Top Three Cryptocurrencies to Watch This Week (Aug 14)
The previous week was one of the most profitable for most cryptocurrencies. During the first half of the session, they registered two notable increases in value. For example, Thorchain had its biggest moves over the last 7 days. As a result, it is up by more than 50%.
The second top gainer during the period under consideration. It kicked off trading at $1.20 but experience a significant increase in buying volume that shot prices to retest its 14-day high. As a result, it tried retesting $1.50 but experienced strong rejections at $1.45. Following the correction it closed at 1.40 which signified a more than 18% increase in value at the time.
These increases boldly reflect on the global cryptocurrency market cap. On Tuesday, the sector’s valuation reached a high of $1.18 trillion. This marked a more than 3% increase from its low on Monday of $1.14 trillion. After these notable changes, the crypto market was relatively dull as it was void of volatility.
With a focus on the new week, the sector under consideration is seeing more price movement. However, these moves are mostly bearish. As a result, the crypto industry values may return to last week’s low.
Nonetheless, several cryptocurrencies are showing huge potential at this time. Let’s see how some of these assets will perform over the next five days.
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Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin’s performance during the last 7 days was short of huge volatility. Nonetheless, the Apex coin returned to its fourteen-day high. In the end, a green doji presented price actions over this period.
It kicked off trading at 29000 but broke the support and dropped to a low of 28671. Afterward, it rebounded but failed to register any significant increase throughout the day.
That changed on Tuesday as the asset under consideration had its biggest move of the week. It started trading at 29186 and made an attempt at 30k. It broke through the barrier and hit a high of 30210. However, it failed to gain stability above the mark as it we traced and closed at 29764. Additionally, it failed to record any significant increase in the end.
After this notable attempt at resistance, BTC saw very little volatility. Due to this, it maintained trading within a very small channel. I did not go below 29k and did not attempt 30K.
At the time of writing market conditions have not improved. The coin is still struggling with volatility and is seeing a very small amount. For example, since the week started BTC has not recorded any move worth 2%.
Nonetheless, indicators are offering insight into what may transpire over the next 5 days. The moving average convergence-divergence displayed a bearish divergence 2 days ago which may continue to play out throughout the week. This means that the assets may continue to see a gradual decrease in value.
As with previous times, one critical level to watch is the 29,000 support. Following MACD, BTC may drop as low as 28k if trading conditions remain the same.
2. Solana (SOL)
Solana’s performance during the previous week was filled with volatility as it tested critical support and resistance. In the end, it closed with losses of more than 4%.
One of the major highlights happened on Wednesday. The altcoin kicked off trading at $24 but saw a little increase in selling volume that saw prices retest a critical support. It attempted the $22 barrier or filters it rebounded at 22.8. However, it closed at $23 which signifies a more than 3% decrease in value at the time.
Following this major move, the asset was mostly dull, with no significant push at any resistance or support. However, it had its biggest positive price change on Sunday as it surged as high as 23.4 after it opened to trading at 22.6. It’s closed almost at its peak which indicates an almost 3% increase.
With a focus on the new week, solana may see more uptrends. Based on price patterns, the previous week’s price action created a falling wedge which indicates an impending uptrend.
3. Injective (INJ)
The past week was one of the most bearish for injective. In addition to seeing reduced volatility, it also registered significant decreases during this period. As a result, it lost the critical levels it held for more than 14 days. It is worth noting that it also had some positive moments.
One such moment happened on Tuesday when it kicked off trading at 7.90 and gained stability above $8. It attained a high of $8.22. However, it retraced and closed at 8.10 but registered an increase of almost 3% in the end.
The next day was the opposite of Tuesday’s actions. INJ broke $8 and dropped to a low of 7.80. Although it saw a small recovery, it closed with losses of almost 3%. The trend continued on Thursday as the altcoin made an attempt at the 7.50 support. The barrier held out against the trial and the assets rebounded and close at 7.68.
The last 3 days of the week were some of the dullest as the cryptocurrency failed to make any major moves. On the weekly scale, the asset lost a little above 2%.
With a focus on the current week, injective is saying more volatility. However, the asset is very bearish at this time. Since the start of the current intra-week session, it has lost more than 7%. As a result, indicators are displaying new readings.
For example, the relative strength index is currently at 31. This is owing to the sharp decline in buying volume. If this trend continues the assets may become oversold. This could play out in the favor of the bulls as it is a sign of an impending uptrend