Most cryptocurrencies spent the first week of the year with minimal volatility. They failed to surge or dump and maintain their various vital levels. This sedentary behavior of crypto assets is also present in the global cryptocurrency market cap.
A clear indication of this is the value at which it opened the seven-day period and the close. It opened at $798 billion but experienced a small downtrend. As a result, it lost a few percent but recovered before the day ended.
Following the slight drop, it is safe to say that the industry was on an uptrend. A look at the chart below further affirms this claim as we noticed the gradual increase in worth. Nonetheless, it peaked at $828 billion a few minutes to the time of writing.
It’s currently holding the level and may close at it. A close at this mark may indicate an almost 4% change in value. On the part of fundamentals, there are a lot of happenings during the period under consideration.
However, most of them were not price-related as they had to do with legal cases and companies dealing with the effect of the bearish dominance. For example, Huobi announced a fresh downsize of 20% of its workforce.
FTX founder also pleaded not guilty to charges of fraud. The new week is opening with a lot of uncertainty as there are no big moves in price or fundamentals. Nonetheless, there are some cryptocurrencies to watch this week.
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
The apex coin is one of the key cryptocurrencies to watch this week. Its performance during the previous seven-day period was one that anticipated as the coin continued to experience notable stability in price.
Nonetheless, it gradually surged to and retested the $17k resistance. Currently trading below it, we may expect more trials at the mark over the next seven days. Indicators are silent as there is no new information.
Since a bullish divergence last week, both the 12-day and 26-day Exponential Moving Averages are on the uptrend. A look at the Relative Strength index says that there is no significant change to market sentiment.
Going by this, we may expect another week filled with low trading volume. It is also to bear in mind that fundamentals could alter this prediction.
2. Solana (SOL)
Solana had one of its best weeks. Following the massive drop in November, this is the largest volume its seeing. It may end the current seven-day period with gains of more than 35% as it reclaimed more levels.
One such level is the $10 support. It lost it last week but reclaimed it on Tuesday. The recovery continued as it reclaimed both $12 and $13. Currently at $13.5, there are indications of more movements during the next seven days.
In response to the massive surge on Monday, SOL had a bullish divergence on MACD. The indicator is still positive at this time which may indicate more incoming uptrends. If this happens, one of the key levels to watch is the $15 resistance.
A closer look at the charts revealed that this mark is not the toughest as it broke on several occasions. We may see a repeat of this event within the next seven days as we see prices gearing up for moves.
3. Ethereum Classic (ETC)
Ethereum classic was one of the top gainers over the last seven days. One of its biggest surges happened on Wednesday. It opened the session at $15.8 and attempted flipping $20. However, it lost this bid as it peaked at $19.9.
Nonetheless, the session ended with the coin holding on to it 20% increase. It had another surge but not to the extent of the previous. A look at the weekly chart shows that the asset ended the previous intraweek session with a positive change of more than 30%.
The question on every traders’ mind is whether the increase will continue. A look at RSI shows that any massive push to the top may result in ETC becoming overbought. This may also be a recipe for a massive downtrend.
Currently above $20, we may see more action at the mark as it is one of the most vital levels. However, it’s fragile. Aside from the key support under consideration, a flip may see ETC search for support at $18. Nonetheless, it may also make an attempt at $22.
4. Zilliqa (ZIL)
Zilliqa had another splendid week. It closed the previous intraweek session with gains of more than 30%. The main highlight of the period under consideration is Sunday. This was when the coin had its biggest increase.
It opened at $0.017 and surged to high of $0.022. ZIL saw notable resistance at the mark and dipped a little bit. Nonetheless, it ended the day with gains of more than 20%. Aside from this massive increase, it also had a few small ones during the week.
With the focus on the intraweek session, we expect more volatility. During Sunday’s event, the asset was overbought. As at the time of writing, it is experiencing small downtrend that may deepen as the week progresses.
