Most cryptocurrencies were on a recovery path over the last seven days. These assets saw a notable change in value and are gradually moving toward other key levels.
A look at the global cryptocurrency market cap chart reveals that the week is filled with a lot of volatility. It kicked off at $1.15 trillion and surged to a high of $1.23 trillion on Wednesday. However, it retraced from it high and dipped below $1.15 T. Nonetheless, it is currently trading at $1.18 trillion which indicates that the sector failed to register any notable change.
A look at the top gainers revealed that a lot of cryptocurrencies are seeing a notable positive change in values. One such is Render. The token opened the previous current intraweek session at $1.70 and edged to retest $2.80 but failed. It peaked at $2.64 as it faced strong rejection. Nonetheless, it may end the period under consideration with gains exceeding 39%.
Although Injective protocol is currently worth $7.74. A look at the weekly chart suggests it had a volatility-filled session. It kicked off at $6.88 and peaked at $9.29 as is latest attempt at the $10 resistance failed. After failing to retest the key level, it retraced and lost more than half its accumulated gains. As a result, it is up by more than 12%.
With a focus on the new week, there are several cryptocurrencies to watch this week. Let’s go over them
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
2. Internet Computer (ICP)
The asset began trading at $6 during the previous session and moved steadily toward $7. It attempted to retest the $7 resistance but was unsuccessful since it encountered heavy opposition at $6.82. It retraced as a result and is currently trading at $6.57; it may close at this price.
It is important to note that the rise began on Thursday when trading began at $5.32. It jumped to a session high of $5.80 but ended little lower. It did, however, show gains of more than 7%.
The preceding intraday session revealed further attempts at crucial levels. This time, the $6 resistance was reversed. Additionally, it became significantly more stable above it, closing at $6.
As seen by another green candle, the upward trend is still in effect. We noticed that the internet computer was primarily bullish until its most recent attempt toward $7 at 16:00 UTC when we broke it down into the 2-hour chart. Additionally, it shows that the buying pressure has significantly decreased.
Like most cryptocurrencies to watch, several indicators are pointing to more increases. Although the coin is down by a small fraction, this did not affect the essential metrics. For example, MACD showed that the altcoin had a bullish divergence on Friday.
We saw an attempt at the $7 resistance. With this in mind, based on previous price movements, we may conclude that Internet computer may experience notable improvements in price in the coming day. This may also guarantee a flip of the $7 barrier.
A prime example of such a scenario was a few weeks ago when ICP went on a bullish binge from April 9 to April 18. Before it reversed, it was rising steadily for more than nine days. During this period, it increased by more than 38%. Following that, it reversed by over 10% during the following intraday session. However, it traded for $7 prior to this sharp decline in value.
3. Casper (CSPR)
CSPR started trading at $0.054 during the previous intraday session and soared to a high of $0.058. It closed at its top, which represents an increase of more than 7%. The token successfully overcame the $0.055 resistance, making this the most successful of its prior three efforts.
It became more stable above the mark this time. We also saw that the peak, which delineated the boundaries of its $0.058 and $0.050 channels, was a formidable obstacle.
The resistance was breached during the current intraday session, so things are different. Additionally, CSPR is approaching a new critical point. Despite slowly increasing to $0.065, it hasn’t been able to flip.
The wall it encountered caused it to peak at $0.063 and stop moving forward. However, it is important to remember that the surge began after it hit support at $0.057. At the time of writing, it had also increased by more than 6%.
There is a lot of speculation as a result of the most recent surge the coin is seeing. One of them is how it will function during the next few days.
The indicators are very positive at this time. For example, the Moving Average Convergence Divergence showed the coin saw a positive divergence on Thursday. The subsequent price movement reveals what that incident signifies. The fact that the measure is still rising supports the first claim, thus it is important to note.
Calls for massive increases is also supported by the Moving Averages. For instance, we saw that the 50-day MA has an upward arc. The opposite activity is shown on its counterpart.
Due to the Relative Strength Index’s current readings of above 70, we might anticipate a slight decline in buying volume on the downside. Within the next 24 hours, a minor downtrend may be anticipated according to RSI rules.
