is the news of Microstrategy splashing another $25 million on the digital asset. Indian traders can now trade BTC as well as other crypto assets thanks to the new tax law.

The largest coin by market cap closed the preceding intraday session with an almost 4% increase. However, the same cannot be said of the current session as the cryptocurrency is experiencing more selling pressure.

Nonetheless, the past seven-day period ended with bitcoin gradually rising above its bearish dominance. With several indicators suggesting further uptrends, buyers will look to make that happen over the next six days.

One such is the Pivot Point Standard (PPS). The apex coin is still trading above its Pivot Point as a result of the latest surge it experienced. Still holding onto it PP, we may expect more price increases as the said metric suggests that the project is on a path to another rally.

The Moving Average Convergence Divergence (MACD) is silent as bitcoin had a bullish divergence last week and the gap between the two lines is wider. This situation indicates that an impending bearish divergence may take place. However, it may be at the end of the current seven-day period.

We also observed that MACD is closing in on 0 to and may surge above the mark this week – heralding the start of a bullish trend. It is important for right-wing traders to maintain the previously intraday momentum as the uncertainty in the metric under consideration may play to the advantage of the sellers.

2. Terra (LUNA)

LUNA opened the previous seven-day period at $48 and closed at $56 – signifying a 21% increase. The coin saw a high of $58 and low of $43 at the time. Additionally, it flipped the $50 resistance and has held the mark as support since ascension. The highlighted mark may not be tested any time soon as Terra experienced a bullish divergence less at the time.

Currently positive, Terra is on its second consecutive week of gains following a two-week long downtrend. While it has had a bullish divergence during the past intraweek session, buyers are looking forward to more price increases.

The ninth largest cryptocurrency by market cap was unable to maintain the same momentum at which it started the week as it gained 5.87% during the previous intraday session but is currently down by the percent.

Why is Terra one of the many cryptocurrencies to watch this week?

We note that the LUNA/USD pair edged closer to testing its pivot point but failed based on the most recent retracement. The asset under consideration is currently trading at $55 per unit which indicates that the $50 support may break as the Relative Strength Index (RSI) suggests more selling congestion.

We also observed that the ninth largest coin by market cap was mostly bullish throughout the last seven days as it kicked the week strong but was slowed down in the following two days. The same script has played out before and the effect is seen in the chart above. We may conclude that the cryptocurrency may pick up momentum over the next six days.

3. Near Protocol (NEAR)

Near Protocol ended the past week in profit and is one of the top gainers in the top 100s. The project opened the period under consideration at $10 and closed at $13, adding up to 30% increase. The token was seen consolidating and enjoying a massive surge that resulted in a record profit.

The cryptocurrency tested and flipped its pivot point on the last day of the previous seven-day period. Unfortunately, NEAR failed to stabilize above the mark as it was met by fierce sellers’ congestion that saw it dip below the PP.

As with other assets, Near protocol had its bullish divergence during the previous intraweek session. However, the candle representing the previous intraday session is a doji as the coin failed to hold on to any losses or gains towards the end of the timeframe.

Currently down by more than 8% , the project is off to a bad start. The asset under consideration is one of the many cryptocurrencies to watch this week as the most recent price movement suggests more hikes ahead and hints at the coin hitting $14 this week.

Nonetheless, the most recent dip resulted in an impending bearish convergence. NEAR, experiencing any uptrends this week largely depends on general market sentiment. An improvement in the coin trajectory may see the coin hold the $12 support as further retracement flip the level.

4. Hedera (HBAR)

Hedera opened the previous intraweek session at $0.21 and closed at $0.25 adding up to a 18% increase at the end. The coin saw a low of $0.20 and a high of $0.26 as quick to recover from the more than 5% drop it suffered eight days ago and experienced a number of hikes throughout the week.

The buyers rallied the market and retested the pivot point at $0.25 and have sustained prices above the mark until the end of the intraweek session. Instinctively, many would expect HBAR to test its first pivot support after flipping the above mentioned mark. However, this is not the case as crypto is off to a bad start.

The coin is trading below its pivot point as a result of the most recent retracement. Additionally, HBAR is currently down by more than 6% since the start of the present seven-day period. Why is hedera one of the many cryptocurrencies to watch this week? Based on its volatility, the token, experiencing any uptrends this week, largely depends on general market sentiment.

5. Gala (GALA)

Gala is the top gainer from the past seven days as it opened the session at $18 and closed at $0.32 amounting to a 68% increase at the end. The coin saw a low of $0.17 and a high of $0.35 as it shook off the slow start to the period and experienced a number of hikes till the end.

The GALA/USD pair no doubt saw a lot of volatility as it enjoyed an increase in trading volume. The buyers rallied the pair to test its pivot point at $0.27 and have sustained prices above the mark after ascension. As with the preceding assets, GALA/USD was expected to test its pivot resistance after flipping its PP.

Price movement suggests that the token was close to testing the said mark but failed as it was hit by several short term sellers’ congestion. We also observed that the coin was off to a good start as it gained more 5% during the previous intraday session.

Unfortunately, it has fallen to the prevalent sentiment that is being plagued by retracements. Why is GALA on the list of coins to watch this week? Following the past week’s performance, it is easy to conclude that the bulls will start a rally that may see the asset flip the first pivot resistance, provided the coin trajectory changes.

Conclusion

January is a month many would love to forget as the first 31 days of 2022 were marked by a market-wide correction. A market that kicked off with a $2.2 trillion market cap ended in January with $1.75 trillion, making a 20% decline during that period.

The depreciation of the market is felt across almost every project as is with the top loser as per data from Cryptocurrenciestowatch.

Interestingly, the bulls seem to have staged a fightback since the start of February and investors are once again optimistic.

(Source: Coin360)

Indeed, the market situation at the time of writing has improved. The crypto industry is worth more than 8% higher than it started in February. It opened at $1.75 trillion and is currently worth more than $2 trillion.

The Fear and Greed index has also seen a considerable increase, moving back above 50 for the first time in a long time to suggest neutral market sentiment.

With a brief overview of the market now behind us, we take a look at the top five cryptocurrencies to watch this month.

Top Five Cryptocurrencies to Watch in February 2022

1. Bitcoin (BTC)

The past 31 days have seen the apex token lose more than 16% of its worth. Bitcoin dipped to a low of $32,950 during the period and a high of $47,989. More than $2 trillion was liquidated from both long and short positions.

However, we noticed that BTC gained a lot of attention in January as more institutions as well as nations are adopting the asset or have indicated interest in doing so. With the first month over, many are looking to the next with a lot of optimism.

Will February be productive for the largest cryptocurrency?

Based on previous records, we note that the second month of the year is the most profitable in the first quarter. The highest the apex coin gained during this period under consideration is 87.6% while lost 26.8% – the highest loss.

We also observed that of the eleven Februarys, nine came out positive as bitcoin recorded significant gains. On average, the largest coin by market cap increases by more than 15.2% every second month of the year.

BTC had its biggest hike since February 2021 during the previous intraday session, as it gained more than 11%. The coin is currently trading above $41,000 – hence the improvement in the fear and greed index.

Will the uptrend continue?

Based on the average gains per month, the firstborn cryptocurrency may experience a 10%-15% hike over the next 24 days. In the coming days, we may see BTC test $46,600. However, the top coin may face intense selling pressure at $44k. Being unable to surge past this mark since January 7, intense buying pressure may be needed to break the $44k resistance.

As the largest digital asset picks up momentum, we expect a bullish convergence on the Moving Average Convergence Divergence (MACD) that may seal the start of a new bullish trend.

2. Ethereum (ETH)

Ethereum kicked off the past month trading at $3,657 but closed at $2,689. The closing price reflects a more than 26% loss at the time. The cryptocurrency surged to a high of $3,894 and saw a low of $2,195.

Ether (ETH) suffered from negative sentiment as outflows during that period exceeded $100 million. The coin was about testing the $2,100 support but was stopped thanks to whales. The number of unique wallets is at an all-time high as the large bag HODLers purchased more of the token. Coupled with that, a new all-time high of 26.22 Million $ETH held by top non-exchange whale addresses. 

The two-month-long downtrend seems to be coming to an end, as the Ether is currently up by 13% since the start of February. The second largest coin by market cap currently holds the $3,000 support and may continue to stay above the level provided market conditions remain the same.

Indicators in major timeframes are silent as to how the largest alt will perform this month. However, previous records show that February is one of the most profitable months for ETH. With this in mind, we may expect Ether to retest $3,600.

3. Solana (SOL)

As with most cryptocurrencies to watch this month, Solana has also suffered massive retracement in the past 31 days. The coin kicked off the period under consideration at $169 and closed at $99 – a more than 40% loss. The asset saw a low of $80 and a high $179.

SOL experienced a cushioning effect from its price retrace on the last week of January, as it lost 7% as opposed to 10% average over the past two months. Unfortunately the slight improvement was not enough to pull the asset out of the bearish dominance.

This has resulted in a convergence of the Moving Average Convergence Divergence (MACD), which hints that SOL may experience another bullish convergence. Amidst the market stability, the $84 support still holds and may be tough to break.

Following a bullish divergence on February 1, the digital asset started an uptrend that saw it up by 13% as at the time of writing. With indicators remaining silent on the daily timeframe, we look to the weekly where we noticed the buying pressure that may aid an ascent to $150.

4. Polkadot (DOT)

Losing 27% during the past 31 days, the cryptocurrency will look to enjoy more surge this month. Polkadot opened January at $26 and closed $19. It also saw a low of $15 and surged to a high of $30. As ether suffered an outflow of capital, so did other cryptocurrencies hosted in its chain.

DOT suffered an eight-week long outflow that saw it dip to its lowest since August 2021. However, the token is one of the few that failed to record significant losses or gains last week. Price action during that could spark hopes of an inbound uptrend.

Currently, up by more than 9% since the start of the new month, the cryptocurrency may experience more hikes as the days progress. The Relative Strength Index (RSI) is one indicator that shows a lot of buying actions.

With the coin experiencing a bullish divergence lately, we may expect more uptrends in the coming days. The bulls will be looking to send the token as high as $30. However, DOT may face fierce resistance at $25.

5. Decentraland (MANA)

Decentraland kicked off the past month trading at $3.2 but closed at $2.8. The closing price reflects a more than 13% loss at the time. The cryptocurrency surged to a high of $3.4 and saw a low of $1.7.

The coin was about testing the $1.5 support but was stopped thanks to whales. As market conditions improved on major cryptocurrencies like Bitcoin and Ether, MANA also benefitted from the exposure as its HODLers bought the dip.

The two-month-long downtrend seems to be coming to an end, as the metaverse token is currently up by 8% since the start of February. The MANA/USD pair currently holds the $3 support and may continue to stay above that level if market conditions remain the same.

Indicators in major timeframes are silent as to how the largest alt will perform this month. However, Decentraland may continue to enjoy relative sentiment across the market. The MANA/USD pair may not enjoy the same volume of price increases recorded in the past 30 days. Nonetheless, market fundamentals point to a price increase if the pair recovers from its current retracement.

Conclusion

Although the start to January is not what many expected, we will see a gradual reverse of the current market conditions. Nonetheless, whether that prediction comes through would depend on the market remaining relatively stable for a larger part period within the month. This article mentions the top cryptocurrencies to watch in February, especially Bitcoin as its performance will once again prove pivotal.

This past week in the crypto market delivered one of those periods that long traders and investors would love to forget and hope to never see again.

Having opened at $2.05 trillion, the global cryptocurrency market cap slumped to $1.61 trillion at the end of the seven-day timeframe, representing a 20% decline. The market saw relative stability during the first three days of the week, but took a turn for the worst on Thursday as it lost almost 10% of its value at the time.

The bears seized control of the market in response to bearish news from Russia. The country’s Apex Bank cited concerns that cryptos are not only volatile, but are mostly used as payments to facilitate illicit transactions, such as money laundering and terrorist financing, and proposed that it be banned.

The Crypto Fear and Greed Index remained relatively stable but went volatile as the Russian story spread, causing a dip to 11. Currently, the index is at 12 – still displaying extreme fear as most cryptocurrencies are down by a few percent.

Yesterday, the global cryptocurrency market cap was estimated at $1.61 trillion. However, it has retraced to $1.54 trillion – a more than 6% drop. The depreciation left coins like  RUNE, FTM and MATIC losing 15% each with Ether trailing behind these assets with a 14% lose.

However, the market trajectory changed as soon as the whales got involved. One report has it that a new all-time high of 26.22 Million $ETH is held by top non-exchange whale addresses. One Ethereum whale loaded up on a total of 606,352,106,247 Shiba Inu tokens worth a whopping $12,135,105 at the time of purchase.

Traders are still riding on these stories and some cryptocurrencies are holding critical levels. Is the bearish dominance over? That largely depends on market actions throughout the next six days. Here are the top 5 cryptocurrencies to watch this week.

1. Bitcoin (BTC)

The most valued crypto asset is currently trading at a little above $36,000 as of this time. Although there has not been a significant increase in the price of the apex coin over the last 24 hours, nonetheless, the coin hit reverse as it was retracing in the early part of the day.

Last week, Bitcoin opened trading at $43,071, but rarely witnessed any increase because of an immediate retracement. Following a period of relative stability, Bitcoin took a nosedive losing the $40k support, an average of 1.5% during that time.

Many critical levels were lost during that time. One such is the $40,000 support lost its strength as it flipped on Friday and the largest cryptocurrency dipped as low $35,440. As the correction intensified, the $35,000 support also broke the apex coin hit a low of $34,008 on Saturday.

Unfortunately, the $33k support gave way BTC drop to its lowest in past six months ($32,920) during the past 24 hours. Yesterday we saw a change in recent market trends of starting slow or retracement at the start of a new week.

Following the most recent dip, bitcoin recovered and closed in profits. Although significant, the rebound has sparked hopes of a return to $40k. To achieve this, long buyers must defend the apex crypto from further downtrend and hold the asset above $36,000.

Based on price movements we may conclude that flipping the $36k support may result in further downtrend below $34k. With many traders speculating the bottom at $30,000, failure to hold the highlighted level may result in this prediction coming true.

2. Decentraland (MANA)

Decentraland lost 32% last week as it saw a low of $1.7 and a high of $3.18. Following a more than 30% decrease last month, the metaverse token is yet to rebound. The coin lost both the $3 support and the $2 support hence the recent low.

The sudden turn of events during the past 24 hours has resulted in the token regaining the $2 support and gaining little stability above it. Nonetheless, MANA is down by a few percent and is leading traders to ask when it will end.

Unfortunately, we can’t turn to indicators as they are all still bearish. Why is MANA one of the cryptocurrencies to watch this week? We have observed that Decentraland is one of the few tokens that has shown a little more resistance to price retracement ravaging the market – evidence of more HODLers and buyers compared to some other assets.

Nonetheless, we note how the bulls are currently holding $2 support. Further defense of this mark may result in the metaverse token testing $2.2 and flipping further resistance. Additionally, a slip of the $2 mark may send MANA as low as $1.8.

3. Sandbox (SAND)

Similar to Decentraland, the Sandbox lost 36% last week as it saw a low of $2.5 and a high of $4.9. Following a more than 14% decrease last month, the metaverse token is yet to rebound. The coin lost both the $4.5 support and the $3 support hence the low.

The sudden turn of events during the past 24 hours has resulted in the token regaining the $3 support and gaining little stability above it. Nonetheless, SAND is down by a few percent and is leading traders to ask when it will end.

Why is MANA one of the cryptocurrencies to watch this week? We have observed that like the preceding digital assets, SAND is one of the few tokens that has shown a little more resistance to price retracement ravaging the market – evidence of more HODLers and buyers compared to some other assets.

Nonetheless, we note how the bulls are currently holding $3 support. Further defense of this mark may result in the metaverse token testing $2.2 and flipping further resistance. Although the grip on this level is not strong a price slip may send MANA as low as $2.8.

4. Gala (GALA)

Gala, like most cryptocurrencies, is suffering from lingering corrections in the market. The asset lost 40% last week and is yet to regain the lost value as the bearish dominance still prevails. The coin dipped to a low of $0.15 and hit a high of $0.32.

The fairly new project is currently exchanging at $0.18 per unit – a stark reminder that the digital asset lost critical levels during the past intraweek trading sessions. One of the key supports that was lost during that period is the $0.25 which led to further downtrend.

The last three days have seen GALA stay above $0.17 – making the mark a critical support. However, the coin is not experiencing the same sentiment as the preceding cryptocurrencies, as we noticed that the cryptocurrency is down by almost 7%. Why is it one of the cryptocurrencies to watch this week?

We observed that gala has been oversold since last week. Based on RSI rules, an oversold asset is bound to regain composure and start an uptrend. Additionally, MACD histogram is displaying a gradual increase in buying volume, which translates to the slight surge the cryptocurrency is experiencing.

5. Loopring (LRC)

Loopring is another project that has shown a little more resistance to the current bearish dominance. The coin no doubt saw a lot of volatility, like most digital assets last week, losing 36% of its value at the time.

Seeing such an amount decrease, a lot of critical levels are bound to be lost. Of all these levels, the $1.05 support was flipped after more than three days of testing. The last day of the past week saw the project gain a whooping 16%.

The last three days have seen LRC stay above $0.7 – making the mark a critical support. Loopring is one of the few coins that are enjoying relatively bullish actions. We note that the coin has gained more than 16% since this week’s beginning.

RSI suggests that the cryptocurrency may continue to enjoy these bullish sentiments as the project leaves the oversold region. Additionally, MACD histograms are displaying a gradual increase in buying volume – a possible sign of a bullish market reversal.

Conclusion

In the last two weeks, bears gained complete control of the market. This was responsible for the more than 5% drop in the price of most digital assets during the past intraweek activity.

Coupled with that, the the world’s largest cryptocurrency network, Bitcoin (BTC), had to undergo a major test after Kazakhstan experienced a nationwide internet blackout that led to up to 15% of Bitcoin’s global hash rate going offline. Bitcoin was already in bearish mode before then and didn’t have much to lose as the network easily recovered from the hash rate drop.

Things have improved in the past seven days with the market undergoing recovery from recent lows. With many cryptocurrencies seeing little more hikes and minimal retracements, the crypto market has witnessed some stability. The market closed the period at $1.96 trillion but is estimated at $2.02 trillion as of the time of writing. 

However, the fact remains that the market is still in a bearish phase with most cryptocurrencies testing critical support levels. The image below further illustrates the extent to which these projects are dip into bearish dominance.

Source: Coin360

The Crypto Fear and Greed Index throughout the past week was fairly stable as the readings surfed between 21 and 23. At the time of writing, the metric is 24 despite the depreciating value of the industry. With macro trend traders expecting a further decline, many others are concerned we may not see a change in the current market trajectory.

As long as market conditions remain relatively stable, we anticipate the below listed cryptocurrencies with be among the top five to keep an eye on this week.

Top Five Cryptocurrencies to Watch This Week

1. Bitcoin (BTC)

Bitcoin opened the last seven-day period at $41,853 and surged to an intraweek high of $44,456. The digital asset closed at $43,107 which suggests that the top coin gained less than 3% at the end of the timeframe under consideration.

BTC dipped below $40,000 during that time but recovered. We note how the cryptocurrency remained above $41,000 after ascension to the time of writing. The $41k support is one critical level to look out for as the bulls may continue defending the mark.

Currently trading at $41,700, bitcoin seems to have hit support it rebounded at $41,600. The most recent test makes it the second time the digital asset is testing the mark. With increased selling pressure, the support may give way and the largest cryptocurrency may dip as low as $39k before the end of the week.

Fears of more bearish action were felt across the market as the apex coin experienced a death cross four days ago. This is also reflected in the Relative Strength Index (RSI) as observed in the decrease in the indicator and bitcoin may become oversold if current conditions do not improve.

In addition to the Relative Strength Index (RSI) reading, we also take into account the Moving Average Convergence Divergence (MACD). The chances of a massive uptrend is looking more bleak as the histogram associated with the metric suggests a gradual increase in selling pressure – hinting at more price correction.

2. Ether (ETH)

Last week, we saw ETH dip to the lowest it has attained over the past 21 days. The coin saw a low of $2,926 as it suffered the biggest dip of the period under consideration on the first day of the week but saw little hikes that saw minimize the loss.

The coin no doubt saw a lot of volatility at the time and Ether gained 5% over last seven days as it opened at $3,151 and is about closing at $3,350. ETH correction yesterday was an indication of the bears in action. The cryptocurrency has dipped by more than 4%.

At the time of writing, ETH is still ravaged by corrections and struggling to find support. The $2,900 support has held out since August 2021 but may come under threat if the current downtrend does not stop. The strength of this support is yet to be tested as right-wing traders have successfully prevented a dip to that level. Nonetheless, the mark may continue to act as support through this week, provided market conditions soften.

Like BTC, the Relative Strength Index (RSI) displays patterns leading up to more bearish actions. The Moving Average Convergence Divergence (MACD) histogram also suggests a gradual increase in selling pressure. Nonetheless, a massive price rally, powered by strong bullish sentiment,  may send Ether as high as $3,300 with eyes set at flipping the $3,400 resistance.

3. Fantom (FTM)

FTM was one of last week’s top gainers. The cryptocurrency gained more than 30% at the time but is currently trading at $2.8 per unit. The $2.4 support has held out for more than five days and is considered bullish based on the pivot point standard.

The coin is not experiencing the same sentiment as the past week, as we noticed that it is down by almost 15%. Additionally, MACD histogram is displaying a gradual decrease in the buying volume which translates to the retracement the cryptocurrency is experiencing. Why is it on the list of cryptocurrencies to watch?

Based on market trends, we’ve seen weeks that started slow but got heated up as the week progressed. Having crossed the the 200-day roadblock, FTM will look to test $3.2. The FTM/USD pair will have to break the $3 resistance to hit this level

FTM is seeing a second day of price drop and may close the day with a red candle. The $26 support flipped once and was regained. Nonetheless, the candlestick pattern on the weekly chart suggests that the asset may recover as we observe a bullish engulfing.

4. Harmony (ONE)

As with most cryptocurrencies to watch this week, Harmony no doubt has seen a lot of volatility over the past week. The cryptocurrency saw gains of more than 20% at the end of the seven-day period. It hit a high of $0.38 and low $0.25.

As with the preceding, ONE is not experiencing the same sentiment as the past week, as we noticed that it is down by almost 15%. Additionally, MACD histogram is displaying a gradual decrease in the buying volume which translates to the retracement the cryptocurrency is experiencing. Why is it on the list of cryptocurrencies to watch?

The Moving Average Convergence Divergence (MACD) suggests an impending price dip as fast and slow lines may intercept in the next 24 hours. A massive dip may leave ONE looking to rebound at $0.29 as the coin remains in accumulation phase.

Nonetheless, the cryptocurrency is seeing a lot of corrections as it goes on its second consecutive day of losses. Will it continue? The weekly chart suggests that the coin may see further improvements in price in the coming days as the cryptocurrency experiences a bullish last two weeks and is showing no signs of a downtrend.

5. Secret (SCRT)

Following the below per performance in the last two weeks, Secret is one of the many coins in the top 100 that ended the past week in profits. The coin opened at $5.8 and closed at $8.8– a more than 49% increase.

The cryptocurrency is seeing a spillover of the past week’s sentiment as it is one of the few tokens experiencing an uptrend. The price hike started as soon as the intraday session began and has resulted in SCRT gaining  more than 5%.

Having seen a bullish divergence barely during the previous intraweek session, the asset is looking more promising and a good start to the the seven-day period will have prolonged effect on it. We may conclude that the SCRT/USD pair will experience surges as the week progresses.

Conclusion

Following a splendid week that saw the top 100s swing significantly, buyers are looking forward to another big move in the next seven days. Most cryptocurrencies ended the past seven days with gains indicating that the bulls dominated the week.

Last week, the crypto market started slowly but picked up momentum as the intraweek session progressed. Market fundamentals were fairly flat, with no significant news driving price action.

We also observed a steady increase in the Fear and Greed Index as the metric reflected little hope in the market following weeks of extreme fear. Although the index did not tilt to the greedy region, it peaked at 45.

The crypto industry was valued at $2.2 trillion at the start of the week. It surged as high as $2.4 trillion and saw a low of $.1 trillion during that time. Top performing coins over the last seven days include Near, gaining more than 70% and FTM with a 60% increase. Considering the bullish nature of the market last week, the top loser lost almost 5%.

Source: Coin360

With a slow start to the current week, will we see a repeat of the price movement that has transpired over the last seven days? Here are the top cryptocurrencies to watch this week.

1. Bitcoin (BTC)

Bitcoin opened last week at $46,671 per unit and the highest it saw last week was  $51,864 per unit. At the end of the last week, the apex coin was able to record more than 8% gain as it closed the past seven days at $50,791.

BTC started the previous intraweek sessions a little dull as the first day of the week saw minimal price movement. The second day of the week saw more trading volume than the previous trading session.

The intraday activities began with the top coin trading at $46,926 and surged as high as $49,353. The coin saw a low of $46,667 during the period and closed the intraday session 4.27% higher than it opened. BTC continued its price hikes and resulted in the gains it recorded.

The past seven days ended with the bulls becoming more fearful as we note that the 50-day MA and 200-day MA are gradually closing the gap between them and we may see a death cross soon.

Unfortunately, the top coin is not seeing the same bullish sentiment it experienced last week. The coin is currently down by 3.21%. It opened the preceding intraday session at $50,885 and is currently trading at $49,181.

The Moving Average Convergence Divergence (MACD) hints at bearish actions during the current intraweek activity. the faster line is moving closer to the slower line and once it is intercepted, the largest digital asset may be hit with a series of corrections.

Crypto’s largest asset may close in the next six days trading below $48k if the current market situation does not improve. Nonetheless, the buyers may rally the market and cause Bitcoin to surge above $51,000.

2. Cardano (ADA)

The sixth coin by market cap is up by some percentage. The coin is going through a cooldown as it rose to an intraweek high of $1.59 but is currently trading at $1.49 per token. Cardano has been experiencing a spillover from the past seven days of sentiment.

ADA opened the previous week at $1.24 and closed at $1.45. The gap between the starting price and the level it ended the intraweek activities indicates a more than 17% hike. The ADA/USD pair saw a gradual progression in its uptrend as it accumulated almost 15% in the first three days of the period under consideration.

Yesterday, the sixth largest cryptocurrency increased by 4% – a solid start to the week. Unfortunately, the bulls were unable to sustain the early lead and the coin has retraced to $1.49. The indicators are silent as to the price actions. However, we observed that the previous uptrends after a more than five-week long correction last longer than the current period. We may conclude that ADA will resume its uptrend.

3. Polkadot (DOT)

Polkadot made a return to the top 10 and was the top gainer in the category as it gained more than 26% last week. The project kicked off at $24 and closed at $31 as it saw a high of $31.7. The digital asset was no doubt very bullish during that time as five of the past seven days were represented by green candles.

After seeing such an increase, many will expect a continuation of the uptrend. Unfortunately, the tenth coin by market cap failed to surge and continued the trends. It is currently down by 7%.  DOT hit a “wall” as the $33 resistance proved to be the strongest so far after $30. The current price shows that some traders are taking profit as the coin under consideration is trading at $29 following a correction at $33.

Polkadot may continue to fall back on the $28 support until it flips $33. Massive seller congestion may result in the coin falling back to $26. The DOT/USD pair has the potential to surpass $35 this week as the bull may continue to push the coin.

4. Uniswap (UNI)

Closing the past week at a 24% increase and starting a new one almost the same way it did the previous, UNI may be off to a good start. Uniswap peaked at $18.8 and saw a low of $13.9. Price action over the last seven days suggests that we should expect another volatility-filled week.

The UNI/USD pair has stayed off the $13 mark since ascension seven days ago. We may expect the continuation of this trend in the next seven days. The pair will aim to test the $19 resistance and may succeed provided we see a repeat of last week’s actions.

A reverse of the prevalent price pattern may result in the coin dipping as low as $15. A flipping of the $15support may result in Uniswap retesting $14 before rebound.

5. Near Protocol (NEAR)

Near protocol gained 80% last week as it saw a low of $8.1 and a high of $16.3. Following a more than 14% deficit during the last two weeks ago, the token has been on the rise come days into the past seven days. Unfortunately, the same cannot be said now.

We observed that the coin is trading at a loss of up to 17% as of the time of writing. Considering the state of the crypto market, it is hard to predict how NEAR will perform in the next six days.

The situation of the project is however alarming as it has not seen this level of correction in a long time. Adding to that worry is that MACD is about to see a bearish interception. There is no established support until $12 and the coin may flip based on the selling pressure.

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