Tag: Coins to Watch

Following a bullish start to the month, long traders are confident of further uptrend. The crypto market ended January at $1.75 trillion but is currently worth more than $2 trillion. Most cryptocurrencies experience hikes that have been absent in the past two months.

These digital assets no doubt saw a lot of hikes with minute retracements. Many believe the bearish dominance has ended based on the current run of the industry. This claim is backed by the fact that most projects are significantly up. The top gainer from the past intraweek session was MANA, as it gained more than 30% at the time.

The crypto market seems to be maintaining that previous momentum as some coins are still enjoying relative hikes in price. The chart below suggests that although the bullish momentum that was seen during the past 24 hours is dwindling, most projects are still holding on to some critical levels.

During the previous week, the Fear and Greed Index gradually surged from extreme fear to just fear and is now neutral as its current reading is at 48. Following an improvement in market sentiment, we may expect to see more uptrends over the next six days.

Is the bearish dominance over? Price action over the next few days will be the determining factor. However, we observe that the market is off to a good start following a surge across various coins  during the previous intraday session.

Top Five Cryptocurrencies to Watch This Week

1. Bitcoin (BTC)

Last week started a bit slow for Bitcoin as we observe that the difference between the high and low was not up to 5%. The cryptocurrency retraced to $36,631 but surged to $38,776  and closed the intraday activity around $38,400.

The apex token saw its biggest surge on Friday, as it gained 11% at the time. The last two days of the week saw BTC experience minimal price movements as it ended the period under consideration, holding on to that lead.

The coin no doubt benefitted from several bullish stories that flooded the crypto space. One of the most thrilling is the news of Microstrategy splashing another $25 million on the digital asset. Indian traders can now trade BTC as well as other crypto assets thanks to the new tax law.

 

The largest coin by market cap closed the preceding intraday session with an almost 4% increase. However, the same cannot be said of the current session as the cryptocurrency is experiencing more selling pressure.

Nonetheless, the past seven-day period ended with bitcoin gradually rising above its bearish dominance. With several indicators suggesting further uptrends, buyers will look to make that happen over the next six days.

One such is the Pivot Point Standard (PPS). The apex coin is still trading above its Pivot Point as a result of the latest surge it experienced. Still holding onto it PP, we may expect more price increases as the said metric suggests that the project is on a path to another rally.

The Moving Average Convergence Divergence (MACD) is silent as bitcoin had a bullish divergence last week and the gap between the two lines is wider. This situation indicates that an impending bearish divergence may take place. However, it may be at the end of the current seven-day period.

We also observed that MACD is closing in on 0 to and may surge above the mark this week – heralding the start of a bullish trend. It is important for right-wing traders to maintain the previously intraday momentum as the uncertainty in the metric under consideration may play to the advantage of the sellers.

2. Terra (LUNA)

LUNA opened the previous seven-day period at $48 and closed at $56 – signifying a 21% increase. The coin saw a high of $58 and low of $43 at the time. Additionally, it flipped the $50 resistance and has held the mark as support since ascension. The highlighted mark may not be tested any time soon as Terra experienced a bullish divergence less at the time.

Currently positive, Terra is on its second consecutive week of gains following a two-week long downtrend. While it has had a bullish divergence during the past intraweek session, buyers are looking forward to more price increases.

The ninth largest cryptocurrency by market cap was unable to maintain the same momentum at which it started the week as it gained 5.87% during the previous intraday session but is currently down by the percent.

Why is Terra one of the many cryptocurrencies to watch this week?

We note that the LUNA/USD pair edged closer to testing its pivot point but failed based on the most recent retracement. The asset under consideration is currently trading at $55 per unit which indicates that the $50 support may break as the Relative Strength Index (RSI) suggests more selling congestion.

We also observed that the ninth largest coin by market cap was mostly bullish throughout the last seven days as it kicked the week strong but was slowed down in the following two days. The same script has played out before and the effect is seen in the chart above. We may conclude that the cryptocurrency may pick up momentum over the next six days.

3. Near Protocol (NEAR)

Near Protocol ended the past week in profit and is one of the top gainers in the top 100s. The project opened the period under consideration at $10 and closed at $13, adding up to 30% increase. The token was seen consolidating and enjoying a massive surge that resulted in a record profit.

The cryptocurrency tested and flipped its pivot point on the last day of the previous seven-day period. Unfortunately, NEAR failed to stabilize above the mark as it was met by fierce sellers’ congestion that saw it dip below the PP.

As with other assets, Near protocol had its bullish divergence during the previous intraweek session. However, the candle representing the previous intraday session is a doji as the coin failed to hold on to any losses or gains towards the end of the timeframe.

Currently down by more than 8% , the project is off to a bad start. The asset under consideration is one of the many cryptocurrencies to watch this week as the most recent price movement suggests more hikes ahead and hints at the coin hitting $14 this week.

Nonetheless, the most recent dip resulted in an impending bearish convergence. NEAR, experiencing any uptrends this week largely depends on general market sentiment. An improvement in the coin trajectory may see the coin hold the $12 support as further retracement flip the level.

4. Hedera (HBAR)

Hedera opened the previous intraweek session at $0.21 and closed at $0.25 adding up to a 18% increase at the end. The coin saw a low of $0.20 and a high of $0.26 as quick to recover from the more than 5% drop it suffered eight days ago and experienced a number of hikes throughout the week.

 

The buyers rallied the market and retested the pivot point at $0.25 and have sustained prices above the mark until the end of the intraweek session. Instinctively, many would expect HBAR to test its first pivot support after flipping the above mentioned mark. However, this is not the case as crypto is off to a bad start.

The coin is trading below its pivot point as a result of the most recent retracement. Additionally, HBAR is currently down by more than 6% since the start of the present seven-day period. Why is hedera one of the many cryptocurrencies to watch this week? Based on its volatility, the token, experiencing any uptrends this week, largely depends on general market sentiment.

5. Gala (GALA)

Gala is the top gainer from the past seven days as it opened the session at $18 and closed at $0.32 amounting to a 68% increase at the end. The coin saw a low of $0.17 and a high of $0.35 as it shook off the slow start to the period and experienced a number of hikes till the end.

The GALA/USD pair no doubt saw a lot of volatility as it enjoyed an increase in trading volume. The buyers rallied the pair to test its pivot point at $0.27 and have sustained prices above the mark after ascension. As with the preceding assets, GALA/USD was expected to test its pivot resistance after flipping its PP.

Price movement suggests that the token was close to testing the said mark but failed as it was hit by several short term sellers’ congestion. We also observed that the coin was off to a good start as it gained more 5% during the previous intraday session.

Unfortunately, it has fallen to the prevalent sentiment that is being plagued by retracements. Why is GALA on the list of coins to watch this week? Following the past week’s performance, it is easy to conclude that the bulls will start a rally that may see the asset flip the first pivot resistance, provided the coin trajectory changes.

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

January is a month many would love to forget as the first 31 days of 2022 were marked by a market-wide correction. A market that kicked off with a $2.2 trillion market cap ended in January with $1.75 trillion, making a 20% decline during that period.

The depreciation of the market is felt across almost every project as is with the top loser as per data from Cryptocurrenciestowatch.

Interestingly, the bulls seem to have staged a fightback since the start of February and investors are once again optimistic.

(Source: Coin360)

Indeed, the market situation at the time of writing has improved. The crypto industry is worth more than 8% higher than it started in February. It opened at $1.75 trillion and is currently worth more than $2 trillion.

The Fear and Greed index has also seen a considerable increase, moving back above 50 for the first time in a long time to suggest neutral market sentiment.

With a brief overview of the market now behind us, we take a look at the top five cryptocurrencies to watch this month.

Top Five Cryptocurrencies to Watch in February 2022

1. Bitcoin (BTC)

The past 31 days have seen the apex token lose more than 16% of its worth. Bitcoin dipped to a low of $32,950 during the period and a high of $47,989. More than $2 trillion was liquidated from both long and short positions.

However, we noticed that BTC gained a lot of attention in January as more institutions as well as nations are adopting the asset or have indicated interest in doing so. With the first month over, many are looking to the next with a lot of optimism.

Will February be productive for the largest cryptocurrency?

Based on previous records, we note that the second month of the year is the most profitable in the first quarter. The highest the apex coin gained during this period under consideration is 87.6% while lost 26.8% – the highest loss.

We also observed that of the eleven Februarys, nine came out positive as bitcoin recorded significant gains. On average, the largest coin by market cap increases by more than 15.2% every second month of the year.

BTC had its biggest hike since February 2021 during the previous intraday session, as it gained more than 11%. The coin is currently trading above $41,000 – hence the improvement in the fear and greed index.

Will the uptrend continue?

Based on the average gains per month, the firstborn cryptocurrency may experience a 10%-15% hike over the next 24 days. In the coming days, we may see BTC test $46,600. However, the top coin may face intense selling pressure at $44k. Being unable to surge past this mark since January 7, intense buying pressure may be needed to break the $44k resistance.

As the largest digital asset picks up momentum, we expect a bullish convergence on the Moving Average Convergence Divergence (MACD) that may seal the start of a new bullish trend.

2. Ethereum (ETH)

Ethereum kicked off the past month trading at $3,657 but closed at $2,689. The closing price reflects a more than 26% loss at the time. The cryptocurrency surged to a high of $3,894 and saw a low of $2,195.

Ether (ETH) suffered from negative sentiment as outflows during that period exceeded $100 million. The coin was about testing the $2,100 support but was stopped thanks to whales. The number of unique wallets is at an all-time high as the large bag HODLers purchased more of the token. Coupled with that, a new all-time high of 26.22 Million $ETH held by top non-exchange whale addresses. 

The two-month-long downtrend seems to be coming to an end, as the Ether is currently up by 13% since the start of February. The second largest coin by market cap currently holds the $3,000 support and may continue to stay above the level provided market conditions remain the same.

Indicators in major timeframes are silent as to how the largest alt will perform this month. However, previous records show that February is one of the most profitable months for ETH. With this in mind, we may expect Ether to retest $3,600.

3. Solana (SOL)

As with most cryptocurrencies to watch this month, Solana has also suffered massive retracement in the past 31 days. The coin kicked off the period under consideration at $169 and closed at $99 – a more than 40% loss. The asset saw a low of $80 and a high $179.

SOL experienced a cushioning effect from its price retrace on the last week of January, as it lost 7% as opposed to 10% average over the past two months. Unfortunately the slight improvement was not enough to pull the asset out of the bearish dominance.

This has resulted in a convergence of the Moving Average Convergence Divergence (MACD), which hints that SOL may experience another bullish convergence. Amidst the market stability, the $84 support still holds and may be tough to break.

Following a bullish divergence on February 1, the digital asset started an uptrend that saw it up by 13% as at the time of writing. With indicators remaining silent on the daily timeframe, we look to the weekly where we noticed the buying pressure that may aid an ascent to $150.

4. Polkadot (DOT)

Losing 27% during the past 31 days, the cryptocurrency will look to enjoy more surge this month. Polkadot opened January at $26 and closed $19. It also saw a low of $15 and surged to a high of $30. As ether suffered an outflow of capital, so did other cryptocurrencies hosted in its chain.

DOT suffered an eight-week long outflow that saw it dip to its lowest since August 2021. However, the token is one of the few that failed to record significant losses or gains last week. Price action during that could spark hopes of an inbound uptrend.

Currently, up by more than 9% since the start of the new month, the cryptocurrency may experience more hikes as the days progress. The Relative Strength Index (RSI) is one indicator that shows a lot of buying actions.

With the coin experiencing a bullish divergence lately, we may expect more uptrends in the coming days. The bulls will be looking to send the token as high as $30. However, DOT may face fierce resistance at $25.

5. Decentraland (MANA)

Decentraland kicked off the past month trading at $3.2 but closed at $2.8. The closing price reflects a more than 13% loss at the time. The cryptocurrency surged to a high of $3.4 and saw a low of $1.7.

The coin was about testing the $1.5 support but was stopped thanks to whales. As market conditions improved on major cryptocurrencies like Bitcoin and Ether, MANA also benefitted from the exposure as its HODLers bought the dip.

The two-month-long downtrend seems to be coming to an end, as the metaverse token is currently up by 8% since the start of February. The MANA/USD pair currently holds the $3 support and may continue to stay above that level if market conditions remain the same.

Indicators in major timeframes are silent as to how the largest alt will perform this month. However, Decentraland may continue to enjoy relative sentiment across the market. The MANA/USD pair may not enjoy the same volume of price increases recorded in the past 30 days. Nonetheless, market fundamentals point to a price increase if the pair recovers from its current retracement.

Conclusion

Although the start to January is not what many expected, we will see a gradual reverse of the current market conditions. Nonetheless, whether that prediction comes through would depend on the market remaining relatively stable for a larger part period within the month. This article mentions the top cryptocurrencies to watch in February, especially Bitcoin as its performance will once again prove pivotal.

This past week in the crypto market delivered one of those periods that long traders and investors would love to forget and hope to never see again.

Having opened at $2.05 trillion, the global cryptocurrency market cap slumped to $1.61 trillion at the end of the seven-day timeframe, representing a 20% decline. The market saw relative stability during the first three days of the week, but took a turn for the worst on Thursday as it lost almost 10% of its value at the time.

The bears seized control of the market in response to bearish news from Russia. The country’s Apex Bank cited concerns that cryptos are not only volatile, but are mostly used as payments to facilitate illicit transactions, such as money laundering and terrorist financing, and proposed that it be banned.

The Crypto Fear and Greed Index remained relatively stable but went volatile as the Russian story spread, causing a dip to 11. Currently, the index is at 12 – still displaying extreme fear as most cryptocurrencies are down by a few percent.

Yesterday, the global cryptocurrency market cap was estimated at $1.61 trillion. However, it has retraced to $1.54 trillion – a more than 6% drop. The depreciation left coins like  RUNE, FTM and MATIC losing 15% each with Ether trailing behind these assets with a 14% lose.

However, the market trajectory changed as soon as the whales got involved. One report has it that a new all-time high of 26.22 Million $ETH is held by top non-exchange whale addresses. One Ethereum whale loaded up on a total of 606,352,106,247 Shiba Inu tokens worth a whopping $12,135,105 at the time of purchase.

Traders are still riding on these stories and some cryptocurrencies are holding critical levels. Is the bearish dominance over? That largely depends on market actions throughout the next six days. Here are the top 5 cryptocurrencies to watch this week.

1. Bitcoin (BTC)

The most valued crypto asset is currently trading at a little above $36,000 as of this time. Although there has not been a significant increase in the price of the apex coin over the last 24 hours, nonetheless, the coin hit reverse as it was retracing in the early part of the day.

Last week, Bitcoin opened trading at $43,071, but rarely witnessed any increase because of an immediate retracement. Following a period of relative stability, Bitcoin took a nosedive losing the $40k support, an average of 1.5% during that time.

Many critical levels were lost during that time. One such is the $40,000 support lost its strength as it flipped on Friday and the largest cryptocurrency dipped as low $35,440. As the correction intensified, the $35,000 support also broke the apex coin hit a low of $34,008 on Saturday.

Unfortunately, the $33k support gave way BTC drop to its lowest in past six months ($32,920) during the past 24 hours. Yesterday we saw a change in recent market trends of starting slow or retracement at the start of a new week.

Following the most recent dip, bitcoin recovered and closed in profits. Although significant, the rebound has sparked hopes of a return to $40k. To achieve this, long buyers must defend the apex crypto from further downtrend and hold the asset above $36,000.

Based on price movements we may conclude that flipping the $36k support may result in further downtrend below $34k. With many traders speculating the bottom at $30,000, failure to hold the highlighted level may result in this prediction coming true.

2. Decentraland (MANA)

Decentraland lost 32% last week as it saw a low of $1.7 and a high of $3.18. Following a more than 30% decrease last month, the metaverse token is yet to rebound. The coin lost both the $3 support and the $2 support hence the recent low.

The sudden turn of events during the past 24 hours has resulted in the token regaining the $2 support and gaining little stability above it. Nonetheless, MANA is down by a few percent and is leading traders to ask when it will end.

Unfortunately, we can’t turn to indicators as they are all still bearish. Why is MANA one of the cryptocurrencies to watch this week? We have observed that Decentraland is one of the few tokens that has shown a little more resistance to price retracement ravaging the market – evidence of more HODLers and buyers compared to some other assets.

Nonetheless, we note how the bulls are currently holding $2 support. Further defense of this mark may result in the metaverse token testing $2.2 and flipping further resistance. Additionally, a slip of the $2 mark may send MANA as low as $1.8.

3. Sandbox (SAND)

Similar to Decentraland, the Sandbox lost 36% last week as it saw a low of $2.5 and a high of $4.9. Following a more than 14% decrease last month, the metaverse token is yet to rebound. The coin lost both the $4.5 support and the $3 support hence the low.

The sudden turn of events during the past 24 hours has resulted in the token regaining the $3 support and gaining little stability above it. Nonetheless, SAND is down by a few percent and is leading traders to ask when it will end.

Why is MANA one of the cryptocurrencies to watch this week? We have observed that like the preceding digital assets, SAND is one of the few tokens that has shown a little more resistance to price retracement ravaging the market – evidence of more HODLers and buyers compared to some other assets.

Nonetheless, we note how the bulls are currently holding $3 support. Further defense of this mark may result in the metaverse token testing $2.2 and flipping further resistance. Although the grip on this level is not strong a price slip may send MANA as low as $2.8.

4. Gala (GALA)

Gala, like most cryptocurrencies, is suffering from lingering corrections in the market. The asset lost 40% last week and is yet to regain the lost value as the bearish dominance still prevails. The coin dipped to a low of $0.15 and hit a high of $0.32.

The fairly new project is currently exchanging at $0.18 per unit – a stark reminder that the digital asset lost critical levels during the past intraweek trading sessions. One of the key supports that was lost during that period is the $0.25 which led to further downtrend.

The last three days have seen GALA stay above $0.17 – making the mark a critical support. However, the coin is not experiencing the same sentiment as the preceding cryptocurrencies, as we noticed that the cryptocurrency is down by almost 7%. Why is it one of the cryptocurrencies to watch this week?

We observed that gala has been oversold since last week. Based on RSI rules, an oversold asset is bound to regain composure and start an uptrend. Additionally, MACD histogram is displaying a gradual increase in buying volume, which translates to the slight surge the cryptocurrency is experiencing.

5. Loopring (LRC)

Loopring is another project that has shown a little more resistance to the current bearish dominance. The coin no doubt saw a lot of volatility, like most digital assets last week, losing 36% of its value at the time.

Seeing such an amount decrease, a lot of critical levels are bound to be lost. Of all these levels, the $1.05 support was flipped after more than three days of testing. The last day of the past week saw the project gain a whooping 16%.

The last three days have seen LRC stay above $0.7 – making the mark a critical support. Loopring is one of the few coins that are enjoying relatively bullish actions. We note that the coin has gained more than 16% since this week’s beginning.

RSI suggests that the cryptocurrency may continue to enjoy these bullish sentiments as the project leaves the oversold region. Additionally, MACD histograms are displaying a gradual increase in buying volume – a possible sign of a bullish market reversal.

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

In the last two weeks, bears gained complete control of the market. This was responsible for the more than 5% drop in the price of most digital assets during the past intraweek activity.

Coupled with that, the the world’s largest cryptocurrency network, Bitcoin (BTC), had to undergo a major test after Kazakhstan experienced a nationwide internet blackout that led to up to 15% of Bitcoin’s global hash rate going offline. Bitcoin was already in bearish mode before then and didn’t have much to lose as the network easily recovered from the hash rate drop.

Things have improved in the past seven days with the market undergoing recovery from recent lows. With many cryptocurrencies seeing little more hikes and minimal retracements, the crypto market has witnessed some stability. The market closed the period at $1.96 trillion but is estimated at $2.02 trillion as of the time of writing. 

However, the fact remains that the market is still in a bearish phase with most cryptocurrencies testing critical support levels. The image below further illustrates the extent to which these projects are dip into bearish dominance.

Source: Coin360

The Crypto Fear and Greed Index throughout the past week was fairly stable as the readings surfed between 21 and 23. At the time of writing, the metric is 24 despite the depreciating value of the industry. With macro trend traders expecting a further decline, many others are concerned we may not see a change in the current market trajectory.

As long as market conditions remain relatively stable, we anticipate the below listed cryptocurrencies with be among the top five to keep an eye on this week.

Top Five Cryptocurrencies to Watch This Week

1. Bitcoin (BTC)

Bitcoin opened the last seven-day period at $41,853 and surged to an intraweek high of $44,456. The digital asset closed at $43,107 which suggests that the top coin gained less than 3% at the end of the timeframe under consideration.

BTC dipped below $40,000 during that time but recovered. We note how the cryptocurrency remained above $41,000 after ascension to the time of writing. The $41k support is one critical level to look out for as the bulls may continue defending the mark.

Currently trading at $41,700, bitcoin seems to have hit support it rebounded at $41,600. The most recent test makes it the second time the digital asset is testing the mark. With increased selling pressure, the support may give way and the largest cryptocurrency may dip as low as $39k before the end of the week.

Fears of more bearish action were felt across the market as the apex coin experienced a death cross four days ago. This is also reflected in the Relative Strength Index (RSI) as observed in the decrease in the indicator and bitcoin may become oversold if current conditions do not improve.

In addition to the Relative Strength Index (RSI) reading, we also take into account the Moving Average Convergence Divergence (MACD). The chances of a massive uptrend is looking more bleak as the histogram associated with the metric suggests a gradual increase in selling pressure – hinting at more price correction.

2. Ether (ETH)

Last week, we saw ETH dip to the lowest it has attained over the past 21 days. The coin saw a low of $2,926 as it suffered the biggest dip of the period under consideration on the first day of the week but saw little hikes that saw minimize the loss.

The coin no doubt saw a lot of volatility at the time and Ether gained 5% over last seven days as it opened at $3,151 and is about closing at $3,350. ETH correction yesterday was an indication of the bears in action. The cryptocurrency has dipped by more than 4%.

 

At the time of writing, ETH is still ravaged by corrections and struggling to find support. The $2,900 support has held out since August 2021 but may come under threat if the current downtrend does not stop. The strength of this support is yet to be tested as right-wing traders have successfully prevented a dip to that level. Nonetheless, the mark may continue to act as support through this week, provided market conditions soften.

Like BTC, the Relative Strength Index (RSI) displays patterns leading up to more bearish actions. The Moving Average Convergence Divergence (MACD) histogram also suggests a gradual increase in selling pressure. Nonetheless, a massive price rally, powered by strong bullish sentiment,  may send Ether as high as $3,300 with eyes set at flipping the $3,400 resistance.

3. Fantom (FTM)

FTM was one of last week’s top gainers. The cryptocurrency gained more than 30% at the time but is currently trading at $2.8 per unit. The $2.4 support has held out for more than five days and is considered bullish based on the pivot point standard.

 

The coin is not experiencing the same sentiment as the past week, as we noticed that it is down by almost 15%. Additionally, MACD histogram is displaying a gradual decrease in the buying volume which translates to the retracement the cryptocurrency is experiencing. Why is it on the list of cryptocurrencies to watch?

Based on market trends, we’ve seen weeks that started slow but got heated up as the week progressed. Having crossed the the 200-day roadblock, FTM will look to test $3.2. The FTM/USD pair will have to break the $3 resistance to hit this level

FTM is seeing a second day of price drop and may close the day with a red candle. The $26 support flipped once and was regained. Nonetheless, the candlestick pattern on the weekly chart suggests that the asset may recover as we observe a bullish engulfing.

4. Harmony (ONE)

As with most cryptocurrencies to watch this week, Harmony no doubt has seen a lot of volatility over the past week. The cryptocurrency saw gains of more than 20% at the end of the seven-day period. It hit a high of $0.38 and low $0.25.

As with the preceding, ONE is not experiencing the same sentiment as the past week, as we noticed that it is down by almost 15%. Additionally, MACD histogram is displaying a gradual decrease in the buying volume which translates to the retracement the cryptocurrency is experiencing. Why is it on the list of cryptocurrencies to watch?

The Moving Average Convergence Divergence (MACD) suggests an impending price dip as fast and slow lines may intercept in the next 24 hours. A massive dip may leave ONE looking to rebound at $0.29 as the coin remains in accumulation phase.

Nonetheless, the cryptocurrency is seeing a lot of corrections as it goes on its second consecutive day of losses. Will it continue? The weekly chart suggests that the coin may see further improvements in price in the coming days as the cryptocurrency experiences a bullish last two weeks and is showing no signs of a downtrend.

5. Secret (SCRT)

Following the below per performance in the last two weeks, Secret is one of the many coins in the top 100 that ended the past week in profits. The coin opened at $5.8 and closed at $8.8– a more than 49% increase.

 

The cryptocurrency is seeing a spillover of the past week’s sentiment as it is one of the few tokens experiencing an uptrend. The price hike started as soon as the intraday session began and has resulted in SCRT gaining  more than 5%.

Having seen a bullish divergence barely during the previous intraweek session, the asset is looking more promising and a good start to the the seven-day period will have prolonged effect on it. We may conclude that the SCRT/USD pair will experience surges as the week progresses.

Conclusion

Following a splendid week that saw the top 100s swing significantly, buyers are looking forward to another big move in the next seven days. Most cryptocurrencies ended the past seven days with gains indicating that the bulls dominated the week.

Last week, the crypto market started slowly but picked up momentum as the intraweek session progressed. Market fundamentals were fairly flat, with no significant news driving price action.

We also observed a steady increase in the Fear and Greed Index as the metric reflected little hope in the market following weeks of extreme fear. Although the index did not tilt to the greedy region, it peaked at 45.

The crypto industry was valued at $2.2 trillion at the start of the week. It surged as high as $2.4 trillion and saw a low of $.1 trillion during that time. Top performing coins over the last seven days include Near, gaining more than 70% and FTM with a 60% increase. Considering the bullish nature of the market last week, the top loser lost almost 5%.

 

Source: Coin360

With a slow start to the current week, will we see a repeat of the price movement that has transpired over the last seven days? Here are the top cryptocurrencies to watch this week.

1. Bitcoin (BTC)

Bitcoin opened last week at $46,671 per unit and the highest it saw last week was  $51,864 per unit. At the end of the last week, the apex coin was able to record more than 8% gain as it closed the past seven days at $50,791.

BTC started the previous intraweek sessions a little dull as the first day of the week saw minimal price movement. The second day of the week saw more trading volume than the previous trading session.

The intraday activities began with the top coin trading at $46,926 and surged as high as $49,353. The coin saw a low of $46,667 during the period and closed the intraday session 4.27% higher than it opened. BTC continued its price hikes and resulted in the gains it recorded.

The past seven days ended with the bulls becoming more fearful as we note that the 50-day MA and 200-day MA are gradually closing the gap between them and we may see a death cross soon.

 

Unfortunately, the top coin is not seeing the same bullish sentiment it experienced last week. The coin is currently down by 3.21%. It opened the preceding intraday session at $50,885 and is currently trading at $49,181.

The Moving Average Convergence Divergence (MACD) hints at bearish actions during the current intraweek activity. the faster line is moving closer to the slower line and once it is intercepted, the largest digital asset may be hit with a series of corrections.

Crypto’s largest asset may close in the next six days trading below $48k if the current market situation does not improve. Nonetheless, the buyers may rally the market and cause Bitcoin to surge above $51,000.

2. Cardano (ADA)

The sixth coin by market cap is up by some percentage. The coin is going through a cooldown as it rose to an intraweek high of $1.59 but is currently trading at $1.49 per token. Cardano has been experiencing a spillover from the past seven days of sentiment.

ADA opened the previous week at $1.24 and closed at $1.45. The gap between the starting price and the level it ended the intraweek activities indicates a more than 17% hike. The ADA/USD pair saw a gradual progression in its uptrend as it accumulated almost 15% in the first three days of the period under consideration.

Yesterday, the sixth largest cryptocurrency increased by 4% – a solid start to the week. Unfortunately, the bulls were unable to sustain the early lead and the coin has retraced to $1.49. The indicators are silent as to the price actions. However, we observed that the previous uptrends after a more than five-week long correction last longer than the current period. We may conclude that ADA will resume its uptrend.

3. Polkadot (DOT)

Polkadot made a return to the top 10 and was the top gainer in the category as it gained more than 26% last week. The project kicked off at $24 and closed at $31 as it saw a high of $31.7. The digital asset was no doubt very bullish during that time as five of the past seven days were represented by green candles.

After seeing such an increase, many will expect a continuation of the uptrend. Unfortunately, the tenth coin by market cap failed to surge and continued the trends. It is currently down by 7%.  DOT hit a “wall” as the $33 resistance proved to be the strongest so far after $30. The current price shows that some traders are taking profit as the coin under consideration is trading at $29 following a correction at $33.

Polkadot may continue to fall back on the $28 support until it flips $33. Massive seller congestion may result in the coin falling back to $26. The DOT/USD pair has the potential to surpass $35 this week as the bull may continue to push the coin.

4. Uniswap (UNI)

Closing the past week at a 24% increase and starting a new one almost the same way it did the previous, UNI may be off to a good start. Uniswap peaked at $18.8 and saw a low of $13.9. Price action over the last seven days suggests that we should expect another volatility-filled week.

The UNI/USD pair has stayed off the $13 mark since ascension seven days ago. We may expect the continuation of this trend in the next seven days. The pair will aim to test the $19 resistance and may succeed provided we see a repeat of last week’s actions.

A reverse of the prevalent price pattern may result in the coin dipping as low as $15. A flipping of the $15support may result in Uniswap retesting $14 before rebound.

5. Near Protocol (NEAR)

Near protocol gained 80% last week as it saw a low of $8.1 and a high of $16.3. Following a more than 14% deficit during the last two weeks ago, the token has been on the rise come days into the past seven days. Unfortunately, the same cannot be said now.

We observed that the coin is trading at a loss of up to 17% as of the time of writing. Considering the state of the crypto market, it is hard to predict how NEAR will perform in the next six days.

The situation of the project is however alarming as it has not seen this level of correction in a long time. Adding to that worry is that MACD is about to see a bearish interception. There is no established support until $12 and the coin may flip based on the selling pressure.

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

The current bearish state of the crypto market is entering a different phase as we note a little more resistance from the bulls. However, the market has remained on a downtrend since the start of the month, having lost 5% weekly on an average. But there is hope.

Unlike the other bearish weeks, the market lost only 3.4% of value, signifying strong consolidation. The market opened at $2.23  trillion and peaked at $2.30 trillion and was hit with retracements that saw it dip as low $2 trillion but closed at $2.19 trillion. This would suggest that there were minimal losses across the market, even though the majority of the coins in the top 100 remain significantly down.

The top gainer throughout the period was Yearn.Finance ($YFI) as it went up by more than 60%.

Market fundamentals have been fairly flat with little to no long term effect on the prices of the of various cryptocurrencies. However, one of the biggest stories this week is that Tesla will start accepting DOGE as payment for its services. Dogecoin surged by more than 20% after announcement but failed to continue the trend.

Following the unavailability of strong fundamentals, the Fear and Greed index is also seeing a lot of stability below 30. We observed that the industry is unable to recover from bearish induced fear and as result,  the index is consistently shifting between 21 and 29 throughout the past seven days.

The market as of this time is better than the previous trading session as almost every cryptocurrency is significantly up. The effect of these hikes is seen in the image above. With a good start to the week, the question on everyone’s lips is: Will the bulls will sustain their lead?

Top Five Cryptocurrencies to Watch (Dec 20)

1. Bitcoin (BTC)

Bitcoin closed last week with deficits exceeding 6%. The coin started the period under consideration at $50,102 and surged to an intraweek high of $50,226 but hit resistance at this mark and came crashing down to $45,750. The next two days saw more price increases as the apex coin gained almost 5% as the bulls tried recovering from the previous loss.

Efforts to recover the loss ended in futility as the largest cryptocurrency digital was hit with more sellers’ congestion on Thursday and Friday as it lost 5% in total. The digital asset saw very few hikes after the price drop and went on to close at $46,704.

Several indicators still indicate that BTC is kneeling deep into bearish dominance. One such is the Pivot Point Standard (PPS). The apex coin is still trading below its Pivot Point and has failed to surge past its first pivot support in the past seven days. it still holds the second pivot support and did not test it during the time under consideration.

Bitcoin’s failure to pick up momentum has resulted in fresh concerns of another death cross. The fear becomes more imminent as the 50-day MA is slowly edging closer to the 200-day MA – hinting at an interception. Traders were thrilled to see the Moving Average Convergence Divergence (MACD) indicate a bullish cross.

The excitement is gradually fading as both MACD lines have converged and the crossing is yet to take place. The fast and the slow lines are closer than many would expect and have not separated as seen in the chart above. Amidst all the outlined bearish conditions, is there any ray of hope?

Paying close attention to the chart above, we noticed that although the much anticipated bullish cross is long overdue, there is a gradual decrease in trading volume. This is playing to the advantage of the buyers as their purchase is reflecting on the chart and will trigger more bullish actions.

2. Terra (LUNA)

A previous market outlook named LUNA as one of the coins to watch in December after it became the tenth largest coin by market cap. LUNA rose as high as $85, leading to predictions that the digital asset could end the year above $90. However, Terra has failed to sustain the uptrend and dipped as low as $65 per unit.

The projection is back on course as the ninth coin by market cap surged to $81 last week after seeing a low of $55. The project opened trading at $61 and closed the past seven days at $78 per unit – resulting in gains of more than 25%.

We saw LUNA retest the second pivot resistance at $78 during the past trading session. The asset under consideration is currently trading at $85 per unit which indicates that the $90 resistance may break as the buyers are defending this mark and preventing further slip.

We also observed that the ninth largest coin by market cap was mostly bullish throughout the last seven days. The same script has played out before and the effect is seen in the chart above. it is easy to conclude that terra may range this week based on recent price movements.

3. Avalanche (AVAX)

Avalanche ended the past week in profit and is one of the top gainers in the top 100s. The project opened the period under consideration at $88 and closed at $107, adding up to 22% increase. AVAX current feat has earned it a place in the top 10 as it flipped DOT to claim the 10th spot.

The coin saw a low of $75 and high of $117 over the past seven days – showing strong volatility. Long traders have been adding to their positions in the coin and these efforts are yielding the desired results as the tenth largest coin kicked off the current week on a positive note.

AVAX gained more 5% in the last 24 hours and looks to be off to a good start as it is currently at its highest in the past fourteen days. The asset under consideration is one of the many cryptocurrecies to watch this week as the most recent prices suggest more hikes ahead and hints at the coin hitting $130 this week.

The PPS also agrees with the above statement as the AVAX/USD pair is trading above its pivot point at $110 per unit. With the PP down, the pair will attempt to flip the first pivot resistance but will face strong resistance $130 which may flip provided market conditions remain the same.

4. Hedera (HBAR)

Hedera opened the previous intraweek session at $0.25 and closed at $0.32 adding up to a 26% increase at the end. The coin was quick to recover from the more than 5% drop it suffered eight days ago and experienced a number of hikes throughout the week.

The buyers rallied the market and retested the first pivot support at $0.26 and have sustained prices above the mark after ascension. Instinctively, many would expect HBAR to test its pivot point after flipping critical support. However, this is not the case as crypto is off to a bad start.

Nonetheless, Hedera appears to be a cryptocurrency to watch this week as it seems we are about to see a repeat of what played out during the previous intraweek session. The coin ended last week Monday negatively before making a swift recovery Tuesday. Following the same pattern as previously highlighted, the HBAR/USD pair may end the next seven days above $0.4.

5. Arweave (AR)

Arweave opened the previous intraweek session at $41 and closed at $59 amounting to a 41% increase at the end. The coin was quick to recover from the more than 18% drop it suffered at the start of the previous week and experienced a number of hikes till the end.

The AR/USD pair no doubt saw a lot of volatility as it retraced to as low as $34 and surged to a high of $61. The buyers rallied the market and retested the first pivot support at $42 and have sustained prices above the mark after ascension. As with HBAR, the pair was expected to test its pivot point after flipping the critical support.

However, this is not the case as the crypto is off to a bad start – losing more than 8% since over the past 24 hours. The coin ended last week Monday negatively but recovered on Tuesday. Unfortunately, the coin is still in the downtrend as of the time of writing.

Why is AR on the list of coins to watch this week? Widening the scope of the chart, we observed that the digital asset under consideration have enjoyed two consecutive weeks of profit before a negative one. The previous intraweek session was the first positive following a downtrend. Going by this pattern we may anticipate a recovery soon.

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

The start to December was not what most traders and investors anticipated when picking cryptocurrencies to watch. The market is off to a slow start as various cryptocurrencies see little or no increase on the first day of the month and this trend is still present at the time of writing.

The slow start becomes more evident in the past week as the crypto market went from the little skirmishes between the bears and the bulls to an all-out confrontation that left the latter defeated and the industry losing more than $300 billion.

Following the price drop that saw the industry dip as low as $2 trillion, we are seeing buybacks across the market at this time. As a result, the industry is up by more than 5% over the past 24 hours. The market is currently worth more than $2.38 trillion. The current valuation of the market shows a slight recovery from $2.05 trillion – in the last seven days.

Market sentiment at this time shows various cryptocurrencies enjoying more hikes and coming out of bearish dominance. The image below further explains the current situation of the industry. However, it is important to get an overview of what transpired in November as it will help project the possible outcome for this month.

During the first ten days of the past month, we note that the industry has seen tremendous increases in trading activities that have resulted in all-time highs for some cryptocurrencies. Unfortunately, the market was plagued by multiple FUDs that caused it to conclude in losses for the largest crypto assets.

One notable event that preceded the dip is China’s issuance of stern warnings to its state-owned enterprises (SOEs) against involvement in cryptocurrency mining activities. Other personalities like former presidential aspirant to the United States Hillary Clinton voiced negative concerns about cryptocurrencies.

The bulls also had the spotlight as Michael Saylor, revealed that MicroStrategy has bought about 7,002 BTC for a whopping $414.4 million in cash. El Salvador joined the firm in showing that it is  unwilling to give up its position as one of the largest holders of bitcoin, as it also bought more than 150 units.

The Fear and Greed index hit 21 – its lowest over the past thirty days. The market was notably bearish over the last 15 days of the eleventh month. The industry is currently the same as the metric  displays 25 as its current reading and hints at extreme fear in the market.

Following the massive wipeout last week, there has been no solid reply from the bulls aside from the small surges. Will we see a retaliation or will the bears extend their dominance?

Cryptocurrencies to Watch in December 2021

1. Bitcoin (BTC)

Bitcoin came out of the preceding month with losses of more than 7% as it closed at $56,974. The top coin saw a low of $53,300 and hit a high of $69,000 (ATH). Starting the last few days of the year on a rather cold note, many are skeptical of BTC outcome at the end.

Considering the ever-changing scene of the crypto market, it is only logical to consult previous records to get a little incite into the apex coin actions in the next few days. December is one of the many bullish months of the year.

This is illustrated in the image below as it shows only four of the eleven Decembers since 2010 have ended negatively for BTC. Although the four losses have nothing in common, a pattern is created when we split these months in two.

Another notable thing about the period under consideration is that the last month of the year seems to have a cushioning effect from the eleventh. For example, in 2018, bitcoin lost 32% in November and 9% in the next month. The same was seen in 2019.

Unfortunately, this is not the case with the largest cryptocurrency right now. The situation is worse than it was in November, as bitcoin is down by 13%. Are the records useless in this case? We note that BTC has also seen relative stability as it consolidated especially in 2018/19.

Following the same trend, the apex coin may range for the rest of the year, with few hikes and dips. What do the charts say? The charts only show how deep the first existing cryptocurrency is in its bearish dominance and shows no signs of recovery anytime soon.

2. Ethereum (ETH)

Last month, traders were hopeful that the second largest asset will hit $5,000 but it failed after surging to an all-time high above $4,800. The largest altcoin closed the preceding month at a 7% increase. Now, the hope seems to dwindle following the recent happenings in the market.

Nonetheless, previous market actions over the last two months of the year hinted at the possibility of Ether retesting, perhaps exceeding its all-time high. The image below suggests that overall, December is one of the bullish months for the asset under consideration.

The depiction also suggests that the last month of the year is better than the preceding in terms of price hikes. Considering the level of increase ether saw in the eleventh month, we may expect better performance in the concluding days of the year, and possibly a 10% increase as per the observations.

What do the charts say? As with BTC, the charts only show how deep ethereum is in the bearish dominance and show no signs of recovery anytime soon. However, we spot an uptrend in the making that started three days ago.

3. Terra (LUNA)

On November 30, Styllar recently announced their release of collectible NFT avatars on Terra (LUNA), each completely custom and of the highest quality on the blockchain. The collection is said to merge pop culture, fashion and NFTs into life

Many will remember Solana as one of the fastest rising coins. The secret to the surge the token saw was the launch of an NFT collection on its ecosystem. Similarly, Terra also has the same opportunity and so far has shown a lot of potential earning a place in the top cryptocurrencies to watch this December.

 

Last week, LUNA became the tenth largest coin by market cap as it rose as high as $85 – the new ATH. The above chart shows that the coin is not slowing down as it still maintains the uptrend. This crypto could end the year above $90.

4. Polygon (MATIC)

Polygon is one of the many cryptocurrencies to watch this month as it is in a league of its own. The coin closed the past week at a 24% increase and starting a new week with the same bullish trend. The coin is still on the rise at the time of writing.

Trading above $2.5, MATIC is showing no signs of slowing down as it has been up by 24% since the start of the week. Judging by this pace, it is safe to conclude that Polygon may end the year above $3.

Conclusion

This article highlighted five cryptocurrencies to watch this month. The above predictions coming true largely depend on market conditions remaining relatively stable for most parts of the month, 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

The cryptocurrency market witnessed a period of peak volatility last week. The past seven days ended with the bears being the undisputed winners during their struggle for dominance. Market fundamentals played a big role in the end result of the past week.

The biggest correction that ravaged the various cryptocurrencies during the time under consideration was in response to a new COVID-19 scare. Pfizer, one of the leading companies in the Corona Virus vaccine production, discovered a new COVID-19 variant, designated “Nu,” which some parties claim could pose a problem for vaccination.

The announcement was met with panic as both the crypto industry and stocks responded with massive selloffs, as many feared the worst. Amidst the panic, experienced investors took advantage of the retracement and added more coins to their portfolio.

For instance, El Salvador’s President Nayib Bukele revealed that the country added 100 Bitcoin (BTC), approximately $5.4 million to its portfolio. The country has continued to show no sign of ever going back on its bitcoin adoption decision as it continues to accumulate more of the digital asset.

Some cryptocurrencies in the top 100 saw a late surge in the closing hours of the previous intraday sessions. Traders are looking more hopeful this week as reflected in the Fear and Greed Index. The metric dipped as low as 21 (the lowest in the last 30 days) last week  but has gradually increased and is at 33 as of the time of writing.

Source: Alternative 

Still fired by the late surge yesterday, most coins are holding on to their leads as shown in the chart below. On average, almost every cryptocurrency has gained 3% over the past 24 hours.

(Source: Coin360)

Will the bulls follow up on the price growth or will the bears seize control? Here are the top five cryptocurrencies to watch over the next seven days.

1. Bitcoin (BTC)

The most valued cryptocurrency opened the week at $58,600 after suffering a more than 10% decrease last week. The king coin has shown a lot of progress six days ago as it gained more than 5% – sparking hopes of a return to $60k . The surge saw it leave the low for the week and take a step closer to $60,000 but falling short by less than $500.

Bitcoin saw a low of  $53,524 and was about to end the past seven days in losses adding up to 5% but saved as a result of a rally over the past 24 hours. The top coin lost a little above 2% as it closed the week at $57,338.

One question on the minds of traders is whether the current price hike will continue through the next seven days. The answer to that question lies within how market fundamentals will play out in the coming days.

Adding to the worries of the buyer is that the most valued coin is trading below the Pivot Point at $57,250. The last seven days have seen the apex coin edge closer to testing the first Pivot Support at $47,500.

On the part of trend indicators, they all seem flat as there is no improvement since the assets crossed their various boundaries except one. The Moving Average Convergence Diveregence (MACD) is giving a spark of hope as the fast line is about intercepting the slow – hinting at an incoming uptrend.

The buyers may rally the apex coin as high as $60k this week as it is trading $57k. It is also important to note that the $59k resistance is one tough level to reckon with. Further slip into bearish dominance may result in Bitcoin dipping as low as $52,000.

2. Binance coin (BNB)

The largest exchange native token is one of the few cryptocurrencies to close in the past week in profit. The project closed at an almost 5% increase higher than it started. BNB has been hitting new highs en-route to a blockchain upgrade that is expected to make the asset more deflationary.

The last seven days saw the project hit a low of $550 and suggest that we may see a better low in the next seven days. Trading at $620 as of this time, $570 may be a level to bank on as most attempts to flip have been futile. Additionally, BNB may revisit $680 in the days leading up to the upgrade.

3. Ripple coin (XRP)

The last seven days marked the third consecutive period of loss. The sixth coin by market cap continued its downtrend after losing more than 10% two weeks ago as it loses 8% over the past seven days. The Moving Average Convergence Divergence (MACD) shaded more light as to why the seventh-largest crypto-asset keeps dipping.

Now MACD is showing a bit of good news as the bearish interception that took place and triggered a massive selloff is about to hit the reverse. This may be the needed boost to surge above $1.2 in the next seven days. The current price of XRP still suggests that the $0.90 support is still open for testing.

4. Sandbox (SAND)

SAND has been in a league of its own with the tremendous hikes it’s been experiencing. The project has made flipping its all-time high a tradition. The coin has seen a growth of more than 87% over the last seven days.

Trend indicator: Pivot Point Standard shows that $SAND is extremely bullish as it is currently trading above the fifth pivot resistance. MACD also agrees with the latter as both readings are the same.

On the other hand, price movement is painting a different picture. The SAND/USD pair have tested the $6 support thrice over the last six days but failed. We may see a retest and possible flipping mark this week.

5. Decentraland (MANA)

Following a more than 200% increase during the last seven days of October, the metaverse token took a short break and returned to bullish. The uptrends extended to the past week as Decentraland gained 41%.

As with Sandbox, the Pivot Point Standard shows that MANA is extremely bullish as it is currently trading above the fifth pivot resistance. MACD also agrees with the latter as both readings are the same.

On the other hand, price movement is painting a different picture. The MANA/USD pair have tested the $4.37 support thrice over the last six days and with just one success. We may see a retest and possible flipping mark this week.

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

The global cryptocurrency market cap is estimated at $2.65 trillion at the time of writing, finally  recovering from the setback suffered a few days back. The industry peaked at $2.89 trillion last week but was devalued due to retracement that brought the value as low as $2.41 trillion during that time.

Many traders are still at a loss as to the cause of the correction. One notable event that started the price decline is China intensifying its bids to crackdown on crypto, and the current week has already seen negative reports of a possible ban in India.

Following the decline in the prices of most cryptocurrencies, the general sentiment in the market as of the time was bearish as the fear and greed index was at 34. The reading has seen a sudden decrease following the correction across various crypto assets. There is currently a significant increase as it is at 50.

Putting aside the FUD and looking forward to a new week, we notice a significant improvement at the the moment compared to the past week. The image above shows more green labeled coins – further explaining the previous statement.

Unfortunately, not all the projects shown above are enjoying a notable increase. Will the current market conditions get even better?

Top Five Cryptocurrencies to Watch This week

1. Bitcoin (BTC)

Bitcoin’s current price suggests that the past week has not gone as planned for the bulls. BTC closed the past week with a more than 10% decrease with many crucial support flipping to resistance levels.

Bouyed by China’s latest crackdown, the apex coin dropped below $60,000. More support fell victim to the raging bears as the largest coin by market cap dipped below $56k. Last week, BTC saw a low $55,640.

One of the reasons for the prolonged stay and further retracement was that the bears capitalized on the market as we note that many traders panic sold below $60k. The largest cryptocurrency buy market cap saw a little bit of uptrend and hovered above $59,000.

Exchanging below $57,000, it is clear that the top coin suffered a 4% deficit from its opening price of $58,647 during the previous trading session. Bitcoin dipped below $56k during that time as it hit a low of $55,628.

BTC is one of the many cryptocurrencies to watch this week as the current price level is hinting at incoming massive price actions. On-chain analysis suggests that the supply of the most valued crypto assets is at its lowest – this a recipe for explosive actions.

The $56,000 mark is now considered a weak support following the insistent flipping. The support remains relevant as it is the key to returning above $60k. Failure to defend the level will result in further retracement that may leave Bitcoin at $54k.

2. Avalanche (AVAX)

Avalanche is now known as one of the big boys as it bursts its way up the top 100s and into the top 10. The project gained 34% last week – seeing a lot of volatility along the way. We saw AVAX flip one all-time high after another.

The coin peaked at $149 but a low of $83 during the past seven days. The tenth coin by market cap is on the rise and there is no sign of it stopping anytime as the buyers are aiming for a $200.

Since the start of the new week, Avalanche has surged to an high of $151 but could not continue the rally as it was me by gradual intensifying selloff largely led by increasing gas prices on the nascent blockchain project. If the market can shake off this negative fundamental news, the bid to $200 is still on and we may see AVAX hit $160 as the it has continually seen the need influx of cash to break resistance.

3. Polygon (MATIC)

Amidst the current bearish dominance witnessed across the crypto market, the MATIC/USD pair have shaken off losses from the previous week. Polygon lost 7.49% over the past seven days as it went as high as $1.76 but dipped as low as $1.44.

Rebouncing off the $1.44 support, the level is renowned as one of the top marks to crack. The current price of MATIC suggests that the closest critical support is $1.53. It is important for Polygon to hold on to $1.53 as it will ensure a tight squeeze back to $1.7 in the event of more retracement.

MATIC is one of the many cryptocurrencies to watch this week as the Moving Average Convergence Divergence (MACD) is showing more promising hikes this week. The chart above shows both lines about intercepting and indicating more bullish actions.

We also note the gradual influx of funds into the market. The Relative Strength Index (RSI) is also seeing a stable increase as shown above.

4. Elrond (EGLD)

Since MACD’s bullish interception two months ago, Elrond has been on the rise. The past week was the continuation of this bullish sentiment as the project gained 33%. Hitting an all-time high of $445 and seeing its lowest for the week at $285.

EGLD is still on the rise as both MACD lines are showing no signs of retracing. With this in mind, it is easy to see why the project is listed among the top five cryptocurrencies to watch this week.

Elrond is enjoying a bullish spillover from the past week as we noticed the continuation of the uptrend this week. The cryptocurrency has gone up by more than 15% since the start of the week and has hit a new ATH at $544.

Judging by the pace of the increase in price, we may conclude that the 23rd coin by market cap may flip the $600 resistance over the next seven days.

5. Flow (FLOW)

Closing the last seven days with almost 10% increase, FLOW looks on track to continue on the bullish path. Seeing a high of $15.3 and low $11.4, we observed the strength of the $11 support.

We may see a repeat of last week’s actions this week. Although Flow is trading below both the 50-day and 200-day MA, nonetheless the Moving Average  Convergence offers little comfort – hinting at further price action with more uptrends.

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.

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