Top Five Cryptocurrencies to Watch This Week (Feb 20)
With the crypto market entering a new week we are looking forward to the top five cryptocurrencies to watch. However, its is also worth noting that the previous week was splendid for the sector under consideration.
It opened the previous seven-day period at $1 trillion but had a slight decrease saw it dip below the mark. Nonetheless, we noticed it recovered before the day ended and was on the uptrend. Small increases on Tuesday sealed claims a bullish run.
On Wednesday, the market had it biggest surge. It went as high as $1.1 trillion from a open at $1.02T. It continued the uptrend and recorded notable increases on Thursday.
On the weekly scale, it closed with gains of almost 10%. Many may conclude that this positive change was caused by bullish fundamentals. It is hard to draw such a conclusion. However, some news made the rounds.
According to Bloomberg, Singapore-based banking behemoth DBS stated that there was a notable increase in the volume of bitcoin (BTC) trading on its digital exchange despite the 2022 market turmoil.
Some of the money stolen from Ronin’s Axie Infinity has been recovered by Okokrim, the Norwegian police. Through the assistance of Binance, Okokrim was able to recover $6 million from the hackers.
With a brief overview of what transpired over the last seven days. Let’s examine some assets with potential and their possible outcome this week.
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin is seeing a change in market sentiment as at the time of writing. Compared to the previous week, the coin is seeing more selling pressure and is dropping in value. Nonetheless, it had a splendid performance during the previous seven-day period.
It opened the session at $21,790 but dipped to a low of $21,300. It recovered but closed at its opening price. One trait of that session was the low trading volume the asset had.
The same played out the next day with a different outcome. This time, the coin closed the day with a green candle. This also marked the start of the massive uptrend that took place the next day.
This was one of the biggest BTC had a while. It opened at $22,187 and surged to a high of $24,420. It experienced rejection at this level and as a result, the session ended a little lower than its peak. Nonetheless, it closed with gains of more than 9%.
The last four days of the week had price in what many may describe as “a tug of war.” Bitcoin lost and gained the same value during this period. On the weekly case, it gained more than 11%.
Traders were filled with a lot of uncertainty about the new week. It is safe to conclude that BTC is off to a good start. It concluded the previous day with gains of almost 3%. With several bullish indicators during the previous week, we may see further price increases over the next six days.
Bitcoin may flip $25k and gain stability above it. On the other hand, it may dip and retest its short-term at $23,200.
2. Ethereum (ETH)
Like most cryptocurrencies to watch this week, Ethereum had a very good performance during the previous intraweek session. Nonetheless, it kicked off a little on the bearish side.
It lost the $1,500 support on Monday as it dipped to $1,463. However, it reclaimed the highlighted mark and closed with no significant change in value. This was one of the periods many expected a massive retracement.
Trading action on Tuesday proved this theory wrong. We noticed that the coin had its first green as it opened at $1,506 and surged to a high of $1,568 but closed a little lower. Nonetheless, the day ended with gains of more than 3%.
Wednesday was the main highlight of the week as it saw the biggest increase. Ethereum attempted the $1,700 resistance but fell short at $1,680. Although the session ended a little lower, it recorded gains of more than 7%.
ETH spent the last four days of the week in what many regard as an almost equal show of strength between the bulls and bears. These intraday sessions had very little impact on the weekly performance.
On this scale, the coin ended the previous seven-day period with gains of more than 11%. We also saw several bearish indicators become bullish after the increases.
With a focus on the new week, it’s hard to decide how ETH may perform. The previous intraday session was positive as it had its first green. However, the current session is a bit different as we noticed more bearish action.
With this in mind, we may expect a retest of the $1,600 support. Nonetheless, a change in market conditions may ensure the coin gains stability above $1,700.
3. Filecoin (FIL)
Filecoin was one of the top gainers during the previous week. It had one of its best performances as it recorded its biggest surge in more than a year. Like most cryptocurrencies to watch, it had a scary start to the period under consideration.
It lost a key support but reclaimed it before the session came to an end. On Tuesday, it started showing more bullish signs. It opened the day at $4.87 but dipped. It found support at $4.70 and peaked at $5. It ended the session with a positive change of more than 4%.
The next day dealt the final blow to the bearish agenda as FIL surged to a high of $5.49, closing with gains exceeding 7%. However, this sentiment was short-lived as the altcoin attempted $6 but failed to flip it the next. It retraced to its opening prices and failed to register any notable changes in value.
On Friday, most of the tough resistance became positive barriers. It kicked off at $5.40 and surged to a high of $7.60. It closed with gains of 41%. The last few days of the week added to the tally as we noticed a 12% increase on Sunday.
All these positive changes in prices add up to exceed 70%. As with most cryptocurrencies to watch, several indicators were bullish, with MACD displaying a bullish divergence.
However, RSI shows that the asset is currently overbought. This may explain filecoin failure to register any notable increase in price during the previous intraday session. Fears are also mounting as to how it will perform over the next six days.
One of the key levels to watch during this period is the $7.3 support as it’s the first line against a massive downtrend. Failure to sustain this level may guarantee a retest of the $6 support.
4. Neo (NEO)
NEO also had one of its best performances during the previous week. Like most cryptocurrencies to watch, it opened the week with no notable changes on Monday. It dipped to a low of $8.12 after opening at $8.67.
On Tuesday, the asset under consideration retested its 50-day MA but recovered before the session ended. It also added more than 3% to its value during this period.
The bullish push continued into Wednesday as we noticed a larger green candle. This time, it opened at $8.71 and surged to a high of $9.32; a clear indication that teh asset gained almost 7%.
Although the next day was bearish, it recovered on Friday with gains of more than 6%. This was the same margin on Sunday. On the weekly scale, neo closed with positive change exceeding 21%.
Due to these increases, indicators are very bullish with several hinting at more price action. The main metric was the Moving Average Convergence Divergence. It displayed a bullish divergence on Saturday.
With a focus on the new week, we may expect the altcoin to flip more resistance. One such is the $11 barrier as it faced notable rejection after flipping it on Sunday. On the other hand, a slip or change in market conditions may see the coin dip as low as $9.50.
5. Stacks (STX)
Stacks gained more than 100% during the previous intraweek session. This was one of its biggest bullish performances and many are expecting the trend to continue into the new week.
However, it is worth noting that it may not come as rapidly as they expect. A clear indication of this is the massive number of dojis during the previous seven-day period.
From Monday to Wednesday, we notice STX attempted several resistance but failed to hold on to them after flipping them. One such is the $0.40 barrier.
It flipped on Wednesday as the bullish action entered a new gear. This time, the altcoin closed with gains of more than 11%. It had its biggest surges on Saturday and Sunday. It gained more than 16% and 62% on these days respectively.
Although indicators are green, based on price movements, we may expect a more aggressive bearish push this week. Nonetheless, it may be on the right path $0.80.