ETH is gradually striding towards $2,700 but has failed to break this critical mark. The struggle continues as the week gradually comes to an end.
Nonetheless, the global crypto market saw a slight improvement in value. It stabled above $2.30 trillion. It also gained over 2% over the last 24 hours as some assets saw massive gains. One such is SHIB, as it gained over 23%. Dogecoin also registered significant gains, retesting $0.12.
News of the Central Bank of China cutting interest rates made the rounds in a few days. Many anticipated the announcement would result in further uptrends for the crypto market. This played out as some asset retested critical barriers.
The market is still on the uptrend, with some altcoin registering significant gains. Let’s see how some cryptocurrencies in the top 10 performed this week.
BTC/USD
Bitcoin is having one of its best performances as it climbed to level it hasn’t over the last 30 days. It is up by over 3% on the weekly scale following the small uptrends. Nonetheless, the price increases came after it rebounded at $62,500.
One of the biggest moves happened on Thursday as the apex coin started trading at $63,100 and surged as buying volume spiked. The macro economics were having a very good effect on BTC as it headed for $66k but failed due to significant rejections at $65,850.
The market celebrated the next day as the largest cryptocurrency flipped $66,000. However, it was for a brief moment as it retraced due to small selling congestion. The bulls may be exhausted as the coin is printing a doji during the current session.
Due to the most recent price action, indicators are also at a standstill. The relative strength index trends parallel, and so does MACD’s 12-day EMA. Nonetheless, trading remains with the middle and upper SMAs of the Bollinger band.
Traders are gearing up for a massive retracement, as on-chain data say the apex coin is overbought. The bulls must maintain trading above $64k or risk a further drop to $62k.
On the other hand, the asset is trading close to critical resistance., the first pivot resistance. Historicallly, this mark has been the launchpad for attempts at $70k.
ETH/USD
Ethereum performance this saw the bulls edging as it finally flipped the 2,700 resistance. It happened during the previous intraday session as it started trading at 2,632 but surged to a high of $2,729. However, the surge above this critical mark was shortlived as it retraced and closed below the mark. Nonetheless, it registered gains exceeding 2%.
Thursday’s price actions served as a stepping stone to the milestones as the coin recovered from the previous losses it had. It reclaimed $2,600 and continued upward. In the end, ETH is up by over 3% on the weekly scale.
Indicators like the average direction index and RSI are on the decline due to current price movement. The largest altcoin is printing a red candle as it dropped to $2,650. The relative strength index drop shows growing selling pressure that may continue. The ADX suggests that the uptrend may be coming to an end as there no notable from the bull.
The bulls will look to defend the pivot point at $2,622 to prevent further decline. However, this is not a tough mark, and prices may slip lower, sending ETH to $2,500. It is also worth noting that reclaiming the $2,700 barrier may guarantee a retest of $2,800.
BNB/USD
Binance coin gained almost 2% during the previous intraday session. It attempted its first pivot resistance at $620 but retraced at $614. One catalyst for the hike was the release of the former Binance CEO, CZ. CZ was released earlier than anticipated due to laws ensuring no inmates leave the prison during the weekend.
However, the market failed to respond as many anticipated for several reasons. One such reason is that CZ cannot return to his position as CEO. It was part of his plea bargain. He will also not be involved in any activities regarding the exchange.
Nonetheless, BNB had another significant push a few hours ago. It attempted $620 again but failed to break it. It is on the decline due to notable selling congestion. RSI is declining in reaction to the latest market trend.
If the downtrend continues, the asset may retrace to $580. Previous price movements suggest that prices may rebound off this mark, as they did on Thursday. The altcoin is also at risk of further decline to $560.
ADX is slightly up amidst the asset printing a red candle. While this indicator lags, it is important to bear in mind it hints at the possibility of an uptrend. BNB may break above $620.
SOL/USD
Solana registered massive gains on Thursday. It was down by over 3% on Wednesday but erased all losses the next day. It started trading at $147 and surged, breaking its 30-day high. The uptrend continued as the asset peaked at $158. Although it small decline, it closed with gains exceeding 5%.
The asset also saw a similar increase on Tuesday, opening trading at $144 and breaking $150, peaking at $152. It is also significantly up on the weekly scale, up by over 8%. However, current trading actions may indicate the end of this bullish spell.
Although not significant, the asset is printing a red candle. RSI is declining due to significant selling pressure. It is also evident that traders have reduced their trading of the coin, as trading volume has reduced by over 15%.
The bulls are currently trying to keep price stable above $155. However, it appears they are losing this bid as the Bollinger band suggests for declines. Solana broke out from the upper band more than three times this week. Such action may signify the end of the uptrend.
The bulls will look to defend the $150 support. While it is not a tough one, there is a small demand concentration around it. Failure to defend the mark will result in prices slipping lower, potentially to $142.
On the other hand, the band is expanding, which means it afford more uptrend. The next bullish round may send price above $160. The mark will also become an accumulation point for a bid at the first pivot resistance at $168.
