Top Five Cryptocurrencies to Watch This Week (February 13)
Most cryptocurrencies are down by a few percent or stagnant. This has been the situation in the crypto market over the last seven days. However, there are a few bearish periods over the past week.
During these short bursts, the prices of most assets dipped to their fourteen-day lows. As a result, the global cryptocurrency market cap decreased by a few fractions. However, it failed to affect its performance on a weekly scale.
As with the previous trends, the sector failed to record any notable increase or decrease. It opened the period under consideration at $1.08 and closed at $1.02. With regards to fundamentals, there were none that affected prices.
Nonetheless, there were several announcements. A cryptocurrency advocacy group based in Washington, DC, called on Congress to step in to halt the Securities and Exchange Commission’s (SEC) enforcement crackdown on companies that offer crypto staking services.
The crypto market is showing no signs of any strong moves. This is especially true when we recall that the negative CPI report failed to have any effect on the industry. Let’s see what the charts say about some crypto assets.
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin had one of its worst performances during the previous intraweek session. It had its biggest loss over the last two months. It opened the session at $22,932 and many would agree it’s not one of its strongest starts. A small red candle represented the intraday activity.
The asset broke the $23k resistance the next day and closed with gains of more than 2%. This was the highest increase the top coin had last week.
Thursday was the most bearish period of the previous seven-day session. BTC dipped from a high of $23k to $21,688, flipping $22k for the first time in more than fourteen days. The day ended with losses exceeding 5%. Attempts at recovering the lost level failed. As a result, bitcoin ended the week with losses of more than 5%.
With a focus on the week, BTC price is raveled with a lot of uncertainty. It kicked off the present intraweek session with a doji as it returned to its opening price after hitting lows and highs. The current intraday session is offering more as the apex coin is up by almost 2%.
Major indicators are silent as to how prices will perform. Nonetheless, they are not bullish. Since its bearish divergence two weeks ago, the Moving Average Convergence Divergence is showing no signs of recovery.
The Relative Strength Index is a little positive. The metric suggests that selling pressure has reduced and remained above 45 over the last seven days.
Based on previous price movements, we may conclude that the asset under consideration may reclaim $23k or dip below $21k before the current intraweek session ends.
2. Ethereum (ETH)
Ether had one of its worst performances during the previous week. It opened at $1,629 but failed to record any notable increases as we noticed a doji representing trading action on Monday. Tuesday offered more in terms of price movement.
It opened at $1,613 and surged to a high of $1,678 but closed a little lower. The session ended with the coin registering gains of more than 3%. On Thursday, ETH had its biggest dump of the seven-day period. It dipped to a low of $1,524 from an open at $1,650. This signifies a more than 6% decrease.
In the end, ether ended the week with losses exceeding 7%. A look at the chart reveals that since the Golden Cross, the asset failed to record any notable increases. Will that change this week?
It is not off to a great start which may continue to spread more fear. However, with the latest events in mind, we may expect more attempts at key resistance. If trading conditions remain the same, the $1,700 barrier may break. A change in the current market trajectory may guarantee another attempt at $1,500.
3. Solana (SOL)
3% loss on Monday was not one of the best starts for Solana. However, the next day was better as the bulls put up a good fight. It gained more than 5% during this session, erasing the previous losses. Like most cryptocurrencies to watch, it had its biggest dip on Thursday.
It opened at $23 but dipped to a low of $19. However, it closed at $20; signifying a more than 11% drop in value. It spent the weekend trying to reclaim lost levels. As a result, it gained more than 7% during this period. Additionally, SOL peaked at $21 on Sunday but closed lower than the mark.
On the weekly scale, the altcoin lost more than 8%. Due to the huge losses, indicators are blaring. The Relative Strength Index dipped to its lowest in more than fourteen days; it dipped to 45. The 12-day EMA is another bearish metric.
With a focus on the new week, the previous intraday session showed that the bearish sentiment was still strong. However, SOL is seeing its first green of the intraweek session. If trading conditions remain the same, the altcoin may reclaim $23. Nonetheless, there are indications of a possible drop to $19.
4. Aptos (APT)
Aptos saw a continuation in its bearish sentiment. Like most assets, it had a bad start to the previous week. It had its biggest dump on Thursday as it opened at $15 and dipped to a low of $12. However, it closed a $13, signifying a more than 11% decrease.
Wednesday was not short of drama as the coin lost almost 6%. Indicators are also not bullish as we noticed they continued dipping.
With a focus on the new week, APT will look to reclaim $15. If that happens, it may attempt $17 before the week ends. On the other hand, the coin may retrace further and retest $12.