The past week could be called a repeat of market actions two weeks ago. The same trend of a slow start to the intraweek session and little price increase in midweek was seen as well. The global cryptocurrency market cap was valued at $1.78 trillion.
The market peaked at $1.8 trillion as it picked up momentum. Unfortunately, it failed to remain above the mark as most cryptocurrencies were hit by corrections. The industry was estimated at $1.71 trillion at the end of the period under consideration. We may conclude that the sector failed to record any significant gains as it closed with a 4% deficit.
The previous seven-day period closed with most coins losing a few percent. However, we observed that current market sentiment has improved compared to the that time. The image below further shows the most recent state of the market. We observed the gradual increase in Bitcoin dominance as it surges back above 42%.
(Source: Coin360)
The industry ended up with barely any strong market fundamentals. However, news reports of the apex coin being used as a donation to the Ukraine military amidst the ongoing crisis made rounds. Additionally, we may see more European countries adopt crypto.
We came to this conclusion as we note that European Central Bank (ECB) President Christine Lagarde has now called on the European Union to hasten MiCA regulations in a bid to prevent Russia from evading new sanctions.
While most coins were retraced by a few percent, other projects enjoyed massive rallies. The market seems to be off to a great start for bullish traders this Monday and may continue to do so going into the new week and month!
Top Five Cryptocurrencies to Watch this Week (February 28)
1. Bitcoin (BTC)
We observed that BTC has been unable to gain stability above $40k due to a decrease in demand concentration during the previous seven-day period. The bulls were thrilled as it peaked at $40,330 and were expecting more price but failed to sustain the upward trajectory and the apex coin was hit by correction soon after.
BTC opened the past week exchanging at $38,384 but lost almost 4% on the first intraday session. The previous trend of small hikes midweek took over as the BTC enjoyed a 3.22% increase on Tuesday. Wednesday saw more retracements as the largest digital asset by market cap lost a few of the accumulated gains.
However, the next two days saw bitcoin gain more than 5%. With the weekend trend in play, the past 24 hours have been represented by a doji. Sunday was also represented by a similar candle as it saw minute trading volume.
The apex coin closed with the Relative Strength Index experiencing a downtrend and dipping as low as 44. However, the largest cryptocurrency is traded above its Displaced Moving Average, which may result in it enjoying more uptrends.
Additionally, the Moving Average Convergence Divergence (MACD), although still bearish, is printing an impending bullish convergence. Such an interception may send BTC as high as $42k. We may see the cryptocurrency gain more stability above the mark provided the bulls maintain the same momentum that saw it flip the $40,ooo resistance.
2. Terra (LUNA)
Terra opened the past week trading at $49 and closed at $73 per unit. The distance between the opening price and the closing value suggests that the token closed the previous intraweek session gaining more than 50%. It saw its biggest hike on Friday, as it surged by 12%.
We observed that the asset under consideration is exchanging above its pivot point. The coin was on its way to testing its first pivot resistance at $83 but was met by selling pressure that has resulted in an almost 7% lost over the past 24 hours.
Following the short break, the cryptocurrency seems to be back on its bullish path as it is up by a few percent. Why is LUNA one of the few coins to watch this week? We observed that in the first intraday session of the past seven-day period, we started with the asset under consideration gaining a few percent. The same can be said now.
Additionally, RSI is on the rise – indicating an increase in buying pressure. If the bulls sustain the current market trend, terra may end the week above $90. However, having experienced a bullish divergence last week, the coin is at risk of being reversed.
3. Cosmos (ATOM)
Cosmos is known to be one of the many high volatility coins. Living up to expectations, the asset saw a low of $21 and high of $30. Unfortunately, ATOM closed the past seven-day period failing to record significant gains or losses as that trading activity was represented by a doji.
The coin is showing a lot of volatility as of the time of writing as it already hit a high of $28 and a low of $26. Having experienced a bearish divergence a few days ago, the digital asset could be on its way to seeing a bullish convergence that may trigger further price increases.
Throughout the past week, we observed that the bulls defended prices at $21, preventing any attempt at the $20 support. The same cannot be promised this week as the highlighted support may be tested. Why is ATOM one of the many cryptocurrencies to watch?
Although filled with a lot of uncertainty, the asset is trading above its Displaced Moving Average (DMA). Additionally, we noticed a gradual build up in buying pressure as printed by RSI. This may send cosmos as high as $25.
4. Uniswap (UNI)
Uniswap opened the past week trading at $9.3 and closed at $9.77 per unit. The distance between the opening price and the closing value suggests that the token closed in that period, gaining more than 4%. It saw its biggest percentage growth on Sunday, as it surged by 7.88%.
We observed that the asset under consideration is exchanging below its pivot point. The coin edge closer to its pivot point failed to test it as it was met by selling pressure that has resulted in an almost 7% lost over the past 24 hours.
Why is Uniswap one of the few coins to watch this week? Following the price rally yesterday, UNI is looking to continue the uptrend. We observed that the digital asset also experienced a bullish divergence in MACD. The most recent price movement suggests that the token may continue to enjoy small hikes.
Additionally, RSI is on the rise – indicating an increase in buying pressure. If the bulls sustain the current market trend, UNI may end the week above $12. However, having experienced a bullish divergence last week, the coin is at risk of being reversed.
5. Bitcoin Cash (BCH)
Bitcoin cash opened the past week trading at $302 and closed at $304 per unit. The distance between the opening price and the closing value suggests that the token closed recording no significant gains or losses. It saw its biggest increase on Thursday, as it surged by almost 5%.
We observed that the asset under consideration is exchanging below its pivot point. The coin was on its way to testing its the highlighted mark at $331 but was met by selling pressure that has resulted in an almost 4% lost over the past 24 hours.
Why is BCH one of the few coins to watch this week? Following the price rally yesterday, bitcoin cash is looking to restart its uptrend. We observed that the digital asset also experienced a bullish divergence in MACD. The most recent price movement suggests that the token may continue to enjoy small hikes.
Additionally, RSI is on the rise – indicating an increase in buying pressure. If the bulls sustain the current market trend, the token may end the week above $350. However, having experienced a bullish divergence last week, the coin is at risk of being reversed.
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