Top Five Cryptocurrencies to Watch This Week (Dec 12)
The previous week saw significant value stability in the cryptocurrency market. The sector under discussion began trading at $850 billion during the previous intraweek session. Looking at the chart reveals that for the majority of the week, it trended between these valuations.
Reduced market volatility was the cause of this. The sector’s decline to its low for the week on Sunday marked the largest movement during the time period under consideration. It hit a low of $790 billion but bounced back before the intraday session ended.
It ended the day with a valuation of $857 billion, showing no discernible change in value over the previous seven days. This remarkable inactivity may be attributed to a dearth of essentials.
The cryptocurrency industry, however, experienced several changes. In order to prove that the money belonging to consumers is appropriately backed, Crypto.com published their Prove of Reserve. Bitnob will collaborate with Strike, a digital payment platform, to enable rapid payments across Africa.
A distinct narrative emerges when the top gainers and losers are examined. Over the past week, Toncoin has increased by more than 25%. STX immediately increased by more than 15%. A stablecoin, USDN, suffered a loss of stability and fell by more than 20%.
With a focus on the new week, there are indications of notable price increases. The price of cryptocurrencies is rising noticeably. Based on the global cryptocurrency market cap, this is the most volatile intraday session since November for the majority of cryptocurrencies. With this rise, the sector’s worth reached an all-time high of $877 billion.
The gain the market experienced over the last 24 hours is a sign that this week may see additional price movement. Since there is no news that may jolt the cryptocurrency market, the media is nearly completely silent on the fundamentals front. Nevertheless, some crypto assets may do better in the future. Let’s discuss them.
1. Bitcoin (BTC)
The preceding week saw no appreciable advances for the apex currency on a weekly basis. This was a result of the market’s overall devastation caused by low trading activity. It failed to record any significant price changes during the first intraday session, similar to the prior trend.
However, we saw that the coin made a try to test the $17,500 resistance but was unsuccessful since it encountered strong opposition there. Tuesday might be regarded as the coin’s worst-performing day.
On Wednesday, we witnessed the week’s longest red candle. However, the asset’s value did not significantly alter from the prior 24-hour period. The following day saw Bitcoin’s largest movement.
The apex coin increased from $16,838 to $17,229 before closing. BTC gained slightly more than 2% at the end of the time frame. As the cryptocurrency under review finished the week with losses of less than 1%, the final three trading days of the week were notable for their trading volume.
During the previous intraweek session, the majority of indications were quiet. This was a result of the market’s generally low volatility. The Moving Average Convergence Divergence is rapidly approaching zero as it has continued to increase.
Another indicator that offers no fresh insight is the relative strength index. Nevertheless, for the majority of the week, temperatures hovered around 50. We might anticipate greater action if we concentrate on the current intraweek session.
What happened a few hours before this article was written provides one stark example of this. it was the first time in more than a month. The $18,000 resistance was tested and broken by the apex coin. Before correcting, it reached a high of $18,100.
We may anticipate future price movement to the top or lower based on prior price moves. BTC might close above $18k if the bulls maintain their pace.
2. Ethereum (ETH)
The bulls were able to push the cryptocurrency to a high of $1,305 following a hard battle that saw it start out at $1,278. It was turned down, though, and fell as low as $1,247. On Tuesday, it had its first green candle.
Unfortunately, it overlooked any discernible change in prices, as well as the general trend. The next day, ETH lost all of its gains, and the low volatility remained. It had the longest red candle of the week.
It was the week’s longest green for the coin. The 24-hour cycle began at $1,231, and it reached a climax of $1,292. As the day came to an end, it rose by more than 3%. Over the course of the last three days of the week, volatility was at its highest.
Like most crypto assets, the largest altcoin did not see a notable change in these metrics. For instance, the 12-day EMA was still moving upwards while becoming closer to zero. Similar to its sibling, the 26-day EMA displayed a similar pattern.
ETH witnessed around the same trading volume throughout the final three days of the week as it held onto 50, according to RSI. With the week in mind, it is challenging to forecast how the price will behave because the indicators have not changed.
Additionally, there are no ongoing fundamentals that would provide a clue as to how ETH will perform. However, the biggest altcoin attempted to break through the $1,400 resistance a few hours prior to the time of writing.
Despite failing in its efforts, it reached its highest point in more than 20 days at $1,350. We might witness other ascents. This might ensure a close of $1,400. Ethereum may experience a change in course if it loses momentum.
3. Stacks (STX)
STX was among the top gainers the previous week. Contrary to popular sentiment, the coin consistently increased throughout the previous seven days. The crypto asset ended the prior week up more than 14%.
Along with the rise, we also observed the extreme volatility it exhibited. On Monday, it peaked at $0.26 from an opening price of $0.24, setting the trend. Despite falling from the peak, it ended the session up by more than 4%.
The next intraday came to a conclusion without a major price movement. However, it reached a high of $0.27. The coin experienced its worst day on Wednesday, falling to a low of $0.24. After the session, there were losses of more than 2%.
The week’s biggest high occurred on Saturday when STX recorded its highest level. When the intraday session began, the price of the cryptocurrency was $0.26. It reached a high of $0.37, representing a rise of more than 24%.
At its height, it met a strong rejection. It reversed to just above its opening price and ultimately failed to show any appreciable gains. We can draw the conclusion that STX finished its intraweek session on Sunday with one of the best gains.
It had a positive change of more than 4% at the end of the intraday session. There was a lot of movement in the area of the indicators. The Moving Average Convergence Divergence is the first measure to pay attention to.
As the steady increases persisted, we observed that the 12-day EMA underwent a tremendous jump. The RSI, which concluded the previous intraweek session at 64, is likewise rapidly approaching 70. Focusing on the coming week, we might anticipate sharp drops.
The RSI is above 70, which is one factor supporting this conclusion. STX is overbought and due for a correction.