Top Five Cryptocurrencies to Watch this Week (Dec. 5)
Most cryptocurrencies to watch have shown tremendous improvement in price. During the last seven days, the crypto market recorded notable changes that reflected in the global cryptocurrency market cap.
It opened the previous week at $843 billion but retraced as the prices took an unexpected turn. As a result, it dropped to a low of $814 billion. However, as the intraweek session progressed it recovered.
The sector’s valuation closed at $858 billion, which signifies little increase across most cryptocurrencies. The image below sheds more light on the sentiment that permeated the market over the last seven days.
The first notable thing in the figure above is BNB. We noticed that Binance coin is red, indicating that it lost a certain amount of its value. Nonetheless, this was not the biggest loss of some coins in the top 100.
XCN lost more than 20% during the previous week. On the bullish side, FTM surged by more than 30%. The second runner-up is GMX as it gained more than 20%. With regards to fundamentals, there are many.
Crypto-exchange Kraken cut down staff by 30%. SBF came out with a claim that he only has $100,000 left in his bank account after the FTX collapse. The new week is looking a little dull as there are no big fundamentals.
Nonetheless, most /cryptocurrencies are gearing up for notable price movements. Let’s see how they will perform.
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
The past week marked the last seven-day period of the previous month. The bulls made their last-ditch effort to see the asset reclaim lost levels. Price action shows that it recorded considerable increases.
The first mark everyone was keeping an eye on was the $17k resistance. Following a small decrease on Monday, fears of more downtrends gripped the market. However, the concerns came to a minimal level on Tuesday.
It gained more stability above $16k as it closed at $16,400. The coin flipped the $17k resistance on Wednesday as it peaked at $17,233. It had its biggest increase of the week during the intraday session as it gained more than 4%.
The last four days of the week were marked with no notable change in price. On a weekly scale, the coin closed with gains of more than 4%. A look at the indicators sheds more light on what transpired.
Following the bad start to the intraweek session, most metrics resumed their uptrends and maintained their previous momentum. Shifting focus to the current week, we are seeing a replica of the previous seven-day period.
During the previous intraday session, bitcoin failed to register any notable ‘gains. Although the candle was red, there was no notable price change. The same sentiment is playing out at the time of writing.
Nonetheless, one of the key levels to watch over the next five days is $17k. Although trading closer to this mark, BTC must gain stability above it to retest $18k. We may see one of the biggest moves of the week over the weekend.
2. Axie Infinity (AXS)
During the previous week, AXS was mostly stagnant with no changes in prices over the last seven days. The main trend at the time was recording losses or gains of less than 3%. However, the coin saw one of its biggest moves of the week on Wednesday.
After an unfruitful Monday, the bulls staged a comeback on Tuesday. The uptrend continued into the next intraday session. During this period, the altcoin retested the $7 resistance and gained a level of stability above it.
It held on to the mark until the end of the 24-hour cycle and closed with positive change worth more than 3%. It lost the highlighted support on Thursday as it closed at $6.8 and lost almost 3%.
It recovered the same amount the next day and the trend continued till the end of the intraweek session. On the weekly scale, there was no notable increase in price. However, the candle was green.
This week, AXS like most cryptocurrencies, is seeing stability in price. This happened as the coin is seeing massive selling congestion at $9. During the previous intraday session, Axie Infinity had one of its biggest surges.
It retested the $10 resistance and peaked at $10.4. It retraced but closed with notable increases. Monday closed with a positive change of more than 27%. Following such an increase, many are looking forward to seeing how prices will play out over the next five days.
Based on previous price movements, we may conclude that price action over the last 48 hours may be the largest this week. During recent short bursts, there was no notable increase or decrease afterwards. The same may play out.
3. Synthetix (SNX)
The previous week was one of the most bullish for Synthetix. The first two days of the intraweek session were marked with reduced volatility as the coin failed to record any notable gains or losses.
Nonetheless, both candles were red. The low trend came to an end on Wednesday as it picked up momentum. It opened trading at $1.64 and made progress to a high of $1.77. Although it faced a small correction, it closed with gains of more than 5%.
The bears tried staging a downtrend during the next intraday session. As a result, SNX failed to register any notable increase. Additionally, it had very little impact on price as it lost less than 1%.
Friday was another bullish day for the altcoin. The cryptocurrency started the day at $1.72 and peaked above $1.8. It ended the period with more than 4%. The last two days of the week saw both the bulls and bears gain almost equal dominance on the market.
There is no further information with regards to indicators as they pass limited information since the bullish divergence two weeks ago. Nonetheless, SNX closed with positive change exceeding 5% on the weekly.
The new week is looking more promising as the altcoin just had one of its best starts to the intraweek session. It had a quick shot to $1.94 from its opening price of $1.7. It ended the intraday session a little lower but registered gains of more than 9%.
SNX is still on the bullish path as we noticed another green candle representing the current intraday session. A few hours to the time of writing, it retested and flipped the $2 resistance. It faced strong resistance at the mark and retraced.
The highlighted level is still one of the vital levels to watch. We may see the cryptocurrency struggle to gain dominance above the said level with limited success before the end of the week.
4. GMX (GMX)
Although a fairly new asset to the crypto market, GMX is seeing massive increase that is piquing the interest of investors. One such took place during the previous week. Like most cryptocurrencies, it had a bad start to the week.
The cryptocurrency lost more than 5% last week Monday. As a result, fears of massive downtrends spread. However, these concerns were allayed during the next intraday session as the coin had its first green.
The uptrend was in full gear the next day as the altcoin opened trading at $41. It tried to retest the $50 resistance but failed as it faced a strong rejection $49. Nonetheless, it registered its biggest increase as it closed with more than 18%.
It broke the highlighted level during the next 24-hour cycle. It surged to a high of $54. However, like in previous times, it failed to hold to the mark. It experienced a massive correction and failed to record any notable price changes.
Another massive pump happened on Saturday. This time, the bulls aimed at the $60 resistance but failed. Nonetheless, it closed with gains of more than 10%. This massive pump led to RSI peaking at 68.
This explains the massive the notable decrease in price over the last 44 hours. During the previous intraday session, GMX lost more than 3%. There are indications that the same may take place during the current intraday session.