by Gideon Geoffrey 
Most cryptocurrencies are grappling the effect of the largest price decline they suffered last week. While some are attempting recovery, others are yet to make such attempts.
This trend also reflected in the global cryptocurrency market cap as it is down by almost 5%. Currently worth $2.31 trillion, the market lost almost 10% over the last seven days. The main catalysts were two events that rocked not just the crypto market but traditional stocks as well.
The first major decline took place after JPMorgan announced its decline in net profit during the first quarter. Stocks like S&P saw a more than 2% decline following this announcement. It also spewed into the crypto market.
The Iranian-Israeli conflict also spread panic among traders as many feared WW3. From all indications, most cryptocurrencies are yet to recover from the effects of these events. How will they perform this week?
Table of Contents
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin lost over 5% during the previous week. It dropped to a low of $61,308 as the downtrend bit harder. It also briefly broke the $71,500 resistance and sparked hopes of a return to a new ATH. All this faded following the two-day decline.
Currently printing a green candle, the apex coin is seeing notable buybacks. This comes after it retraced to a low of $61,654 some hours ago. A close with a hammer candlestick may result in the top coin seeing significant price increases within the next five days. It will also mean a retest of the $67,500 resistance.
The Relative Strength Index is hinting at a bullish outcome this week. A closer shows a gradual hike in the metric as it is 42, a little above its previous day’s reading. This shows the asset is seeing significant buying pressure which may enable the p=above predictions.
However, the Moving Average Convergence Divergence is showing no signs of a trend reversal as the 12-EMA continues downwards. It is currently below 0 suggesting a further price decline such as the level BTC experienced mid-January.
If this happens the apex coin is bound to retest $60,500. A flip could send it to sub-$60k within the next five days.
2. Solana (SOL)
Solana was one of the worst-hit coins from the previous dips. It lost 20% during this period as it retraced to levels it left in March. For example, on Saturday, it retraced to a low of $121 before rebounding and closing at $138.
Since the event, the coin has not gained much leverage from the low as it edged to retest it a few hours ago. It dropped to a low of $126 but is showing signs of recovery. At the time of writing, its trading at $136 which indicates the coin is printing a hammer candlestick. If the current day ends with this pattern, it may result in notable increases in the coming days.
The bulls will plot a return to $160 but faced massive rejections at $150 as observed in recent times. However, indicators do not support claims of further price increases. For example, MACD is on a downtrend and showing no signs of halting the trend. RSI is also below 40 which puts the bears at an advantage.
With possible bearish action taking over SOL in the coming days, it will retest last week’s low. Nonetheless, the bulls will stage buybacks at $125. If it fails, the coin could close the week in the sub-$120.
3. Toncoin (TON)
Toncoin price action Friday spotlights the resilience of the bulls. It saw buyback following a decline to $5.26 from $7.47. This led to a rebound and the asset closing with losses of more than 8%. The buying pressure gradually reduced on Saturday following its over 10% decline.
Currently, the coin is seeing small buying pressure after its dip to $5.92. As a result, the chart is printing a candlestick with close semblance with a hammer. Traditionally, this means that the cryptocurrency is set to start a notable price uptrend. If this happens, it will retest $7 within the next seven days.
However, MACD is showing a possibility of further price decline. The 12-day EMA intercepted the 26-day EMA indicating a bearish divergence. With the threat of further downtrends looming, the bulls will attempt staging massive demand concentration at $6. If it fails, it will retrace to a low of $5.26.
RSI also hints at a possible price decline to a low of $4.72. While this mark is not feasible this week, fundamentals speed up the process.
4. Polygon (MATIC)
MATIC retraced to a low of $0.59 during the previous week. The dip took place on Saturday when it had one of its biggest declines. It lost 14% on that day after previously losing 12% the day before. Attempts at recovery on Sunday were almost insignificant the coin lost over 20% on the weekly scale.
Since the new week, MATIC has experienced notable price struggles. The candles suggest almost equal control of the market as there is almost equal pressure from the sellers and buyers. As a result, it is printed a doji on April 15 and is currently printing another.
RSI is at 31 which suggests that the coin is almost oversold. A slip below 30 will trigger a buyback. However, this will happen between 20 and 30 which leaves room for more price declines. MACD is also hinting at further price decreases as both EMAs dropped below -0.05.
A return to last week’s low is inevitable. Nonetheless, for the remainder of the current intraweek session, MATIC will see small declines that will ensure it breaks $0.65. A massive decline not on the horizon at the time of writing which means a slim fighting chance for the bulls. They will attempt a return to $0.75.
5. Uniswap (UNI)
Uniswap downtrend slows after almost a full week of consistent price declines. It started on Tuesday and the asset failed to find support until Sunday. As a result, it lost over 30% on the weekly scale and dropped to a low of $5.90 before a rebound and a close at $7.53.
UNI is still experiencing significant decreases at this time. This comes after a more than 3% drop yesterday. Currently printing a doji, the asset is yet to register any notable positive change in value. Nonetheless, following the previous week’s events, the reduction in lost value could mean the bears are getting exhausted.
The Relative Strength Index points to a reason to believe the above statement. The coin is currently oversold. This will mean it is due for an uptrend. However, the bulls are showing no signs of soaking up the excess supply at this time.
This trend may result in further price decline and UNI dipping to $6. On the other hand, the reduction in volatility may continue over the next five days.
