DOGE is the biggest loser in the top 10s over the last seven days. It experienced significant declines as traders flipped bearish.
Like DOGE, other assets in the top 10s by market cap are down by a few percent. The trend reflects in the global cryptocurrency market cap. It dipped from $3.71 trillion on Monday to $3.61 trillion at the time of writing.
The crypto market could not sustain the excitement it had during Donald Trump’s inauguration. The event became a massive sell-the-news event as several coins and tokens registered significant losses after their initial surge. Their performance on the weekly timeframe shows significant losses.
Nonetheless, traders were slightly more bullish than the previous week. The fear and greed index shows small improvement as traders remain hopeful of an impending uptrend.
News of the Official Trump token made the wave during the previous week. However, the launch of the Melania Trump token halted the inflow of the other token. Both assets are significantly down, with TRUMP trading at $26 after peaking at over $70 a few days ago.
The new US president may roll out more policies in the coming days as his executive orders failed to impress crypto investors. Nonetheless, the founder of the Silk Road regained his freedom.
Let’s examine how some assets in the top 10 performed in the last seven days.
BTC/USD
Bitcoin attained a fresh ATH on Monday as many anticipated US president’s inauguration. It started the session at $101,191 and broke above the $105k resistance. It continued upwards, peaking at $109,356 as it fell short of the $110k mark. However, the asset experienced massive selloffs after attaining this milestone. It dipped to a low of $99k before rebounding.
The asset continued the upticks on Tuesday with notable success as it gained almost 4% but failed to return to the key level. The one-day chart reveals that after that significant move. BTC has seen very small volatility.
The Bollinger band shows that the apex coin is trading above close to the upper SMA. The latest reading comes after it broke above it on Monday. While investors fear further declines, prices remain steady above $100k.
However, the Fibonacci retracement level points to a possible slip to $96k if the bulls failed to sustain the momentum. The relative strength index trends parallel as the struggle between the bulls and bears rages on. The asset is experiencing almost equal pressure from the buyers and sellers.
ETH/USD
Ethereum edged closer to the $3,500 level on Monday but faced notable selling congestion at $3,448. It retraced to $3,280 as it lost momentum. It failed to continue the uptrend the next but closed with a green candle.
Like DOGE, it experienced a notable price decline on Wednesday and lost almost 3%. It regained the lost level the next day but failed to continue the upside movement over the next three days. The asset grapples with low volatility at the time of writing, while maintaining trading close to Bollinger’s middle band.
RSI trend parallel due to the unfolding pice trend over the last three days. Nonetheless, it maintains trading above $3,300. The bulls must defend this mark as a slip increase the pressure on the 50% fib level.
Nonetheless, MACD continues printing bullish signals. The 12-day EMA is on the rise as the histogram’s bar increases.
XRP/USD
XRP broke out of its Bollinger band on Jan. 16 and tested it again four days later. The asset has since seen minimal volatility. It started Monday at $2.95, surged after testing the $2.90 level. It reclaimed the $3 mark and attempted $3.40 but faced notable resistance at $3.36. It retraced and closed with gains exceeding 5%.
All attempts at resuming the uptrend failed to yield any results as the coin sees less trading volume. The relative strength index is almost trending in a straight line as the asset did not see any significant move.
However,. the moving average convergence divergence hints at further declines. The 12-day EMA intercepted the 26-day EMA during the previous intraday session. A bearish divergence is underway at the time of writing.
SOL/USD
Indicators on the one-day chart prints sell signals. Solana is down by almost 3% in the last 24 hours. It retraced from a high of $259 and now trades at $249. The current day red candle comes after the asset failed to close with any significant price move.
It grappled with notable bearish sentiment that on Monday after it surged to a high of $273 but closed with losses exceeding 4%. Several metrics like RSI and MACD started printing sell signals following this event. The relative strength index started a downtrend.
The moving average convergence divergence halted its uptrend. Its 12-day EMA is trending almost parallel, which may result in a bearish convergence.
BNB/USD
Binance coin broke above the $700 resistance on Monday after it started the day at $680. However, it lost momentum and dropped below $670. It registered no significant price change and since maintained this trend like DOGE.
It had a bearish divergence last week, heralding the ongoing correction. However, MACD’s histogram maintains the same size over the last three days, suggesting that prices may rebound. RSI remained largely within the 48-43 channel.
The asset maintained trading above $680 but risks slipping below $670 if it loses the 38% fib mark.
DOGE/USD
DOGE surged to a high of $0.38 but dropped to a low of $0.34. It surged higher on Tuesday, hitting $0.40. However, it retraced, closing at $0.37. This marked the end of the massive moves as the altcoin saw small volatility afterward.
It had a bearish divergence last week, heralding the ongoing correction. However, MACD’s histogram maintains the same size over the last three days, suggesting that prices may rebound. RSI remained largely within the 48-43 channel.
DOGE trades close to the 38% fib level but risks further declines below $0.30.
