Top Five Cryptocurrencies to Watch This Week (Nov 21)
As predicted, most cryptocurrencies, failed to perform as many expected. The prices of most cryptocurrencies are stagnant as there was little to no volatility. As a result, most assets trended sideways throughout the past week.
A look at the global cryptocurrency market cap paints a clearer picture of what took place. It opened at $825 billion but dipped to a low of $802 billion. It recovered as major projects reclaimed key levels they lost.
As a result, it peaked at
Table of Contents
1. Bitcoin (BTC)
Bitcoin traded sideways for most of the week. This trend saw the asset under consideration remain above or around $17,000. Along with gaining some stability above $17k, bitcoin did not experience any notable gains or losses. On Wednesday, when the coin dropped a small percentage, the first red candle of the week appeared.
The three days that followed saw little activity. We can infer that since being a tradeable asset, the top coin has never been this inactive. Overall, it scarcely shows any growth because many people could compare it to a stablecoin.
BTC fluctuated by an average of 0.30% throughout the time period under review. According to the weekly chart, the apex coin may complete the current intraweek session with no significant gains or losses.
A closer look at the indicators provides more insight into the market’s current state. The Moving Average Convergence Divergence is one. The 12-day EMA and 26-day EMA are both experiencing a consistent downward trend as a result of the most recent market conditions.
The Moving Averages exhibit the same phenomena. Also stable was the Relative Strength Index. It was in a 35 to 37 range trend. A straight line, which represented the previous three days, was visible on the chart.
With focus on the new week, we may expect to see the asset make further attempts at flipping the $18k resistance. It failed in recent time. However, bearing in mind the gradual climb in price, we may expect the level to become before the end of the week.
2. Ethereum (ETH)
Similar to BTC, it peaked at $1,288 on Monday and had the longest candle. It nevertheless fell to a low of $1,172. In comparison to some of the largest this past week, the candlestick’s body is rather modest upon closer inspection.
The following day was better because the asset kept some of its gain. However, it was only a green and unimportant. Like most assets, Wednesday was characterized by a minor slump, with the largest altcoin experiencing the most value loss.
It failed to record any gains or losses, as with the preceding days. The last three days saw almost little change in price, though, thus the decline in volatility reached an unparalleled level. It changed direction by less than 1% on average.
We can observe how indicators are impacted by the drop in trade volume. MACD is first on the list. Prior to this, we noticed the measure was in a severe slump as the 12-day and 26-day EMAs started to descend less rapidly.
The most recent market condition is also having an impact on the 50-day MA and 200-day MA. On RSI, the sideways trend is also evident. We noticed that during this time, the indicator trended around 30.
3. Binance coin (BNB)
It reached a high of $291 on Monday before falling to a low of $267. It started trading at $278 and ended at $278. Both price markings indicated that there had been no appreciable increases for the coin during the intraday session.
As the asset under review reached its previous high, we noticed a similar pattern. The significant resistance it encountered at $282 caused its march to gradually come to an end. This incident happened again the following.
Similar to BTC, the alternative currency experienced greater price stability throughout the first three days of the week than the rest. For instance, the three most volatile days within the time
indicator movements were slight, which we observed. The Relative Strength Index went from 45 to 38, according to an examination at the data. However, we noticed that it is trending downward and that the measure is slowly getting closer to 30.
The convergence of moving averages Another indicator of the downturn is divergence. We saw that the 12-day and 26-day exponential moving averages are both progressively moving toward their earlier lows. The Moving Averages followed a similar pattern, which we also saw.
4. Ripple (XRP)
The rises persisted into the following day as it advanced further. After experiencing a severe rejection at $0.39, it attempted to test the $0.40 resistance but failed. Nevertheless, it ultimately increased by almost 3%. Its first red candle, like that of BTC, was lit on Wednesday.
It decreased from $0.39 to $0.36 as a low. It lost more than 3% by the time the intraday session was over. The prices changed very little or not at all over the following three days. The asset consequently did not show any major rises or reductions.
This changed on Sunday when the altcoin’s price experienced its largest decline. The intraday session began at $0.38. It saw a brief upswing and tried to flip $0.40.
With losses of more than 6%, it ended at $0.36. A significant portion of XRP’s gains over time were obliterated by this loss. Nevertheless, it had a price shift of more than 5% by the end of the week. It is now among the top ten gainers in the top 10.
More information about how prices behaved over the last seven days may be gained by looking at the indicators. MACD observed more motions. The 26-day EMA and the 12-day EMA grew very close. This signals the beginning of a bullish divergence.
Between 41 to 39 was the relative strength index’s trend. For the first time since dropping the 200-day Moving Average two weeks ago, the asset under evaluation tried to challenge it.
5. Cardano (ADA)
The lead was increased as it became more stable over $0.34 by the bulls. It declined, though, and showed no discernible price fluctuations. It had its first transaction of the week on Wednesday, like the majority of cryptocurrencies.
It was a repetition of the events from the day before. This time, the asset fell by a few percent, signaling a red candle. It retraced to a low of $0.32, which was a deeper low. The next day, it fell much more after losing the $0.32 support.
The trade volume was consistently low throughout the following two days. As a result, it did not document any appreciable price increases or decreases over the time frame in question. That altered on Sunday when it had a significant retracement.
The trade volume was consistently low throughout the following two days. As a result, it did not document any appreciable price increases or decreases over the time frame in question. This altered on Sunday when it had a significant retracement.
It fell as low as $0.30. The altcoin that made the biggest shift of the week, losing more than 4%, was represented by the chart’s biggest candle. It lost more than 5% of its value on a weekly basis.
The convergence of moving averages Over the previous seven days, divergence maintained its downward trend with no change in course. On the RSI, which trended around 38, we also observed a similar emotion.