Every week, the same issue arises since the value of cryptocurrencies is increasing noticeably: What are the top five cryptocurrencies to watch this week?
The prices of most crypto assets skyrocketed last week, increasing the market capitalization of all cryptocurrencies by more than 10%. It was $980 billion when the seven-day session began and reached a high of $1.18 trillion. The price at which the time period under consideration ended was also this.
Altcoins like MASK and CFX had gains of more than 50% and 30%, respectively, during this period. Ahead of the intraweek session’s conclusion, several significant alternatives gained traction. One such example is Binance coin, which on Thursday overcame a $330 resistance. Additionally, it finished the intraday session up more than 7%.
While many made assumptions about the causes of the increases, others proposed speculations. One such is the fact that many people are looking for alternative assets as a result of the collapse of the global financial system. While this has always been the case, figures indicate a significant increase in investment in the cryptocurrency sector.
Moreover, the CEO of Binance exchanged about $1 billion for bitcoin. It is difficult to dispute the influence of favorable announcements on the present rise when the fundamentals are this strong.
The new week is gradually starting, so let’s look at how various assets might do.
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
The preceding week saw one of Bitcoin’s largest jumps at the start. The price peaked at $24,618 after trading began at $22,190. At its peak, though, there was a significant rejection. It increased by more than 9% and closed at $24,200 as a result.
On Friday, the session’s next significant high point occurred. It tried to retest the $28k resistance when it opened at $25,000. Sadly, it was rejected outright for $27,818, which led to its failure. Nonetheless, it ended the day at $27,466 with gains of about 10%.
The apex coin increased by over 26% on a weekly basis. It also featured a number of signs in a positive manner. Relative Strength Index is one example of this. It is currently higher than 70. It indicated that, as of Friday, BTC was overbought.
A significant bullish trend is also shown by the Moving Average Convergence Divergence for the asset.
Prices are nearly equal to their opening prices when looking at the week. The top coin, for instance, started the day at $28,100 but saw no significant gains on Monday. It did, however, lose some of its value. Bitcoin’s price has returned to its initial level as of this writing.
We also found that the RSI is still above 70, which is cause for alarm. The coin could reverse, according to the guidelines for the indicators.
2. Ethereum (ETH)
The biggest altcoin shared in the gains from the previous week. During its rampage, it also turned important levels. One such hurdle that it overcame on Monday was $1,700. Even though the day finished somewhat lower, gains of almost 5% were made.
The week’s biggest high point was when it turned $1,800. It took place on Friday when the asset reached its peak at $1,803 before falling. Nonetheless, the price increase went beyond 7%. On Sunday, ETH also attempted to break the aforementioned record but failed, repeating its performance from Friday.
Ethereum finished the previous week with gains of more than 12% on a weekly basis. The indicators all pointed in a bullish direction. For instance, RSI. The reading was precisely 65. This demonstrates a discernible rise in the buying pressure at the time as well. There is no additional information because MACD is not very vocal.
With the new week in mind, it is important to note that ether is not currently experiencing the same momentum as the previous session. The biggest altcoin is recouping its losses after a Monday that some could characterize as negative.
Given the lack of any indicators this week, it is difficult to forecast how the asset would perform. But, establishing consistency over $1,800 might clear the way for a test of the $1,900 resistance.
A review of the indicators supports the aforementioned claim. We noted that the buying volume for ether has drastically decreased, as shown on the RSI. It is currently at 60 and might possibly be a sign that prices will drop further.
3. Ripple (XRP)
The previous week saw very erratic performance from Ripple. It started off at $0.37, fell to a low of $0.35, then rose to a high of $0.38 before closing at that price. The next day, a repetition of similar incident occurred, and the cryptocurrency reached a new high.
Wednesday saw a notable price drop for XRP. It lost more than 3% as it reversed course to a low of $0.35 and closed at this level.
The following two days were spent in recovery as it gained more than 6% during this time. A clearer picture of what happened and how it might effect pricing this week can be obtained by looking at the indicators. The Moving Average Convergence Divergence is the first thing to take into account.
The altcoin saw a positive divergence on Thursday. After this incident, we saw an improvement in the price trend and an increase in the asset’s worth. We anticipate a greater price jump, therefore the increase may continue this week as well.
We saw that XRP has increased by more than 20% in the hours leading up to this article. This was brought on by the revelation that the parent company’s legal struggle with the SEC might succeed. It attempted to flip the $0.5 resistance but was unsuccessful.
Yet, before the week is up, we might witness another attempt. On the other hand, a shift in the market’s trajectory might make it difficult for the coin to hold onto $0.42.
