Last week, most cryptocurrencies were on an uptrend. One dominant feature of that intraweek session is the way it started. The entire crypto market saw notable gains during that intraday session, which set the tune for the entire seven-day period.
The sector opened the period under consideration at $871 billion and started an uptrend. As a result of the uptrends across the industry on Monday, the value of the global cryptocurrency market increased by almost 3%.
As the week progressed, the industry saw more increases that saw it peak at $972 billion. Unfortunately, the bears seized control of the market and brought the steady positive changes to a stop.
Nonetheless, the sector closed at $926B which indicates a more than 6% increase. However, price movement as of the time of writing is far from what these assets enjoyed during the previous week.
For example, the market is experiencing increased selling pressure. As a result, the sector dipped below $900 billion yesterday and there was an hike in the fear, doubt and uncertainty that permeated the market.
During the current intraday session, the industry is struggling below $900B and is currently worth $868B. This shows that the market has lost more tha 5% since the start of the present seven-day period.
A closer look at traders behavior, we observed that more traders are selling off their bags as FUD returns. This past week ended with the Fear and Greed Index at 26, however, the metric is at 16 as at the time of writing.
Nonetheless, the previous intraweek session produced top gainers and losers. For example, QNT was the top gainer as it recorded an increase worth more than 40%. On the other, the top loser was UST as it lost more than 20%.
On the part of fundamentals, there were no strong ones that could impact the price of major cryptocurrencies. However, lets turn to the chart to understand the top five cryptocurrencies to watch this week.
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
For the first time since the start of the previous quarter, Bitcoin closed a week with increases of more than 5%. The previous intraweek session was no doubt one of the best the apex coin had in more than three months.
It started with a lot of positivities as the recorded notable gains during the first day of the session. It opened at $19,296 but was met with a little selling congestion that resulted in almost a retest of the $19k support.
However, it rebounded and hit a high of $20,319 and closed the day close to the mark. The opening price and the closing price signify a more than 4%. The b=next was another volatiliy filled session.
BTC peaked at $20,720 but experienced correction and dipped to a low of $19,281. However, the 24-hour period closed with no notable increases or losses. This changed on Wednesday as the top coin went on an uptrend.
The bulls rallied the cryptocurrency to a high of $20,500. Unfortunately, the push did not ensure a significant change in price and the apex coin fell short. The next day was more bullish as asset enjoyed more price increases.
The session started at $20,516 but surged to a high of $21,859. This is the first time since in almost 14 days BTC is flipping $21k. Nonetheless, it closed a little lower than its peak but recorded gains of up to 6%.
The next two days were filled with minimal trading volumes and the top coin failed to end that period with notable gains or losses. On Sunday, the bears seized control of the market and bitcoin closed the intaday session with a loss.
Indicators were bullish at the time. One such is the Relative Strength Index. The metric peaked at 47 during thsi period which signified a increased amount of buying pressure. MACD also showed signs of leaving the sub-zeros.
Following the consistent losses incurred this week, we may conclude that the top coin may not see any increase. However, the following scenarios may play out: There have been instances where the largest cryptocurrency gains momentum on Thursday.
If this happens, we may expect BTC to retake the $20k resistance. Nonetheless, the bulls have to defend the $19k support as a flip may result in more downtrends.
2. Ethereum (ETH)
3. Binance coin (BNB)
4. Quant (QNT)
