Top Three Cryptocurrencies to Watch This Week (Dec 25)
Most cryptocurrencies are yet to see any significant changes in price since the new week started. As a result, the global cryptocurrency market cap is down by more than 3%.
This was not how it was during the previous intraweek session. It started that session at $1.54 trillion but experienced gradual increases as it progressed. As a result, on Sunday it peaked at $1.66 trillion. It also ended the period close to this valuation. This meant the sector under consideration gained more than 8%.
Amidst all the positive outcome, a few assets in the top 100 recorded notable losses. For example, Bonk opened the week at $0.000022 but retraced after hitting a small high. It broke through the $0.o00020 and closed at $0.000018 which meant it lost more than 20%.
On the other hand, Near protocol saw massive increases. Following small dips at the start of the seven-day period, it went bullish. As a result, it tested the $4 barrier for the first time in more than a year. It peaked at $4.10 but ended the session at $3.80, signifying an almost 68%.
With a focus on the new week, a few assets are kicking off strong while others are seeing small losses. Will it continue throughout the next five days?
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Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin performance during the previous week was one that saw the apex coin reclaim a vital level it lost two weeks ago. A closer look at the candle representing the previous intraweek session shows that it’s almost the same size as two sessions ago which means it erased almost all the losses it had.
One of the highlights of that period happened on Monday. Following its opening at $41,337, it experienced a small price decline that saw it hit a low of $40,513. It rebounded and enjoyed a notable hike in value afterward. As a result, it closed the day at $42,650, indicating a more than 3% increase.
On Wednesday, there was another significant event. When Bitcoin first opened for trade at $42,257, buying volume slightly increased. It therefore reached a top at $44,291 and tested the $44k resistance. It lost speed and retraced, closing at $43,665, a further 3% increase in value.
The apex coin is experiencing more value declines this week, so it is not kicking off like it did last week. While it ended the last intraday session with marginal gains, the current situation is the contrary. This occurs as the price of cryptocurrencies fell below $42,000 for the first time in over a week.
It is trading at $42,488 and is recovering. But this only serves to highlight the sharp decline in purchasing volume. BTC may retest the $40k support if this keeps rising. As was observed a few weeks ago, after this experiment there might be a rebound.
Nonetheless, the primary obstacle continues to be the $44k resistance.
2. Mina (MINA)
During the previous intraweek session, MINA experienced massive surges that saw it break through several key levels. As a result, it attained a new milestone; recording a new high for 2023. In the end, it closed with gains of more than 57%, making it one of the top gainers during this period.
One of the highlights took place on Wednesday. The asset opened trading at $0.77 but had a massive increase in buying volume. As a result, prices picked up. As it progressed, it broke its three-month high which was $0.97. It continued it surge as it broke other barriers. One such was the $1.10 resistance. It soon faced strong rejections as it edged closer to $1.20. In the end, it retraced to a close at $0.86.
On Sunday, it took the uptrend further. It tried testing $1.40 but halted due to strong rejections at $1.37. Nonetheless, it dropped to a close at $1.16. Following its opening at $1.02, it meant that it registered gains of more than 14%.
With a focus on the new week, the altcoin like some cryptocurrencies, is seeing small increases in value. For example, following the previous intraday session peak at $1.32, MINA retraced and closed at almost its opening price.
The current intraday session is different as the asset is seeing more increases. It kicked off trading at $1.17 but tested the $1 support before rebounding. Afterward, experienced a massive increase in buying with prices correlating with trends. As a result, it broke $1.50 and hit a high of $1.15 before correction.
Due to the massive gains the coin is seeing Mina may experience significant downtrends in the coming days. The Relative Strength Index is the main indicator in this prediction as the altcoin is overbought.
3. Helium (HNT)
A closer look at the weekly chart for HNT revealed that it enjoyed notable increases during the previous week. The candle, a doji with long wicks extending to the top and below, showed that it broke several supports and resistances. In the end, it closed with no significant change in value.
One of the notable events that took place during this period was two failed attempts to test the $10 resistance. The first happened on Tuesday and the second on Wednesday. During both trials, the altcoin faced rejections at $9.60.
While many are hopeful of more increases, the Moving Average Convergence Divergence is showing signs of an impending price decline. This comes after HNT had a bearish divergence.