by Gideon Geoffrey 
XRP parent firm Ripple continues it legal battle against the SEC. The regulators introduced fresh evidences to the case that caught the firm unaware. As a result, the defendant is pushing to oust this new proof.
Nonetheless, the asset traded sideways during the previous intraday session as the court processions continued. Nonetheless, other events took place in the market over the last seven days. One such is Hong Kong’s launch of both Bitcoin and Ethereum ETFs.
However, approval barely had any impact on the prices of the associated assets. Ether had small price declines, while BTC had no notable change in price. The situation is worse at the time of writing, as the crypto market is bleeding.
Over the last seven days, the global cryptocurrency market cap lost over 10%. It dipped by almost 5% in the last 24 hours. Let’s examine how some assets in the top 10 performed.
Table of Contents
1. Bitcoin (BTC)
Bitcoin had its biggest loss of the previous week on Wednesday. It lost over 3% as it failed in its bid to gain stability above $67k. after facing massive rejections at $67,000, the coin retraced to a close at $63,554.
It attempted recovery during the previous intraday session, rebounding at $61,700 and closing at $63,800. A few hours ago, the bulls tried to continue the bullish trend but failed, as the coin retraced following massive rejections at $64,700. As a result of the most recent price decline, the apex coin returned to its two-month low.
It dropped to a low of $59k before rebounding and is currently trading at $60,700 as the bulls attempt to soak up the supply.
Amidst the massive price decline, the apex coin had a whopping 40% increase in trading volume over the last 24 hours. However, the relative strength index suggests the bulk of the increases were from bearish traders as the metric is very close to the lowest level this year.
Nonetheless, the current low places the bulls at an advantage as it is within a level of strong demand concentration. Additionally, BTC is trading close to its first pivot support and will attempt to reclaim it.
ETH/USD
During the previous intraweek session, Ether’s performance created a buzz about a potential return to $3,500.
However, it failed to reach that level and instead peaked at $3,355. After hitting this high point, it retraced and closed at $3,263, representing an increase of more than 3%.
Recent trading activity over the last 48 hours confirms that the uptrend has ended. The altcoin lost nearly 2% during the previous intraday session and is still declining. A few hours ago, it broke the $3k support and is now trading at $2,984.
On-chain data indicates that the asset had a 10% increase in trading volume over the last 24 hours. However, the current price performance suggests that most of the volume came from the bears.
As a result, the Relative Strength Index (RSI) is heading towards its three-month low at 38 as it continues its downtrend.
A closer examination of the metric reveals that ETH always experiences buyback when it gets to 36. This trend has occurred more than three times in the last three months. If it happens again this week, this will imply a further decline before a recovery.
The altcoin may continue to decline until it sees buyback at $2,800 (78% Fibonacci retracement level), having lost the 61% Fibonacci retracement level.
Nonetheless, the current candle shows an extended wick, indicating that the bulls are gradually absorbing the excess supply. If this trend continues, the coin will likely reclaim its first pivot support at $3,100.
BNB/USD
Over the past two weeks, the native token of the exchange has been experiencing a continuous uptrend.
However, due to the formation of a bear flag, its upward momentum was temporarily halted during the last two days of the previous week. Despite this, it managed to close with gains exceeding 3%.
The coin is still feeling the effects of this trend, as evident from the trading actions over the last 48 hours.
Unfortunately, BNB was unable to resist the market sentiment, resulting in one of the largest declines it has experienced this month. After reaching its peak at $605, it has retraced to $555.
Currently, the moving average convergence divergence (MACD) is displaying bearish signals as the 12-day EMA has crossed below the 26-day EMA.
This bearish convergence indicates further declines for the altcoin. If the current price decline continues, the RSI may drop from its current level of 45 to as low as 40.
Despite these indicators, BNB is trading at $567 and has reclaimed its 61% Fibonacci level. The bulls are expected to push the price further and attempt to reclaim the 50% Fib at $579.
DOGE/USD
On the other hand, Dogecoin reached a high of $0.16 last week before retracing to $0.14. It ended the week with a loss of over 7%.
Unfortunately, the downward trend has continued over the last 48 hours, with the asset down by over 9%. Currently trading at $0.13, the relative strength index (RSI) is displaying bearish signals with a metric reading of 34. If the market sentiment continues, the RSI will drop below 30, indicating an oversold condition for DOGE.
The Fibonacci retracement highlights critical levels to watch, with the first pivot support at $0.14 already lost. The Pivot Point Standard points to $0.076 as the next stop.
However, DOGE is expected to end the week above the 50% Fib at $0.12. If it fails, it may retest the 61% Fib at $0.11. Furthermore, DOGE will try to reclaim its S1 at $0.14 before the weekends.
