Top Three Cryptocurrencies to Watch This Week (Aug 29)
The cryptocurrencies to watch contain a variety of assets that have seen significant increases over the last 24 hours. A look at the top 100 tells that almost every cryptocurrency is seeing a notable increase in value.
This current state shows a different picture compared to the previous week. During that time, the global cryptocurrency market cap started trading at 1.05 trillion but dipped to a low of 1.03t on Tuesday. However, it’s recovered and peaked at 1.07 trillion. As the session progressed, it returned to 1.05 trillion and closed at the mark which indicates that there was no significant increase or decrease.
Although during the previous 7-day session, a few cryptocurrencies registered significant increases and decreases. At the time of writing, the top 100s is filled with mostly bullish coins. A look at the top gainer reviews Bitcoin Cash, which is up by more than 19% over the last 24 hours. Toncoin takes second place as it gains more than 13% and the last 24 hours.
As a result of these increases across the crypto market, the global cryptocurrency market cap exceeded 1.1 trillion a few hours ago. Currently on the mark, this is an indication that the sector is gearing up for more volatility ahead. Let’s see how some cryptocurrencies will perform in the next 5 days.
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin performance during the previous week was a little dull. The start was not one of the best as a coin failed to register any significant increase in value on Monday. The biggest move of the week happened midweek. The last four days were marked with little volatility.
Following the overview of how prices reacted during the previous intraweek session, it is important to get a clearer understanding of what transpired. For example, on Monday bitcoin failed to record any significant change in value. However, this changed on Tuesday as it saw one of its biggest moves.
The asset started trading at 26225 but experienced a sharp increase in selling pressure. Due to this 8 drop to below 25,500 for the first time in almost 3 months and dipped to a low of 25350. After these actions, it rebounded and returned it to its opening price; continuing the trend of no significant changes in value in the end.
On Wednesday, bitcoin had its biggest increase. It kicked off trading at 26048 but retested the 26k support. The trial yielded results as it dropped to a low of 25805. Afterward, it recovered and made an attempt at 27k resistance but failed as it experienced strong rejection at 26800. In the end of the seven-day timeframe, BTC failed to register any notable changes in value.
With a focus on the current week, volatility has returned to the market. During the current intraday session, BTC started trading at 26103. However, it flipped the 28k resistance and hit a high of 28142.
As a result of these actions, the moving average convergence divergence turned bullish. The 12-day EMA intercepted the 26-day EMA from below, forming a bullish divergence that may indicate for that price increase and the next 5 days.
2. Bitcoin Cash (BCH)
Bitcoin cash saw a mix of both high volatility and low volatility during the previous week. Although it’s so a slow start to the session, it picked up midweek and then returned to its slow trading trend before another massive push on Sunday.
One of the main highlights of the week happened on Wednesday as the altcoin registered its biggest move of that period. It started the day at $184 and enjoyed a significant uptrend as it peaked at $196 due to its failed attempt at the $200 resistance. Although it experienced slight corrections, it ended the session at $193 which indicates and almost 5% increase.
The next positive move happened on Sunday when it started trading at $190. It tested the $200 barrier again. However, this time it broke it and hit a high of $201. Afterwards 8 drops to a close $97 which signifies a more than 4% change in value.
Aside from the fact that it’s dropped to its lowest on Tuesday, BCH was mostly bullish during the previous interweek session. On the weekly scale, it’s gained more than 4%.
The current intraday session is a continuation of this uptrend. It started trading at $190 but experienced a massive increase in buying pressure and I saw it broke several barriers. One such is the $200 resistance. After flipping it, it went as high as $228.
In response indicators like the moving average convergence-divergence and also positive. A closer look at the symmetric shows that the 12-day EMA intercepted state 26-day EMA from below which signifies a bullish divergence. And this is also an indication further price increases ahead. One key level to watch over the next five days is the $250 support.