The last seven days ended almost the same way it started as the crypto market was estimated at $2.65 trillion last week Monday and closed last week at $2.6 trillion. The market peaked at $2.67 trillion during that time and saw a low of $2.45 trillion.
We are seeing little change in traders’ concentration as we notice a drop in the market dominance of major cryptocurrencies including Bitcoin.
(Source: Coin360)
With a bullish start to the week, here are five cryptocurrencies to watch:
1. Bitcoin (BTC)
The most valued coin had one of the least productive weeks over the last seven days. Bitcoin surged as high as $63k sparking speculations of a return to the ATH and close the last seven days with an increase of less than 1%.
The largest crypto by market cap saw a low of $56,425 and recovered as the close of the week edged closer. The king coin is enjoying its third day above $60,000. Unfortunately, the prolonged stay above $60k is causing more worries for the HODLers as crypto’s largest coin keep hitting new lows since the start of the week.
More bad news as the Moving Average Convergence Divergence (MACD) is still on the bearish path – the gap between both lines is getting wider. On-balance Volume (OBV) was also slightly down, revealing a drop in buying pressure.
Recent movement shows that once the OBV sees a dip as the one experienced, a retracement is inevitable. A reverse of the current situation will result in bitcoin picking up momentum and trading above $63k. A continuation of the bearish dominance may result in a retest of the $56k.
2. Ethereum (ETH)
Following the successful start of the Altair Beacon Chain update last week, more than 98.7% of nodes have been upgraded as of now. We also noted the gradual increase in the price of the second largest cryptocurrency as it hit a new ATH at $4,400 a few hours after the update and surged higher, hitting $4,460.
Ether closed last week with more than 5% increase. The coin saw a low of $3,893 during that time. We noticed that prices dipped to the sub-$4,000 but met support before or a little after $3,900.
The largest alt makes it to the list of cryptocurrencies to watch this week as traders’ actions hint at a possible hike to $4,500 and above. There are also clues pointing to the coin experiencing selloff after the mark. Nonetheless, the $3,800 support will continue to hold.
3. Binance Coin (BNB)
Binance coin hit a high of $542 and a low of $436 over the past seven days as it closed the week 10% higher than it started. The third largest coin by market is a little docile with regards to market fundamentals but is one of the many cryptocurrencies to watch this week.
The $430 mark has been tough to test as BNB did not dip to this mark last week, as the bulls defended the coin at $435. In the long term the $400 support one we could bank on. The last three days have seen the third largest coin trade consistently above $500 – making it the a critical mark as defending it will prevent further dip to $430.
MACD is still bullish following the positive cross. The fastest line as of this time is picking up momentum with no sign of dipping. We may see the BNB/USD pair hit $600 this week if the current market remains the same through the week.
4. Chiliz (CHZ)
Chiliz is the leading digital currency for sports by Malta-based FinTech provider and boasts of a partnership with some football clubs as well as the UFC and gaming organizations. The 75th coin by market cap is up by 31% over last week.
The coin peaked at $0.66 and hit a low of $0.27 during that time. CHZ did not flip the $0.27 support over the last seven days. The latest drop in the region makes it the second time the digital currency for sport is hitting this level since ascension.
The 75th largest project showed a lot of volatility. Going by the recent display, we may expect a retest of $0.27. We may expect that the $0.27 support may not flip based on previous price performance. CHZ may also hit $0.5 and higher in the next seven days.
5. Ravencoin (RVN)
Ravencoin is the official token of Raven, the online platform for Ethereum blockchain-based token reviews, designed to allow developers to receive constructive feedback about their projects.
The 104th largest coin is one of the many cryptocurrencies that are yet to join the bullish market. Ravencoin closed almost the same way it started the past seven days as record gains of 0.58 during this time. The coin saw a high of $0.017 and a low of $0.012.
REV is looking to join the market in the next seven days as the Moving Average Convergence Divergence is hinting at a possible increase in buying pressure. The REV/USD pair may surge as high as $0.20 if the we see a reverse of bearish sentiment.
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
