Cryptocurrencies like HNT and APE are some of the top gainers over the last seven days. They both surged by more than 8% and are showing signs of more uptrends. Nonetheless, the global cryptocurrency market cap is down by a few percent.
Yesterday, the industry opened with valuations at $935 billion. Trading action during the previous intraday session resulted in the worth dipping to a low of $880B. It recovered above $900 billion but it is trending below its opening price.
Most cryptocurrencies seem to be improving with regards to price. A comparison between the previous week’s chart and one that highlights price actions over the last 24 hours hints at better performances with the next two days.
The image above sheds more light on the previous statement as we observe more coins in green. It remains to be seen if the numbers will greatly increase or decrease. However, the sector is getting more active as we start the countdown to the weekend.
Microstrategy went shopping again. This time, they made a purchase of Bitcoin worth $6 million. Although most cryptocurrencies, especially the apex coin, are yet to respond favorably to this fundamental, it may be one of the catalysts for a little uptrend. Let’s take a look at the prospects of these cryptocurrencies.
Top Five Cryptocurrencies to Watch
BTC/USD
The weekly charts show the apex coin had a very bad week. As per the chart, we observed that BTC lost more than 11%. Such a massive decrease will lead many to expect one of the two, more price increases, or more price decreases.
Either way, one of these two scenarios is currently playing out. A closer look at the intraweek chart, we note that bitcoin is down by almost 3% since the present seven-day session started.
A delightful way to start for the bears. We observed that the asset dipped to a low of $18,271. This drop may mean several things in the next few days. One such is that the $19k support is one of the weakest and we may expect more price ranging close to $18k.
This could lead to massive retracement that may ensure the flip of the $18,000 support. Nonetheless, we’ve seen several downtrends come to a halt at $18,800. It remains to be seen if this will also play out this week.
ETH/USD
Similar to the apex coin, Ethereum lost a massive chunk of its value during the previous intraweek session. The coin dipped by more than 24% as it met several corrections and rejections.
It is important to take into cognizance how volatile the asset under consideration is. Since the start of the current week, it has broken the $1,300 support but recovered and is currently exchanging above it.
A Doji represents the current intraweek session which indicates that there was no massive move over the last 48 hours. Nonetheless, traders may gear up for an upcoming big move.
One reason for this conclusion is that the coin is at a critical level. It is currently trading a little bit far from the $1,300 support. Based on previous movements, once it flips, there are no notable supports until $1,000.
XRP/USD
Ripple showed a lot of resistance to the previous week’s sentiment. Nonetheless, it wasn’t exempted from the dips as it saw a low of $0.32 but recovered to close the session its opening price of $0.35.
The coin made an attempt at the $0.40 resistance but fell short as it peaked at $0.39. It also closed on a bullish note as several indicators indicated more price increases. The current week seems to be offering more in terms of uptrends.
XRP repeaked yesterday from an opening price of $0.35. This signifies a more than 7% positive price change. The altcoin also saw a spillover of that sentiment in the current intraday session.
This time, the coin flipped the $0.40 resistance and gained notable stability above it. It is currently up by more than 8% and may close at this price mark, marking the second day of consecutive gains. It remains to be seen if the uptrend will last through the week.
ALGO/USD
Algorand ended the previous week with losses exceeding 10%. A closer look at trading action during that seven-day period showed that the asset under consideration saw more bearish pressure, with the bulls struggling to rally the market.
A clear indication of this is the wick sticking out of the daily candles. Nonetheless, the token is seeing more buying pressure as buyers rallied it to a new high yesterday. It peaked at $0.32 but closed a little lower.
This happened after an open at $0.29, which indicates a more than 8% increase. The uptrend extended into the current intraday session as the asset hit a new peak. It surged as high as $0.34. What followed after could be the main cause for concern,
It faced strong resistance and was sent as low as $0.32. This may mean the end of the uptrend, Let’s see what the indicators say.
XLM/USD
Stellar’s performance during the previous intraweek session was bad like the other assets. Nonetheless, the coin saw a little recovery from its low of $0.10 to end the week with losses of more than 6%.
XLM is experiencing a reverse of that sentiment as we observed the notable gains it made. We may see it flip $0.12 and gain stability above it.
