Top Five Cryptocurrencies to Watch This Week (Dec 19)
The top five cryptocurrencies to watch this week saw notable decreases during the previous intraweek. This is also the same sentiment with the majority of crypto assets as they saw significant volatility.
Many viewed this change in trend as the conclusion of the era of lower trading volume. A quick glance at the global cryptocurrency market cap revealed that the industry closed the previous week with very minor losses. It began trading at $850 billion and rose to a high of $885 billion during the day as the crypto market saw noticeable gains.
Unfortunately, this price increase came to an end as the market started to decline. It decreased as a result, reaching a low of $796 billion. It recovered slightly and ended the day at $809 billion. This represents a more than 5% decrease from the open.
Furthermore, it is difficult to dispute the impact of unfavorable fundamentals on the prior intraweek session. The increase in interest rates was one of them. The hike was announced by the Federal Reserve on Thursday.
This increased pressure on most cryptocurrency assets that were already suffering from a negative CPI. A brief glance at the top 100 coins revealed that certain cryptocurrencies defied the general consensus to ultimately record significant gains.
One such is toncoin, which had gains of more than 28% at the close of the preceding intraweek session. With an increase of more than 15%, XDC comes next.
There is no expectation of any significant fundamentals this week. However, many traders are anticipating improved price performance. This week’s most promising cryptocurrencies will be discussed.
Table of Contents
Top Five Cryptocurrencies to Watch This Week
1. Bitcoin (BTC)
The past week was the worst run for Bitcoin since the beginning of December. It lost more than 4% during this time. The preceding intraweek session was the most volatile over the previous five weeks, according to the weekly chart.
It overturned the previous bearish pattern of a bad start to the week. As a result, it recorded its first green on Monday, there was no discernible gain in value. The following day, the bulls extended their lead.
For the first time in more than 14 days, the $18,000 resistance was retested. It crossed the threshold and rose to a high of $18,100, but it lost steam above the threshold and reversed course to settle at $17,772.
Nonetheless, it ended the day up more than 3%. In spite of BTC reaching a high of $18,200 on Wednesday, it continued to climb at the level with success. It consequently dropped to its opening value.
As the following two days were negative, that also signaled the end of any bullish attempt at $18k for the week. During that time, Bitcoin lost more than 5% and failed. Additionally, the currency lost more than 4% on Friday and fell below $17,000.
In response, several signs blared warnings. The Moving Average Convergence Divergence is one example. The indicator revealed that BTC experienced a bearish divergence before the week’s end.
Additionally, the Relative Strength Index dropped to 40. This week, these elements might work against the asset. Given that MACD is not showing any indications of recovery, we may anticipate further price declines. Nevertheless, price movement is accelerating.
Following a bearish start, the current intraday session is seeing an attempt to reverse the losses. $17k should be kept an eye on because BTC might take it back.
2. Ethereum (ETH)
Ethereum had another volatile but negative week. Many people anticipated the previous intraweek session because they thought there would be significant rises. Unfortunately, it didn’t work out since things started to go south.
However, there were noticeable rises on the first two days of the week. For Ethereum, Tuesday was the most upbeat day. Like the majority of cryptocurrencies, it had a strong start that resulted in a strong performance the following intraday session.
It started out at $1,276 and fell a little before finding support, which allowed it to rise to a high of $1,350Nevertheless, it experienced rejection and retraced downward. It gained more than 3% at its closed. On Wednesday, we observed additional attempts to establish stability above $1,350.
It reached the previous high but was unable to maintain it due to severe correction. It closed at its initial price, indicating no significant changes in values. The following two days were characterized by huge downtrends.
It fell below $1,300 on Thursday and finished the day down more than 3%. The cryptocurrency lost another significant level on Friday, which caused the greatest loss. For the first time in thirty days, it fell below $1,200.
After reaching a low of $1,156, the decline came to a halt. However, it recorded losses of above 10%. Due to this decline, ETH’s MACD showed a bearish divergence. RSI fell below 40 as well.
This indicator showed no notable changes, and they continued to be bearish during the intraweek session. We might anticipate more retracements as the new week approaches. This was confirmed by the price movement from the previous intraday session.
It is difficult to predict next price action as every metric is bearish. However, if the bullish trend continues, we may expect a retest of the $1,300 resistance.
3. Binance coin (BNB)
During the most recent intraweek, Binance coin lost more than 10% of its value. Let’s go over what occurred. As the week began, it dropped by almost 3%. In that intraday session, it lost the $280 support.
The coin was about restoring lost levels, so the following day got off to a good start. Nevertheless, the bears sparked a decline and pushed it to a lower low. For the first in over a month ago, BNB retested the $250 support.
When it rebounded to $253, the increase came to an end. It reached its opening price as it met buyback. Unfortunately, it was unable to recover and closed with small losses. The previous day’s bullish sentiment continued into Wednesday.
It tried to break through the $280 resistance, but failed as it reached a high of $278. Similar to BTC and the vast majority of crypto assets, it retraced. BNB lost more than 3% of its value and hit a session low of $265. On Friday, It ahd it biggest downtrend as it dipped to a low $225. This is the first time since August the coin is dipping to this level.
When it was over, it had lost more than 10%. There were other attempts at recovery that were effective during the latter two days of the week. The altcoin rose by more than 6% during the weekend.
We may anticipate either of these outcomes if we concentrate on the week. We might anticipate recovery after the severe losses last week. An earlier forecast indicated a continued downward trend.