The cryptocurrency market is fairly flat in terms of fundamentals. There is little positive news to drive up prices, so it is not surprising to see most coins in the top 100 painted red. With most projects undergoing major corrections, short-term investors fear that the recent decline could continue.
As things continue to unfold, here are the top five cryptocurrencies to watch this week.
Five (5) Cryptos to Watch This Week
1. Bitcoin (BTC)
Bitcoin continued its uptrend through the previous week. The top coin picked up momentum and surged – retesting its all-time and flipping it. The world’s largest coin by market cap hit a new all-time at $69,000.
The last seven days ended with a notable increase to the worth of the king coin. The leading cryptocurrency closed the week at $65,509. The coin increased by only 3% in the past week – not as much as the previous expectations of $70k.
Following the new ATH, many believe that the top coin could hit $70,000. However, market fundamentals are pointing to a tough obstacle within the $69,000 region as we noticed that the most valued cryptocurrency by market cap retraced after testing the mark. Bitcoin must break the $69,500 resistance to guarantee a new ATH at $70k.
The largest coin by market cap is also running a risk of dipping as low as $60,000 as it broke the $62k support a few hours to the time of writing. BTC is back above $60,000 but we may see a retest of the $58k support should it fail to stay of the bearish sentiment. Breaking the $65k resistance may spark a price rally.
2. Ethereum (ETH)
Ether failed to cross $5,000 over the last seven – raising doubts about attaining the mark month. Unfortunately, the slow hike in price could not be sustained though the week as the candle representing the past week is a doji. Nonetheless, ETH closed with only 0.28% increase.
This slow hike in prices extends to the seventh consecutive week. The past week saw the largest alt hit a low of $4,452 and peaking at $4,868 – the new ATH. The largest alt rose to the milestone as the crypto market rode on news of U.S. inflation hitting a new all-time high.
The second-largest coin by market cap opened the new intraday session at $4,560. The current price correction started as soon as ETH reached a new all-time high. ETH, flipping the $5,000 resistance before the end of the week, is looking more bleak as it is trading at $4,200 as of this time.
The largest alt is one of the many cryptocurrencies to watch this week, as many will anticipate a return to $4,800 after the pattern of surging in the early parts of the week failed. A buyback may take place towards the end of the week. A continuation of the downtrend may leave Ether as low as $4,000.
3. Solana (SOL)
Solana earned a new position as the fourth-largest coin two weeks ago as it enjoyed a 23% increase at the time. The surge was responsible for the all-time high as it cruised to $260 during that time.
SOL saw a low of $220 during that time but stayed above the mark after ascension. Unfortunately, the largest coin in the Solana ecosystem is not off to a good start as it is currently enjoying relative stability above $228.
As a result of the price stability, the bulls are sustaining SOL above the $220 support. The SOL/USD pair is currently trading 4% lower than it started the week. With the price war raging above the highlighted level, a reversal of the bad start to the week may take place.
Buyers will aim to send the pair trading above $260 and possibly getting a new ATH this week. To attain this, Solana will look to rebound and pick up momentum in order to break the $250 resistance.
It is also important to note that the fifth coin by market cap may be in danger of further retracement. The Moving Average Convergence Divergence (MACD) was intercepted, signaling a sell-off. This may result in the crumbling of the $200 support and subs.
4. Ripple Coin (XRP)
The last seven days have been some of the most volatile over the past seven days. The past week saw the seventh coin hit a high at $1.34 and a low of $1.12. The $1 support held out through and served as the basis for reclaiming further price levels.
The current week is also looking promising for XRP as it retested and flipped $1.22 on the first day. We may expect further movement from one of crypto’s oldest assets. The cryptocurrency will look to break the $1.3 resistance before the week runs out.
Unfortunately, XRP like the rest of market is also dipping and has tested the 50-day MA. However, the MA was not strong enough to halt the downtrend. If the bearish dominance extends, the $1 support may give out.
5. Loopring (LRC)
A fairly new coin to the top 100, LRC is sweeping through the ranks with the massive hikes it has recorded lately. The more than two-year-old coin has piqued a lot of investor interest and looked set to go even higher before the recent broader market correction.
The increase in capital inflow is telling positively on price as we notice that Loopring surged by more than 100% the previous week. Unfortunately, massive selloffs have characterized the new week as LRC relinquished $3 and is trading at $2.59.
The cryptocurrency is aiming for $3.5. Market fundamentals are flat, but the move is bouyed by FOMO as many traders are adding the coin to their portfolio. With the current price retracement in view, there is no established support before the $1 mark as a result, there is uncertainty as to strongest support to halt any retracement.
Conclusion
This article highlighted five cryptocurrencies to watch this week. The above predictions coming true largely depend on market conditions remaining bullish 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.