Top Five Cryptocurrencies to Watch This Week (Mar 6)
There is a mix of top gainers and losers among the top five cryptocurrencies to watch this week. Nonetheless, let’s discuss their chances and potential outcomes over the next six days.
Let’s review how they did over the previous seven days before getting into them. It is noteworthy to observe that the majority of assets, including the global market cap, are down and there were many bearish activities.
The value of the cryptocurrency market cap peaked at $1.08T and began the week at $1.07T. As the week progressed, it fell to a low of $1.01 before recovering just a little. It ended the session at $1.02; depicting no significant increase and losses of almost 5%.
With regards to fundamentals, there were none that could affect prices. However, so many announcements made the rounds.
For example, the renowned non-fungible token (NFT) company Yuga Labs announced on Tuesday that it intended to launch the TwelveFold NFT collection on the Bitcoin blockchain.
In other news, despite large unrealized losses, Australian SMSF pensioners are undaunted by the bear market and are still investing in cryptocurrencies.
A look at the global cryptocurrency market cap says prices are fairly stable. Let’s see how some assets will perform.
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
The apex coin dropped more than 4% over the past week. The preceding intraweek session’s opening day was characterized by extreme volatility as it dropped to a low of $23,136 and reached a high of $23,560. It’s interesting that in the end, it didn’t record any significant improvements.
The subsequent days saw little to no noticeable price movement. This came to an end on Friday when we observed a significant pricing change.
For the first time in more than fourteen days, Bitcoin retested the $22,000 support when it opened at $23,469. Although closing at $23,300, it lost more than 4% of its value.
Following this incident, there was little attempt made to recoup during the final two days of the week. Many indicators dropped lower into bearish domination as a result of the significant loss on the fifth day.
For instance, the 12-day EMA of the Moving Average Convergence Divergence distanced itself from the 26-day EMA. The Relative Strength Index also experienced some negative movement, falling to a low of 42.
As we turned our attention to the upcoming week, we saw that BTC was attempting to rebound. For instance, it is still clinging to $22,400 after peaking above $22,600.
While it is difficult to predict how prices will change, one level we might watch is the $22k support. At this point, there is a significant concentration of demand.
It’s also important to note that if the highlighted level turns, we might anticipate a $21k retest. On the other side, we might anticipate an attempt at the $24k resistance if trading conditions improve.
2. Ethereum (ETH)
The previous week was not the best for the asset, like other cryptocurrencies to monitor this week. It is safe to say that it lost about 5% during the time period under review and was primarily bearish.
It did not experience one of its better starts on Monday as there were no significant price moves. For the next 24 hours, this trend persisted, and ether only lost a tiny portion of its value.
The largest altcoin closed with gains of bitcoin over 3% on Wednesday. It reached a high of $1,669 during this session and finished slightly lower. Throughout the previous seven days, there had only been one green candle.
Prices consistently fell during the final four days of the week. On Friday, one of the biggest occurred.
ETH retested the $1,600 support as it resumed trading at $1,648. The coin flipped, falling to a low of $1,543, but it ended up little higher. Nonetheless, it suffered losses of over 4%. The second-largest cryptocurrency’s red candle on Sunday indicates how the week came to a conclusion.
At the time of writing, the market sentiment has not changed, and ether is still in trouble. If the current state of the market holds, it might test the $1,500 support once more before the session is out.
Yet RSI presents a more bullish picture of the asset’s future. Support was found at 42. When it last sank to this level, a new bullish round was initiated. If nothing changes, we could anticipate receiving $1,600 back.
3. Maker (MKR)
At the previous intraweek session, Maker was among the top gainers. Its price rose by a staggering 22%, marking the third straight week of advances.
The asset’s opening at $791 and top price on Wednesday, one of the highlights of the week, was $959. It concluded with gains of more than 16% at $925.
On Sunday, a smaller-scale version of the same thing happened. MKR nevertheless saw increases of about 10%. Chart analysis reveals that indications are also bullish, which could have an impact on prices this week.
The 12-day EMA is rising, and the distance between it and the 26-day EMA is widening. Furthermore above 60 is the RSI. The trading activity taking place in the current intraday session, however, paints a different picture.
MKR is off to a bad start, already down more than 3%. The Moving Averages should also be taken into consideration. The token was simply a gold cross.