The crypto market is filled with a lot of uncertainty. Several cryptocurrencies are not following their previous trend. They also failed to record any notable increases. As a result, there was significant change in the valuation of the industry.
The same happened last week as the sector under failed to record any change. It opened the period under consideration at $935 billion but retraced to a low of $880B as the bears seized control of the market. Nonetheless, it recovered as the week progressed
It peaked at $953 billion but met resistance end the previous seven-day session at $928B. It showed signs of better performance during the previous intraday session. It regained stability above $958 billion.
Unfortunately, trading action during during the current 24-hour period saw the valuation dip again. As at the time of writing, it is worth $932B. Nonetheless, the bulls will look to exert dominance of the market as the month is coming to an end.
However, there are no Fundamentals to support this bid. The bears are not also the favorite to edge in this struggle as the news making rounds as at the time of writing are not big enough to cause any massive changes to prices. Will this week be bullish or bearish?
Top Five Cryptocurrencies to Watch
Bitcoin
Last week was one that many felt that the apex coin should perform better. The way kicked off the session is one that many expect to set the bullish tune. Unfortunately, subsequent price actions proved this false.
BTC faced massive retracements that saw it dip as low as $18,200 on the first day of the week. The bulls forced a rebound that made the top asset surge to it opening price and close a little above it.
The buyers failed replicate the same sentiment during the next intraday session as the top dipped by more than 3%. Nonetheless, the market gained momentum on Thursday. As a result, Bitcoin made an attempt at the $20k resistance.
The bid ended in failure as the it peaked at $19,900. It also experienced small rejection that ensured a close at $19,500. The apex crypto currency closed with gains exceeding 5%.
Little moves during subsequent days filled with ups and downs. Nonetheless, BTC closed with losses exceeding 3%. Indicators also blared warning during this period. One such is the Moving Average Convergence Divergence.
The metric continued it dip below 0 with the 26-day EMA seeing most of the trajectory. We also noticed that RSI dipped below 40 and raised concerns of BTC becoming oversold. Additionally, it closed below its pivot point.
The current week carries a lot of uncertainty with regards next price action. For example, it saw a good start to the week as it gained more than 2%. The bullish sentiment continued into the current intraday session.
We observed a peak at $20,381. As a result of a massive retracement, the coin is heading for a close a little lower than it opened. Nonetheless, MACD is hinting at a possible continuation of the bullish sentiment
We observed that it had a bullish convergence and may soon diverge. This could mean another attempt at $20k and possibly the $21k. Nonetheless, taking into consideration the most recent trend. We may expect a retest of the $18k support.
Ethereum
Ethereum had the same start as BTC. We observed a massive retracement to $1,280 last week Monday. However, as the session progressed, it rebounded to a close at $1,375.
The next day was mostly bearish as the top altcoin failed to gain momentum. As a result, it suffered deficits of more than 3%. Nonetheless, this changed on Wednesday as ETH attained it high for the week.
It hit a high of $1,400 but met strong resistance and dipped. The selling was so strong the ether closed the intraday session with losses of up to 6%. Nonetheless, it reclaimed the lost levels on Thursday as it recorded its biggest gain for the intraweek session.
It opened at $1,245 and peaked at $1,349 but closed $1,326. This signifies a 6.48% increase. Low trading volume during the last three days of the week with no significant change to price. Nonetheless, the largest alt saw losses exceeding 3% on the weekly chart.
The Relative Strength Index showed that ETH was oversold on Wednesday a result of the massive drop in price. Nonetheless, the coin recovered but ended the last week below 40.
The current intraweek session started a little bullish for ether as it gained more than 3%. During the current intraday session, it peaked at $1,400 but dipped and may be heading for a close below its opening price.
A closer look at the Moving Average Convergence Divergence could give better insight into what will transpire within the next six days. We observed that both the 12-day EMA and the 26-day EMA are both converging.
If ether maintains it slight incline, with regard to price, we may expect the bullish convergence to take place this week. That could result in more price increase for the asset under consideration.
We may expect a retest and flip of the $1,400 resistance. On the other hand, ethereum may sink $1,200 if the bulls fail to rally the market.
Ripple
Ripple had one of its best performances last week. It started the past week with gains of more than 7%. It continued to enjoy the bullish sentiment on the second day as it surged by 8%.
The coin had a brief cooldown on Wednesday as it lost more than 4%. It found support at $0.38 but closed at 0.4. This served as a launch pad to for the bullish campaign on Thursday. XRP recorded massive gains it hasn’t in a long while.
The altcoin was on way to test and flip the $0.50 resistance but fell short as it faced strong resistance at $0.49. As a result, it closed at $0.48. Nonetheless, this denotes a more than 22% increase. More green candles a red.
Nonetheless, the alt close the week with gains exceeding 37%. A closer look at the Relative Strength Index revealed that XRP was overbought on Friday which resulted in retracement on Saturday.
Nonetheless, this massive poses a threat to how ripple will perform this week. Based on previous price movements, we’ve seen a massive draw back from such increase. This draw may take place within the next six days.
Affirming this claim, we noticed the altcoin lost almost 5% on Monday. We are also seeing further drop in values in the current intraday session. However, it is important to recognize that the it had a little push to the top. Nonetheless, it took a bearish turn.
One of the important levels to watch is the $0.45 support. We may see this critical level flip the bearish dominance continues. If it fails, we may expect an attempt at the $0.40 support. This may result
Quant
Quant also had a splendid performance during the previous intraweek session. It was mostly bullish as it only saw two days of losses. The first was on Tuesday when it dipped by more than 6%.
The other was on Wednesday when the token hit resistance at its pivot point. It retraced to a close below its opening price. It closed with no significant losses or gains.
Nonetheless, the last four days of the week were filled with notable increases. It recorded it biggest surge on Friday as it flipped the $107 resistance. It ended the intraday session at $112 which denotes 6% positive change.
It also another massive surge on Saturday. This time it briefly tested and flipped its first pivot resistance at $122 and peaked at $124. However, it faced strong resistance and retraced to a close at $114, indicating a more than 3% increase.
On the weekly chart, QNT closed with gains exceeding 11%. Several indicators hinted at the continuation of the uptrend. One such is the Moving Average Convergence Divergence. We observe the upward trajectory with regard the 12-day EMA.
The week ended with the metric maintaining this position. Additionally, we also noticed that the Relative Strength Index is above 60. If these recent uptrend continues, we may see it break above 70.
This is the case as QNT is up by more than 10% and may close with this value. However, the altcoin is overbought. This is a sign that it may soon experience a series of corrections. It this happens, one of the key levels to watch out for is the $122.
In recent times, it served as. a tough mark and may also function as such during this week. Nonetheless, if the most recent momentum continues, we may expect an attempt on the $148 resistance.
Additionally, we may expect to price accumulation above $140 this may continue until a massive surge or downtrend.
